DDD - Earnings call transcript Q2 2019

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Operator

Good afternoon and welcome to 3D Systems Conference Call and Audio Webcast to discuss the results of the Second Quarter of 2019. My name is Jeremy and I will facilitate the audio portion of today’s interactive broadcast. [Operator Instructions]

At this time, I would like to turn the call over to Stacey Witten, Vice President, Investor Relations, 3D Systems.

Stacey Witten

Good afternoon, and welcome to 3D Systems conference call. Witten. Stacey I’m Counsel. on and me President are Joshi, Assistant Vyomesh Chief And Executive the Officer; President General Toton, Rebekah Chief Officer; Vice John our Financial with and call McMullen, and Executive

we’ll of The webcast portion to wish on during so this presentation call to along the our access call. following Relations phone portion on refer of may slide Those this contains the the to a ask of presentation section who the Investor slide session and do like numbers at the discussed website. this we the would Participants this should in phone questions end of release that using issued related in slide who press provided on the matters today. to the call conference call in

the and your responses you via described not post of include today who of there the following only access forward-looking portion and slide. web. aware will be to and management’s those the as will delay be to please have a second The on questions as questions may statements reflect to streaming views be this able few webcast, For discussion

may results differ materially. Actual

the press potentially and Additional in information included financial our recent today’s report our including could results XX-K. about filings is our impact most factors that with annual SEC, Form release on

additional certain including find comparable GAAP During both will to available are which financial reconciliations this Investor release measures. website, of we accompanying will you this webcast, non-GAAP these and measures on call, regarding discuss In slides measures. non-GAAP these our press Relations disclosures our measures,

our comparable of results comparisons all of the XXXX. stated, call period this be otherwise unless against will Finally, for

our over call CEO. VJ? Now, I’m pleased to the to Vyomesh turn Joshi,

Vyomesh Joshi

everyone. Good afternoon, Stacey. Thanks,

the Expected non-GAAP quality $XXX.X customer for production second Factory we our meet ordering headwinds unit technical $XXX.X revenue and patterns the million on ensure expectations enterprise metals pause and revenue year. reliability continued we from high XX.X% a complete revenue in of enhancements printer and as quarter the quarter this systems to on was levels, large prior GAAP based was the sales increased the million volume and have taken environment.

Europe weaker Additionally, both services. conditions, we the on-demand printer particularly automotive impacting and shipments and our saw sector, macroeconomic in

And continue shipping to track products exciting going during to opportunities new materials new on which will our be of the this well-received. in our significantly printers we growth production are Overall, plastic begin we believe forward. expand year, second

and Although, And we technical making metals DMP ship did not our the customer Flex positive XXX DMP systems. are demand to for during Factory progress we the enhancements. we on systems feedback continue solid quarter, see good

pleased progress will to half offset I’m quarters. laser-focused the long headwinds, to be moving opportunities appropriate for expenses for with time, short-term cost sequentially on the continue plans, beginning improved as as past of a margin revenue profit Gross to result as the we declined mix. and here. cost the term. sales discussed reduction Operating while our of second cost to And the lower result couple second our hold, structure, same a quarter, at cost an over reduction take of revenue of in

For XXXX, GAAP per earnings reported second of the loss $X.XX non-GAAP per quarter we of of share. share $X.XX and

details it John? more John XXXX. Now, discuss to second quarter me on the of over let to turn

John McMullen

everyone. Thanks, VJ. Good afternoon,

We compared compared reported GAAP GAAP second XXXX. of the was quarter, in of of We per to quarter per the in $X.XX reported $X.XX quarter revenue non-GAAP of second $X.XX gross $XX.X quarter of the quarter compared to the million. in XX.X% profit $XXX.X share the the share the margin million, expenses to to compared XXXX decreased decrease in XXXX. a GAAP XX.X% $X.XX X.X% in For XX.X% of we per a reported share second second loss GAAP to per a of of of share earnings operating second second of loss quarter XXXX XXXX. XXXX.

continues. During quarter, of ship increased X a platform. customer’s our and driven the industrial orders, at new our of large and macroeconomic ramp mix Printer price current XX.X%, and DMP unit uncertainty selling sales, not to enterprise prices, during softer unit Printer revenue quarter Figure slowdown wide timing sales revenue to decision and we sales macro driven will fluctuate of capital by primarily range $XX as Factory of printer sales overall to the likely year-over-year continue million, the solutions by large second decreased and environment. products average XX.X% as purchases a

second to X.X% quarter. Materials $XX.X in decreased million revenue the

quarter, decline the than last to materials at systems. discussed core related a a we been we new in materials growth rate legacy experiencing have As faster and

to continue to have second believe expect year materials the growth this XXXX. trends flip of year-over-year begin to half we those and We in

offset and Healthcare revenue increased, of impact the timing increases those decreased services total X.X% customer’s simulation but and the to large $XX.X million. revenue order healthcare

year, each XX.X%. revenue enterprise healthcare Excluding large the increased orders from customer’s

trends the be healthcare, XXXX demand XD continue for NextDent pleased overall our to We printer. with including

manufacturing to the decreased in $XX On-demand million revenue XX.X% quarter.

related outsourcing As second adjustments headwinds through to changes. we quarter we expected connected business to last discussed export the the quarter, compliance and

from experienced the European customers in weakness also automotive second and We quarter. additional

Software revenue result in decreased automotive. Cimatron in revenues, weakness lower X.X% driven including $XX.X haptics the a quarter, to of second primarily by scanners and million product as

taking materials, experiencing, the continue and we rates currently expect quarterly growth growth and long-term long-term growth are software printers, in improve headwinds our software and we revenue software. are enhance continue to While software to we expect portfolio. may actions healthcare to performance from fluctuate, Despite

gross basis-point the a XXX basis-point XX.X%, in the We GAAP Non-GAAP margin of second year prior year. XX.X% a of as but reported revenue mix sequentially, result improved profit gross quarter from cost XXXX the a a XXX decrease basis-point was from second in the XXX XXXX, prior and absorption. improvement of margin profit quarter decrease of

gross the year. throughout continue margins balance optimization, to continue and actions range facilities, manufacturing profit expect of plans chain be manufacturing but improvements inventory this to reduction production in We and process efficiencies the our with supply drive to lower at we mid-XXs

for increase and expenses a expenses operating $XX.X second X.X% and were million, an quarter in prior the in including compared million, X.X% X.X% were the year decrease to SG&A Non-GAAP operating second of quarter the quarter a a from in decrease expenses decrease of R&D a quarter the X.X% sequentially. the expenses. of XXXX, second GAAP $XX.X X.X% decreased

to We non-GAAP $XX.X are R&D beginning quarter, of taking actions we million, to are expenses expenses cost lower the to and the decreased decreased Compared see X.X% to cost the non-GAAP million. reductions results structure. XXXX accelerate X.X% to $XX.X SG&A overall

drive and reduce sales by on we to While profitable expenses, drive and there is while cost lower environment, macro what prioritizing can our growth. continuing control, efficiencies, the operating headcount of to uncertainty focused continued reducing are we cost in investments structure

relatively With to flat. these actions, non-GAAP operating keep expect going expenses forward, we

$XX.X second reducing capital We of on improved operations and aggregate performance million We the the improved during cash DPO second million We the during inventory while ended hand. quarter. quarter with same working generated quarter, from unrestricted cash levels. of DSO $XXX.X including time the at

capital We $X.X lower rate expect during spending million quarter to second and throughout of the also to XXXX. of the half second reduced cash CapEx keep this

fluctuate cash are results quarter. generation and cash use very continue the While to pleased for second the from we with period-to-period, will

managing for our reducing tightly continue capital We forward. free driving improving cash and expenditures organic capital operating spend working performance, going will flow levels,

VJ? With that, I’ll to turn back VJ. the call

Vyomesh Joshi

John. Thanks,

growth. progress Company future are We but are and long-term bottom are confident in our also pleased opportunities optimistic the given we Company, early making the see cost of very-focused short-term on for line we for remain we revenue the the market performance remain with We with structure. the headwinds,

new Our very portfolio capabilities time, focusing number drive and support true process expanded solutions. hardware has of innovative the a well-received. in our materials to workflow we And even on but production the solutions, of are been in more at of launching software same

this our track our We in call. earnings year, on million $XX are additional operating to take on $XX plans of million original as discussed in to of an last XXXX top out expense for

We with the an run and partnering have the to the to the as business. sale the in entertainment XD all entertainment them and Systems forward we continue left look also business company leaders independent recently them to The division best concluded of wish future. of

overall our cost on closing, keenly we broad in remain solutions additive reducing portfolio profitable remain confident and opportunities; driving long-term on we focused capabilities, and market workflow growth. In executing strategy, our of and

Stacey that, turn to call like And would the the open to will floor I who back with Stacey? questions. for

Stacey Witten

Thanks, VJ.

questions. you limit We ask and will to others to call allowing We participate to one question the one in the to open now yourself follow-up, thus discussion.

are a the please slide. all questions The this again portion As numbers provided telephone the on of direct to call. teleconference reminder,

If you’re outside the applying X-XXX-XXX-XXXX is the calling X-XXX-XXX-XXXX. number the and is if the U.S., you’re number U.S. inside

Operator

your of Loop question. comes Ananda question-and-answer At this session. [Operator Capital Instructions] Please proceed Markets. we with a conducting be Our from a from Baruah line will first question time,

Ananda Baruah

same the seasonal and are Hey. you of I and over how typical demand seasonal still September a expecting So, will patterns I’ll Those That’s type XX Could guys two the talk the the second what's quarter you Good my And shift days? Thanks. up sort the put mine questions. afternoon, despite environment the you saying at be part I of guys. questions. part. seeing incremental? you’re macro, weaker both appreciate December last to similar related. ask time. first the are in demand quarter? guess,

Vyomesh Joshi

Yes.

the yes, third I the think, and last question, fourth first answering we seasonal, expecting are the quarter.

cost on-demand automotive impacts ODM seeing on weakness really are we China We in our we generation. sector in that business. the need and sector also, really structure to that printing, are we As feel even seeing, printers And our the and far cash to automotive we Europe, both, macro, seeing and what uncertainties, in as the and focus weakness. these in are India especially

Operator

Ricchiuti Company. the comes Our your question from & next Jim Please Needham proceed with from of question. line

Jim Ricchiuti

around like -- Europe, more the your a biggest it and geographic Asia U.S. from quite posted bit regions, at the companies. was hearing of we're look So, looks decline. other I commentary was If but down

Thanks. what's to So, a those talk little regions. in the you could I weakness wondered two bit about contributed if

Vyomesh Joshi

one biggest the and customer. I in mentioned call, Asia So, equipment think this place headwind customer the had of enterprise is last our thing big already in in Americas, in have bought to that Europe. not we quarter that and first And we

So, like simulator, decline the our healthcare And seeing Europe, Americas growing. growth because that's mix in dental headwind, really printer especially business, is which a drive weakness well, the and that which you and now is you have the a Europe, doing our with by healthcare Company. reasons revenue will you when kind our and hardware. printer medical is the ODM hardware overall have Europe in regionally that offset Asian for in based of that In are

Jim Ricchiuti

I’m not sure you answered this.

trends? held from revenue at this parse the at healthcare large and Pacific Asia terms if out what of the your in -- But, business we and did U.S. specifically. discussion customer, you looking the look around You are regions

Vyomesh Joshi

is earlier, Asia and in the trend business. weak, because business Americas, tariffs in is said China the and sector the generally software comes as growth India our think, overall Asian our really trade Europe, also So, is is automotive I because -- what and I the China, -- in that’s In impacting healthcare offsetting. it from the

-- at a you take business if without big just and printers better you out Europe if account, take materials is and our back Americas Asia. So, enterprise look step than and the

Jim Ricchiuti

you. helpful. Thank That’s Okay.

Operator

next Our line of Wamsi Merrill from your Bank of America comes question with proceed Lynch. Mohan the question. Please from

Wamsi Mohan

back turning revenues at XX%. look I drop around materials made sharp is know and What I you the right, some in that mean, X% that And we the over for volumes in down trajectory were accounting off? comments down If half. around comments,

can these we legacy trajectory drag in much products that a quarter the So, this underlying and how of is, that? how was get of also excluding look

Vyomesh Joshi

Yes.

to the look core of second base our of that in are flip we printers, at materials really will installed and Because feeling and base very legacy we think, those we XXXX. understand when printers getting profile confidence really see because different and from, half a the new important the that’s third revenues gives and and the of coming new that that from the which quarter then us where installed materials -- I understand comfortable it materials where really products was from and continuing very more And versus kind of really flip coming half legacy. will our come starting really a we XXXX, it into our in XXXX. mix, second starting be will think that

Wamsi Mohan

versus that current VJ, what’s coming reported, you rough the in you the clarify in legacy materials -- the… currently just maybe this the revenue the of is size quarter just can -- that’s from what that

Vyomesh Joshi

growth We in we’re way comfortable as materials yes, down. believe the are that show understand, at But, I really But, very feel I second that not to going Wamsi. we that mix, breaking we -- I our look half. the current

John McMullen

Last quarter, Wamsi, that we kind of crossover. talked about

in question of products crossover. We It’s are core the new just the our seeing growth and materials.

our the from comes equation. confidence see of both parts the ability to so, And

Wamsi Mohan

macro on Okay. in flat the that have done from revenue managing also that OpEx could -- the I these OpEx, OpEx you right way heard And job in environment. to obviously tough are here guys the So… And quarter relatively this just a levels. then, it ask, I keep if it’s think about you to Is half? going back in and current of great that sort into

John McMullen

simplicity a Yes. the That’s point more important perhaps we some right, of relatively from view. we’re things work all We term, an of hard From point longer headcount. operating see going two said actions, functions; to where We’ve got we’re continue more the flat. expense structural And driving on view, reducing global Wamsi. we’re opportunity, driving on.

side about lot R&D efforts quarter, to of front-end months. over XX products and compressed we of and the really out last the world, the we for I development last that this we think XX put talked a the loaded all In

on So, development. as good there's view. a has natural this natural -- focus the And software been making We year materials well really we're space. of point off in mentioned as fall our an that from progress, there's R&D a

off So, R&D naturally, looking efficient more there. we're of to fallen be has kind at ways also but

to we second relatively will patterns. OpEx -- throughout an uptick But, seasonal the flat. that doing us stay beyond, So, typically enable to second actions we’re believe revenue the the is half continue see and would with we the flattish do half -- in our

Vyomesh Joshi

So, talked the when And is quarter the the take very cost we with about the last to the simplify, we able out are two organization especially for you’re very, business call, in models. as throughout in This simplifying important SG&A. Company, Company. you

then we're the and now the of got approach that really Company focusing a and taking software just implying the to SG&A. materials year-over-year, those that on And need parts to is out and developing we we can that result stream platforms, So, based that annuity the so is that. and reduction R&D, X% continue take do we

Operator

comes Piper question from your of line the Jaffray. proceed next Our with Jensen question. from Please Troy

Troy Jensen

you that materials? was about the thought Can interesting. little bit a new I pretty talk Hey.

it? Something more had And you that. about just follow-up I can say one on

Vyomesh Joshi

when with are the right the the new seeing in focus believe materials our the Figure of X we you materials So, developing, have kind on like that absolutely our is incredible right and that right are production. we the pickup and dental platform, We software, platform market, product.

very be to modular cases. So, the market also we're introducing, our biocompatible materials, the black product. we and believe materials are we introduce kinds important products We're with use in believe so which now we hood for our the be standalone world-leading could going we automotive the have for focus and believe have product, we like of tough end-user for healthcare applications. we these will are will for stability, and materials And that for will to material, will use introducing go our going under with part, have I UV, production materials, our absolutely high-temperature able new which absolutely to capability that

So, XXXX. was really I this potential in new our we very our materials, the what sets and platform. believe now for with Figure is And materials well X introducing dental started production us these absolutely

Troy Jensen

And John. then, quick a for one

declining materials of as margins, gross here revenues. they a the upped lot despite on a Just percentage

detail drove you can little go So, more gross margins? just what through bit strong such

John McMullen

part been to were hard we’ve his six focused in supply issues, over we nine of in stable Phil bit Yes. also the And mixed helped last were some view have absorption us that gross margin the on team months, stayed driving sequential And a quarter-to-quarter, to months little some we very certainly that down and elements -- cost of us is to elements improvement. that out. sequentially Schultz fixed very We materials down. causing from point from QX QX, relatively a under had saw But strong clearly, chain of there QX. ones the

supply And a put little folks, saw a down those teams progress. I but you’re two We bring we work chain of QX. see good and we some to of utilizing in some it’s we’ll lower to it’s made right a in job good -- ourselves that the mid-XXs. cost think to because Because also of out. It’s good QX, things. relative resources. we the we’re at bit can But, which inventory did But, putting I mix, based second want now half, an we’re don’t how work expectation really time, QX plays through. ahead So, for you. not set trying volumes act it’s get what against us balancing Right? on same by

Vyomesh Joshi

at cost point for it’s us think When cash, to both at look we of very to and focus structure of view. manufacturing sales. our about continue on of and cost look think OpEx we cost we I the from important And work, sales when

Operator

comes next Craig-Hallum. the your Please proceed Our question. Greg from question Palm with of line from

Greg Palm

with I commentary? down I changed our by the XX% to your customer the expectations for given don’t Thanks. was at That’s is like are if guess, their I And willing year-over-year. second that large enterprise there guess, estimate. of your math, outlook all, know or you’re customer of bless some starting But, what half? that. recent it Yes. own our XX% something

Vyomesh Joshi

No.

I is day. printed X.X think, that customer printing million still a XD parts

doing that think parts the -- growth. -- are our that important the will also in more help have is, second that’s And new than they capacity think the headwind we well. when that still day, always And that they which with There we the I in for getting part be to materials will for seasonality buying some customer million that X.X half. going the So, is is really done. every us be factory of printing will us

Greg Palm

Fair And a the Q, I requiring impact? suspension Okay. mean, force, going how customer related through notice immediate just of of looked it been is how received with. you’ve dealing it like export the to enough. are compliance then, going big you But the that air with to item much a revenue they? contracts

Vyomesh Joshi

think, learned on important I very that July just government isn’t customer. We XXth.

is, investigation. current overall the to are make to to want very perform And what ship. out time, us which contracts same can not support we we products and we allow the we to the are figuring the we does do want custom, still sure still But suspension federal at that So, continue impact. the

believe to absolutely something we it. we that So, is working this on and we need address, are

Greg Palm

can But big you maybe past, the just comment point? reference how they’ve been, a customer of as in a

Vyomesh Joshi

have, Right will not don’t of much it. be know how just now, going to impact we because we the it’s all

the And so, one impact. will evaluate I to the I just not need can evaluate revenue. thing think overall they going will customer terms significant we we of and really to in The are -- we say, are

Operator

next comes your Brian with the Drab Our proceed from question. question of Please Blair. from line William

Brian Drab

First, about? clarify, in terms I over years, it’s in what wanted revenue. first thinking X% quarter for the is Is averaged expected model trajectory sequential that just four the again, And quarter revenue part are second last from second to third of the you at looking the you half. Q&A, mentioned, to down about of

John McMullen

are right, You thinking it Brian. about

right. it about thinking are You

Vyomesh Joshi

Yes.

Brian Drab

gives seen amount? would typical confidence the And that Okay. seasonal seeing some in you of now of be headwinds in that Europe given that it and you you’ve comment you only kind that, that are anything you can are down July thinking that

Vyomesh Joshi

have don’t what information. feel enough But, we mentioned reasonable just down is that purpose. single We modeling digit for we

Brian Drab

mix, the of hearing of and I’m gross question to about the the [Technical tangible and margin not And terms why the very for I Difficulty] balance listened mix. margin gross the XX% the then, year? like anything's I feel still the last in

Vyomesh Joshi

Yes.

the two the we so make mix hardware be at, the to be So, I the our we that our one, to factory software of is view, inventory one. is going drive looking utilization of that we need point continue the second think thing to things model appropriately with want to need materials and that. to we And second sure down,

that to to very us. really that I be seriously our it's take very important us inventory going cash because for is we the preservation for important feel think

we're think, I balancing that’s why approach… putting that

John McMullen

QX done inconsistent We defiantly of that the a great year. and what consistent. was bump we’ve and certainly is of what saying not we balance prior to That’s Yes. a saw but with for bit we've in QX there -- mid-XXs been saw

good we about think a way it. that's think directionally to So,

Operator

Our next from David line Ryzhik proceed question. comes of question Group. from Please Susquehanna your with the Financial

David Ryzhik

I Thanks an just powder factory not noted so made a you much get system, decision technical ship And during issues update wanted on quarter. that for taking to you the the management question. the the guys. solutions to there. the Hi,

follow-up. ship. but So consciously And that comfortable Is suggests not decided that you I because shipping you’re just the that not to have you had orders yet, product? a

Vyomesh Joshi

the basically really committed going make understand issue. is What quality our of we That's reliability important cause the product we We every the to requirements. and very technical sure meet Company. Yes. to ship for that root

XXXX, We And solution in have and particular this scale of will and together XXXX. in the will the have that putting solution later design. we limited we shipments started believe we

David Ryzhik

And Okay, portfolio? key certainly your that having What European as for automotive a I on that’s got as DMP product believe, market, of specifically is the softness, metals impact entirety your it. line. far

Vyomesh Joshi

is very for places. I two automotive important think, market

big from have prototyping really our the which be getting is parts place automotive using our rapid will first on-demand business also And the prototyping. place automotive. business second impacted is a also we in because have is for the still Europe, we that prototyping The where business

So, and both, are business printing on-demand printer hardware the impacted.

David Ryzhik

anything squeeze last Great. if you include can metals me, Can entirely that or is Figure that materials powder remind around strategy. I And around your X... the one then, in, just does one

Vyomesh Joshi

that’s year. the be create unique approach material which proprietary plastics to with be later proposition. we been have that because materials in we’ll production invest want really would Mainly materials introducing where can has excited And R&D -- very about a very -- it’s this materials, I say, mainly would that XX% value we’ll our we why we are

that. commodity, we into don’t and really a it’s invest metals, For

Operator

your Ananda next the [Operator of Capital proceed Loop Instructions] question. question Baruah of with Please from Markets. line comes Our

Ananda Baruah

appreciate I follow-up. remarks. guys. Hey, clarification OpEx I the on a Hey. just the wanted quick

VJ, you’re year. guys point to through dollars additional an you clearly -- going take $XX million to are mentioned you But, this million also that talking You $XX forward. -- about we’re OpEx flattish out the

you could just of two So, those us? sort for put comments

John McMullen

Yes.

-- the of to comment year all, both expense which $XX made of the quarter million cost whole our based first $XX million sales $XX own versus million plans, operating we too original last across was Ananda. the So, and on

actions we’re we’ll on we’ll be flattish allow to that. track in us So, our continue with that The continue that the per have that comments. already started half will second

not on So, give that. we’d of we’re best if right that’s think But, them. going see to we it’s Certainly, the direction you. top now, other opportunities, I take

Vyomesh Joshi

So, chain if that is reduce XXXX. And supply what in important reduction thing Phil the that we to we what is of are in substantially XXXX, doing. other OpEx the and we in team that in you are spent doing look and at cost going very our sales

terms continue in believe drive what combination cost we need reduction. the really that’s our we So, to to of that

The everybody absolutely focused to in cash market want make other sure on we’re important also want thing focused cash, hear is these that because to believe we that we uncertainties are that generation. we on I

Operator

from & comes your Ricchiuti Please question the next Company. line from proceed Jim of Our with Needham question.

Jim Ricchiuti

production, modular? the into if detail. about can talk getting a which Figure X, I versions, you go little just Can the commentary more you wonder about where traction, bit Your you’re

Vyomesh Joshi

Yes.

have all, market do are value XXXX share because we grow really gain that that first we very seeing our traction are gain dental NextDent and our incredible And proposition. getting we dental unique of And we significant will a printer with that So, to believe continue category. share I printer. with we

the in thing good that, materials. dental generate materials it our also growth other about will revenue The

So, that's place we’re doing well. the really

With respect modular, just introduced we modular. to

you're platform are materials that going the still is category. about, we for Figure very So, the reliable, prints the materials, X in in particular really software not I fast, like unless that production sound, is the and very to the just you waiting get because this it hardware, the dental my talked but have application, standalone is very scaling The it view, traction.

So, but and I in absolutely really printer. dental successful fall, as going in production to standalone it materials, these we're both as XXXX starting get with traction become believe our will in new modular,

Jim Ricchiuti

enterprise within biggest grew the your driver has been XX%, dental. business sounds that VJ, customer, large excluding like it medical the

Vyomesh Joshi

are a There No. simulator. One is three drivers.

I especially doctors, in simulators for for proposition doing really and Our training here, you use countries like to need simulator mandatory. there are China, well, nurses France, value where purposes, mean become

So, business. helping it’s really simulator our

their business. getting medical to lots and and of opportunity team The is third is growing medical course companies, companies we dental. devices And hands of you scaling the manufacturing how seeing When the manufacturing. lots into because a to the are because get the want of companies, second to learn hold really they advanced printed about devices that thing our about that's in think medical growth very device And printing do opportunity. XD advanced is thing medical devices, big and

that So, that those two growth I the first seen for I the think believe quarters of places and are in the of XXXX. and absolutely three growth remaining the we've continue XXXX will XXXX

Operator

questions no over other would time. are at to Thank the turn Stacey to like for There call back remarks. closing I you. this Witten

Stacey Witten

website. XD joining made for call today you the be us this support our and your for Thank Thank after of section Investor replay Systems. continued on the available of you. webcast Relations A of will

Operator

This you of the your for participation. is end the conference. Thank

3D Systems (DDD) 7 Aug 192019 Q2 Earnings call transcript