What happened
Shares of 3D Systems (DDD 4.46%) soared 21% on Tuesday after the 3D printing company delivered strong second-quarter financial results.
So what
3D Systems' revenue jumped 44% year over year to $162.6 million, fueled by robust growth in its healthcare segment and a rebound in its industrial business from its lows during the early stages of the pandemic.
"We believe this performance is the result of our exclusive focus on additive manufacturing, bringing together our printers, materials, and software technologies to solve specific key customer applications that drive market adoption in both healthcare and specific industrial markets, such as semiconductors, space systems, and advanced transportation systems," CEO Jeffrey Graves said in a press release.
Investors applauded 3D Systems' second-quarter growth. Image source: Getty Images.
Better still, 3D Systems' profitability improved as it scaled its revenue base and made progress with its cost-reduction initiatives. Its adjusted earnings per share, in turn, checked in at $0.12, compared to a loss of $0.13 per share in the year-ago period.
Now what
Asset sales have helped to refocus 3D Systems on it most profitable operations and bolster its cash reserves. Management now expects to end the third quarter with more than $500 million in cash and no debt, following the sale of its remaining non-core divisions.
"We believe our consistent performance, and our balance sheet, positions us well for future investment in our core business," Graves said.
