Shares of 3D printer maker After 3D Systems slashed its revenue guidance, shares were down 11% in pre-market trading.
Expecting revenue to come in between $US164-$US169 million, 3D’s estimate is well below Wall Street expectations for about $US186 million. 3D executives also said they expect adjusted EPS in the third quarter to be $US0.16-$US0.19, below expectations for $US0.21.
They stated, “Strengthening sales of the company’s design, manufacturing and healthcare products and services were not enough to overcome the revenue shortfall from the continued manufacturing capacity constraints for its direct metals printers and delayed availability of its newest consumer products.”
CEO Avi Reichental added: “We are disappointed that we failed to fully capitalise on the robust demand for our direct metal and consumer products during the quarter. While we worked very hard to deliver these products sooner, achieving manufacturing scale, quality and user experience targets took significantly longer than we had anticipated.”