3D Systems to Discontinue Entry-Level 3D Printer the Cube

3D Systems (NYSE:DDD) reported that it intends to discontinue production on the Cube, its $999 entry-level 3D printer.
According to the press release:

The move reflects management’s plans to focus its resources and strategic initiatives on near-term opportunities and profitability. Availability of the CubePro^® 3D printer—designed for desktop engineering, educational and professional applications—will continue uninterrupted.
The company will continue to sell the existing inventory of Cube printers. Ongoing support and sale of materials for Cube customers will be provided through a new e-commerce platform on the company’s primary corporate domain,3dsystems.com. The consumer platform Cubify.com will be closed on January 31, 2016 and the company’s line of retail products, including phone cases and jewelry, that were previously available on Cubify.com will be discontinued.
Management believes a greater focus on manufacturing applications and delivering new and enhanced manufacturing systems can drive adoption, yield higher returns on investment and increase earnings. As part of this shift away from consumer products, management expects revenue to be impacted by less than 2% and profitability to improve. In addition, management expects to record a charge in the fourth quarter in the range of approximately $19 million to $25 million related primarily to inventory write downs and related purchase commitments.

Click here to read the full press release.