May.13, 2013

Stratasys Ltd. (NASDAQ: SSYS) today announced record financial results for the first quarter of 2013.

Q1 Financial Results Summary:

• Non-GAAP revenue for the first quarter of 2013: $98.2 million, an 18% organic increase over the $83.0 million pro forma revenue recorded for the same period last year after merger between Stratasys, Inc. and Objet Ltd. on January 1, 2012.

• Non-GAAP net income of $17.6 million for the first quarter, or $0.43 per diluted share, represents a 40% increase over the pro forma non-GAAP $12.6 million, or $0.32 per diluted share, reported for the same period last year.

• Non-GAAP gross margins improved to 59% for the first quarter from a pro forma non-GAAP 56.7% in the first quarter last year.

• GAAP revenue for the first quarter of 2013: $97.2 million, which includes the impact of amortization expense on deferred revenue intangible assets related to the merger.

• GAAP net income for the first quarter was a loss of $15.5 million, or ($0.40) per share, versus a pro forma loss of $8.4 million, or ($0.23) per share, for the same period last year.

• GAAP gross margins declined to 38.4% for the first quarter from a pro forma 43.6% in the first quarter last year.

• The Company invested a net amount of $10.8 million in R&D expense during the first quarter, representing 11% of sales.

• On a combined basis, the Company has shipped a cumulative 30,984 systems worldwide as of March 31, 2013.

"Strong sales of our higher-margin products help drive a significant increase in non-GAAP gross margin, and a 40% increase in non-GAAP net income in the first quarter over last year. We are pleased with our strong start to 2013." said David Reis, chief executive officer of Stratasys.

Financial Guidance

  • Stratasys confirmed the following financial guidance for the fiscal year ending December 31, 2013:
  • Revenue guidance of $430 million to $445 million.
  • Non-GAAP earnings guidance of $1.80 to $1.95 per diluted share.
  • GAAP earnings guidance of a ($0.41) to ($0.16) per share loss.

Non-GAAP earnings guidance excludes $60.5 million of projected amortization of intangible assets; $20.5 million to $23.0 million of share-based compensation expense; and $7.2 million to $8.8 million in merger-related expenses. Stratasys also expects to record significant one-time integration expenses as a result of infrastructure alignment and brand unification in 2013.

Revenue growth is expected to be relatively stronger toward the end of the year as Stratasys progresses with its integration plan and realizes revenue synergies from selling the combined product portfolio.

Appropriate reconciliations between GAAP and non-GAAP financial measures are provided in a table at the end of this press release. The table provides itemized detail of the non-GAAP financial measures.

 

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