3D Systems makes and sells 3D printing hardware, materials, software, and services across two segments: Industrial Solutions (~57% of revenue) and Healthcare Solutions (~43% of revenue). Industrial customers include aerospace & defense, automotive, jewelry, semiconductor equipment, and AI data center infrastructure companies. Healthcare customers include dental labs, hospitals, and medical device companies using 3D printing for orthodontic aligners, dentures, custom implants, and surgical guides. The core value proposition is that 3D printing enables custom, complex geometries at low volumes that traditional manufacturing cannot produce cost-effectively. 3D Systems sells through a direct sales force, resellers, and distributors, and its Application Innovation Group works directly with customers to develop and validate production workflows. The business model ties together three revenue streams — hardware, proprietary consumable materials, and services — with an important recurring revenue dynamic: printers are designed as integrated systems that use proprietary materials in smart cartridges, so printer sales pull through ongoing materials consumption. Key growth initiatives include jetted monolithic dentures (FDA-cleared in 2025), aerospace & defense metal printing (growing ~50% YoY as of Q3 FY25), AI infrastructure cooling components, and a joint venture in Saudi Arabia (NAMI) tied to Vision 2030 industrialization. 3D Systems holds over 100 FDA-cleared and CE-marked devices, creating switching costs in healthcare, and holds a dominant supplier position with leading aligner manufacturers globally.