3D Systems (NYSE:DDD) tanked in pre-market trading after the 3D printing company reported a wider-than-expected adjusted loss of -$0.11 per share in the fourth quarter. This was worse than the -$0.06 per share in the same period last year. Analysts were expecting -$0.01 per share in the fourth quarter.
DDD posted revenues of $114.85 million in the fourth quarter, a decline of 13.5% year-over-year, falling short of Street estimates of $126.6 million. The company’s revenues declined due to considerable weakness in dental orthodontics and printer sales as customers postponed capital expenditure investments.
In FY24, 3D Systems has projected FY24 revenues in the range of $475 million to $505 million and expects to break even “or better” on an adjusted EBITDA basis.
Is DDD Stock a Good Buy?
Analysts remain cautiously optimistic about DDD stock with a Moderate Buy consensus rating based on two Buys and one Hold. Over the past year, DDD stock has plunged by more than 45%, and the average DDD price target of $7.25 implies an upside potential of 38.6% at current levels. However, it’s worth noting that estimates will likely change following today’s earnings report.
