Shares of 3D printing company 3D Systems (DDD) jumped as much as 5% in early trading on Monday after reporting third-quarter financial results. But that’s little respite — before today’s early gains, DDD stock was down a whopping 62% in the red for 2014 vs. an S&P 500 that had gained 10%.

Peers like ExOne (XONE), Stratasys (SSYS) and Proto Labs (PRLB) are all losing to the benchmark index this year too, posting losses of 65%, 23% and 12% respectively.

It’s safe to say that the market was a little overly optimistic on the prospects for the 3D printing industry in 2013.

Still, let’s take a look at last quarter’s results and see whether they are a game-changer for DDD stock, or just short-term noise you should tune out and ignore.

DDD Stock: Third-Quarter Earnings

3D Systems’ non-GAAP earnings came in at 18 cents per share, beating Wall Street estimates by a penny. Yet while 3D Systems’ revenue grew 23% year-over-year to $166.9 million, those sales didn’t quite meet consensus estimates, which called for $167.7 million.

Usually a miss on revenue for a growth stock like DDD would send shares plunging, but 3D Systems already gave investors a heads-up about its third-quarter finances. DDD issued a profit warning on Oct. 22, and that news was since baked into shares with 20% declines.

Investors got a better glimpse into why revenues were light during the company’s third-quarter earnings call. According to management, “Our inability to fulfill demand for our direct metal and consumer products restricted organic growth during the quarter.” In other words, the company just couldn’t keep up with all the demand it saw in the quarter.

That’s a good problem to have, and management claims it intentionally delayed some consumer shipments in an effort to boost the strength of its re-seller network.

Also bullish for DDD stock is the company’s exposure to the rapidly growing healthcare segment — an area where 3D Systems has acquired several companies in recent years. Healthcare revenue grew by 121% in the third quarter, so expect the company’s consumer-focused 3D printers to become a smaller and smaller percentage of the DDD stock story as 3D Systems diversifies.

An important measure for 3D Systems investors to keep an eye on is the company’s ability to generate organic growth (any growth not attributable to recent mergers and acquisitions). CEO Avi Reichental said in the company’s Q&A session this morning that “a lot of our organic growth is sitting in the order book,” meaning that there are impending sales orders yet to be fulfilled that will add to DDD’s top line going forward.

With the company reiterating full-year revenue guidance between $650 million and $690 million and maintaining non-GAAP EPS guidance for between 70 cents and 80 cents this fiscal year, the story for DDD stock didn’t change much today. It’s still one of the leading players in an exciting, emerging space, and at current levels its price is far more reflective of realistic expectations.

If 3D Systems can start to fulfill the heavy demand for its products and continue its rapid growth in the healthcare segment, DDD stock could still have its glory days ahead of it.

As of this writing, John Divine did not hold a position in any of the aforementioned securities. You can follow him on Twitter at @divinebizkid.