Shares of 3D printer maker 3D Systems were down 11% in pre-market trading on Wednesday after the company slashed its revenue guidance on Tuesday night.
In the third quarter, 3D expects revenue to come in between $US164-$US169 million, below Wall Street expectations for about $US186 million.
3D also said it expects adjusted EPS in the third quarter to be $US0.16-$US0.19, below expectations for $US0.21.
In a statement, 3D Systems said, “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.”
3D CEO Avi Reichental added that, “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.”
3D also cut its full-year revenue and profit outlook, saying that it expects revenue to total $US650-$US690 million, below Wall Street expectations for about $US708 million.
Following 3D’s revenue cut, other 3D printing companies, including Stratasys, Voxeljet, and ExOne were lower in pre-market trading.