3D Systems Corp. (NYSE: DDD) reported fourth-quarter and full-year 2014 results before markets opened Thursday. For the quarter, the 3D printer maker reported adjusted diluted earnings per share (EPS) of $0.21 and $187.4 million in revenues. In the same period a year ago, 3D Systems reported EPS of $0.19 on revenue of $154.82 million. Fourth-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $0.25 and $202.32 million in revenue.

For the full year, 3D Systems reported EPS of $0.70 on revenues of $653.7 million, compared with 2013 EPS of $0.85 on revenues of $513.4 million. Analysts had estimated EPS of $0.73 and revenues of $669.03 million.

On a GAAP basis, the company posted quarterly EPS of $0.01 and annual EPS of $0.11, compared with $0.11 for the fourth quarter of 2013 and full-year EPS of $0.45.

3D Systems provide full-year 2015 guidance for revenues in the range of $850 million to $900 million and adjusted EPS of $0.90 to $1.10. Analysts’ forecast called for 2015 EPS of $1.02 on revenues of $873.2 million.

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In its guidance, 3D Systems noted several constraints on revenue growth in the first half of 2015. The company is entering the year with a lower-than-expected revenue run-rate as a result of product delays and weak sales in North America. 3D Systems also said it plans to discontinue several legacy products, which will reduce revenue, and expects continuing foreign currency headwinds.

The company plans to maintain capital spending at 3% of revenue and “expects to moderate its M&A activities as it decisively shifts its focus towards leveraging recently acquired assets to generate greater profitability progressively throughout 2015.” 3D Systems has taken some lumps over the past year or so for its aggressive acquisitions strategy. Now that it has made all those acquisitions it remains to be seen if the company can incorporate them smoothly into its operations.

The company’s CEO said:

We are disappointed that we were not able to fully capitalize on the strength of our portfolio in all geographies equally, but are very pleased with the impressive growth rate that our EMEA channel delivered in the face of adverse foreign currency rates. … As expected, higher spending levels in support of our expansion plans pressured our earnings throughout 2014, as we fast-tracked assembly of the talent, assets and infrastructure required to take our business to the next level. Having completed this investment phase, we expect to recover our operating leverage and expand our profitability throughout 2015.

Investors are unlikely to wait patiently until the second half of the year for revenues to improve. So far, 3D Systems has proven adept at acquiring smaller companies, but less adept at turning those acquisitions into revenue and profits. The company has to prove it can do that, and waiting until the second half of this year will not sit well.

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Shares of 3D Systems traded down more than 3% Thursday morning, at $28.97 in a 52-week range of $27.00 to $79.77. Thomson Reuters had a consensus analyst price target of $40.65 before the results were announced.

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