Based upon this progress and our long-term outlook, we've set a goal of sustained double-digit organic revenue growth, 50% gross margins and 20% adjusted EBITDA margins, all of which we think are attainable in the years ahead.
Today, our technologies are used to print approximately 0.75 million production components per day 365 days a year.
That equates to over 250 million components per year and climbing.
To meet this demand forecast, we're expanding our Denver, Colorado location by roughly 50%.
From this location, we have supported more than 100 CE marked and FDA-cleared products.
We've collaborated with surgeons to plan and guide more than 140,000 patient-specific procedures.
And we've manufactured over 2 million medical device implants in our advanced manufacturing group.
Allevi has established a strong technology base, brand and distribution network for this rapidly emerging market with a presence today in over 380 medical and pharmaceutical laboratories in over 40 countries.
For the first quarter, we reported revenue of $146.1 million, an increase of 7.7% compared to the first quarter of 2020.
Our organic revenue growth, which excludes businesses divested in 2020 and 2021 was 16.6% in Q1 2021 versus Q1 2020.
We reported a GAAP income of $0.36 per share in the first quarter of 2021 compared to a GAAP loss of $0.17 in the first quarter of 2020.
Driving this improvement was a $32.9 million gain from the sale of the Cimatron and GibbsCAM software business as well as a tax benefit of $8.9 million as a result of the favorable ruling from the IRS regarding a FIN 48 reserve.
We reported non-GAAP income of $0.17 per share in the first quarter of 2021 compared to a non-GAAP loss of $0.04 per share in the first quarter of 2020.
Our Healthcare business had a strong quarter with revenue growing 38.7% year-over-year.
Excluding dental applications, revenue for medical applications grew by 9% as we continue to see increased demand for personalized health services and advanced manufacturing of medical devices.
Revenue in our Industrial segment, when we exclude the businesses divested in 2020 and 2021, was up approximately 1% year-over-year as compared to year-over-year declines in prior periods.
For Q1 2021, we reported gross profit margin of 44% in the first quarter of 2021 compared to 42.1% in the first quarter of 2020.
Non-GAAP gross profit margin was 44% compared to 42.7% in the same period last year.
In our last earnings call, we said we expect non-GAAP gross profit margins in the range of 40% to 44% for 2021.
Operating expenses for the quarter were 66.2% on a GAAP basis, a decrease of 12.1% compared to the first quarter of 2020, including a 11.6% decrease in SG&A expenses and a 13.7% decrease in R&D expenses.
Our non-GAAP operating expenses in the first quarter were $51.2 million, an 18.7% decrease from the first quarter of the prior year as we saw the benefits from our restructuring efforts as well as the impact of divested businesses.
The primary differences between GAAP and non-GAAP operating expenses are $13.4 million in amortization of intangibles and stock-based compensation.
Continuing the theme of year-over-year improvement, adjusted EBITDA, defined as non-GAAP operating profit plus depreciation, was $19.8 million or $13.6% of revenue compared to $2.2 million or 1.6% of revenue in the first quarter of 2020.
While they will not be material to 2021 results, these and future acquisitions will be a key component of our long-term strategy to reach double-digit revenue growth, gross profit margins of 50% and adjusted EBITDA margins of 20%.
Cash on hand increased $48.2 million during the first quarter.
This increase was primarily driven by the net proceeds from divestitures of $54.7 million and cash generated from operations of $28.5 million, offset by a debt repayment of $21.4 million and other financing and investing uses of cash, including capital expenditures.
Note that our cash from operations of $28.5 million included the use of approximately $6.6 million of cash for withholding taxes related to the Cimatron sale.
When factoring together, it is of note that we have substantially improved cash from operations compared to the $2.3 million of cash used in operations in Q1 2020.
We ended the quarter with a strengthened balance sheet with $133 million of cash and cash equivalents, no debt and nearly full capacity on our $100 million undrawn revolving credit facility.

Summary:
For the first quarter, we reported revenue of $146.1 million, an increase of 7.7% compared to the first quarter of 2020.
We reported a GAAP income of $0.36 per share in the first quarter of 2021 compared to a GAAP loss of $0.17 in the first quarter of 2020.
We reported non-GAAP income of $0.17 per share in the first quarter of 2021 compared to a non-GAAP loss of $0.04 per share in the first quarter of 2020.