Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of 3D Systems (DDD -1.15%) fell by as much as 10% in early trading today before recovering to a more modest 4% loss (as of this writing) after the company reported underwhelming earnings -- a rare occasion for the high-flying 3-D printing leader.

So what: 3D Systems' revenue rose 45% year over year to $120.8 million, besting the Street's consensus of $114.4 million. Adjusted earnings of $0.20 per share, however, came in below the $0.24 consensus. It's worth noting that a recent secondary offering of 7.5 million shares had enough of a dilutive effect to reduce EPS by $0.10 -- a pre-dilution earnings result of $0.30 per share would have trounced expectations. Organic growth of 30% is still quite impressive for a company that has made a number of acquisitions over the past few years.

3D Systems continues to expect to beat the Street. Its full-year guidance for revenues, in the $485 million-$510 million range, beats Wall Street's $483.9 million consensus even on the low end. EPS for the full year, at $1.05-$1.20, also comes in ahead of the $1.06 consensus, though perhaps not as impressively as investors are used to.

Now what: 3D Systems' adjusted earnings imply a P/E around 40, assuming the stock doesn't go anywhere between now and the end of the year. However, it's worth noting that GAAP earnings frequently come in well below the adjusted totals, and the company's operating cash flow is significantly lower year over year, with a $12.8 million result for the latest quarter against a $21.4 million result a year ago. Most of that is due to growth in accounts receivable, but it's still something to watch -- any perceived slowdown in this growth rocket is likely to result in a shareholder exodus. That hasn't happened yet, but 3D Systems' guidance is coming closer to the consensus than it has in a long time.

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