When 3D Systems Corporation(NYSE:DDD)CEOVyomesh “VJ” Joshimet earlier today with analysts and investors he was, as usual upbeat about the future of 3D printing and his company. However, investors hoping to get rich overnight might not share the same time horizons. Since taking the helm at 3D Systems, VJ has brought in a new level of senior management and began to target cost-savings across the business. A key word in his strategy is focus.
As always VJ took time to answer a long list of questions from analysts keen to understand the business and the call lasted over an hour. VJ says that 3D Systems are at inflection point in AM, and believe the company has the infrastructure to “使3D打印真实。”尽管最近的股价绩效肯定是平均水平，但正如3DPI上经常指出的那样，这很少是评估公司的有用指标。
For VJ “关键优先事项是降低销售成本”然而，改变成本结构是直到2017年才会显而易见的行动。在今天的通话中，承诺增长显着增长，但这将是一段长期的旅程。
Highlights from the Q3 results show an increase in revenue to $156.4 million, from $151.6 million for the same period in 2015. Operating expenses have reduced to $91.0 million and operations generated a loss of $22 million versus $34.6 million for Q3’15.
Key Verticals
In one one of the most actively watched areas of 3D printing, metal the company did not provide the level of granular detail some analysts wanted. 3D systems do not break down revenue to the level of material type, but VJ said that GE’s entry into the metal space, “validates“ 技术。一位分析师建议，金属可能占3D系统收入的不到10％，但是在提供数字的情况下，首席执行官不会被吸引。
The two key verticals in metals are medical and healthcare. For the healthcare vertical VJ is keen to replicate this model, and its success in the other sectors 3D Systems operate in.
CFO John McMullen characterized the recent quarter as a “careful” approach. Information about cost reduction efforts will be forthcoming in 2017, also investments in IT will be announced. These efforts around cost structure are just getting started according to the company.
Update on Figure 4
During the most recent reporting period 3D Systems have continued to rationalize their product portfolio and, as illustrated by the Figure 4 modular system, are looking at ways to recombine their wealth of IP in new ways.
Troy Jensen at Piper Jaffray asked about Figure 4, and was keen to learn when will it be available. On today’s call there were, “No specifics on the release, but since IMTS we have seen significant interest。”如3DPI先前报道，图4模块化系统是3D系统现有技术的有趣组合。在由机器人臂操作的高通量系统中，使用3D打印光聚合物可以在此过程中使用更广泛的材料，尤其是与具有长期保质期所需的树脂相比。
On the call today VJ said, “塑料技术现在已经有了从原型制作转变为生产的” and that 3D Systems need to work with customers to evaluate modular requirements. Assessing how many customers are interested in Figure 4, and how many customers are signed up, will be discussed during the Q4 earnings call.
战略收入领域
Revenue increased year-on-year, but drilling down into the numbers shows that this was not supported by all business segments. Specifically, the segments打印机andOn Demand Parts报告跌倒分别为6％和16％。但是，根据VJ，这不应将其视为引起关注的原因。
VJ解释说，根据该领域的减少16％的人，谈到了原始实验室等公司以及3D系统是否需要重新审视其营销计划的公司时，VJ解释说，这是业务中非常战略的一部分。在这方面，按要求零件作为损失领导者是合理的，尽管该公司不一定会自己使用此术语。
3D系统预计，通过按需服务向3D打印技术介绍的客户最终将看到AM的收益和价值可以带给他们的业务。因此，尽管收入可能会下降，但没有计划将这一重要的总体计划结束。
VJ解释说，进一步的细分将在按需零件业务部门进行。客户将被归类为“high-touch” or as requiring less interaction to complete orders. In the high-touch category, long term projects with a lot of interaction between 3D Systems employees will build long term relationships, and add to the bottom line of the company.
“We will give customers training and also a sales playbook,” said VJ and this will be part of the more aggressive strategy mentioned today.
以侵略性进入2017
随着管理的重组detailed at IMTS 2016 in September, substantially complete and efforts underway to reduce costs VJ made frequent reference to the next phase in this latest chapter of the company. A key term in this area was aggression.
Whether this means that 3D Systems will price their 3D printers, materials, services and software with more aggression or whether this means something else remains to seen. “Stay tuned!” said VJ and 3DPI certainly will, as 2017 is shaping up to be an exciting year, even before 2016 is over.
Supporting this long term plan will be investment in R&D, “垂直方法需要投资。当我们构建它时，我们将看到牵引力。”Asking about R&D specifics, a run rate of $20 million was mentioned by analyst Kenneth Wong. Investment will also take place in IT infrastructure will announcements around specifics of a 12-18 month project coming up in 2017, although speculated as being related in part to an ERP system.
IT投资的一个重要方面将围绕“现金流程” according to John McMullen, CFO. “我们将在2017年讨论这一点，因为这对公司来说是一件大事” the former Kodak executive advised on today’s call.
“创新是我们的血统VJ解释说，应用程序工程和材料的领域“将使我们能够构建新的流”，并且非常重要。
对Q4的期望很高，“typically strong sequential quarter for us” added McMullen.
3D Printing Materials
On materials side, 3D Systems are looking to partner with companies who are working with “materials at an atomic level。”这可能暗示，收购具有适当投资组合的材料公司可能是目标。或者，最有可能的方法将采用与与软件公司PTC的合作伙伴关系，also previously announced at IMTS.
3D printing materials is an area where all the major players are keen to stake out territory. To give only two examples, in an increasingly crowded field, Arcam AB have continued to expand production in the metal powder segment with AP&C and Carbon are likely to have a number of interesting materials on the horizon given the substantial investments made in the company.
Also active in the materials area is HP, in particular through a partnership with German chemical company BASF and their stated plans to develop “open materials.” However on today’s call VJ said he does not agree with the open materials term used by HP, “all they are saying is that you can work with multiple vendors。”
Today’s results were seemingly well received by investors, as the company’s share price jumped by more than a dollar, a 10% increase, in early trading.
