3D Systems reported financial results for the third quarter of 2013, with the following highlights:
- Revenue increased 49.9% year-over-year to $135.7 million, driven by strong growth in all business segments and regions.
- Operating income (EBIT) grew significantly by 70.1% quarter-over-quarter to $28.6 million.
- Net income increased 88.8% quarter-over-quarter to $17.6 million.
- The company continued its strategy of vertical integration through acquisitions and saw materials and services revenue increase sequentially, in addition to printer sales remaining the largest revenue driver.
This document provides an overview and analysis of the 3D printing market by Paul Young. It begins with Paul Young's background and then outlines the agenda which includes definitions of 3D printing, how it works, market size, key players, applications and investments. Specific details provided include the global 3D printing market reaching $30 billion by 2022, China investing $1.1 billion in 3D printing in 2017, and companies like GE investing over $1.5 billion in 3D printing technologies since 2010. Applications discussed include shoes, drones and organs-on-chips.
The document discusses the potential of 3D printing and provides an overview of its current state. It describes 3D printing as a process that builds physical objects from digital models in successive thin layers without the need for tools. The document outlines several benefits of 3D printing such as high levels of customization, reduced transportation needs, and less waste. It also discusses trends like its applications in various industries, declining costs and improving quality, and emerging techniques like 4D printing. However, the document notes some challenges like surface finish and speed that still need improvement.
This document provides an agenda for a discussion on 3D printing. It covers the origin and development of 3D printing technologies. It discusses how 3D printing is experiencing multidimensional growth and its evolution and major milestones. The document explores reasons for hype around 3D printing and where it falls on the technology hype cycle. It also looks at how 3D printing is supported by CEO business priorities and profiles major players in the industry.
The document discusses 3D printing from an investment firm's perspective. It provides an overview of 3D printing, including its history, key players in the market, and potential areas of application. It then examines different viewpoints on whether 3D printing is just a buzzword or could revolutionize manufacturing. While some see it as a gimmick, optimists believe 3D printing will hybridize with conventional manufacturing as its costs decrease and capabilities increase.
The document announces an international conference on 3D printing and medicine to be held October 5-6, 2017 in Las Vegas, Nevada. The conference aims to promote knowledge sharing among professionals, researchers, industrialists, surgeons and students working in 3D printing. It will feature presentations on recent advancements in additive manufacturing, 3D bioprinting, engineered materials, and 3D imaging. Attendees will have opportunities to meet reputed designers and surgeons, and selected contributions will be published in a journal.
The document provides a summary of the history of 3D printing:
- 3D printing originated in the 1980s and was originally called Rapid Prototyping as it provided a faster way to create prototypes.
- The first 3D printing patent was issued in 1986 to Charles Hull for stereolithography. Hull co-founded 3D Systems, a major company in 3D printing.
- In the late 1980s and early 1990s, other major 3D printing technologies and companies were established, including selective laser sintering, fused deposition modeling, and laser sintering.
- Since then, 3D printing has advanced and become more accessible, with applications expanding beyond prototyping into various industrial and
This document provides an overview and analysis of the 3D printing market by Paul Young. It begins with Paul Young's background and then outlines the agenda which includes definitions of 3D printing, how it works, market size, key players, applications and investments. Specific details provided include the global 3D printing market reaching $30 billion by 2022, China investing $1.1 billion in 3D printing in 2017, and companies like GE investing over $1.5 billion in 3D printing technologies since 2010. Applications discussed include shoes, drones and organs-on-chips.
The document discusses the potential of 3D printing and provides an overview of its current state. It describes 3D printing as a process that builds physical objects from digital models in successive thin layers without the need for tools. The document outlines several benefits of 3D printing such as high levels of customization, reduced transportation needs, and less waste. It also discusses trends like its applications in various industries, declining costs and improving quality, and emerging techniques like 4D printing. However, the document notes some challenges like surface finish and speed that still need improvement.
This document provides an agenda for a discussion on 3D printing. It covers the origin and development of 3D printing technologies. It discusses how 3D printing is experiencing multidimensional growth and its evolution and major milestones. The document explores reasons for hype around 3D printing and where it falls on the technology hype cycle. It also looks at how 3D printing is supported by CEO business priorities and profiles major players in the industry.
The document discusses 3D printing from an investment firm's perspective. It provides an overview of 3D printing, including its history, key players in the market, and potential areas of application. It then examines different viewpoints on whether 3D printing is just a buzzword or could revolutionize manufacturing. While some see it as a gimmick, optimists believe 3D printing will hybridize with conventional manufacturing as its costs decrease and capabilities increase.
The document announces an international conference on 3D printing and medicine to be held October 5-6, 2017 in Las Vegas, Nevada. The conference aims to promote knowledge sharing among professionals, researchers, industrialists, surgeons and students working in 3D printing. It will feature presentations on recent advancements in additive manufacturing, 3D bioprinting, engineered materials, and 3D imaging. Attendees will have opportunities to meet reputed designers and surgeons, and selected contributions will be published in a journal.
The document provides a summary of the history of 3D printing:
- 3D printing originated in the 1980s and was originally called Rapid Prototyping as it provided a faster way to create prototypes.
- The first 3D printing patent was issued in 1986 to Charles Hull for stereolithography. Hull co-founded 3D Systems, a major company in 3D printing.
- In the late 1980s and early 1990s, other major 3D printing technologies and companies were established, including selective laser sintering, fused deposition modeling, and laser sintering.
- Since then, 3D printing has advanced and become more accessible, with applications expanding beyond prototyping into various industrial and
This presentation describes in detail about 3d printing and various stages in it .. It also describes about organ printing.. how it is used in hummer , M1 tank, Xerox company .. This presentation can be useful to take seminars and paper presentations ..
3D Printing: Edge Manufacturing - Executive OverviewPatrick Seaman
Executive Overview and backgrounder on Edge Manufacturing and 3D Printing. Topics include: 3D Printing / Additive Mfg 3
3D Design becomes real 4
Real Parts & Products 5
Example: Laser Sintering 6
Enter: 3D Printing 7
Industries using 3D Printing 8
Edge Manufacturing 9
Example: Consumer Goods 10
3D Printing “Sweet Spot” 11
Industrial 3D Printing 14
Example: Industrial Scenario 15
Solution: Edge Manufacturing 16
Global Market 19
Example: Military Scenario 20
Edge Manufacturing Profile: Kraftwurx 21
Summary & Conclusions 23
About the Authors 25
3D Printing News Stories & Quotes 27
About Pepperwood Partners 31
This document discusses the potential for 3D printing to shape the future of various industries. It notes that the global 3D printing market is forecast to reach $16.2 billion by 2018, and that many major companies have committed to 3D printing. While early predictions for consumer 3D printer uptake were uncertain, business uptake is on a clear rise. The document explores potential applications of 3D printing in construction, manufacturing, consumer goods, and other sectors.
3D Printing - A revolution capable of changing the supply chain of the medica...Carsten Engel
This document discusses the potential impact of 3D printing on supply chains and logistics. It suggests that 3D printing could accelerate a shift from "push supply chains" driven by mass production to "pull supply chains" driven by customer demand. This would enable more agile manufacturing and mass customization. Products could be made and distributed closer to consumers with lower transport costs. However, the impact will depend on the specific industry and product. 3D printing is best suited to small batch and customized production rather than mass manufacturing standard products. The technology's disruptive effects may be less transformative than some predictions.
3D printing market - a global study (2014-2022)BIS Research
The report presents a detailed market analysis of 3D printing and Additive Manufacturing by incorporating complete pricing and cost analysis of 3D printers and materials. Besides porter’s and PESTLE analysis of the market have also been done. The report deals with all the driving factors, restraints, and opportunities with respect to the 3D printing and Additive Manufacturing market, which are helpful in identifying trends and key success factors for the industry.
Lastly, the current market landscape is covered with detailed competitive landscape and company profiles of all key players across the ecosystem. The report also formulates the entire value chain of the market, along with industry trends of 3D printing application industries and materials used with emphasis on market timelines & technology road-maps
3D printing allows for the creation of complex objects by building them up layer by layer rather than subtracting away material. It has many applications including rapid prototyping, manufacturing, construction, food and pharmaceutical production, assistive technologies for the blind, and medical uses such as bionic body parts and 3D printed organs. The technology is advancing rapidly and 3D printers may be common in homes within 20 years, though there are also concerns about potential misuses such as for creating weapons. The presentation focuses on 3D printing's medical applications like customized prosthetics and implants.
This document provides an overview of 3D printing technology. It discusses the history of 3D printing, how the process works, different 3D printing methods like stereolithography (SLA), and potential applications. SLA is described as a top-down process that works by curing liquid resin into solid shapes with ultraviolet light. It can produce parts with high accuracy and from composite materials but resin is expensive and machines can cost over $500,000. The document also outlines limitations and provides references for further information.
3D printing allows for more authentic exploration of objects in educational settings. The document discusses the history and process of 3D printing, provides examples of its use in different subjects like biology, chemistry, and architecture, and addresses common questions and concerns about introducing 3D printing into classrooms. Educators are encouraged to experiment with different 3D modeling and printing options and share their designs online to expand possibilities for hands-on learning activities.
3D printing offers innovations for pharmaceuticals like personalized drug dosing tailored to patients. Current applications include Aprecia's ZipDose, which uses 3D printing to produce high-dose medications that rapidly disintegrate. BioFabrication uses living cells with biomaterials to 3D print tissues. While promising, 3D printing also faces risks like product liability, cyber threats, and safety concerns if printers malfunction. Pharmaceutical companies must understand these risks as 3D printing's potential grows.
“The Business of 3D Printing: The First Three Decades,” a keynote talk given at RWTH Aachen conference on “The Business and Economic Impacts of 3D Printing” http://bit.ly/TpQmrw
representation about 3D printing:
Introduction
What is 3D printing
Why I need 3D printer
How Does 3D Printing Work
3D Printing Materials
Future of 3D Printing
Usage of 3D printing
Conclusion
seminar report on 3d printing Shubham srivastavaofficiallyshubh
This document is a seminar report on 3D printing submitted by Shubham Srivastava to his professor Anuj Gupta. It includes an introduction to 3D printing, its history, sustainable aspects, materials used, general printing principles and applications. The report acknowledges those who helped with the seminar and provides an abstract, table of contents, and sections on the various topics relating to 3D printing.
Marketing Plan: Cube and CubeX 3D PrintersMartina Ascoli
This presentation shows an idea of a marketing plan for the consumer products of 3D System co. developed for Strategic Marketing and Marketing Plan course. A first evaluation of the product, the market and the company leads to a SWOT Analysis from which the marketing strategy is derived. The marketing plan is structured in three main objectives that can be achieved by specific actions on the variables of product, promotion and placement.
3D printers have the potential to significantly impact the field of civil engineering both technically and economically. Technically, 3D printers allow for greater architectural freedom and more complex building designs that were previously limited by expensive construction techniques. They can create structures out of materials like plastic, metal, and concrete. Economically, the 3D printing industry is growing rapidly and expected to generate billions in revenue worldwide in the coming years. 3D printing may revolutionize the construction industry by enabling the computer-designed and computer-built production of entire buildings in a more efficient and affordable manner.
3d printing is a new technique in pharma sector which shows a wide range of advantages like personalised medicine, one step process, reduce errors of production.
it has various methods which are shown in presentation
This document discusses the impact of 3D printing on industrial manufacturing. It provides an overview of 3D printing technologies and capabilities, as well as trends in the 3D printing industry such as revenue growth projections and the involvement of large companies. The document also examines threats and opportunities that 3D printing presents for industrial manufacturing, such as the potential replacement of metal cutting, forming, and plastics machinery over time as 3D printing technology advances.
This document provides an overview of 3D printing. It discusses the history of 3D printing, how 3D printing works by building objects layer by layer, and common 3D printing processes like fused deposition modeling, selective laser sintering, and stereolithography. The document also outlines advantages such as reducing waste and allowing for testing of designs before production. Limitations include the costs of materials and equipment as well as speed. Applications of 3D printing span various fields like art, music, engineering, automotive, and medicine. In conclusion, 3D printing offers benefits of time, cost, and resource savings for manufacturing.
This document summarizes a seminar on 3D printing of pharmaceuticals. 3D printing, also called additive manufacturing, is the process of making 3D objects from a digital file by laying down successive layers of material. There are several methods of 3D printing including selective laser sintering (SLS), fused deposition modeling (FDM), and stereolithography (SLA). 3D printing offers advantages like reduced costs, customization, and increased productivity through constant prototyping. However, it also faces challenges like high costs, limited materials, and slow printing speeds. The seminar discusses the various applications, growth, and challenges of 3D printing in the pharmaceutical industry.
Solution d'Education Numérique Interactive en TUNISIE fournie par ITEXIAITEXIA
ITEXIA vous propose les équipements pour l’éducation interactive : faciles à utiliser, intuitifs et fiables avec une
grande base de ressources disponibles en permanence. Ils aident les enseignants à atteindre plus facilement
leurs objectifs, tout en leur permettant d’élargir les possibilités offertes par une salle de classe traditionnelle.
Chez ITEXIA, nous sommes là pour vous accompagner à chaque étape de votre investissement. Nous vous
conseillons, nous vous formons et nous vous accompagnons dans l’utilisation d’une solution complète.
This presentation describes in detail about 3d printing and various stages in it .. It also describes about organ printing.. how it is used in hummer , M1 tank, Xerox company .. This presentation can be useful to take seminars and paper presentations ..
3D Printing: Edge Manufacturing - Executive OverviewPatrick Seaman
Executive Overview and backgrounder on Edge Manufacturing and 3D Printing. Topics include: 3D Printing / Additive Mfg 3
3D Design becomes real 4
Real Parts & Products 5
Example: Laser Sintering 6
Enter: 3D Printing 7
Industries using 3D Printing 8
Edge Manufacturing 9
Example: Consumer Goods 10
3D Printing “Sweet Spot” 11
Industrial 3D Printing 14
Example: Industrial Scenario 15
Solution: Edge Manufacturing 16
Global Market 19
Example: Military Scenario 20
Edge Manufacturing Profile: Kraftwurx 21
Summary & Conclusions 23
About the Authors 25
3D Printing News Stories & Quotes 27
About Pepperwood Partners 31
This document discusses the potential for 3D printing to shape the future of various industries. It notes that the global 3D printing market is forecast to reach $16.2 billion by 2018, and that many major companies have committed to 3D printing. While early predictions for consumer 3D printer uptake were uncertain, business uptake is on a clear rise. The document explores potential applications of 3D printing in construction, manufacturing, consumer goods, and other sectors.
3D Printing - A revolution capable of changing the supply chain of the medica...Carsten Engel
This document discusses the potential impact of 3D printing on supply chains and logistics. It suggests that 3D printing could accelerate a shift from "push supply chains" driven by mass production to "pull supply chains" driven by customer demand. This would enable more agile manufacturing and mass customization. Products could be made and distributed closer to consumers with lower transport costs. However, the impact will depend on the specific industry and product. 3D printing is best suited to small batch and customized production rather than mass manufacturing standard products. The technology's disruptive effects may be less transformative than some predictions.
3D printing market - a global study (2014-2022)BIS Research
The report presents a detailed market analysis of 3D printing and Additive Manufacturing by incorporating complete pricing and cost analysis of 3D printers and materials. Besides porter’s and PESTLE analysis of the market have also been done. The report deals with all the driving factors, restraints, and opportunities with respect to the 3D printing and Additive Manufacturing market, which are helpful in identifying trends and key success factors for the industry.
Lastly, the current market landscape is covered with detailed competitive landscape and company profiles of all key players across the ecosystem. The report also formulates the entire value chain of the market, along with industry trends of 3D printing application industries and materials used with emphasis on market timelines & technology road-maps
3D printing allows for the creation of complex objects by building them up layer by layer rather than subtracting away material. It has many applications including rapid prototyping, manufacturing, construction, food and pharmaceutical production, assistive technologies for the blind, and medical uses such as bionic body parts and 3D printed organs. The technology is advancing rapidly and 3D printers may be common in homes within 20 years, though there are also concerns about potential misuses such as for creating weapons. The presentation focuses on 3D printing's medical applications like customized prosthetics and implants.
This document provides an overview of 3D printing technology. It discusses the history of 3D printing, how the process works, different 3D printing methods like stereolithography (SLA), and potential applications. SLA is described as a top-down process that works by curing liquid resin into solid shapes with ultraviolet light. It can produce parts with high accuracy and from composite materials but resin is expensive and machines can cost over $500,000. The document also outlines limitations and provides references for further information.
3D printing allows for more authentic exploration of objects in educational settings. The document discusses the history and process of 3D printing, provides examples of its use in different subjects like biology, chemistry, and architecture, and addresses common questions and concerns about introducing 3D printing into classrooms. Educators are encouraged to experiment with different 3D modeling and printing options and share their designs online to expand possibilities for hands-on learning activities.
3D printing offers innovations for pharmaceuticals like personalized drug dosing tailored to patients. Current applications include Aprecia's ZipDose, which uses 3D printing to produce high-dose medications that rapidly disintegrate. BioFabrication uses living cells with biomaterials to 3D print tissues. While promising, 3D printing also faces risks like product liability, cyber threats, and safety concerns if printers malfunction. Pharmaceutical companies must understand these risks as 3D printing's potential grows.
“The Business of 3D Printing: The First Three Decades,” a keynote talk given at RWTH Aachen conference on “The Business and Economic Impacts of 3D Printing” http://bit.ly/TpQmrw
representation about 3D printing:
Introduction
What is 3D printing
Why I need 3D printer
How Does 3D Printing Work
3D Printing Materials
Future of 3D Printing
Usage of 3D printing
Conclusion
seminar report on 3d printing Shubham srivastavaofficiallyshubh
This document is a seminar report on 3D printing submitted by Shubham Srivastava to his professor Anuj Gupta. It includes an introduction to 3D printing, its history, sustainable aspects, materials used, general printing principles and applications. The report acknowledges those who helped with the seminar and provides an abstract, table of contents, and sections on the various topics relating to 3D printing.
Marketing Plan: Cube and CubeX 3D PrintersMartina Ascoli
This presentation shows an idea of a marketing plan for the consumer products of 3D System co. developed for Strategic Marketing and Marketing Plan course. A first evaluation of the product, the market and the company leads to a SWOT Analysis from which the marketing strategy is derived. The marketing plan is structured in three main objectives that can be achieved by specific actions on the variables of product, promotion and placement.
3D printers have the potential to significantly impact the field of civil engineering both technically and economically. Technically, 3D printers allow for greater architectural freedom and more complex building designs that were previously limited by expensive construction techniques. They can create structures out of materials like plastic, metal, and concrete. Economically, the 3D printing industry is growing rapidly and expected to generate billions in revenue worldwide in the coming years. 3D printing may revolutionize the construction industry by enabling the computer-designed and computer-built production of entire buildings in a more efficient and affordable manner.
3d printing is a new technique in pharma sector which shows a wide range of advantages like personalised medicine, one step process, reduce errors of production.
it has various methods which are shown in presentation
This document discusses the impact of 3D printing on industrial manufacturing. It provides an overview of 3D printing technologies and capabilities, as well as trends in the 3D printing industry such as revenue growth projections and the involvement of large companies. The document also examines threats and opportunities that 3D printing presents for industrial manufacturing, such as the potential replacement of metal cutting, forming, and plastics machinery over time as 3D printing technology advances.
This document provides an overview of 3D printing. It discusses the history of 3D printing, how 3D printing works by building objects layer by layer, and common 3D printing processes like fused deposition modeling, selective laser sintering, and stereolithography. The document also outlines advantages such as reducing waste and allowing for testing of designs before production. Limitations include the costs of materials and equipment as well as speed. Applications of 3D printing span various fields like art, music, engineering, automotive, and medicine. In conclusion, 3D printing offers benefits of time, cost, and resource savings for manufacturing.
This document summarizes a seminar on 3D printing of pharmaceuticals. 3D printing, also called additive manufacturing, is the process of making 3D objects from a digital file by laying down successive layers of material. There are several methods of 3D printing including selective laser sintering (SLS), fused deposition modeling (FDM), and stereolithography (SLA). 3D printing offers advantages like reduced costs, customization, and increased productivity through constant prototyping. However, it also faces challenges like high costs, limited materials, and slow printing speeds. The seminar discusses the various applications, growth, and challenges of 3D printing in the pharmaceutical industry.
Solution d'Education Numérique Interactive en TUNISIE fournie par ITEXIAITEXIA
ITEXIA vous propose les équipements pour l’éducation interactive : faciles à utiliser, intuitifs et fiables avec une
grande base de ressources disponibles en permanence. Ils aident les enseignants à atteindre plus facilement
leurs objectifs, tout en leur permettant d’élargir les possibilités offertes par une salle de classe traditionnelle.
Chez ITEXIA, nous sommes là pour vous accompagner à chaque étape de votre investissement. Nous vous
conseillons, nous vous formons et nous vous accompagnons dans l’utilisation d’une solution complète.
1. Penelitian ini bertujuan untuk menguji hubungan antara keadilan prosedural, kepuasan kerja, dan kinerja manajerial yang dipengaruhi oleh partisipasi anggaran pada perusahaan perkebunan milik negara di Sumatera Utara.
2. Hasil penelitian menunjukkan adanya hubungan positif dan signifikan antara keadilan prosedural dengan kepuasan kerja dan kinerja manajerial melalui partisipasi anggaran oleh manajer pusat
Ringkasan dari dokumen tersebut adalah:
1) Dokter Phaidon L Toruan memberikan 9 tips gaya hidup sehat untuk menghadapi abad ke-21 yaitu dengan mengubah pola pikir, memiliki komitmen dan motivasi, serta memilih lingkungan yang mendukung gaya hidup sehat.
Leave Your Competition in the Dust By Avoiding (Very) Common AdWords Pitfalls...Search Scientists
In this talk, I focus on fixing these common AdWords Mistakes
1. Low Quality Scores
2. Low Exact Match Impression Share & Weak Negative Keyword Optimization
3. PPC Without a Sales Funnel
4. Not using RLSA
5. Not Bidding on your own Brand
6. Not using automated rules
7. Not being active and optimizing regularly
Webinar - What your accountant may not tell you!Nathan McDonald
The document discusses 5 things an accountant may or may not tell their clients. It summarizes:
1. Breakevens - Knowing your breakeven points helps set sales targets and review budgets quarterly.
2. Tax - Paying tax is necessary to make money, but minimizing tax is not always best. Discuss options with your accountant.
3. KPI's in business - Key performance indicators like hourly rates and productivity help measure business performance.
4. Budgets - Use accounting systems and breakevens to create budgets and review them weekly/fortnightly.
5. Cloud solutions - Accountants can help clients leverage cloud-based accounting and financial software.
The document discusses digestion and constipation. It explains that digestion breaks down food into simpler components for absorption. Proper digestion requires a transit time of less than 24 hours to avoid rot and decay. However, modern low-fiber diets often have transit times of 72 hours, violating this law of digestion. This can lead to self-poisoning and diseases like cancer from toxins in the colon. Constipation is also discussed as a result of slow transit times causing dry stools and hemorrhoids.
The document contains information from various sources on topics related to heart health and nutrition. It discusses factors that can contribute to cardiovascular disease like high cholesterol, atherosclerosis, and increased blood viscosity. Recommendations are provided on maintaining a low-fat diet to reduce risks and promote blood flow and oxygen delivery throughout the body.
The document discusses the five needs of a cell which are oxygen, water, nutrients, waste elimination, and protection from poisons. It then discusses diabetes, including the types (Type 1 and Type 2), symptoms, complications if uncontrolled, and ways to prevent or manage it such as lifestyle changes, exercise, and medication. Diabetes is caused by the body's inability to properly use sugar from food for energy due to insufficient insulin production or effectiveness.
The document discusses setting up a language training center in Casablanca, Morocco through offshoring or outsourcing. Key points include:
- Offshoring a language training center in Casablanca could meet local and global demand long-term, while outsourcing some initial services to an experienced partner like Outsourcia allows testing the market.
- Casablanca offers advantages like a skilled workforce, low costs, and proximity to Europe and Africa.
- The center would offer 6 languages to professionals and businesses, targeting call centers and international companies.
- ConnectingEnglish's strengths include experienced teachers, worldwide presence, and innovative teaching methods like e-learning.
The document summarizes classical conditioning, which was discovered by Ivan Pavlov in 1903 when studying dog digestion. Pavlov found that dogs learned to associate food with the ringing of a bell and would salivate upon hearing the bell alone. Later, John Watson applied classical conditioning principles to infants. The key aspects of classical conditioning are the unconditioned stimulus, conditioned response, and respondent conditioning in which a previously neutral stimulus takes on a specific response.
El documento describe los preparativos para los festejos del Bicentario de la Independencia Argentina en la Escuela N° 4 “Coronel Remigio Gil”. Se detalla la organización de las actividades para los turnos mañana y tarde, incluyendo la presentación, la presencia de familias, colegas y la murga de la Libertad. También se mencionan los últimos detalles y la provisión de tortafritas para los asistentes.
This document discusses the needs of cells and the digestive system. It summarizes the five needs of cells as oxygen, water, nutrients, waste elimination, and protection from poisons. It then discusses the digestive tract and fiber, noting that fiber is important for proper digestion and peristalsis. A high fiber diet with foods transitioning the digestive tract in under 24 hours is important for avoiding rot, decay and toxins in the colon. Cancer is discussed as the body storing waste in tumors when elimination channels are overloaded. A complete lifestyle change including diet is needed to address cancer as a systemic disease.
The document provides brief biographies of several important historical figures in Argentina's history, including:
- Bartolome Mitre Martinez, a political and military leader who served as governor of Buenos Aires and president of Argentina from 1862 to 1868.
- Jose de San Martin, a military leader who led campaigns that were decisive in securing Argentina, Chile, and Peru's independence from Spain. He is recognized as the father and liberator of Argentina and Peru.
- Manuel Belgrano, a military officer, politician, lawyer, and economist who created Argentina's national flag in 1812.
- Juan Manuel de Rosas, a military and political leader who became governor of Buenos Aires province in 1829.
- Domingo
The document discusses the importance of maintaining spiritual, mental, physical, and social health. It emphasizes that health is not merely the absence of disease, but a complete state of well-being in all four dimensions. Maintaining this optimal level of health requires making changes to lifestyle and behaviors.
La Unión Europea ha acordado un paquete de sanciones contra Rusia por su invasión de Ucrania. Las sanciones incluyen restricciones a las transacciones con bancos rusos clave y la prohibición de la venta de aviones y equipos a Rusia. Los líderes de la UE esperan que las sanciones aumenten la presión económica sobre Rusia y la disuadan de continuar su agresión contra Ucrania.
Dokumen tersebut merangkum perencanaan layout dan desain breakwater pelabuhan Batu Ampar. Breakwater dirancang menggunakan tipe rubble mound untuk sisi barat dan utara, sedangkan sisi lain menggunakan kombinasi caisson dan rubble mound. Desain breakwater rubble mound menentukan elevasi puncak, tinggi total, dan lapisan pelindung yang terdiri atas tetrapod, batu pecah besar, dan batu pecah kecil.
1) 3D Innovate seeks $500,000 in funding to establish an additive manufacturing business providing 3D printing services and products.
2) The company aims to develop cheaper prosthetics and implants by partnering with medical professionals and organizations.
3) 3D Innovate plans to provide cloud-based 3D printing services and labs to customers in industries like aerospace, automotive, and medical devices.
A report providing an overview of the 3D Printing startup landscape. Includes a sector overview, graphical trends with insights, and recent funding/exit events. Contact info@venturescanner.com to learn more!
This document provides an overview and analysis of trends in the 3D printing market from an investment banking perspective. It discusses the growing market size and number of companies, increasing M&A and financing deal activity over recent years. Key points covered include strategic acquisitions by major players like Stratasys and 3D Systems to consolidate the market, expansion of service bureau platforms, and high revenue multiples seen in public company valuations despite recent stock price corrections. The conclusion anticipates continued IPOs, consolidation, and eventual more reasonable private and public valuations as the market matures.
My valuation of Cognizant both intrinsic valuation and pricing models with some regression built in; as Cognizant rotates to digital the question becomes can they maintain there very high growth standards. Currently I find them to be a buy. Many experts don't.
This document is a presentation by Bryan Dow, an investment banker at Mooreland Partners, about trends in mergers and acquisitions (M&A) and financing in the 3D printing industry. It provides an overview of the 3D printing market and universe, highlights recent M&A transactions, and discusses financing trends such as which venture capital firms are investing and which companies are raising outside capital. The presentation also reviews public market performance and valuations.
Bryan Dow, an executive director at Mooreland Partners, provided an overview of trends in the 3D printing industry. He discussed the growing market size and number of companies. Dow also summarized recent M&A activity, noting increasing deal volumes and sizes. Financing trends included strong venture capital interest and some successful crowdfunding campaigns. Regarding public markets, Dow observed the large amounts raised but recent stock price declines and multiple compression. He concluded valuations may stabilize as companies grow into their values and private investments continue growing.
Venture Scanner 3D Printing Tech Report Q1 2017Nathan Pacer
This document provides a summary of trends in the 3D printing technology sector based on an analysis of 374 startups with $1.4 billion in total funding. It describes the nine main categories of 3D printing startups and notes that 3D printer manufacturers receive the most funding. Trends discussed include steady growth in 3D printing technology funding since 2011, with more mature startups receiving later-stage rounds. Recent funding events include over $95 million raised by startups since November 2016, while acquisitions have been the most common exit.
Manufacturing is changing at a rapid pace and Industrial Tech startups are popping up everywhere.
What do you need to benefit from these developments and to ride the wave of change in manufacturing.
This document contains an investor report analyzing 3D printing companies 3D Systems and The ExOne Company. It provides financial information on both companies, including quarterly results, revenue forecasts, and reasons for missing earnings targets. It also includes two students' analyses of the companies, using the residual income model and discounted cash flow models to calculate intrinsic value and make investment recommendations. Both students recommend not investing currently as share prices appear overinflated compared to intrinsic value.
This document provides a biography and areas of expertise for Paul Young, a CPA and consultant. It also includes an agenda for a presentation on 3D printing, covering topics such as what 3D printing is, how it works, market size, key players, applications, materials breakthroughs, and leading countries in adoption. Key points mentioned include that the global 3D printing market is expected to reach $30.19 billion by 2022 and that companies like GE are making large investments in and acquisitions related to 3D printing to expand in this industry.
Ctrl-Alt-Del: Rebooting the Business Model for the Digital AgeRick Bouter
The document discusses how digital technologies are forcing companies to reinvent their business models. It provides examples of how some companies have successfully done this. The Financial Times reinvented its business model by introducing a metered paywall in 2007, helping it grow digital subscribers and print prices. Netflix also reinvented its model several times, transitioning from physical DVD rentals to online streaming. The document outlines five approaches companies can take to reinvent their business models using digital technologies: 1) Change industry dynamics like Tesla's approach to electric cars. 2) Substitute physical products with digital like Deutsche Post's email service. 3) Create new digital businesses like Starbucks' Digital Ventures unit. 4) Rethink the value proposition like Entravision
Ctrl-alt-del: Rebooting the Business Model for the Digital AgeCapgemini
Our research with the MIT Sloan Management Review reveals that only 16% of organizations are leveraging digital technologies to develop new business models. Most organizations follow traditional approaches to innovation that focus on new products and services, rather than on business models. However, research suggests that the returns from traditional approaches have been diminishing with time. As Serguei Netessine, Professor at INSEAD Singapore says, “Pharmaceutical companies spend as much as 30% of their revenues on R&D, trying to develop new products or technologies. But the return from this enormous expenditure has been very elusive and it is a common problem across industries.” Business model reinvention can be as good a route as technology, product or service innovations. This research highlight five different approaches that organizations can adopt to reinvent their business model with digital technologies.
The Value of Signal (and the Cost of Noise): The New Economics of Meaning-MakingCognizant
It’s a new era in business, in which growth will be driven by finding meaning and insights in data. Recent research demonstrates what separates winners from losers and how to rise to the top as a "meaning maker."
This quarter, we have included an analysis of the M&A transactions over the past year by the WITCH companies. The analysis provides some interesting insights into the valuation premiums paid and the impact on margins from the amortization of goodwill from these acquisitions.
There is also a listing of transactions announced by the major companies in our report since Jan 1, 2017, for those interested in competitor activity.
Deskdoo is a web-based virtual cloud operating system that allows distributed organizations and remote workers to connect, collaborate, and share data from PCs and iPads. It offers a revolutionary approach to business collaboration with no programming skills required. Deskdoo can be purchased as software as a service or installed on virtual server instances from partners. It aims to become the clear leader in the private cloud market by offering integrated project management, office, and file sharing tools with a single login and zero installation required. The company is seeking to expand its team and operations through a Series A funding round.
Manufacturers were hard hit by COVID-19, but our research reveals the next best steps to take, based on the investments digital leaders in the industry have made and plan to make.
Blog – What is next for 3D printing – April 2021.
1. How 3D printing is changing the world - https://www.creativebloq.com/features/12-ways-3d-printing-changed-the-world
2. Canada trails other countries with the adoption of 3D printing - https://www.3dnatives.com/en/results-from-3d-printing-sentiment-index-show-global-growth-despite-pandemic/
3. Five myths about 3D printing - https://www.rcgt.com/en/insights/five-myths-about-3d-printing/
4. Canada has issues with productivity - https://tradingeconomics.com/canada/productivity or https://www.imd.org/news/updates/IMD-2020-World-Competitiveness-Ranking-revealed/
5. Canada is falling behind on its competitiveness https://www.businesscouncilab.com/work/canada-is-falling-behind-and-has-no-plan-to-get-ahead/
6. 3D printing of houses - https://www.3dsourced.com/guides/3d-printed-house-2/
7. EMEA a global hub for 3D printing - https://www.epo.org/news-events/news/2020/20200713.html
8. Canada needs to do more to promote innovation through grants and tax policies open to everyone - https://www.visualcapitalist.com/national-innovation-the-most-innovative-countries-by-income/. The goal of any govt is not to pick winners and losers.
9. Canada trails many countries in terms of automation - https://ifr.org/ifr-press-releases/news/robot-race-the-worlds-top-10-automated-countries
10. How 3D printing can help the environment - https://all3dp.com/4/7-ways-3d-printing-helps-you-become-eco-friendly/
Similar to 3d Systems (DDD)_updated for Q32013 (20)
Goodbye Windows 11: Make Way for Nitrux Linux 3.5.0!SOFTTECHHUB
As the digital landscape continually evolves, operating systems play a critical role in shaping user experiences and productivity. The launch of Nitrux Linux 3.5.0 marks a significant milestone, offering a robust alternative to traditional systems such as Windows 11. This article delves into the essence of Nitrux Linux 3.5.0, exploring its unique features, advantages, and how it stands as a compelling choice for both casual users and tech enthusiasts.
HCL Notes and Domino License Cost Reduction in the World of DLAUpanagenda
Webinar Recording: https://www.panagenda.com/webinars/hcl-notes-and-domino-license-cost-reduction-in-the-world-of-dlau/
The introduction of DLAU and the CCB & CCX licensing model caused quite a stir in the HCL community. As a Notes and Domino customer, you may have faced challenges with unexpected user counts and license costs. You probably have questions on how this new licensing approach works and how to benefit from it. Most importantly, you likely have budget constraints and want to save money where possible. Don’t worry, we can help with all of this!
We’ll show you how to fix common misconfigurations that cause higher-than-expected user counts, and how to identify accounts which you can deactivate to save money. There are also frequent patterns that can cause unnecessary cost, like using a person document instead of a mail-in for shared mailboxes. We’ll provide examples and solutions for those as well. And naturally we’ll explain the new licensing model.
Join HCL Ambassador Marc Thomas in this webinar with a special guest appearance from Franz Walder. It will give you the tools and know-how to stay on top of what is going on with Domino licensing. You will be able lower your cost through an optimized configuration and keep it low going forward.
These topics will be covered
- Reducing license cost by finding and fixing misconfigurations and superfluous accounts
- How do CCB and CCX licenses really work?
- Understanding the DLAU tool and how to best utilize it
- Tips for common problem areas, like team mailboxes, functional/test users, etc
- Practical examples and best practices to implement right away
Sudheer Mechineni, Head of Application Frameworks, Standard Chartered Bank
Discover how Standard Chartered Bank harnessed the power of Neo4j to transform complex data access challenges into a dynamic, scalable graph database solution. This keynote will cover their journey from initial adoption to deploying a fully automated, enterprise-grade causal cluster, highlighting key strategies for modelling organisational changes and ensuring robust disaster recovery. Learn how these innovations have not only enhanced Standard Chartered Bank’s data infrastructure but also positioned them as pioneers in the banking sector’s adoption of graph technology.
Infrastructure Challenges in Scaling RAG with Custom AI modelsZilliz
Building Retrieval-Augmented Generation (RAG) systems with open-source and custom AI models is a complex task. This talk explores the challenges in productionizing RAG systems, including retrieval performance, response synthesis, and evaluation. We’ll discuss how to leverage open-source models like text embeddings, language models, and custom fine-tuned models to enhance RAG performance. Additionally, we’ll cover how BentoML can help orchestrate and scale these AI components efficiently, ensuring seamless deployment and management of RAG systems in the cloud.
GraphSummit Singapore | The Future of Agility: Supercharging Digital Transfor...Neo4j
Leonard Jayamohan, Partner & Generative AI Lead, Deloitte
This keynote will reveal how Deloitte leverages Neo4j’s graph power for groundbreaking digital twin solutions, achieving a staggering 100x performance boost. Discover the essential role knowledge graphs play in successful generative AI implementations. Plus, get an exclusive look at an innovative Neo4j + Generative AI solution Deloitte is developing in-house.
Removing Uninteresting Bytes in Software FuzzingAftab Hussain
Imagine a world where software fuzzing, the process of mutating bytes in test seeds to uncover hidden and erroneous program behaviors, becomes faster and more effective. A lot depends on the initial seeds, which can significantly dictate the trajectory of a fuzzing campaign, particularly in terms of how long it takes to uncover interesting behaviour in your code. We introduce DIAR, a technique designed to speedup fuzzing campaigns by pinpointing and eliminating those uninteresting bytes in the seeds. Picture this: instead of wasting valuable resources on meaningless mutations in large, bloated seeds, DIAR removes the unnecessary bytes, streamlining the entire process.
In this work, we equipped AFL, a popular fuzzer, with DIAR and examined two critical Linux libraries -- Libxml's xmllint, a tool for parsing xml documents, and Binutil's readelf, an essential debugging and security analysis command-line tool used to display detailed information about ELF (Executable and Linkable Format). Our preliminary results show that AFL+DIAR does not only discover new paths more quickly but also achieves higher coverage overall. This work thus showcases how starting with lean and optimized seeds can lead to faster, more comprehensive fuzzing campaigns -- and DIAR helps you find such seeds.
- These are slides of the talk given at IEEE International Conference on Software Testing Verification and Validation Workshop, ICSTW 2022.
GraphSummit Singapore | The Art of the Possible with Graph - Q2 2024Neo4j
Neha Bajwa, Vice President of Product Marketing, Neo4j
Join us as we explore breakthrough innovations enabled by interconnected data and AI. Discover firsthand how organizations use relationships in data to uncover contextual insights and solve our most pressing challenges – from optimizing supply chains, detecting fraud, and improving customer experiences to accelerating drug discoveries.
Dr. Sean Tan, Head of Data Science, Changi Airport Group
Discover how Changi Airport Group (CAG) leverages graph technologies and generative AI to revolutionize their search capabilities. This session delves into the unique search needs of CAG’s diverse passengers and customers, showcasing how graph data structures enhance the accuracy and relevance of AI-generated search results, mitigating the risk of “hallucinations” and improving the overall customer journey.
Building Production Ready Search Pipelines with Spark and MilvusZilliz
Spark is the widely used ETL tool for processing, indexing and ingesting data to serving stack for search. Milvus is the production-ready open-source vector database. In this talk we will show how to use Spark to process unstructured data to extract vector representations, and push the vectors to Milvus vector database for search serving.
“An Outlook of the Ongoing and Future Relationship between Blockchain Technologies and Process-aware Information Systems.” Invited talk at the joint workshop on Blockchain for Information Systems (BC4IS) and Blockchain for Trusted Data Sharing (B4TDS), co-located with with the 36th International Conference on Advanced Information Systems Engineering (CAiSE), 3 June 2024, Limassol, Cyprus.
Full-RAG: A modern architecture for hyper-personalizationZilliz
Mike Del Balso, CEO & Co-Founder at Tecton, presents "Full RAG," a novel approach to AI recommendation systems, aiming to push beyond the limitations of traditional models through a deep integration of contextual insights and real-time data, leveraging the Retrieval-Augmented Generation architecture. This talk will outline Full RAG's potential to significantly enhance personalization, address engineering challenges such as data management and model training, and introduce data enrichment with reranking as a key solution. Attendees will gain crucial insights into the importance of hyperpersonalization in AI, the capabilities of Full RAG for advanced personalization, and strategies for managing complex data integrations for deploying cutting-edge AI solutions.
Programming Foundation Models with DSPy - Meetup SlidesZilliz
Prompting language models is hard, while programming language models is easy. In this talk, I will discuss the state-of-the-art framework DSPy for programming foundation models with its powerful optimizers and runtime constraint system.
For the full video of this presentation, please visit: https://www.edge-ai-vision.com/2024/06/building-and-scaling-ai-applications-with-the-nx-ai-manager-a-presentation-from-network-optix/
Robin van Emden, Senior Director of Data Science at Network Optix, presents the “Building and Scaling AI Applications with the Nx AI Manager,” tutorial at the May 2024 Embedded Vision Summit.
In this presentation, van Emden covers the basics of scaling edge AI solutions using the Nx tool kit. He emphasizes the process of developing AI models and deploying them globally. He also showcases the conversion of AI models and the creation of effective edge AI pipelines, with a focus on pre-processing, model conversion, selecting the appropriate inference engine for the target hardware and post-processing.
van Emden shows how Nx can simplify the developer’s life and facilitate a rapid transition from concept to production-ready applications.He provides valuable insights into developing scalable and efficient edge AI solutions, with a strong focus on practical implementation.
UiPath Test Automation using UiPath Test Suite series, part 5DianaGray10
Welcome to UiPath Test Automation using UiPath Test Suite series part 5. In this session, we will cover CI/CD with devops.
Topics covered:
CI/CD with in UiPath
End-to-end overview of CI/CD pipeline with Azure devops
Speaker:
Lyndsey Byblow, Test Suite Sales Engineer @ UiPath, Inc.
Let's Integrate MuleSoft RPA, COMPOSER, APM with AWS IDP along with Slackshyamraj55
Discover the seamless integration of RPA (Robotic Process Automation), COMPOSER, and APM with AWS IDP enhanced with Slack notifications. Explore how these technologies converge to streamline workflows, optimize performance, and ensure secure access, all while leveraging the power of AWS IDP and real-time communication via Slack notifications.
2. +Table of Contents
Company Introduction
Key Business Highlights
Key Financial Highlights
Key Stock Value Drivers
Earnings Build (Quarterly)
EBIT and Net Income (bar chart)
Earnings Growth Q/Q (line chart)
Revenue Build (Quarterly) by Business Segment
Revenue Breakout by Business (bar chart)
Revenue Composition by Business (Quarterly bar chart)
Revenue % Growth by Business Q/Q (line chart)
Revenue Build (Quarterly) by Region
Revenue Breakout by Region (bar chart)
Revenue Composition by Region (Quarterly bar chart)
Revenue % Growth by Region Q/Q (line chart)
Gross Margin Build
Gross Profit Growth by Business Q/Q (line chart)
Fair Value Estimate (Sensitivity Table)
Things to Consider
Contact me
2
3. Company Introduction
3D Systems began as a rapid prototyping manufacturer founded in 1986 by
Chuck Hull. He is known as the inventor and patent holder of the first stereolithography
(SLA) rapid prototyping system (see 3D Printer Wars for technology breakdown). The idea
was to reduce the high resource expenditures necessary to produce concept models.
Fast forward to the present and 3D Systems is now a leader in the 3D printing industry.
From their website:
“3D Systems is a leading provider of 3D content-to-print solutions including 3D printers, print
materials and on-demand custom parts services for professionals and consumers alike. The company
also provides CAD, reverse engineering and inspection software tools and consumer 3D printers, apps
and services. Its expertly integrated solutions replace and complement traditional methods and reduce
the time and cost of designing new products by printing real parts directly from digital input. These
solutions are used to rapidly design, create, communicate, prototype or produce real parts, empowering
customers to create and make with confidence.”
3
4. Key Business highlights
DDD does a good job of fulfilling its stated goal to vertically integrate internally and
via aggressive acquisitions to provide complete and integrated 3D printing
solutions for industrial, commercial, and retail users.
Their business lines are composed of Printers and other Products, Materials, and
Services.
They produce and sell printers ranging from $1299 up to $1 million.
DDD manufactures and distributes over 100 different performance materials
ranging from plastics, acrylates, waxes, metals and composites.
Their service business produces parts and helps with overflow from other firms or
people who lack specific resources.
Their retail operations are driven by a developing ecosystem they have built called
Cubify. Cubify has application sharing and design apps simple enough to be used
by children as well as adults.
On September 12, 2013, Damon Gregoire, CFO of DDD presenting at the Deutsche
Bank tech conference was quoted saying that DDD is the only firm to provide the
seven (7) different print technologies. The technologies he mentioned are
stereolithography, selective laser sintering, multi jet modeling (multi material, and
full color printing), film transfer imaging (DLP), and extrusion plastics
4
5. Key Financial highlights
Fair value estimates the stock value at $56.81 a ~13% upside
from the current intraday price of $50.12. *Well this price target
has been destroyed and my fair value estimates have been
revised accordingly to $74.25. My price sensitivity table is also
updated later in the report.
FY12 DDD earned an industry leading 353.6 million in revenue
representing a 53% increase year over year.
FY12 Diluted EPS was $0.71 a 51% increase Y/y.
Compared to industry competitors Stratasys (SSYS) and ExOne
(XONE), 3D systems (DDD) is the only firm with positive earnings.
*Still true even after SSYS “blowout quarter” where they had a
GAAP loss of $0.16.
Using Wohlers’ 2013 market size estimate of $2.2 billion DDD
market share is estimated at 16% which tops it’s largest
competitor Stratasys (SSYS) which has approximately 10%.
CFO quoted organic growth as averaging between “20% to 30%”
quarterly.
5
6. Key Stock Value Drivers
Organic growth meeting and/or exceeding expectations *CEO
3rd quarter earnings transcript states organic growth ~30%
with potential to accelerate in the future.
Successful acquisition integration. DDD has acquired 16
companies since 2011.
3d Industry market growth as well as market share growth
exceeding expectations. *SSYS and DDD continue to beat
topline expectations and issue positive guidance.
Earnings meeting expectations or surprising to the upside.
*SSYS and DDD continue to meet or beat earnings
expectations and issue positive guidance.
Continued retail adoption and growth.
Gross margin stability and/or growth of the higher margin
Materials business. *Gross margin overall increased 80 bps
sequentially.
6
7. Earnings Build (Quarterly)
When I wrote this report initially EBIT had posted 3 consecutive quarterly declines. Well we can see that rumors
of a slowdown were unfounded as EBIT exploded 70% q/q! Net income has also grown substantially on a sequential
basis.
Earnings Build
Mar-12
Jun-12
Sep-12
Dec-12
Mar-13
Jun-13
Operating Income (EBIT)
Y/Y change
Q/Q change
$9,970
34.5%
---
$13,999
75.0%
40.4%
$18,436
109.7%
31.7%
$18,166
69.8%
-1.5%
$17,519
75.7%
-3.6%
$16,796
20.0%
-4.1%
$28,570
55.0%
70.1%
62.8%
22.2%
Net Income
Y/Y change
Q/Q change
$6,188
-9.3%
---
$8,324
-37.8%
34.5%
$13,517
87.2%
62.4%
$10,912
36.3%
-19.3%
$5,883
-4.9%
-46.1%
$9,343
12.2%
58.8%
$17,640
30.5%
88.8%
16.3%
29.9%
Basic
Y/Y change
Q/Q change
0.12
-14.3%
---
0.16
-40.7%
33.3%
0.24
71.4%
50.0%
0.19
18.8%
-20.8%
0.06
-25.0%
-68.4%
0.10
-9.1%
66.7%
0.17
-29.2%
70.0%
-4.0%
21.8%
Y/Y change
Q/Q change
0.12
-14.3%
---
0.16
-42.9%
33.3%
0.24
71.4%
50.0%
0.19
18.8%
-20.8%
0.06
-25.0%
-68.4%
0.10
-9.1%
66.7%
0.17
-29.2%
70.0%
-4.3%
21.8%
Diluted
Sep-13 Average
7
8. EBIT and Net Income
Earnings (Quarterly)
$30,000
$28,570
Revenue (in thousands)
$25,000
$20,000
$18,436
$13,999
$15,000
$10,000
$18,166
$17,519
$16,796
$17,640
$13,517
$10,912
$9,970
$9,343
$8,324
$6,188
$5,883
$5,000
$0
Mar-12
Jun-12
Sep-12
Net Income
Dec-12
Mar-13
Jun-13
Sep-13
Operating Income (EBIT)
8
10. Revenue Build (Business)
The biggest revenue driver by business segment continues to be Printers and other products followed by
Services and Materials. On a quarterly basis Printers also have the highest simple average growth rate. We do see
revenue from Materials and Services increasing on an annual and sequential basis which is indicates longer term
adoption of 3d Systems products as previous buyers of printers are now purchasing more materials and add-on
services.
Revenue Build ($ in thousands)
Mar-12
Jun-12
Sep-12
Dec-12
Mar-13
Jun-13
Sep-13 Average
Printers and other Products
Y/Y change
Q/Q change
$24,719
-----
$26,071
61.0%
5.5%
$34,069
130.3%
30.7%
$41,939
89.4%
23.1%
$39,723
60.7%
-5.3%
$54,190
107.9%
36.4%
$59,841
75.6%
10.4%
87.5%
16.8%
Materials Revenue
Y/Y change
Q/Q change
24,678
-----
26,204
59.6%
6.2%
25,482
38.1%
-2.8%
26,818
33.0%
5.2%
28,729
16.4%
7.1%
29,275
11.7%
1.9%
33,179
30.2%
13.3%
31.5%
5.2%
Services Revenue
Y/Y change
Q/Q change
28,523
-----
31,335
39.2%
9.9%
30,981
27.5%
-1.1%
32,814
19.1%
18.0%
33,627
17.9%
2.5%
37,322
19.1%
11.0%
42,697
37.8%
14.4%
26.8%
9.1%
Total Revenue
Y/Y change
Q/Q change
$77,920
-----
$83,610
51.7%
7.3%
$90,532
57.3%
8.3%
$101,571
45.4%
12.2%
$102,079
31.0%
0.5%
$120,787
44.5%
18.3%
$135,717
49.9%
12.4%
46.6%
9.8%
10
12. Revenue Breakout (Business)
Moving forward it will become increasingly important to watch the revenue proportion of the Materials
segment. As you will see later Materials comprises the highest margins of all the business segments.
Materials as proportion of sales slightly increased 20 bps. This a positive sign but must be monitored.
Revenue Composition by Business (Quarterly)
100%
90%
80%
36.6%
37.5%
32.3%
32.9%
26.4%
28.1%
37.6%
41.3%
38.9%
Sep-12
Dec-12
Mar-13
34.2%
30.9%
31.5%
24.2%
24.4%
44.9%
44.1%
Jun-13
Sep-13
Percent of Total
70%
60%
50%
31.7%
28.1%
31.3%
40%
30%
20%
31.7%
31.2%
Mar-12
Jun-12
10%
0%
Printers and other Products
Materials Revenue
Services Revenue
12
13. Revenue Breakout (Business)
Revenue % Growth by Business Q/Q
40.0%
35.0%
30.0%
Percentage Change
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
Mar-12
Jun-12
Sep-12
Dec-12
Mar-13
Jun-13
Sep-13
-5.0%
-10.0%
Printers and other Products
Materials Revenue
Services Revenue
13
14. Revenue Build (Region)
The U.S. is the largest regional segment on an absolute basis. Asia Pacific looks to be the largest growth
opportunity as evidenced by the Y/y growth and second largest Q/q average. Asia Pacific continues to show
outperformance of revenue growth on an annual and sequential basis quickly becoming the second largest
regional revenue driver on an absolute basis.
By Location/Unaffiliated Customers
Revenue Build ($ in thousands)
Mar-12
Jun-12
Sep-12
Dec-12
Mar-13
Jun-13
Sep-13 Average
United States
Y/Y change
Q/Q change
$45,909
-----
$46,761
63.4%
1.9%
$48,828
54.1%
4.4%
$54,916
58.8%
12.5%
$57,153
24.5%
4.1%
$67,870
45.1%
18.8%
$74,427
52.4%
9.7%
49.7%
8.5%
Germany
Y/Y change
Q/Q change
7,423
-----
9,896
19.1%
33.3%
11,608
40.1%
17.3%
10,821
-7.1%
-6.8%
11,911
60.5%
10.1%
13,286
34.3%
11.5%
11,039
-4.9%
-16.9%
23.7%
8.1%
Other Europe
Y/Y change
Q/Q change
13,288
-----
14,757
43.8%
11.1%
13,991
16.0%
-5.2%
18,903
29.1%
35.1%
16,669
25.4%
-11.8%
18,569
25.8%
11.4%
21,728
55.3%
17.0%
32.6%
9.6%
Asia Pacific
Y/Y change
Q/Q change
11,300
-----
12,196
53.4%
7.9%
16,105
192.3%
32.1%
16,931
88.3%
5.1%
16,346
44.7%
-3.5%
21,062
72.7%
28.9%
28,523
77.1%
35.4%
88.1%
17.7%
Total Revenue
Y/Y change
Q/Q change
$77,920
-----
$83,610
51.7%
7.3%
$90,532
57.3%
8.3%
$101,571
45.4%
12.2%
$102,079
31.0%
0.5%
$120,787
44.5%
18.3%
$135,717
49.9%
12.4%
46.6%
9.8%
14
15. Revenue Breakout (Region)
Revenue by Region (Quarterly)
$160,000
$140,000
28,523
Revenue (in thousands)
$120,000
21,062
$100,000
16,931
$80,000
11,300
$60,000 13,288
7,423
12,196
14,757
9,896
16,346
18,903
16,669
10,821
13,991
11,608
$40,000
$20,000$45,909
$46,761
$48,828
Jun-12
Sep-12
21,728
11,911
16,105
$54,916
$57,153
Dec-12
Mar-13
18,569
13,286
11,039
Asia Pacific
Other Europe
Germany
United States
$67,870
$74,427
$0
Mar-12
Jun-13
Sep-13
15
16. Revenue Breakout (Region)
Revenue Composition by Region (Quarterly)
100%
90%
80%
14.5%
14.6%
17.1%
17.6%
17.8%
16.7%
15.5%
18.6%
12.8%
10.7%
70%
Percent
60%
9.5%
11.8%
16.0%
17.4%
16.3%
15.4%
11.7%
11.0%
21.0%
16.0%
8.1%
Asia Pacific
Other Europe
50%
Germany
40%
United States
30% 58.9%
55.9%
53.9%
54.1%
56.0%
56.2%
54.8%
Jun-12
Sep-12
Dec-12
Mar-13
Jun-13
Sep-13
20%
10%
0%
Mar-12
16
17. Revenue Breakout (Region)
Revenue % Growth by Region Q/Q
40.0%
30.0%
Percentage Change
20.0%
United States
Germany
10.0%
Other Europe
Asia Pacific
0.0%
Mar-12
Jun-12
Sep-12
Dec-12
Mar-13
Jun-13
Sep-13
-10.0%
-20.0%
17
18. Gross Margin Build
As previously mentioned Materials has the largest gross margin average at ~70%. Surprisingly Materials
has also had the largest gross profit on an absolute basis aside from the mrq. However Printers are growing the
fastest on an average Y/y and Q/q basis. Hard to find anything not to like here; gross profit increased annually
and sequentially for all segments and more importantly total gross margin increased 80 bps Q/q.
Gross Margin Build ($ in thousands)
Jun-12
Sep-12
Dec-12
Mar-13
Jun-13
$11,237
87.9%
17.4%
$15,412
193.2%
37.2%
$18,052
119.2%
17.1%
$17,829
86.2%
-1.2%
$24,701
119.8%
38.5%
$26,933
74.8%
9.0%
113.5%
19.7%
43.1%
45.2%
42.8%
44.9%
45.6%
45.0%
44.4%
17,193
61.3%
2.5%
17,410
45.3%
1.3%
19,040
44.1%
9.4%
20,878
24.5%
9.7%
21,548
25.3%
3.2%
24,481
40.6%
13.6%
40.2%
6.6%
65.6%
68.3%
68.2%
72.7%
73.6%
73.8%
70.4%
Services Gross Profit
Y/Y change
Q/Q change
14,538
69.8%
16.3%
14,057
33.6%
-3.3%
15,404
34.9%
9.6%
14,770
18.1%
-4.1%
16,334
12.4%
10.6%
20,023
42.4%
22.6%
35.2%
8.6%
Services Gross Margin
46.4%
45.4%
45.7%
43.9%
43.8%
46.9%
45.4%
$42,968
70.5%
10.6%
51.4%
$46,879
68.9%
9.1%
51.8%
$52,496
59.7%
12.0%
51.2%
$53,477
37.6%
1.9%
52.4%
$62,583
45.7%
17.0%
51.8%
$71,437
52.4%
14.1%
52.6%
55.8%
10.8%
51.9%
Printers and other Products Gross Profit
Y/Y change
Q/Q change
Printers and other Products Gross Margin
Materials Gross Profit
Y/Y change
Q/Q change
Materials Gross Margin
Total Gross Profit
Y/Y change
Q/Q change
Gross Margin
Sep-13 Average
18
20. Fair Value Estimate (Sensitivity Table)
My previous fair value estimates, based on some fairly conservative assumptions, had DDD in
$56-$60 range. After revising my assumptions based on the outperformance they achieved in
3Q 2013, my estimates have to be revised upwards to $74.25. Below is my updated sensitivity
table.
Discount
Rate
(WACC)
6.0%
8.0%
10.0%
12.0%
14.0%
Total Pric e Per Share
Terminal Perpetuity Growth Rate
3.0%
3.5%
4.0%
4.5%
$150.86
$179.50
$294.09
$437.33
86.98
95.84
121.16
140.15
59.81
63.88
74.25
80.98
44.86
47.11
52.52
55.80
35.44
36.83
40.05
41.93
5.0%
$437.33
140.15
80.98
55.80
41.93
20
21. Things to Consider
3d Systems is arguably the industry leader in this space. They have been
consistently profitable and managed their expenses and margins well.
Management has wisely chosen to increase spending on R&D. I believe
this is important strategically for the following reasons: to maintain and
grow their market share, to increase the barriers to entry for competitors
and, to increase their lead on potential new entrants like HP.
There are risks to the DDD story as they have been on an acquisition
binge for the last few years therefore assessing their organic growth and
the quality of their earnings can be challenging.
Detractors of DDD are mistaken in believing that 3d printing has to
replace traditional manufacturing or become a consumer product before
they can have legitimate success.
I believe that stance is incorrect. The value add is in the customization,
and versatility of this manufacturing process in the industrial space.
Consumer adoption may be important in the future but industrial market
penetration is still low and growing wildly as companies find ways to
integrate 3d manufacturing into their production processes. The current
market niche still has a lot of room to run.
There are better short targets in this industry (cough…XONE…cough) but
DDD isn’t one of them.
21