Nearly 200 Disability Decisions By MSEC Revoked Minister
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Humans have an innate desire to name things, but to be honest, we’re not always that good at it. Take climate tech: it’s a category of companies and technologies that, broadly speaking, seek to minimize or reverse our impact on the climate while also helping us adapt to its increasing changes. As terms go, climate tech is actually not bad since it defines the sector’s focus in two words. It’s certainly better than its predecessor, clean tech. It’s what startups that today fall under the climate tech banner would have likely called themselves just over a decade ago. It wasn’t a very good descriptor, though. To the uninitiated, clean tech just as easily could have meant robot vacuums or novel household supplies. Climate tech is much easier to grasp. But climate tech is about a decade old, and humans also like to feel like they’re at the vanguard of something new. That, plus climate tech’s scope has grown to the point where it’s getting a bit unwieldy. Some have begun to explore alternatives over the past year or so. Planetary health emerged as an early alternative, first coined in the medical journal The Lancet in 2014. Some investors embraced it , in part to address the problem of scope creep. Plenty of companies don’t seek to address carbon pollution, but are still focused on technologies that would address humanity’s impact on the planet. It has its appeal, but most people have stuck with climate tech. Then Donald Trump was elected for a second time. “Climate” hasn’t exactly transformed from a buzzword into a dirty word, but people are actively talking about distancing themselves from the term. You can try to fight it if you want, but the migration had actually begun before the election. In five years, we’ll be calling climate tech something else entirely. What’ll it be? People have started throwing stuff at the wall to see what sticks. Planetary health is an obvious alternative; it’s descriptive and has an early lead. The American dynamism platform contains a clean energy plank, but that term is associated with a single VC firm — a16z, whose partner Katherine Boyle coined it and runs a practice under that name — and there’s a lot of other stuff packed into it, including defense, public safety, education, housing, and more. Frontier tech is another, though if you thought climate tech was too broad, you definitely won’t like how much frontier tech encompasses. Critical infrastructure? That overlaps with climate tech, but the Venn diagram isn’t a perfect circle. Deep tech is another that wraps around climate tech, but involves a lot more like AI, robotics, and quantum computing. The most recent proposal was growth tech . It’s not my intention to throw stones, but I just can’t see it catching on. It’s too generic — aren’t all venture-backed startups seeking growth? — and it doesn’t capture the gist of what these startups are pushing for. Is it likely that climate tech will unleash a wave of growth and industrial innovation? You don’t have to look much further than China to understand that. But I think there are better terms. Since I’m not one to critique without offering a solution, here’s mine: If we really need a term, I’m going to suggest resilience tech. It’s not perfect, and I’ll probably think of something better in the future. But for now, I think it’ll do. It captures the gist of what climate tech is driving at: to make both the world and humanity more resilient.
5 things to do in the garden this week: Fruit trees. Although all parts of the pomegranate are medicinal, extract from pomegranate peel is 10 times as rich in beneficial biochemicals as the rest of the fruit. Some advocate making a pomegranate peel powder for tea. It should be noted that the peel is the most nutritional part of any fruit. One tablespoon of shredded citrus peel, known in the culinary world as zest, contains four times the dietary fiber and three times the quantity of Vitamin C as one tablespoon of citrus pulp. Even the fleshy outer covering or jacket of almonds is highly nutritious. With avocadoes, where the peel is not eaten, the outside pulp that touches the peel is more nutritious than the inside pulp Vegetables. Beets grow with ease when planted now and are ready to harvest 60 days or less after planting. Beets originated in the Mediterranean where they were grown for their nutritious leaves more than 2,000 years ago. For centuries, their roots were used for medicinal purposes alone. It was only in the 1500s when a large bulbous root developed on a beet grown in Germany that this part of the plant was first consumed for its gustatory appeal. (For this reason, beets are sometimes referred to as “beetroots” to distinguish them from beets that are still grown for their foliage.) Beet seeds are unusual among vegetables since, like its close relative, Swiss chard, seeds are actually formed in multi-germ capsules or clusters. Thus, when you plant beets or chard, you are dealing with clusters from which 2-6 seeds sprout. Thin the sprouts so the most robust of them remains, although some gardeners allow two or three sprouts to develop and thin them when small beets have developed for a final thinning. Herbs . Rue (Ruta graveolens) is a highly attractive evergreen subshrub with delicately lobed blue-green foliage and yellow flowers that grow two feet tall. It may be used as a stand-alone member of your herb garden or trained into a low hedge. It is a strewing herb, meaning it was strewn on the floor of dwellings in the Middle Ages. Due to its strong malodorous scent, strewing it could repel insect pests, especially fleas that carried the Black Plague. It was also thought to have divine power as both Leonardo da Vinci and Michelangelo said they were heavenly inspired upon imbibing an infusion made from its leaves. You should be able to find rue in the herb section of any well-stocked nursery or garden center. Flowering woody perennials. Winter cassia, or Christmas bush (Cassia/Senna bicapsularis), is an anomaly as it blooms when all other shrubs and trees have stopped flowering. The display of butter-yellow, butterfly-shaped flowers is seen from November through the first of the year. Each leaf consists of a series of small oval leaflets set opposite each other. This is an airy specimen that you will never need to prune and, grown in half-day sun, won’t need to water either. I obtained mine years ago and it is one of the most gratifying plants in my garden. You can find it online readily enough. Plants and seeds are available from vendors on Etsy.com. Ornamentals. Winter is the season for geranium appreciation, although what we commonly refer to as geraniums are mostly pelargoniums. The most commonly seen geraniums are known as zonals (Pelargonium x hortorum). They are upright plants with lobed leaves – sometimes colorfully patterned – and always with a distinctive odor on account of which they are sometimes referred to as fish geraniums. Ivy geraniums (Pelargonium peltatum) are easily identified due to their trailing growth habit. Martha Washingtons (Pelargonium x domesticum) have flowers in many fetching colors, including salmon, creamy pink, and lavender-purple, along with sharply toothed leaf margins. And then we come to scented geraniums (Pelargonium spp.), of which there are probably a hundred different kinds or more. Their flowers in pale pink or white are an afterthought to the plethora of scents – peppermint, lemon, chocolate, nutmeg, apple, ginger, apricot, attar of roses, and cinnamon, among others – that their leaves transmit upon being rubbed or crushed. The chemical compounds that create these scents also impart a significant measure of drought tolerance. All pelargoniums are easily propagated from four to six-inch shoot tip cuttings Related Articles
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ROCK HILL, S.C., Nov. 26, 2024 (GLOBE NEWSWIRE) -- 3D Systems Corporation DDD announced today its financial results for the third quarter ended September 30, 2024. Third Quarter Highlights (All numbers are unaudited and are presented in millions, except per share amounts or as otherwise noted) Revenue of $112.9 million decreased 9% year-over-year primarily driven by macro weakness in printer sales, partially offset by approximately 10% growth in consumables sales Healthcare Solutions revenue of $55.1 million grew 5% year-over-year, led by strong growth in Dental and Personalized Healthcare solutions Customer interest in 3D printing applications continued to gain momentum, with revenues in the Application Innovation Group (AIG) growing over 26% year-to-date versus prior year across industrial markets Q3'24 gross profit margin of 36.9% and Non-GAAP gross profit margin (1) of 37.6% included a $3 million headwind related to an increase in inventory reserves - if excluded, Non-GAAP gross profit margin was 40.2% Q3'24 net loss of $178.6 million, diluted loss per share of $1.35, which includes $143.7 million associated with the impairment of goodwill and other long-lived assets. Non-GAAP diluted loss per share (1) of $0.12 Q3'24 negative Adjusted EBITDA (1) of $14.3 million Updating guidance for remainder of FY'2024 to now include expected full-year revenues within the range of $440 million - $450 million Unaudited Three Months Ended September 30, Three Months Ended September 30, (in millions, except per share data) 2024 2023 Revenue $ 112.9 $ 123.8 Gross profit 41.7 55.4 Gross profit margin 36.9 % 44.7 % Operating expense 222.5 68.9 Loss from operations (180.8 ) (13.6 ) Net loss attributable to 3D Systems Corporation (178.6 ) (11.7 ) Diluted loss per share (1.35 ) (0.09 ) Non-GAAP measures for year-over-year comparisons: (1) Non-GAAP gross profit margin 37.6 % 44.8 % Non-GAAP operating expense 61.4 55.8 Adjusted EBITDA (14.3 ) 4.7 Non-GAAP diluted (loss) income per share $ (0.12 ) $ 0.01 (1) See "Presentation of Information in this Press Release" below for a description, and the Appendix for reconciliations of non-GAAP measurements to the most closely comparable GAAP measures. Summary Comments on Results Commenting on third quarter results, Dr. Jeffrey Graves, president and CEO of 3D Systems said, "As recently shared, our third quarter revenues continued to be impacted by sluggish capital investments by our customers for new production capacity, particularly in the Industrial markets, impacting the sale of new printing systems. On a positive note however, capacity utilization for our installed printer fleet broadly increased, translating into an increase in consumable revenues, which grew nearly 10% on both prior year and sequential comparisons. While 2024 has been a challenging year for new printer system sales, we are increasingly encouraged about the future, driven in large part by customer demand for our Application Innovation Group, a group of highly skilled process specialists who assist customers in developing new applications for 3D printing. Year-to-date this group, which spans both polymer and metal solutions, has experienced a rise of over 26% in revenues derived from new application development, particularly in highly regulated markets such a semiconductor equipment manufacturing, oil & gas, aerospace & defense markets, and our medical markets. Much of this performance, and the future growth potential it implies, has been fueled by an aggressive cycle of innovation at our company, enabled by our sustained focus on new product innovation across all of our major polymer and metal printing solutions. As a result of this sustained focus, which we believe differentiates us from many others in our industry, we are on pace to deliver nearly 40 new products to market since the third quarter of last year, and 25 in calendar 2024 alone. We believe no other company in our industry has matched this output that we expect will pay dividends in growth and profitability improvements as the economy rebounds in the future." Dr. Graves continued, "Given our strong focus on new product innovation, over the last two years we've also completely altered our manufacturing model from nearly 100% outsourced, to taking full responsibility for our integrated supply chain by in-sourcing procurement, assembly operations and logistics. This transition is now virtually complete, and, while it required short-term increases in expenses and working capital, we believe it is absolutely essential in driving smooth new product introductions, high quality product and delivery performance and, importantly, long-term customer satisfaction and gross margin improvements as factory efficiencies increase. While weakness in our end-markets over the last several quarters has muted these benefits, as volumes recover we expect to realize them increasingly over time. With our in-sourcing efforts now close to completion, our near term focus has shifted to managing working capital and capex spend to improve cash performance. This has been increasingly effective as we entered the second half of the year, as demonstrated by the stabilization of our cash reserves in the third quarter. We were also pleased to deliver a sequential reduction in operating expenses, in line with our previous expectations, and expect the benefits of restructuring actions previously taken to positively impact our cost structure in the quarters ahead." Dr. Graves concluded, "As we look to the end of the year, the consistent fueling of our R&D engines as we moved through a tougher macro environment period is now driving an acceleration of exciting new customer applications, supported by outstanding new products spanning from new printer hardware to advanced engineering materials, to enhancement of our software capabilities. We believe this positions us well as the geopolitical and economic headwinds of the last 18 months ultimately begin to recede. Given timing uncertainties and normal quarter-to-quarter inventory management at year-end, we believe it is prudent to be conservative in our outlook for the full year. As such, we are updating our revenue expectations for the full year 2024 to be between $440 million and $450 million. From an OPEX perspective, we expect to see continued improvement consistent with our prior comments, namely that OPEX will decrease again in Q4, to below $60 million. These combined factors should yield a sequential improvement in Adjusted EBITDA and will place us on a trajectory towards profitability in the quarters ahead. We will continue our balanced view of short-term focus on cash performance and improving profitability, while meeting the longer-term needs of our customers from a technology and service perspective. In keeping our customers' production goals clearly in our sites each day, we believe that substantial long-term value will be created for all of our stakeholders in the years ahead." Summary of Third Quarter Results Revenue for the third quarter of 2024 decreased approximately 9% to $112.9 million compared to the same period last year, primarily driven by lower printer sales, partially offset by approximately 10% growth in materials. Gross profit margin for the third quarter of 2024 was 36.9% compared to 44.7% for the same period last year. Non-GAAP gross profit margin was 37.6% compared to 44.8% for the same period last year. Gross profit margin decreased primarily due to unfavorable absorption associated with lower volumes and approximately $3 million associated with an increase in inventory reserves, partially offset by favorable mix. In addition, gross profit margin from the prior year period includes approximately $4.5 million of incremental revenue recognized by our Regenerative Medicine business at 100% margin related to incremental milestone recognition which did not repeat in the third quarter of 2024. Operating expense for the third quarter of 2024 was $222.5 million compared to $68.9 million for the same period last year and includes $143.7 million associated with the impairment of goodwill and other long-lived assets taken during the third quarter of 2024. Non-GAAP operating expense of $61.4 million increased $5.6 million compared to the same period last year, while improving $2.7 million on a sequential basis. The sequential improvement was primarily driven by benefits associated with prior restructuring actions. Net loss attributable to 3D Systems Corporation for the third quarter of 2024 was $178.6 million compared to a net loss of $11.7 million for the same period last year. The decline from prior year was primarily impacted by the previously referenced $143.7 million associated with the impairment of goodwill and other long-lived assets taken during the third quarter of 2024. Adjusted EBITDA decreased by $19.1 million to a loss of $14.3 million in the third quarter of 2024 compared to the same period last year. The decrease in Adjusted EBITDA primarily reflects lower revenue, lower gross margin and higher operating expense. As previously noted, the third quarter of 2023 also included the benefit of approximately $4.5 million of incremental milestone recognition by our Regenerative Medicine business at 100% margin that did not repeat in the third quarter of 2024. Updating 2024 Outlook Based on current macroeconomic and geopolitical conditions, 3D Systems is updating its financial guidance for the remainder of 2024 as follows: Revenues for the full-year 2024 within the range of $440 million - $450 million Non-GAAP gross profit margin for the full-year 2024 within the range of 38% - 40% Maintain the expectation for Non-GAAP operating expense of less than $60 million for Q4'24 Adjusted EBITDA to improve sequentially Financial Liquidity At September 30, 2024, the company had cash and cash equivalents of $190.0 million, a decrease of $141.5 million since December 31, 2023. The decrease resulted primarily due to cash used in operations of $37.1 million, capital expenditures of $10.8 million, and repayment on borrowings of $87.2 million. At September 30, 2024, the company had total debt, net of deferred financing costs of $211.7 million. Q3 2024 Conference Call and Webcast The company will host a conference call and simultaneous webcast to discuss these results on November 27, 2024, which may be accessed as follows: Date: Wednesday, November 27, 2024 Time: 8:30 a.m. Eastern Time Listen via webcast: www.3dsystems.com/investor Participate via telephone: 201-689-8345 A replay of the webcast will be available approximately two hours after the live presentation at www.3dsystems.com/investor . Forward-Looking Statements Certain statements made in this release that are not statements of historical or current facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to be materially different from historical results or from any future results or projections expressed or implied by such forward-looking statements. In many cases, forward looking statements can be identified by terms such as "believes," "belief," "expects," "may," "will," "estimates," "intends," "anticipates" or "plans" or the negative of these terms or other comparable terminology. Forward-looking statements are based upon management's beliefs, assumptions and current expectations and may include comments as to the company's beliefs and expectations as to future events and trends affecting its business and are necessarily subject to uncertainties, many of which are outside the control of the company. The factors described under the headings "Forward-Looking Statements" and "Risk Factors" in the company's periodic filings with the Securities and Exchange Commission, as well as other factors, could cause actual results to differ materially from those reflected or predicted in forward-looking statements. Although management believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements are not, and should not be relied upon as a guarantee of future performance or results, nor will they necessarily prove to be accurate indications of the times at which such performance or results will be achieved. The forward-looking statements included are made only as the date of the statement. 3D Systems undertakes no obligation to update or revise any forward-looking statements made by management or on its behalf, whether as a result of future developments, subsequent events or circumstances or otherwise, except as required by law. Presentation of Information in this Press Release 3D Systems reports its financial results in accordance with GAAP. Management also reviews and reports certain non-GAAP measures, including: non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP operating expense, non-GAAP diluted income (loss) per share, and Adjusted EBITDA. These non-GAAP measures exclude certain items that management does not view as part of 3D Systems' core results as they may be highly variable, may be unusual or infrequent, are difficult to predict and can distort underlying business trends and results. Management believes that the non-GAAP measures provide useful additional insight into underlying business trends and results and provide meaningful information regarding the comparison of period-over-period results. Additionally, management uses the non-GAAP measures for planning, forecasting and evaluating business and financial performance, including allocating resources and evaluating results relative to employee compensation targets. 3D Systems' non-GAAP measures are not calculated in accordance with or as required by GAAP and may not be calculated in the same manner as similarly titled measures used by other companies. These non-GAAP measures should thus be considered as supplemental in nature and not considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP. To calculate the non-GAAP measures, 3D Systems excludes the impact of the following items: amortization of intangible assets, a non-cash expense, as 3D Systems' intangible assets were primarily acquired in connection with business combinations; costs incurred in connection with acquisitions and divestitures, such as legal, consulting and advisory fees; stock-based compensation expenses, a non-cash expense; charges related to restructuring and cost optimization plans, impairment charges, including goodwill, and divestiture gains or losses; impact of equity method investments; certain compensation expense related to the 2021 Volumetric acquisition; and costs, including legal fees, related to significant or unusual litigation matters. Amortization of intangibles and acquisition and divestiture-related costs are excluded from non-GAAP measures as the timing and magnitude of business combination transactions are not predictable, can vary significantly from period to period and the purchase price allocated to amortizable intangible assets and the related amortization period are unique to each acquisition. Amortization of intangible assets will recur in future periods until such intangible assets have been fully amortized. While intangible assets contribute to the company's revenue generation, the amortization of intangible assets does not directly relate to the sale of the company's products or services. Additionally, intangible assets amortization expense typically fluctuates based on the size and timing of the company's acquisition activity. Accordingly, the company believes excluding the amortization of intangible assets enhances the company's and investors' ability to compare the company's past financial performance with its current performance and to analyze underlying business performance and trends. Although stock-based compensation is a key incentive offered to certain of our employees, the expense is non-cash in nature, and we continue to evaluate our business performance excluding stock-based compensation; therefore, it is excluded from non-GAAP measures. Stock-based compensation expenses will recur in future periods. Charges related to restructuring and cost optimization plans, impairment charges, including goodwill, divestiture gains or losses, and the costs, including legal fees, related to significant or unusual litigation matters are excluded from non-GAAP measures as the frequency and magnitude of these activities may vary widely from period to period. Additionally, impairment charges, including goodwill, are non-cash. Furthermore, the company believes the costs, including legal fees, related to significant or unusual litigation matters are not indicative of our core business' operations. Finally, 3D Systems excludes contingent consideration recorded as compensation expense related to the 2021 Volumetric acquisition from non-GAAP measures as management evaluates financial performance excluding this expense, which is viewed by management as similar to acquisition consideration. The matters discussed above are tax effected, as applicable, in calculating non-GAAP diluted income (loss) per share. Adjusted EBITDA, defined as net income, plus income tax (provision) benefit, interest and other income (expense), net, stock-based compensation expense, amortization of intangible assets, depreciation expense, and other non-GAAP adjustments, all as described above, is used by management to evaluate performance and helps measure financial performance period-over-period. A reconciliation of GAAP to non-GAAP measures is provided in the accompanying schedules. 3D Systems does not provide forward-looking guidance for certain measures on a GAAP basis. The company is unable to provide a quantitative reconciliation of forward-looking non-GAAP gross profit margin, Adjusted EBITDA, and non-GAAP operating expense to the most directly comparable forward-looking GAAP measures without unreasonable effort because certain items, including litigation costs, acquisition expenses, stock-based compensation expense, intangible assets amortization expense, restructuring expenses, and goodwill impairment charges are difficult to predict and estimate. These items are inherently uncertain and depend on various factors, many of which are beyond the company's control, and as such, any associated estimate and its impact on GAAP performance could vary materially. About 3D Systems More than 35 years ago, 3D Systems brought the innovation of 3D printing to the manufacturing industry. Today, as the leading additive manufacturing solutions partner, we bring innovation, performance, and reliability to every interaction - empowering our customers to create products and business models never before possible. Thanks to our unique offering of hardware, software, materials and services, each application-specific solution is powered by the expertise of our application engineers who collaborate with customers to transform how they deliver their products and services. 3D Systems' solutions address a variety of advanced applications in Healthcare and Industrial Solutions markets such as medical and dental, aerospace & defense, automotive and durable goods. More information on the company is available at www.3dsystems.com . Tables Follow 3D Systems Corporation Unaudited Condensed Consolidated Balance Sheets September 30, 2024 and December 31, 2023 (in thousands, except par value) September 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 190,005 $ 331,525 Accounts receivable, net of reserves — $2,137 and $3,389 99,224 101,497 Inventories 134,926 152,188 Prepaid expenses and other current assets 35,858 42,612 Total current assets 460,013 627,822 Property and equipment, net 53,907 64,461 Intangible assets, net 20,961 62,724 Goodwill 14,967 116,082 Operating lease right-of-use assets 49,384 58,406 Finance lease right-of-use assets 9,185 12,174 Long-term deferred income tax assets 4,041 4,230 Other assets 45,818 44,761 Total assets $ 658,276 $ 990,660 LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND EQUITY Current liabilities: Current operating lease liabilities $ 9,628 $ 9,924 Accounts payable 42,414 49,757 Accrued and other liabilities 44,882 49,460 Customer deposits 8,655 7,599 Deferred revenue 33,336 30,448 Total current liabilities 138,915 147,188 Long-term debt, net of deferred financing costs 211,682 319,356 Long-term operating lease liabilities 51,000 56,795 Long-term deferred income tax liabilities 5,214 5,162 Other liabilities 31,340 33,400 Total liabilities 438,151 561,901 Commitments and contingencies Redeemable non-controlling interest 2,093 2,006 Stockholders' equity: Common stock, $0.001 par value, authorized 220,000 shares; shares issued 134,826 and 133,619 as of September 30, 2024 and December 31, 2023, respectively 135 134 Additional paid-in capital 1,588,911 1,577,519 Accumulated deficit (1,328,536 ) (1,106,650 ) Accumulated other comprehensive loss (42,478 ) (44,250 ) Total stockholders' equity 218,032 426,753 Total liabilities, redeemable non-controlling interest and stockholders' equity $ 658,276 $ 990,660 3D Systems Corporation Unaudited Condensed Consolidated Statements of Operations Three and Nine Months Ended September 30, 2024 and 2023 Three Months Ended Nine Months Ended (in thousands, except per share amounts) September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Revenue: Products $ 72,968 $ 80,415 $ 208,752 $ 253,968 Services 39,972 43,376 120,345 119,253 Total revenue 112,940 123,791 329,097 373,221 Cost of sales: Products 47,533 47,427 129,571 153,442 Services 23,694 21,014 69,793 67,315 Total cost of sales 71,227 68,441 199,364 220,757 Gross profit 41,713 55,350 129,733 152,464 Operating expenses: Selling, general and administrative 57,974 33,355 166,772 150,623 Research and development 20,764 21,982 66,260 66,953 Asset impairment charges 143,733 13,597 143,733 13,597 Total operating expenses 222,471 68,934 376,765 231,173 Loss from operations (180,758 ) (13,584 ) (247,032 ) (78,709 ) Non-operating income (expense): Foreign exchange loss, net (1,960 ) (2,202 ) (774 ) (3,847 ) Interest income 1,550 5,841 5,800 15,730 Interest expense (606 ) (932 ) (1,944 ) (2,612 ) Other (loss) income, net (51 ) (105 ) 21,719 420 Total non-operating (loss) income (1,067 ) 2,602 24,801 9,691 Loss before income taxes (181,825 ) (10,982 ) (222,231 ) (69,018 ) Benefit (provision) for income taxes 4,343 (174 ) 2,496 (404 ) Loss on equity method investment, net of income taxes (1,254 ) (605 ) (2,403 ) (747 ) Net loss before redeemable non-controlling interest (178,736 ) (11,761 ) (222,138 ) (70,169 ) Less: net loss attributable to redeemable non-controlling interest (109 ) (57 ) (252 ) (149 ) Net loss attributable to 3D Systems Corporation $ (178,627 ) $ (11,704 ) $ (221,886 ) $ (70,020 ) Net loss per common share: Basic $ (1.35 ) $ (0.09 ) $ (1.69 ) $ (0.54 ) Diluted $ (1.35 ) $ (0.09 ) $ (1.69 ) $ (0.54 ) Weighted average shares outstanding: Basic 132,235 130,263 131,621 129,780 Diluted 132,235 130,263 131,621 129,780 3D Systems Corporation Unaudited Condensed Consolidated Statements of Cash Flows Nine Months Ended September 30, 2024 and 2023 Nine Months Ended (in thousands) September 30, 2024 September 30, 2023 Cash flows from operating activities: Net loss before redeemable non-controlling interest $ (222,138 ) $ (70,169 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation, amortization and accretion of debt discount 28,837 27,054 Stock-based compensation 17,339 15,140 Loss on short-term investments — 6 Non-cash operating lease expense 7,370 6,552 Provision for inventory obsolescence 10,332 6,061 Provision for bad debts 148 197 Loss on the disposition of businesses, property, equipment and other assets 1,649 51 Gain on debt extinguishment (21,518 ) — Provision (benefit) for deferred income taxes and reserve adjustments 451 141 Loss on equity method investment, net of taxes 2,403 747 Asset impairment charges 143,733 14,856 Changes in operating accounts: Accounts receivable 2,594 (11,706 ) Inventories 5,972 (23,106 ) Prepaid expenses and other current assets 6,831 (2,790 ) Accounts payable (7,201 ) (7,717 ) Deferred revenue and customer deposits 4,533 1,351 Accrued and other liabilities (9,843 ) (16,066 ) All other operating activities (8,601 ) (12,495 ) Net cash used in operating activities (37,109 ) (71,893 ) Cash flows from investing activities: Purchases of property and equipment (10,798 ) (20,995 ) Sales and maturities of short-term investments — 180,925 Proceeds from sale of assets and businesses, net of cash sold 96 — Acquisitions and other investments, net of cash acquired (2,450 ) (29,241 ) Net cash (used in) provided by investing activities (13,152 ) 130,689 Cash flows from financing activities: Repayment of borrowings/long-term debt (87,218 ) — Taxes paid related to net-share settlement of equity awards (2,526 ) (4,752 ) Other financing activities (1,003 ) (463 ) Net cash used in financing activities (90,747 ) (5,215 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash (530 ) 1,561 Net (decrease) increase in cash, cash equivalents and restricted cash (141,538 ) 55,142 Cash, cash equivalents and restricted cash at the beginning of the year (a) 333,111 391,975 Cash, cash equivalents and restricted cash at the end of the period (a) $ 191,573 $ 447,117 (a) The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets to the total of such amounts reported in the condensed consolidated statements of cash flows. (in thousands) September 30, 2024 December 31, 2023 September 30, 2023 December 31, 2022 Cash and cash equivalents $ 190,005 $ 331,525 $ 445,554 $ 388,134 Restricted cash included in prepaid expenses and other current assets 122 119 118 114 Restricted cash included in other assets 1,446 1,467 1,445 3,727 Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows $ 191,573 $ 333,111 $ 447,117 $ 391,975 Amounts included in restricted cash as of September 30, 2024, December 31, 2023 and September 30, 2023 primarily relate to guarantees in the form of a standby letter of credit as security for a long-term real estate lease. Amounts included in restricted cash as of December 31, 2022 primarily relate to $3,435 deposited into an escrow account relating to the initial investment in the National Additive Manufacturing innovation ("NAMI") joint venture. The remaining amounts in restricted cash in all periods presented relate to collateral for letters of credit and bank guarantees. Appendix 3D Systems Corporation Unaudited Reconciliations of GAAP to Non-GAAP Measures Three and Nine Months Ended September 30, 2024 , 2023 Gross Profit and Gross Profit Margin (1) Three Months Ended September 30, (in millions) 2024 2023 Gross Profit Gross Profit Margin Gross Profit Gross Profit Margin GAAP $ 41.7 36.9 % $ 55.4 44.7 % Amortization expense included in Cost of sales 0.3 0.1 Severance accrual adjustment 0.5 — Non-GAAP (2) $ 42.5 37.6 % $ 55.5 44.8 % (1) Amounts in table may not foot due to rounding (2) Calculated as non-GAAP gross profit as a percentage of total revenue Nine Months Ended September 30, (in millions) 2024 2023 Gross Profit Gross Profit Margin Gross Profit Gross Profit Margin GAAP $ 129.7 39.4 % $ 152.5 40.9 % Amortization expense included in Cost of sales 0.8 0.1 Severance accrual adjustment (0.5 ) — Non-GAAP (2) $ 130.0 39.5 % $ 152.6 40.9 % (1) Amounts in table may not foot due to rounding (2) Calculated as non-GAAP gross profit as a percentage of total revenue Non-GAAP Operating Expense (1) Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2024 2023 2024 2023 Operating expense $ 222.5 $ 68.9 $ 376.8 $ 231.2 Amortization expense (8.1 ) (3.1 ) (12.4 ) (9.6 ) Stock-based compensation expense (5.8 ) 3.1 (17.4 ) (15.1 ) Acquisition and divestiture-related expense (0.6 ) 4.1 (0.8 ) (0.1 ) Legal and other expense (2.6 ) (2.1 ) (9.2 ) (4.9 ) Restructuring expense (0.2 ) (1.5 ) (1.4 ) (6.7 ) Asset impairment charges (143.7 ) (13.6 ) (143.7 ) (14.2 ) Non-GAAP operating expense $ 61.4 $ 55.8 $ 191.9 $ 180.6 (1) Amounts in table may not foot due to rounding Appendix 3D Systems Corporation Unaudited Reconciliations of GAAP to Non-GAAP Measures Three and Nine Months Ended September 30, 2024 , 2023 Net Loss to Adjusted EBITDA (1) Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2024 2023 2024 2023 Net loss attributable to 3D Systems Corporation $ (178.6 ) $ (11.7 ) $ (221.9 ) $ (70.0 ) Interest (income) expense, net (0.9 ) (4.9 ) (3.9 ) (13.1 ) Provision for income taxes (4.3 ) 0.2 (2.5 ) 0.4 Depreciation expense 4.6 5.1 14.5 15.7 Amortization expense 8.4 3.2 13.3 9.7 EBITDA (170.9 ) (8.2 ) (200.5 ) (57.4 ) Stock-based compensation expense 5.8 (3.1 ) 17.4 15.1 Acquisition and divestiture-related expense 0.6 (4.1 ) 0.8 0.1 Legal and other related costs 2.6 2.1 9.2 4.9 Restructuring expense 0.7 1.5 0.8 6.7 Net loss attributable to redeemable non-controlling interest (0.1 ) (0.1 ) (0.3 ) (0.1 ) Loss on equity method investments, net of tax 1.3 0.6 2.4 0.7 Gain on repurchase of debt — — (21.5 ) — Asset impairment charges 143.7 13.6 143.7 14.2 Other non-operating expense (income) 2.0 2.3 0.6 3.4 Adjusted EBITDA $ (14.3 ) $ 4.7 $ (47.3 ) $ (12.3 ) (1) Amounts in table may not foot due to rounding Appendix 3D Systems Corporation Unaudited Reconciliations of GAAP to Non-GAAP Measures Three and Nine Months Ended September 30, 2024 , 2023 Diluted Loss per Share (1) Three Months Ended September 30, Nine Months Ended September 30, (in dollars) 2024 2023 2024 2023 Diluted loss per share $ (1.35 ) $ (0.09 ) $ (1.69 ) $ (0.54 ) Stock-based compensation expense 0.04 (0.02 ) 0.13 0.12 Amortization expense 0.06 0.02 0.10 0.07 Acquisition and divestiture-related expense — (0.03 ) 0.01 — Legal expense 0.02 0.02 0.07 0.04 Asset impairment charges 1.09 0.10 1.09 0.11 Restructuring expense 0.01 0.01 0.01 0.05 Gain on repurchase of debt — — (0.16 ) — Loss on equity method investment and other 0.01 — 0.02 0.01 Non-GAAP diluted loss per share $ (0.12 ) $ 0.01 $ (0.42 ) $ (0.15 ) (1) Amounts in table may not foot due to rounding © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
External Fixators Market Generated Opportunities, Future Scope 2024-2031 12-21-2024 05:26 PM CET | Health & Medicine Press release from: Coherent Market Insights External Fixators Market Trends Overview 2024-2031: A new Report by Coherent Market Insights, titled "External Fixators Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2031," offers a comprehensive analysis of the industry, which comprises insights on the External Fixators market analysis. The report also includes competitor and regional analysis, and contemporary advancements in the market. This report has a complete table of contents, figures, tables, and charts, as well as insightful analysis. The External Fixators market has been growing significantly in recent years, driven by a number of key factors, such as increasing demand for its products, expanding customer base, and technological advancements. 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Ariana Grande and Cynthia Erivo were paid the same amount for starring in the movie musical “Wicked,” Universal Pictures said in a statement Tuesday to Variety . “Reports of pay disparity between Cynthia and Ariana are completely false and based on internet fodder,” a spokesperson for the studio said, according to Variety. “The women received equal pay for their work on ‘Wicked.’” It had been reported by some outlets that Grande, who plays Glinda in “Wicked,” was paid $15 million, while Erivo, who plays Elphaba, was only paid $1 million ― claims that appear to have originated on social media. The statement from Universal did not specify how much the actors were paid. “Wicked” earned $112 million during its opening weekend in the U.S. and $162 million worldwide, according to Deadline . The movie beat 2012’s “Les Miserables” for the biggest global and domestic opening for a movie based on a Broadway show. “Les Miserables” earned $103 million worldwide on its opening weekend, according to Deadline. Other news outlets have retreated behind paywalls. At HuffPost, we believe journalism should be free for everyone. Would you help us provide essential information to our readers during this critical time? We can't do it without you. Can't afford to contribute? Support HuffPost by creating a free account and log in while you read. You've supported HuffPost before, and we'll be honest — we could use your help again . We view our mission to provide free, fair news as critically important in this crucial moment, and we can't do it without you. Whether you give once or many more times, we appreciate your contribution to keeping our journalism free for all. You've supported HuffPost before, and we'll be honest — we could use your help again . We view our mission to provide free, fair news as critically important in this crucial moment, and we can't do it without you. Whether you give just one more time or sign up again to contribute regularly, we appreciate you playing a part in keeping our journalism free for all. Already contributed? Log in to hide these messages. “Wicked” is based on the musical of the same name by Stephen Schwartz and Winnie Holzman, which is itself an adaptation of Gregory Maguire’s 1995 novel “Wicked: The Life and Times of the Wicked Witch of the West.” Jon M. Chu, who directed the movie adaptation, implied to HuffPost that he sees parallels between the film’s plot and the current political environment, given that the story involves “an older man gaslighting a whole nation that this woman is wicked because she’s standing up for a community that’s being silenced.” Related From Our PartnerNone
Photos: Remembering former President Jimmy CarterMelbourne, Dec 30 (PTI) Skipper Rohit Sharma's ultra-defensive approach and Virat Kohli's unending saga of failures outside the off-stump left India reeling at 33 for 3 at lunch after Australia set the visitors a challenging 340-run target on day five of the fourth Test here on Monday. Rohit (9 off 40 balls) did all the hard work during the first hour before opposition skipper Pat Cummins (2/10) got his bunny for the tenth time in Test matches. Also Read | LeBron James: Five Unforgettable Performances From Age-Defying Basketball Megastar. Kohli (5 off 29) could never control his urge of playing the cover drive again and was caught at first slip after Mitchell Starc pushed one across with the angle. Rahul was out without troubling the scorers after getting a second good ball in the game. Yashasvi Jaiswal, who didn't look convincing at all, survived 83 deliveries to score 14 going into lunch. Also Read | Magnus Carlsen To Participate at FIDE World Blitz Championship 2024 After Dispute Over Jeans is Resolved. The approach by the Indian team was also a reflection of its mindset as a slim chance of victory evaporated in the morning session. Shortly after play began on day five, Jasprit Bumrah completed his 13th five wicket haul in Test cricket as Australia were all out for 234 in their second essay. One would have expected to Rohit to play his natural aggressive game at the top of the order but in the middle of a lean run, he tried to get into a safety first mode that did not work. At the other end, even Jaiswal curbed his natural instincts. He got one delivery from Pat Cummins that moved a shade late as he shaped for a whip down the square leg with the leading edge flying to Mitchell Marsh at gully. Cummins then produced another delivery with late away movement to consume Rahul. PTI (This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)
Indonesia’s BRICS agenda: 2 reasons Prabowo’s foreign policy contrasts with Jokowi’sPete Hegseth, President-elect Donald Trump’s choice to be defense secretary, is joined by his wife Jennifer Rauchet as he speaks with reporters after meeting with Sen. Susan Collins, R-Maine, on Capitol Hill, Wednesday, Dec. 11, 2024, in Washington. (AP Photo/Mark Schiefelbein) Sen. Susan Collins, R-Maine, speaks with reporters after meeting with Pete Hegseth, President-elect Donald Trump’s choice to be defense secretary, on Capitol Hill, Wednesday, Dec. 11, 2024, in Washington. (AP Photo/Mark Schiefelbein) Pete Hegseth, President-elect Donald Trump’s choice to be defense secretary, arrives for a meeting with Sen. Bill Cassidy, R-La., on Capitol Hill, Wednesday, Dec. 11, 2024, in Washington. (AP Photo/Mark Schiefelbein) Pete Hegseth, President-elect Donald Trump’s choice to be defense secretary, is joined by his wife Jennifer Rauchet as he speaks with reporters after meeting with Sen. Susan Collins, R-Maine, on Capitol Hill, Wednesday, Dec. 11, 2024, in Washington. (AP Photo/Mark Schiefelbein) By MARY CLARE JALONICK and MATT BROWN WASHINGTON (AP) — Pete Hegseth, President-elect Donald Trump’s nominee to lead the Defense Department, said he had a “wonderful conversation” with Maine Sen. Susan Collins on Wednesday as he pushed to win enough votes for confirmation. He said he will not back down after allegations of excessive drinking and sexual misconduct. Related Articles National Politics | Donald Trump will ring the New York Stock Exchange bell. It’ll be a first for him National Politics | The Trump and Biden teams insist they’re working hand in glove on foreign crises National Politics | ‘You don’t know what’s next.’ International students scramble ahead of Trump inauguration National Politics | Trump is threatening to raise tariffs again. Here’s how China plans to fight back National Politics | Trump won’t be able to save the struggling US beef industry Collins said after the hourlong meeting that she questioned Hegseth about the allegations amid reports of drinking and the revelation that he made a settlement payment after being accused of a sexual assault that he denies. She said she had a “good, substantive” discussion with Hegseth and “covered a wide range of topics,” including sexual assault in the military, Ukraine and NATO. But she said she would wait until a hearing, and notably a background check, to make a decision. “I asked virtually every question under the sun,” Collins told reporters as she left her office after the meeting. “I pressed him both on his position on military issues as well as the allegations against him, so I don’t think there was anything that we did not cover.” The meeting with Collins was closely watched as she is seen as more likely than most of her Republican Senate colleagues to vote against some of Trump’s Cabinet picks. She and Alaska Sen. Lisa Murkowski, a fellow moderate Republican, did not shy from opposing Trump in his first term when they wanted to do so and sometimes supported President Joe Biden’s nominees for the judicial and executive branches. And Hegseth, an infantry combat veteran and former “Fox & Friends” weekend host, is working to gain as many votes as he can as some senators have expressed concerns about his personal history and lack of management experience. “I’m certainly not going to assume anything about where the senator stands,” Hegseth said as he left Collins’ office. “This is a process that we respect and appreciate. And we hope, in time, overall, when we get through that committee and to the floor that we can earn her support.” Hegseth met with Murkowski on Tuesday. He has also been meeting repeatedly with Iowa Sen. Joni Ernst, a military veteran who has said she is a survivor of sexual assault and has spent time in the Senate working on improving how attacks are reported and prosecuted within the ranks. On Monday, Ernst said after a meeting with him that he had committed to selecting a senior official to prioritize those goals. Republicans will have a 53-49 majority next year, meaning Trump cannot lose more than three votes on any of his nominees. It is so far unclear whether Hegseth will have enough support, but Trump has stepped up his pressure on senators in the last week. “Pete is a WINNER, and there is nothing that can be done to change that!!!” Trump posted on his social media platform last week.