Thank you, Kevin. Good afternoon, and welcome to 3D Systems conference call. With me on the call are Dr. Jeffrey Graves, our President and Executive Officer; Jagtar Narula, Executive Vice President and Chief Financial Officer; and Andrew Johnson, Executive Vice President and Chief Legal Officer. The webcast portion of this call contains a slide presentation that we will refer to during the call. Those following along on the phone who wish to access the slide portion of this presentation may do so on the Investor Relations section of our website. For those who have accessed the streaming portion of the webcast, please be aware that there may be a few seconds delay and that you will not be able to post questions via the web. The following discussion and responses to your questions reflect management's views as of today only and will include forward-looking statements as described on this slide. Actual results may differ materially. Additional information about factors that could potentially impact our financial results is included in today's press release and our filings with the SEC, including our most recent annual report on Form 10-K and quarterly reports on Form 10-Q. During this call, we will discuss certain non-GAAP financial measures. In our press release and slides accompanying this webcast, which are both available on our Investor Relations website, you will find additional disclosures regarding these non-GAAP measures, including reconciliations of these measures with comparable GAAP measures. Finally, unless otherwise stated, all comparisons in this call will be against our results for the comparable period of 2020. Now I'm pleased to turn the call over to Jeff Graves, our CEO. Jeff?

Thanks, John, and good afternoon, everyone. Before I begin my prepared remarks, let me take a moment for a brief statement regarding the ongoing Russian invasion of Ukraine. Given the clear and unacceptable humanitarian implications of Russia's recent actions, we've elected to immediately suspend all sales to Russia. We're hopeful that the situation will be resolved quickly and peacefully and that the Ukrainian people can move forward as a free country with an elected representative government. Our guidance for 2022 that we provided in our press release this afternoon, and that we'll discuss later in this call, reflects to the best of our ability, these risks to our anticipated results this year. So with that said, let me begin our call today by wishing all of you a happy and healthy new year. As I'm sure you'll agree, 2021 was a year filled with both optimism and challenges. Optimism as we saw the rollout of COVID vaccines that were developed, approved and distributed with astonishing speed but also significant challenges as new variants emerge, which continue to impact families and businesses alike. Looking ahead, I'm optimistic that 2022 will be a year of meaningful progress as these effects ultimately recede, and we see consistent and sustainable economic performance once again. In spite of these significant challenges that we faced in 2021, it was, by all measures, a tremendous year of renewal for 3D Systems. What began in May of 2020 as a 4-phased plan to refresh, refocus and transform our company was completed in 2021 with our transition to the final phase, investing for growth. This 18-month journey comprised reorganization into 2 business units, Health Care and Industrial Solutions, restructuring to gain efficiencies, and divesting of non-core assets. We completed all of these efforts while prioritizing the health of our employees and delivering on a dramatic increase in demand for our products and services. I couldn't be prouder of our team's performance which made 2021 one of the most successful years in our company's history. Let me share with you a few key highlights of what our 3D Systems team accomplished over the last year. At the outset of 2021, we, as a management team, decided that given the momentum that we had achieved as we exited the prior year, that in addition to comparing ourselves to 2020, which was a year severely impacted by COVID, we would also use our 2019 pre-pandemic performance as a primary benchmark for comparison. We set the bar at a much higher level, one that we felt would be an appropriate challenge for both of our businesses. As we closed out the year, the results clearly spoke for themselves. When adjusted for divestitures of non-core assets, our results for 2021 not only dwarfed our 2020 performance, but also significantly surpassed 2019 across all key financial metrics from top-line growth to profitability and cash flow. From a balance sheet perspective, our combination of operating performance and sale of non-core assets allowed us to add over $0.5 billion to the balance sheet by the end of our third quarter. We then strengthened our cash position further through a convertible bond offering at an opportunistic time in the fourth quarter, details of which Jagtar will elaborate on in a few moments. This operating performance was delivered in spite of the significant headwinds we experienced from supply chain shortages and logistics issues. As we completed each quarter in 2021, and our trajectory became more apparent, a question that was increasingly asked was how did all this come together so quickly, particularly in the face of the challenges from COVID? Well, the answer is very simple. We rallied our team around our singular core belief that if we focused our energies, we could be the best additive manufacturing solutions company in the world. Everything that distracted us from our singular mission was either stopped, shut down, or sold, and we focused our entire efforts on reaching our goal. This approach resonated strongly with our employees and our customers, and its effectiveness was reflected in our financial results, strong double-digit organic growth, industry-leading profitability and positive cash performance. Our shareholders benefited significantly as well as our share price rose by over 100% for the year, greatly outstripping our public company and industry competitors. By staying committed to this approach and supporting it with a sound investment strategy, I believe this singular passionate focus will continue to serve us very well in the years ahead, creating significant value for all of our stakeholders. One less obvious but extremely important benefit to this performance has been our ability to increasingly attract key talent to our organization. Just as in sports, everyone wants to be a part of a winning team and to be recognized for the unique value they bring to the game. Like the market itself, talented individuals can distinguish between companies that offer promises of future success versus those that deliver on their promises each day. Perhaps the most visible public examples of our organizational success in 2021 were the hiring of a new Chief Technology Officer and a new Chief Scientist for additive manufacturing, both of whom came with outstanding industry experience and credentials. However, equally exciting to me has been the influx of outstanding young engineers and other professionals who bring with them talent, unbridled enthusiasm, diversity and exceptional creativity. One indicator of this success has been our intern program for college students, which we started at the height of COVID in the summer of 2020. Since inception, we've averaged over 100 applicants for every internship position we've created and these numbers continue to rise each year. The energy and excitement of these young professionals, who represent the future of our business, is absolutely contagious, and their impact is being felt throughout our company. In these challenging times, never has the need to attract the best talent been more important, and I'm extremely pleased with our progress in this area. As we completed our divestitures late in the year and continued to gain momentum in the market, we turned our attention increasingly to investing for growth. We first prioritized our internal investments in R&D and infrastructure, firming up our new product plans and priorities. Our efforts bore fruit in the fourth quarter with the release of three new powder bed printing systems, including our SLS 380 polymer-based system as well as our DMP Flex 200 and DMP350 dual metal-based printers. The latter of which is a dual-laser version of our top-selling single-laser system. The increased productivity that our dual laser system delivers is already expanding our market opportunities, particularly in health care business, where productivity benefits to medical device customers has proved compelling. In addition to these new printing systems, in 2021, we released the largest number of new material offerings in our company's history. These materials span all of our polymer technology platforms and address key application needs, such as those requiring precision surface finishes, fire retardancy and improved strength and toughness characteristics. This expertise in polymer materials technology is a key differentiator for our company in the marketplace and an important sustainable competitive advantage. Given the exciting lineup we have ahead for all of our product lines and our rapidly growing demand outlook, we've decided to incrementally increase our R&D commitment for 2022 in order to bring these products to market at regular intervals over the next year. We look forward to sharing highlights of our new product introductions with you in the months ahead. In addition to our new hardware reductions, customer feedback over the last year made it very clear that software will play an increasingly important role in the move of 3D printing from laboratory into factory production environments. While for many years we've had very strong software offerings to control and optimize the print process itself, production-focused customers have now clearly identified the need for a software system that can control entire fleets of printers regardless of the manufacturer as well as an array of post-print inspection and in-line automation processes spanning from raw material to finished parts. An additional challenge is the need to be fully compatible with existing enterprise systems such as SAP, Oracle, Microsoft and Salesforce in order to minimize factory disruption and costly upgrades as production additive workflows are introduced. In short, in order to be successful at scale in a factory environment, our customers need a cloud-based manufacturing operating system that could optimize and manage the entire workflow, applying native AI and leveraging machine intelligence to maximize component quality and throughput. To meet this challenge, in 2021, we significantly strengthened our software portfolio with the acquisitions of Additive Works, which brings real-time process simulation to optimize the printing of new components and production; and Oqton, a unique and versatile cloud-based manufacturing operating system that meets all of the key requirements articulated by our customers. We believe the Oqton system will not only benefit the adoption of our company's solutions but could dramatically expand the adoption of additive manufacturing for all companies in our industry. For this reason, we've opened our Oqton software suite, which includes our entire legacy software portfolio as optional add-ons to the entire additive industry as well as our collective customer base. We've been pleased to see numerous equipment suppliers have already announced plans to partner with Oqton, and we look forward to the growth we believe it will enable. In addition to software in 2021, we also expanded into exciting new markets through the acquisition of Volumetric and Allevi in the regenerative medicine space. These 2 acquisitions leverage breakthroughs that we've made in the printing of biomaterials as a part of a multi-year development effort with United Therapeutics, the goal of which is to ultimately manufacture an unlimited supply of human organs for transplantation, beginning with the human lung to meet the needs of critically ill patients around the world. This expansion into 3D printing technology for biologics is an important long-term growth plan for the company, that I've spoken about extensively in past quarters, so I'll limit the time today. But suffice it to say that I look forward to updating you on our progress in this incredible area of development in the future. Altogether, our 4 acquisitions completed in 2021 supported our strategic focus by adding technologies that complement our core strength in additive manufacturing, bringing these capabilities to new and exciting markets, which we believe will continue fueling our growth and profitability well into the future. By the end of 2021, with these acquisitions having closed, we exited with roughly $800 million in cash on our balance sheet for the future. Before we turn to our plans for 2022, I'll take a minute to comment on the unique foundation that creates our leadership position in the additive manufacturing industry. In short, we're a full solution provider, meaning that we bring together the industry's broadest set of metal and polymer printing technologies, hundreds of unique materials, and industry-leading software platforms using our exceptional applications expertise to deliver production-ready solutions for industrial and health care customers around the world. The effectiveness of this approach has proven itself over time through the installation of hundreds of production printing systems across countless factory sites around the world. This scale has a tremendous advantage, not only increasing our operating efficiencies but also in providing critical ongoing customer application support as well as 24/7 service to our customers no matter where they're located over the life of their investments. We're proud to say that our installed base currently prints over 700,000 parts per day, which is more than the rest of the industry combined. This production experience is invaluable in providing the feedback needed for us to adapt to the ever-changing needs of our customers in this volatile but exciting time. And lastly, we continue to innovate, invest and grow our business, all while tightly managing our financial performance. For customers moving to additive manufacturing is a very strategic decision, any customer investing significant capital in fleets of hardware to adopt additive manufacturing at a production scale wants to know that their partner is financially sound and has the scale, capability and commitment to support them wherever they operate over the immediate and long term. Our combination of scale, expertise and financial profile is the best in the industry, inspiring the confidence of our customers as they balance their growth opportunities with the ever-present risks that we all face in this complicated global economy. Simply put, we're increasingly the partner of choice for companies ready to make significant long-term investments in additive manufacturing. So where do we go from here? Well, first and foremost, we continue to run a disciplined business, balancing our short- and long-term performance and making prudent investments for the future. In our operating momentum, our demand outlook, and our financial strength, we continue to look for investments that will enhance our customers' capability to adopt additive manufacturing while delivering strong returns for our shareholders. This has led us to 2 additional acquisitions which we announced last week, each of which brings us a unique technology for our industrial and health care businesses. The companies are called Titan Robotics and Kumovis, and I'd like to spend a few minutes discussing each. Titan Robotics based in Colorado is the market leader in 3D printing systems using pellet-based extrusion. This technology addresses critical customer applications requiring large build volumes, superior performance and improved productivity at significantly lower cost. Through Titan, we can now provide solutions to new applications in markets such as foundries, consumer goods, service bureaus, transportation, motorsports, aerospace and defense, and general manufacturing. Like 3D Systems, Titan takes a solution-based approach with customers working to ensure they provide the best product to address the customers' application. They are the only manufacturer offering hybrid toolhead configurations that include any combination of pellet extrusion, filament extrusion, and spindle tool heads for component finishing. This unique capability gives customers the flexibility to choose the best production printer configuration to meet their specific application needs with the selective use of pellet-based polymers providing a significant cost advantage over filament-based systems. With an open system architecture, a Titan printer has available to it hundreds of standard polymer formulations allowing customers to not only select the ideal material for their application but also realize potential cost savings of up to 75% versus traditional filament extrusion. With Titan's technology and our go-to-market reach as well as the combination of Titan's engineers and our applications group, we're confident we can rapidly expand into the extrusion marketplace for our industrial business. Moving next to Kumovis. They are a very special engineering company, headquartered in Munich, Germany, with a strong focus on the development and commercialization of a unique 3D printing system for use with medical quality PEEK materials. PEEK, which stands for Polyether ether ketone, is a high-performance polymer material that's approved for use in the human body for orthopedic applications. It simulates the properties of human bone very effectively. To date, PEEK has been fabricated for these applications using slow, expensive and wasteful machining techniques, which have limited its usage in medical implants. The Kumovis 3D printing technology is unique, allowing high-volume, cost-effective manufacture of custom medical implants. This acquisition is a perfect fit with our current health care business and will allow us to expand from our historical leadership in titanium orthopedic implants to now offer customers a choice between titanium and PEEK polymeric solutions, each of which has its own specific use cases. Integrating Kumovis into our healthcare business will drive growth in 3 principal areas: the first is craniomaxillofacial reconstruction, which has been a cornerstone of 3D Systems health care for many years and one of which we're the dominant player for titanium solutions today. Having the unique Kumovis printing capability will allow us to expand our virtual surgical planning portfolio to include PEEK implants in addition to surgical instrumentation and anatomical models. The second application area is spinal cages, where 3D Systems is a leader in the development, production and sale of both implanted titanium components and complete printing systems for in-house OEM medical production. Kumovis expands the material options for customers in this key product line, enhancing patient experience by allowing us to provide the best solution custom tailored for each patient. And third, bone plates for trauma patients. Kumovis is developing a carbon fiber reinforced PEEK process for bone plate applications for patients suffering from severe trauma and fractures. In addition to mass-produced custom patient solutions, Kumovis has also developed a unique self-contained clean room printing system, which opens new opportunities for 3D Systems to expand our point-of-care market segment for trauma patients, where printing capability is provided locally within the hospital or even within the surgical suite itself. These applications offer perfect complements to the point-of-care work we're doing today with large medical institutions such as the VA hospital system. We believe point-of-care printing for customer patient solutions will be an increasingly exciting market in the years ahead and one for which we're a clear leader. When taken in total, we believe the Kumovis market opportunity is measured in hundreds of millions of dollars and the synergies with our current offerings and infrastructure are outstanding. Given the FDA approvals that are already in place for PEEK materials in human applications, we expect regulatory clearance for printed PEEK components to be granted later this year and that this technology will contribute meaningfully to our health care business in the years to follow. So in summary, with our tremendous progress over the last 18 months, our continued strong momentum, our breadth of technology, combined with our clear application leadership and the benefits of scale as one of the largest pure-play additive manufacturing companies, we entered 2022 with a great deal of optimism. This optimism is not only for 3D Systems but for the additive manufacturing industry as a whole. As new production opportunities open each day, we firmly believe that additive manufacturing adoption and production settings will continue to grow at an exciting pace, and we're confident that we will help lead this transformation. Our value proposition is simple. We offer the strongest and most complete portfolio of additive manufacturing technologies brought together with the most knowledgeable and creative engineering teams to solve the most valuable application needs of our customers. We do so by combining a belief in financial discipline with an overlay of strategic perspective to guide our continued investments for the future. As we look forward, we see a growing industry and tremendous potential to serve our customers. For us, 2022 will be a year of exciting growth and investment as we continue to strengthen the company for the future. Our investments will continue as they have over the last year, including adding industry-specific application expertise, back office infrastructure, and this is important, the foundational technologies that enable the value we bring to our customers. Specifically, we'd expect that over the next 18 months, we will refresh our entire lineup of metal and polymer hardware platforms, while continuing to release record numbers of new materials and improvements to our software products offered through Oqton. In partnership with United Therapeutics, we will make substantive progress in our regenerative medicine efforts, creating what we believe will be significant value in the years ahead. We recognize that bureaucracy is an impediment to growth. So we're committed to remain a lean and nimble organization that challenges itself to execute flawlessly, introducing new products on an almost continuous basis, while reducing manufacturing costs and maintaining industry-leading quality. Growing adoption of our technology into customer production applications will drive high-margin, post-install recurring revenue streams via consumable materials, software, and services. In the coming years, we're confident that this focused approach and simple business model will result in consistent year-over-year double-digit organic growth with expanding gross margins, our goal of which is to exceed 50% over time. With 3D Systems at the forefront and driving adoption of additive manufacturing, we'll continue to transform existing industries within health care and industrial markets as well as creating entirely new markets such as regenerative medicine. With that, let me turn the call over to Jagtar who will now describe our fourth-quarter and full-year financial results in more detail.

Thanks, Jeff. Good afternoon, everyone. As Jeff said, 2021 was a tremendous year. Our teams worked extremely hard and delivered outstanding results which I'm pleased to share with you today. I'll begin the discussion with full-year 2021 numbers, starting with revenue. Revenue for 2021 was $615.6 million, an increase of 10.5% compared to the prior year. This increase occurred despite the divestiture of our portfolio of non-core businesses. When adjusted for those divestitures, 2021 revenue increased 31.8% as compared to 2020 and versus pre-pandemic 2019 revenue increased 16.9%. This impressive performance against both 2020 and 2019 validates the transformation efforts we have guided the company through and upon which our team has executed over the past several quarters. Our strategy of providing additive manufacturing solutions for industrial and health care customers, utilizing a broad portfolio of hardware, materials, and software solutions combined with applications expertise, is delivering consistent, strong double-digit revenue growth. Gross profit margin for 2021 was 42.8% compared to 40.1% in the prior year. Non-GAAP gross profit margin was 43% compared to 42.6% in the prior year. Gross profit margin increased primarily as a result of prior year non-recurring write-downs related to equipment and inventory. Operating expenses for 2021 on a GAAP basis decreased 13.3% to $296.8 million compared to the prior year. On a non-GAAP basis, operating expenses were $214.7 million, a 9.4% decrease from the prior year. The lower non-GAAP operating expenses are primarily a result of restructuring efforts done in late 2020 and businesses divested as part of the company's strategic plan. We had GAAP earnings per share of $2.55 for 2021 compared to a GAAP loss per share of $1.27 in 2020. The increase was primarily due to the gains recognized on businesses divested during 2021. Our non-GAAP earnings per share for 2021 was $0.45 compared to non-GAAP loss per share of $0.11 in 2020. This increase was primarily due to our higher revenue combined with the lower operating expenses talked about earlier. Now we'll turn to fourth-quarter results. For the fourth quarter, we generated revenue of $150.9 million, a decrease of 12.6% compared to the fourth quarter of 2020. The decrease is a result of the aforementioned divestitures. When adjusted for divestitures, we saw strong double-digit growth of 13.1% versus Q4 2020, a 10.4% increase over Q3 2021; and impressively, a 21.9% increase versus pre-pandemic Q4 2019. We are seeing great demand in both Healthcare and Industrial segments that are driving this consistent growth in our core business, which I'll speak to in more detail shortly. In the fourth quarter, we had a GAAP loss per share of $0.05 compared to a GAAP loss per share of $0.16 in the fourth quarter of 2020. Non-GAAP earnings per share was $0.09, flat to non-GAAP earnings per share of $0.09 in the fourth quarter of 2020. As I mentioned earlier, our revenue growth is being driven by strong demand in both Healthcare and Industrial segments. On a full-year basis, adjusted for divestitures, revenue in 2021 for Healthcare increased 40.1% and Industrial increased by 24.4% as compared to 2020. The rebound in Industrial began in Q4 of 2020 and has continued through 2021. Industrial revenue in the fourth quarter 2021 outpaced Q4 2020 by 22.2% and in Q3 2021 by 12.4% after adjusting for divestitures. In fact, this marks the fourth consecutive quarter of year-over-year organic growth in the Industrial segment. This consistent growth pattern is a result of the strategic investments we have made, such as adding crucial application expertise in key industrial subsegments like aerospace and transportation as well as our focus on materials development to provide customer solutions to complex problems. And perhaps most importantly, we continue to invest in our software platform which not only enables customers to move from design to successfully builds faster than ever, but also allows them to literally run their entire manufacturing process with one integrated cloud-based software solution. This will be a key driver in empowering customers to make the transition from traditional to additive manufacturing at an ever-increasing pace. And our investment in Titan Robotics with their extrusion-based technology opens up even more opportunities for our industrial business to grow as we enter new markets. Healthcare growth was broad-based in 2021 from dental to personalized healthcare and point-of-care services, with dental enjoying a large tailwind from the sale of materials for aligners, crowns and dentures. These subsegments are heavily influenced by patient access to dental and medical offices. 2021 ended with a substantial wave of Omicron cases and a similar pattern to the original COVID wave. Patients were either unable to get appointments or offices were understaffed due to infections, resulting in a reduction in short-term demand for certain elective health care procedures during Q4. As such, we expect material sales to moderate early in 2022 as existing inventory originally met for Q4 is consumed during the first half but demand should remain strong for Healthcare as the backlog of appointments are filled throughout the year. In addition, our investment in Kumovis opens up new markets for us in medical devices. We have a leadership position in this area and are now able to satisfy customer application requests for parts and hardware that require medical-grade polymers like PEEK. Now we turn to gross profit margin. GAAP gross profit margin was 43.9% in the fourth quarter 2021, bringing the full-year GAAP gross profit margin to 42.8% as compared to 40.1% for the full year 2020. Non-GAAP gross profit margin in the fourth quarter was 44.1%, bringing the full-year non-GAAP gross profit margin to 43% compared to 42.6% for the full year 2020. Gross profit margin and non-GAAP gross profit margin increased in the fourth quarter, primarily as a result of better absorption of supply chain overhead resulting from higher production volumes combined with strong inventory management, resulting in reduced obsolescence. GAAP operating expenses decreased 2.3% to $70.1 million in the fourth quarter of 2021 compared to the same period a year ago. On a non-GAAP basis, operating expenses were $54.3 million, a 6.4% decrease from the same period a year ago, driven primarily by lower SG&A expenses due to restructuring efforts and divestitures. GAAP operating expenses for the full year 2021 decreased 13.3% to $296.8 million compared to the prior year, primarily as a result of a goodwill impairment charge of $48.3 million and cost optimization charges of $20.1 million that both occurred in 2020. On a non-GAAP basis, operating expenses were $214.7 million in 2021, a 9.4% decrease from the prior year. The lower non-GAAP operating expenses are primarily a result of restructuring efforts done in late 2020 and businesses divested as part of the company's strategic plan. Adjusted EBITDA, defined as non-GAAP operating profit plus depreciation, was $74.1 million for full-year 2021 or 12% of revenue compared to $28.7 million for full-year 2020 or 5.2% of revenue. The year-over-year improvement was primarily due to higher revenue in spite of divestitures and lower operating expenses as a result of cost optimization actions and divested businesses. Now let's turn to the balance sheet. I will begin by noting that we issued a $460 million 5-year convertible bond in the fourth quarter. We decided to issue this bond after considering the growth potential of our industry and business, and the robust investment opportunities that we see going forward. The marketing of our bond met with a very healthy demand, and we were able to issue our bond at a 0% coupon providing the company with a significant arsenal for investment with very low carrying costs. After completing this bond offering and combined with our previous activities of divesting non-core assets, making strategic organic investments, and generating $48.1 million of cash from operations, we ended the year with $789.7 million of cash on hand, an increase of $705.3 million from the beginning of 2021. We believe we are good stewards of investor capital, as we manage our cash and evaluate investment options that will drive future growth and profitability. We were excited to have an early opportunity to invest some of our cash as we expand our hardware technology to include 2 extrusion-based platforms through the acquisitions of Titan Robotics and Kumovis. The acquisitions are expected to close in the second quarter. We are very excited about these investments. Both of these acquisitions bring unique capabilities and are well positioned for the industrial and healthcare applications that they are intended to serve. We expect that these acquisitions will add a point or more of organic growth and be accretive to earnings in 2023. Going forward, we believe cash from operations, along with a portion of cash on hand, will fund organic growth opportunities, and we will continue to explore a robust M&A pipeline to support our strategy of driving recurring revenue growth and greater adoption of additive manufacturing in both the industrial and healthcare segments. I want to reiterate my view that our revenue growth, strong adjusted EBITDA, cash generation, and cash available for investment, sets us apart from others in our industry. Beginning last year, we provided guidance on a full year non-GAAP gross profit margins. This year, we are expanding our guidance to include revenue and non-GAAP operating expenses. We believe these are helpful data points for investors to evaluate our company. For full year 2022, we expect revenue to be within a range of $570 million and $630 million. Non-GAAP gross margins to be between 40% and 44% and non-GAAP operating expenses to be between $225 million and $250 million. Our revenue guidance reflects our expectation of an expanding additive manufacturing opportunity that will drive demand and as a result, our continued revenue growth adjusted for divestitures. At the same time, we see demand continuing to expand not just in 2022, but in future years as well. As a result, our operating expense guidance includes our commitment to invest organically in the technology behind our market-leading hardware, materials, and software platforms as well as investing in the right talent to continue the successful execution of our strategy. We believe these investments will position the company to continue to lead the additive manufacturing industry with robust market-leading solutions. Our guidance does not include the potential for significant additional macroeconomic events that could negatively impact our business, such as COVID-19, geopolitical events, or other factors that could further impact either demand or disrupt our supply chain. Before we turn the call over for questions, I am thrilled to announce that we have finalized the date and location for our Investor Day event. It will be held in Detroit on May 16 prior to the opening of the RAPID + TCT Trade Show, a leading additive manufacturing conference. This will be an in-person event, and we are excited to give attendees more details about our strategic vision, including our plans for new products, services, and exciting new applications. Invitations will be coming soon. We hope to see you there.

Our first question today is coming from Ananda Baruah from Loop Capital.

Congratulations on the momentum. I have about one and a half questions. One will be quick, and the other is more substantial. Regarding the 2022 growth forecast, how are you viewing the organic growth contribution, and what’s a good way for us to understand it? Additionally, what is the expected contribution from new products in 2022, and what’s the best way to approach that? It seems like you’re clearly establishing an expectation for ongoing new product introductions over the next couple of years. What’s a typical way to consider new product contributions for 2022? Those are my two questions.

I'll comment and Jagtar or if you want to add something, you're welcome too. So the vast majority of our growth this year will be organic. And on the investments we made late last year and then we've made now with Kumovis and Titan, they'll primarily impact starting in '23. It will be relatively immaterial in '22. And we're nicely that we have a very strong demand profile right now. So when we talk about double-digit growth this year, it's virtually all organic. There will be some small contributions from these acquisitions, but most of those will ramp up materially in '23, so that's really what we're positioning ourselves for. In terms of new product contributions, we'll talk a lot more about that as we go through the year. We were pleased to launch a few in the fourth quarter of '21. You'll see those increasingly roll out through '22 now and into '23. And by the time we're finished, we'll refresh our entire platform over that period of time. The revenue from that will obviously phase in over time. And again, most of that will be hitting in '23 is what we're thinking. Jagtar, any other color to add?

Yes. The only thing I'd add for you, Anand, is that if you go to the press release, we did provide a disclosure on revenue, excluding divestitures of $550 million for 2021. So if you want to see what 2020 will look like now, those divestitures are behind us and so you can see what that means for year-over-year growth based on our guidance.

Our next question today is coming from Greg Palm from Craig-Hallum.

Yes. Congrats on the good end of the year here.

Thanks, Greg.

Starting with gross margin, we had a strong performance in Q4. I'm curious about the assumptions behind the guidance, considering that Q4 was the first clean quarter. It appears that the guidance for fiscal '22 is slightly lower than what we achieved in Q4, so I’m looking for more insight on that.

Yes, we had a great Q4 on gross margin, Greg. As I said during my prepared remarks, right, Q4, we were at higher production levels which helps us from the perspective of absorption on fixed costs in our supply chain. We did a great job of managing inventory, so didn't have a lot of obsolescence or scrap or other areas. That was the primary two drivers of gross margin performance. There was pricing and mix a little bit, but that was less impactful than just good solid execution on the supply chain. So as we look to '22, we will continue to manage supply chain tightly. But really, gross margins will be impacted a little bit by what's going on kind of geopolitically or economically as we're seeing kind of the supply chain constraints around the world sort of continuing for at least the first half of the year and the rising costs that are resulting. So that's a little bit of the delta as well as kind of production volumes and to the extent that we continue to manage the supply chain tightly. So hence, the range, we think we did an excellent job executing in Q4. Obviously, continue to manage execution going forward, but that was basically the assumptions of the wind to the range. There's no hidden messages in that at all, Greg. We're just trying to anticipate risk factors around ongoing costs and supply issues for building product and then just the overall unknown between COVID and geopolitics. We just wanted to be at the beginning of the year here, realistic about risk factors and to factor that into the guidance range.

Totally understandable. Okay. And then in terms of the breakout between segments, Healthcare and Industrial, looks like, specifically in Q4, Industrial was really the standout. I don't know if I missed it, but did you give a dental and a non-dental growth for health care?

We did not. Dental was up, I would say, just eyeballing it, 15%-ish. Non-dental was flat to slightly down.

Okay. And then just one quick follow-up on Jeff, on your remarks about Russia. I don't think they're a material part of your revenue, but do you have any sort of estimate on the revenue contribution that might be impacted by your decision not to sell into that region?

No, it's really not a material number, Greg. It's a bit more point of principle and symbolic on our part. But it was a market that we're excited about growing when everything was under control and going well. But with this recent incursion into Ukraine, we just don't want to be supporting them with sales right now. So that's why we've taken this position.

Next question today is coming from Troy Jensen from Lake Street Capital.

I also want to say congrats on the great quarter and great year.

Thanks.

Thanks, Troy.

So Jeff, for you. I'm just interested on Titan. Can you help me now, is this a high temp build envelope? And specifically, can they do all temp material? And then how is it tie-in with Roadrunner?

Yes. Two good questions, Troy. So it is designed for higher temperature applications as well as rooftop applications, but it can go to higher temperatures. We'll be extending those. So it is designed to encompass all temp type materials and high-performance materials. What I love about it, Troy, is the high production rates and the cost of the raw material using pelletized materials is unique and it's a significant cost advantage for customers building large parts. So we really like that. It's a starting point on the progress path to the Roadrunner, which is more what we're seeing as the goal of our entire extrusion program, if you will. So we'll factor in both filament now and extrusion technologies as we evolve that next-generation product. So there'll be more about that at Investor Day in May, but that's our really laying out our long-term road map for extrusion-based technologies.

Thank you for the guidance on full year revenues. Can you share your views on normal seasonality? I typically see Q1 as down about 12% to 15% sequentially. Q2 shows nice growth, Q3 is relatively stable, followed by a significant increase in Q4. Now that the divestiture is behind us, I’d like to hear your thoughts.

Yes. Sure, Troy. I think you'll see, I think you'll see similar profiles to prior year, excluding 2020, which was a little bit of an anomaly. The one thing I'd point out is that right now, we're more supply constrained than demand constrained. Meaning that the issues in supply chains that we've been all reading about have been more the impacting item to revenue for us right now than the customer demand. So as a result, I think you'll see seasonality in Q1 a little lighter than normal, not by much, but a little. And hopefully, with supply chain issues getting fixed as we expect, Q2 and Q3 will be a little bit stronger than normal, then you'll have your normal Q4 ramp.

Next question is coming from Brian Drab from William Blair.

Can you tell us what percentage of sales in '21 was attributed to your largest customer now that the K is out?

Yes, I don't have that number readily available, but it was around 25%.

25%, for the year in total?

For the year. Yes.

Okay. I believe Titan is the acquisition that utilizes an open consumables model. I'm just curious if you are considering exploring this model for other product lines. Additionally, what kind of margins can you achieve with a product line like that compared to your corporate average?

Thank you for your questions, Brian. Our goal is to do what's best for our customers and help them adopt additive manufacturing as quickly as possible, which can differ depending on the platform. In some situations, it's challenging to distinguish the material from the printing platform since they are so interconnected. This is generally true across the board; some machines can more easily accommodate standard materials than others. We prioritize ensuring a positive customer experience. If that means providing a specific set of materials ourselves, we will do so. Otherwise, we allow customers to purchase materials from third-party sources. For machines that are flexible enough to work with off-the-shelf materials, we will make those options available. We can also adjust our model to optimize processes for particular materials if customers choose to use third-party options in the future. While my answer may not be very straightforward, it really depends on the platform and evolves over time. We're approaching this with an open mind, considering what works best for our customers on each platform, as well as evaluating material availability. We have a strong portfolio of proprietary materials and are exploring the best ways to bring those to market. We believe customers will find value in these materials, so we are looking at all aspects of the materials issue.

Brian, I just double checked that percentage number for the largest customer, it's 21%.

Your next question is coming from Jim Ricchiuti from Needham & Company.

I just wanted to maybe go through again the gross margin guidance for the year. And it sounds like just some of the puts and takes there. It sounds like, to some extent, you're looking for potentially a little bit of a slower start. That impacts some of the gross margin guidance for the year, coupled with what you just also noted, what we're all hearing about supply chain challenges. And should we assume that, that just picks up as we go through the year?

Yes, that seems reasonable, Jim. We understand that the supply chain is currently facing challenges. We are experiencing shortages in certain parts, and in some cases, we need to go through brokers to acquire these parts, which is leading to higher costs. Therefore, I expect margins to be a bit lower at the start of the year. However, as the volume increases and supply chain issues hopefully lessen, margins should improve throughout the year.

Got it. And Jeff, I want to go back to your comment and the perception of some of the other industry players to the acquisition. How satisfied are you on the way this is developing?

I know I'm with you. It's the software question around Oqton, Jim?

Yes, that's right.

I'm pleased with the progress in the industry. Although it is still relatively young and has gone through a lot of emotional phases, I believe it is maturing. Over the last couple of years, I've noticed a shift towards understanding what will drive the rapid adoption of additive technologies. It's encouraging to see the industry recognizing the advancements being made. The Oqton platform is leading in the market, and as more customers utilize it, it will create opportunities for others to introduce their technologies as well. We are still in the demonstration phase, but as customers begin to adopt it, it will motivate others in the industry to follow suit. While I would prefer a faster pace, I am satisfied with the current progress and believe we will continue to see growth in the coming quarters and years.

Congrats on the year.

Thanks so much, Jim.

Your next question is coming from Paul Chung from JPMorgan.

So it's great to see annual guide again. So I just wanted to kind of expand on that. What do you think are the kind of relative growth between Healthcare and Industrial verticals? You had very strong performance in both, comps might be a little bit tougher in Healthcare this year. I think you mentioned additives may start to come back. Just any additional thoughts there between the segments?

Yes, Paul. So we're not really giving guidance by segment. I will say that I think I expect both businesses to do well. You are right, comps for Healthcare are a little bit harder, but we've got a great business there. Now added by a new acquisition that will help the business. So I would expect both businesses to perform well in 2022.

Paul, it's interesting dynamics. The Industrial markets are probably in total larger, if you add them up, they're probably larger and have greater potential for growth. Some are more competitive than others in terms of what the application demands and all that stuff. Healthcare may be slightly smaller, but the payoff for additive is extremely high in Healthcare with some of these mass-produced customized solutions for patients. And I think the adoption rate will continue to be exciting. So it will be a real foot race between the conversion of Industrial markets to additive and the embrace of the Healthcare business. And it's very hard to handicap, but nicely, you have them both together and you get really good solid double-digit growth year-over-year organically, which we're just thrilled about.

Got you. And then just on the kind of pricing versus shipment dynamic for guidance. How do we kind of think about maybe some anticipated pricing increases, just the overall unit shipments? And then any comments on your pipeline and visibility that kind of provided you the confidence to reinstate guidance? That would be helpful.

Yes, of course. Regarding pricing, we constantly assess it. We implemented a temporary surcharge in the fourth quarter that we have continued this year. We are regularly reviewing the pricing of our products, particularly since some of them are currently limited in supply. In some cases, we have more demand than we can meet with our available stock. Thus, we are evaluating the pricing across all of our products. What was the second part of your question, Paul?

Oh, sorry. I was just talking about the pipeline and the visibility.

Oh, yes, the pipeline. I really can't comment on it, but I mentioned last quarter that we left $3 million in revenue on the table going into Q4. Now, as we approach Q1 this year after exiting Q4 due to supply constraints, we have left about $8 million on the table. This number has increased despite the strong results we achieved in Q4. As I mentioned earlier, we are currently experiencing more supply constraints than demand constraints.

And Paul, I think the only comment I'd add is if you get back to just the fundamental, the revenue guide, how much is baked in for price versus volume stuff, predominance of our growth and revenue is going to be volume based. And we're looking for pricing opportunities because our costs are also up. And we've got other cost initiatives trying to keep them down. And we do have, as Jagtar mentioned, some surcharge kind of logistics cost pass on that we're trying to do. But by and large, the revenue growth is volume-driven because of increasing demand in both of our business units.

Your next question is coming from Sarkis Sherbetchyan from B. Riley Securities.

I'll try to make it quick. Can you give us a sense for what's being paid to acquire Titan Robotics and Kumovis?

Yes. So the 2 acquisitions together were just under $80 million.

Sorry, that's $80 million, 8-0?

8-0. Yes.

Okay. Perfect. And I'm assuming, is that going to be all cash? Or is there a mix of cash involved?

All cash. That's all cash. All cash.

Great. And related to that, can you maybe dive a bit into your build or acquire strategy? Just kind of looking at the big balance sheet you have today, and clearly, it sounds like you're gaining talent here for your business for the organic side as well besides the acquisition. So just want to get a sense for what you're willing to spend on from an acquisition perspective and what you're willing to kind of build organically?

Certainly. Our starting point is always whether we can handle it in-house. By hiring the right talent and leveraging our capabilities, we can minimize risk and maintain control over product development. We are continuously enhancing our in-house capabilities while evaluating software, materials, and hardware to determine what is feasible and what should take priority. Additionally, we are open to acquiring technologies as opportunities arise. Our portfolio includes a diverse range of technologies. For instance, we previously did not have an extrusion platform, which we have now added. The focus is on how quickly we can advance that product line. We will aim to develop it organically and consider investments that could accelerate our progress. If there are external opportunities that align with our strategy and provide a good return on investment, we will evaluate those as well. With asset prices declining, it’s beneficial for us to consider both internal options and acquisitions, especially since we are not in urgent need of new technology. This gives us the flexibility to acquire opportunistically when more synergy exists with our systems. The acquisition of Kumovis is a prime example, as it introduces innovative printing technology and materials. We have the right infrastructure to successfully bring this to market, which was a significant factor in that decision. Ultimately, we weigh the costs and timelines of internal development against the possibility of external acquisition when opportunities arise.

Your next question is coming from Noelle Dilts from Stifel.

Again, congratulations. Just on the hardware platform refresh. I'm just kind of curious if you’re anticipating any sort of temporary impact to gross margin as you introduce those new platforms? And if that's incorporated into your guidance?

Yes, it’s certainly incorporated. I wouldn't expect any negative impact on gross margins as we design products that add value for customers, which we can price appropriately while also reducing manufacturing costs. Our aim is to enhance gross margins positively with this introduction. However, there will be some R&D expenses associated with the new platform, which we've outlined in our OpEx guidance. From a gross margin perspective, I expect the impact to be neutral or potentially positive over time. Jagtar?

Yes, I would add, Noelle, that as we introduce new products, we have costs within our supply chain that are devoted to sort of maintaining the products we have in the field today, right? When certain components go out of manufacturer, we've got teams of people and have to find new components that, right, source new components to go into those machines. So by incrementally refreshing our portfolio, we're going automatically to components that are in production today at lower costs. So I would expect that as a result of that, over time, that will reduce the cost of supporting those machines in the field and our supply chain, and that will help gross margins over time. But at this stage, I wouldn't be able to quantify that. But I think there is an expectation that, that will improve gross margins over time.

That makes sense. You mentioned a strong acquisition pipeline. Can you provide an overview of its size? Last quarter, you discussed your priorities for the types of deals you are interested in. It would be helpful if you could elaborate on that as well.

Sure. I believe that after being in this role for a few years, I've noticed a constant stream of new printing technology emerging. This is mainly due to the ongoing evolution of components, along with creative individuals and small workshops working on integrating these into innovative printing technologies. Some of these have great potential, while many do not. We continuously evaluate the influx of new printers, but honestly, most of them have significant weaknesses and fail to succeed. However, a select few do make it, like the Kumovis application and Titan. These technologies offer faster and more cost-effective solutions for customers needing larger components. Occasionally, we come across one that really works, making for a valuable acquisition. We invest resources in examining these technologies, and while many of them won't succeed, a few certainly will. It’s an exciting time for us as we assess the new technologies entering the market, confirming our momentum at 3D Systems and revealing numerous promising opportunities ahead.

Your next question is a follow-up from Greg Palm from Craig-Hallum.

Yes. I have a couple of quick follow-up questions. Regarding the two acquisitions, is there revenue contribution included in this year's guidance? If so, what numbers are you anticipating? Alternatively, what type of revenue profile did they combine to have in 2021?

Yes. So the revenue contribution for them is included in the guidance. We're not breaking it out specifically, Greg, but it's not a huge component of the guide this year.

Okay. Fair enough. And just going back to the question on customer concentration. I guess, by my math, even if you look at it on revenue from Healthcare, excluding divestments, it looks like the vast majority of that absolute increase from fiscal '20 to fiscal '21 was driven by that one customer. I guess, can you confirm if that math is correct, but more importantly, my assumption is the growth in '22 and beyond will be much more broad-based. So I was just hoping you can maybe sort of go through those assumptions a little bit more?

Yes. On the '20 to '21, clearly, that customer was a big contributor to the Healthcare growth. We did have pretty good growth in the Medical Devices segment, with the exception of Q4 for the reasons I talked about during the call with Omicron showing up, which kind of impacted services in the Healthcare industry, which then impacted our revenue. I do think that in 2022, you will see kind of a much more broad-based increase. That customer is still a good customer, but we have a number of activities occurring in health care.

Yes, Greg, when you consider the situation, many orthopedic procedures that we excel in supporting were seen as optional during COVID and were among the first to be postponed when hospitals faced difficult decisions. We expect to see a nice increase in these procedures moving forward. It's a strong business that was disproportionately affected by COVID over the past year. While our major clients are found in the Dental segment, we anticipate continued growth there. I expect our growth to be more widespread this year across both Healthcare and the Industrial market, where we are making significant progress. I am pleased with the applications we are discovering in the Industrial market that allow us to make a substantial impact. The organic growth in this area has been quite impressive and a positive change since I joined 3D Systems. I believe 2022 will tell a broader success story across various market sectors. As we assess the risks and opportunities today, we anticipate achieving double-digit growth this year. While there are many factors to consider, the acquisitions we have made are not expected to materially affect results this year, but they do mitigate some risk and enhance potential positives. Overall, I feel optimistic about achieving double-digit organic growth this year despite the various risks we both recognize are present in today’s world.

Yes. Well, I appreciate you taking the follow-ups and looking forward to seeing you guys in May.

Sounds good, Greg.

Thank you, Greg.

We reach the end of our question-and-answer session. I'd like to turn the floor back over to Jeff for any further or closing comments.

Thank you, Kevin. Listen, thanks, everyone, for joining our call this evening. While the world continues to be volatile, we're optimistic about the future, and we believe we're better positioned than ever to weather any storm while positioning ourselves for the bright future we see ahead. We wish you good health and a great start to the new year. Thank you.

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.