After surveying 62 3D printing resellers and service bureau operators, Piper Jaffray thinks the printing industry experienced a "modest downtick" in Q1 with "much more aggressive sales tactics" and "creative financing" used at the end of the quarter. Regarding Stratasys (SSYS), Piper's feedback did not point to above plan results as was the case in previous quarters. Regarding 3D Systems (DDD), Piper's survey indicated demand was "once again poor" with resellers still unhappy over the company’s channel management and product demand. Piper thinks Stratasys can match consensus estimates for Q1, but no longer views its guidance as conservative. The firm keeps a Neutral rating on both Stratasys and 3D Systems. Its Overweight rated names in the space are Materialise (MTLS) and Proto Labs (PRLB).

The company said: "We continue to expect to report consolidated revenue for the full fiscal year 2024 within the 265,000 to 275,000 kEUR range we communicated in our year-end 2023 earnings announcement in February 2024. We are also maintaining our Adjusted EBIT guidance of 11,000 kEUR to 14,000 kEUR for fiscal year 2024."

Cantor Fitzgerald initiated coverage of Materialise with an Overweight rating and $9.50 price target.