Revenue of $91.2 million driven by sequential growth in hardware printer sales and continued strong growth year-over-year in Medical Technology.
Regenerative Medicine revenue declined sequentially, primarily due to the achievement of a program milestone in the prior quarter.
Operating expenses continued to decline, reflecting strong progress on the Company's cost reduction initiatives executed during the fiscal year.
Sequential top-line growth of 8% to 10% anticipated in fourth quarter 2025, driven by strengthening sales of new printer systems, increased materials consumption, and an anticipated rise in customer capital expenditures, which often occurs in the last quarter of the fiscal year.
Summary of Financial Results(Unaudited)
Three Months Ended
Nine Months Ended
(in millions, except per share data)
September 30, 2025
September 30, 2024
September 30, 2025
September 30, 2024
Revenue
$
91.2
$
112.9
$
280.6
$
329.1
Gross profit
29.4
41.7
98.3
129.7
Gross profit margin
32.3
%
36.9
%
35.0
%
39.4
%
Operating expense
50.7
222.5
171.7
376.8
Operating loss
(21.3
)
(180.8
)
(73.4
)
(247.0
)
Net (loss) income attributable to 3D Systems Corporation
(18.1
)
(178.6
)
49.4
(221.9
)
Diluted (loss) income per share
(0.14
)
(1.35
)
0.29
(1.69
)
Non-GAAP measures for year-over-year comparisons
Non-GAAP gross profit margin
32.5
%
37.6
%
35.6
%
39.5
%
Non-GAAP operating expense
44.7
61.4
153.1
191.9
Adjusted EBITDA
(10.8
)
(14.3
)
(40.1
)
(47.3
)
Non-GAAP diluted loss per share
$
(0.08
)
$
(0.12
)
$
(0.27
)
$
(0.42
)
Summary Comments on Results Dr. Jeffrey Graves, president and CEO of 3D Systems said, "While the macroeconomic conditions remain similar to those of previous quarters, given the extended duration of our customers curtailment of capex spending, we are beginning to see improvements in our key end-markets as we enter the fourth quarter and approach year-end. This, combined with our strong pipeline of new products, positions us well for improved sales, which we expect to increase sequentially by a range of 8% to 10% in the fourth quarter over those in the third quarter. This rise is expected to be driven by our Healthcare business, the Industrial markets, such as aerospace and defense, and, for the first time in several quarters, increased sales into consumer markets. It is in these markets that we have concentrated our new product development efforts and that focus is now expected to yield increasing results. After the seasonal slowing in the third quarter, our personalized health services is expected to deliver strong growth in the fourth quarter and once again deliver double-digit growth for the full 2025 fiscal year. Our dental business, after seeing a slowdown in the first three quarters of the year related to softness in the aligner market, is expected to now stabilize, with incremental growth expected from our new denture product line, where our new monolithic dentures are being very well received. Gross margins are also expected to stabilize, with increased volumes offsetting mix in the short term and tariff headwinds from rising printer sales. While this heavier mix of printers puts pressure on gross margins, it bodes well for future sales of consumables and services as these printers become operational. With our cost savings initiatives on track and markets showing signs of stabilization, we are increasingly optimistic about the future."
"I am excited to step into the role of interim CFO," said Phyllis Nordstrom. "We remain focused on maintaining financial discipline, continuing to streamline our cost structure and strengthening our balance sheet. Our actions are designed to create a stronger financial foundation that will enable us to invest in future growth while delivering consistent results in a dynamic market environment."
Third Quarter 2025 Results
Total revenue decreased 19% to $91.2 million compared to the prior year period.
Healthcare Solutions revenue decreased 22% to $42.8 million compared to the prior year period.
Industrial Solutions revenue decreased 16% to $48.5 million compared to the prior year period.
Gross profit margin decreased to 32.3% compared to 36.9% in the prior year period. Non-GAAP gross profit margin decreased to 32.5% compared to 37.6% in the same period last year. These decreases were primarily due to the divestiture of the Geomagic business and lower sales volume.
Net loss attributable to 3D Systems Corporation decreased by $160.6 million to $18.1 million compared to the prior year period. The decrease was primarily related to asset impairment charges in the prior year period as well as lower amortization expense and lower operating expense in the current quarter.
Adjusted EBITDA improved by $3.5 million to a loss of $10.8 million compared to the prior year period primarily driven by reductions in operating expense.
Financial Liquidity
At September 30, 2025, the Company had total cash of $114.2 million, which included cash and cash equivalents of $95.5 million and restricted cash of $18.7 million. The Company had total debt of $122.6 million, net of deferred financing costs. A total of $34.7 million in debt is scheduled to mature in the fourth quarter of 2026, with the remaining $92.0 million maturing in 2030.
Cash and cash equivalents decreased by $75.8 million since December 31, 2024. This decrease resulted primarily from cash used in operations of $73.1 million and cash used in financing activities of $98.3 million, partially offset by cash provided by investing activities of $108.3 million.
Outlook for Fourth QuarterRevenue for the fourth quarter is expected to reflect sequential growth of 8% to 10% compared to the third quarter. Gross margins and operating expenses are anticipated to remain in line with current levels, consistent with typical seasonal spending activity in the fourth quarter.
Third Quarter 2025 Conference Call and Webcast
The company will host a conference call and simultaneous webcast to discuss these results on November 5, 2025, which may be accessed as follows:
Date: Wednesday, November 5, 2025Time: 8:30 a.m. Eastern TimeListen via webcast: www.3dsystems.com/investorParticipate via telephone: 877-407-8291 or 201-689-8345
A replay of the webcast will be available approximately two hours after the live presentation at www.3dsystems.com/investor.
Forward-Looking Statements
Certain statements made in this release that are not statements of historical or current facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to be materially different from historical results or from any future results or projections expressed or implied by such forward-looking statements. In many cases, forward looking statements can be identified by terms such as "believes," "belief," "expects," "may," "will," "estimates," "intends," "anticipates" or "plans" or the negative of these terms or other comparable terminology. Forward-looking statements are based upon management's beliefs, assumptions and current expectations and may include comments as to the company's beliefs and expectations as to future events and trends affecting its business and are necessarily subject to uncertainties, many of which are outside the control of the company. The factors described under the headings "Forward-Looking Statements" and "Risk Factors" in the company's periodic filings with the Securities and Exchange Commission, as well as other factors, could cause actual results to differ materially from those reflected or predicted in forward-looking statements. Although management believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements are not, and should not be relied upon as a guarantee of future performance or results, nor will they necessarily prove to be accurate indications of the times at which such performance or results will be achieved. The forward-looking statements included are made only as the date of the statement. 3D Systems undertakes no obligation to update or revise any forward-looking statements made by management or on its behalf, whether as a result of future developments, subsequent events or circumstances or otherwise, except as required by law.
About 3D Systems
For nearly 40 years, Chuck Hull's curiosity and desire to improve the way products were designed and manufactured gave birth to 3D printing, 3D Systems, and the additive manufacturing industry. Since then, that same spark continues to ignite the 3D Systems team as we work side-by-side with our customers to change the way industries innovate. As a full-service solutions partner, we deliver industry-leading 3D printing technologies, materials and software to high-value markets such as medical and dental; aerospace, space and defense; transportation and motorsports; AI infrastructure; and durable goods. Each application-specific solution is powered by the expertise and passion of our employees who endeavor to achieve our shared goal of Transforming Manufacturing for a Better Future. More information on the company is available at www.3dsystems.com.
3D SYSTEMS CORPORATIONCondensed Consolidated Balance Sheets(Unaudited)
(in thousands, except par value)
September 30, 2025
December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents
$
95,542
$
171,324
Accounts receivable, net of reserves, $3,072 and $2,433
88,074
101,471
Inventories
132,469
118,530
Prepaid expenses and other current assets
43,582
34,329
Assets held for sale
1,561
3,176
Total current assets
361,228
428,830
Property and equipment, net
52,168
51,044
Intangible assets, net
16,673
18,020
Goodwill
15,573
14,879
Operating lease right-of-use assets
47,798
50,715
Finance lease right-of-use assets
8,119
8,726
Long-term deferred income tax assets
3,217
2,063
Other assets
49,773
34,569
Total assets
$
554,549
$
608,846
LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND EQUITY
Current liabilities:
Current operating lease liabilities
$
11,789
$
9,514
Accounts payable
39,182
41,833
Accrued and other liabilities
48,521
45,488
Customer deposits
2,241
4,712
Deferred revenue
25,540
27,298
Liabilities held for sale
5,077
10,251
Total current liabilities
132,350
139,096
Long-term debt, net of deferred financing costs
122,600
211,995
Long-term operating lease liabilities
47,428
52,527
Long-term deferred income tax liabilities
3,280
2,076
Other liabilities
25,599
25,001
Total liabilities
331,257
430,695
Commitments and contingencies
Redeemable non-controlling interest
2,192
1,958
Stockholders' equity:
Common stock, $0.001 par value, authorized 220,000 shares; shares issued 128,245 and 135,510 as of September 30, 2025 and December 31, 2024, respectively
128
136
Additional paid-in capital
1,579,809
1,593,366
Accumulated deficit
(1,312,846
)
(1,362,243
)
Accumulated other comprehensive loss
(45,991
)
(55,066
)
Total stockholders' equity
221,100
176,193
Total liabilities, redeemable non-controlling interest and stockholders' equity
$
554,549
$
608,846
3D SYSTEMS CORPORATIONCondensed Consolidated Statements of Operations(Unaudited)
Three Months Ended
Nine Months Ended
(in thousands, except per share amounts)
September 30, 2025
September 30, 2024
September 30, 2025
September 30, 2024
Revenue:
Products
$
52,311
$
72,968
$
160,835
$
208,752
Services
38,938
39,972
119,792
120,345
Total revenue
91,249
112,940
280,627
329,097
Cost of sales:
Products
36,109
47,533
105,748
129,571
Services
25,709
23,694
76,609
69,793
Total cost of sales
61,818
71,227
