3D Systems Corporation (NYSE:DDD) rose sharply in Tuesday trading after the company reported better-than-expected Q1 results.
The company, out of Rock Hill, South Carolina, told investors Q1 2021 revenue increased by 7.7% to $146.1 million, compared to $135.6 million in Q1 2020. Organic revenue growth, which excludes businesses divested in 2020, was 16.6% for Q1 2021 compared to Q1 2020.
Q1 2021 gross margins were 44.0% compared to gross margins of 42.1% in Q1 2020. Q1 2021 GAAP earnings were $0.36 per diluted share compared to a loss of $0.17 per share in Q1 2020.
Q1 2021 Non-GAAP earnings of $0.17 per diluted share compared to a loss of $0.04 per share in Q1 2020. GAAP operating loss of $2.0 million and GAAP net income of $45.2 million.
Commenting on the results, CEO Jeffrey Graves said, “We laid out a four-stage plan to reach that goal and I am pleased that these efforts have contributed to impressive Q1 results. We delivered almost 8% year-over-year revenue growth despite divestments of non-core businesses in 2020 and 2021.
“When we exclude the revenue from these divested businesses, organic revenue grew nearly 17%. Our Healthcare business continues to deliver exceptional growth, posting a 39% year-over-year increase, with strength in both dental and medical applications. Industrial sales continue to stabilize as global economies gradually open up from the pandemic.”
DDD shares galloped $4.50, or 25.3%, to $22.30.