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3D Systems Plunges 16% as Results Hit by Re-Org

In a release after market close, 3D Systems reported revenue declined by 2% from the prior-year period, to $152.9 million, yielding a net loss of 20 cents, versus consensus for $162 million and an 11-cent profit.

Despite the miss, CEO Vyomesh Josh said the company was "better positioned" now because of things it did during the quarter, including "changing key leadership positions in both the Americas and the Asia Pacific region while shifting to a worldwide go to market structure."

"We also completed a deep and comprehensive review of our portfolio based on year to date demand, market trends and a solid understanding of where we meet and will continue to meet customers’ expectations," he said.

As a result of those actions, gross profit margin in the quarter dropped to 38.3% from 44.1% a year earlier, including "a $12.9 million charge to write down products and parts as a result of a comprehensive review of the portfolio and inventory."

Shares of competitor Stratasys (SSYS) are down $1.32, or almost 6%, at $21.20.