The company has also streamlined its software development operating structure to reduce ongoing operating expenses by merging its portfolio of 3D printing applications with a manufacturing operating system supplied by software specialist Oqton, which it acquired in 2021.
According to the company, the restructuring is expected to reduce operating expenses in 2023 by approximately US$2.5mn–US$3.5mn and provide an annualized savings of around US$5.5mn to US$7.0mn in 2024 and beyond.
The restructuring will reportedly begin immediately and is expected to be completed by mid-2023.
“Over the last year, we have made significant progress through the focusing of our development activities and by selectively insourcing the manufacture of our high-complexity, high-value 3D polymer printers,” said 3D Systems president and CEO, Dr Jeffrey Graves. “With momentum established in our polymer platform operations, we will now extend our focus to our metal systems, bringing together and streamlining our engineering and operations teams. […] While we have significant benefits to realize from all of these efforts, they by no means represent the last chapter of efficiency improvements that are available to us. Moving forward, we will continue to implement improvement plans to meet our goal of being the leading, most successful additive manufacturing company in the world.”