Stratasys Reports Record First Quarter Financial Results

Company Raises 2012 Financial Guidance

MINNEAPOLIS — (BUSINESS WIRE) — May 9, 2012 — Stratasys, Inc. (NASDAQ: SSYS) today announced first quarter financial results.

The company reported record revenue of $45.0 million for the first quarter ended March 31, 2012, a 30% increase from the $34.6 million for the same period last year.

System shipments totaled 822 units for the first quarter of 2012, compared to 567 units for the same period last year.

Non-GAAP net income was $6.1 million for the first quarter, or $0.28 per share, representing a 38% increase over the non-GAAP net income of $4.4 million, or $0.21 per share, for the same period last year.

The company reported net income of $4.5 million for first quarter, or $0.21 per share, compared to net income of $5.0 million, or $0.23 per share, for the same period last year.

Solidscape Inc., acquired by Stratasys in May of 2011, contributed $3.4 million to revenue and 71 system sales, and was accretive to net income during the first quarter of 2012.

“We are pleased to begin 2012 with another record quarterly performance,” said Scott Crump, chairman and chief executive officer of Stratasys. “The primary drivers behind our growth remained consistent from prior periods, with consumable revenue expanding by 30%, and Fortus 3D production system sales growing by 61%, over the same period last year. This growth continues to be driven by the expanding use of our systems for new direct digital manufacturing applications and their relatively higher consumable usage patterns.

“The announcement of our revolutionary new low-cost Mojo 3D printer this week represents a significant milestone in our goal of accelerating the sales of our 3D printers worldwide. Priced at $9,500 to the end user, we believe the system represents the first commercially-viable whole product 3D printer available for under $10,000. The printer is small enough to fit on a desktop and comes with everything the commercial user needs to begin printing models, including an innovative new support removal system and start-up materials.

“We believe Mojo’s attractive price point will allow us to capitalize on a price elastic market and capture new customers that had previously viewed 3D printing as unaffordable. The product was well received following its confidential introduction to our channel partners in late April and we are excited about the new product’s potential. We would encourage you to access the link provided at the end of our first quarter press release to learn more about this exciting new product.

“We are pleased to report that we have completed our initial goal to recruit and train 90 sales agents that are focused exclusively on selling our uPrint and Mojo 3D printer lines in the U.S. We believe the addition of Mojo will allow us to further leverage our new channel development programs that are aimed at expanding the sales of our most affordable systems.

“We are most excited about the potential opportunities that will arise from our recently announced plan to combine with Objet Ltd, a privately held global company that manufactures 3D printers for rapid prototyping. Objet maintains a highly complementary portfolio of products that will allow the combined company to offer customers a broad array of innovative 3D printing and direct digital manufacturing solutions from a single destination. In addition, our combined sales and marketing organization will be impressive, providing for market expansion and cross-selling opportunities for the combined product portfolio.

“We have begun to develop a 100-day integration plan that we will initiate upon the closing of the Objet transaction. We continue to target a third quarter closing of the transaction following customary regulatory reviews and shareholder approval. We expect the transaction to be accretive to cash earnings per share within the first 12 months of closing and provide for significant incremental long-term earnings accretion based upon a higher revenue growth rate and operational synergies. In short, we believe the combination of Stratasys and Objet will drive significant shareholder value.

“We are pleased with our performance, and we are very excited about the future. We believe our technology is reshaping the way new products are designed and manufactured. We also believe our recent introduction of Mojo, a revolutionary new 3D printer, combined with our game-changing proposed combination with Objet represent two critical events that will define the future of Stratasys and position the company to be a leader within a market that has only begun to develop,” Crump concluded.

Stratasys revised its financial guidance for the fiscal year ending December 31, 2012:

  • Revenue guidance of $183 million to $193 million, versus previous guidance of $175 million to $190 million.
  • Non-GAAP earnings guidance of $1.29 to $1.38 per share, versus previous guidance of $1.17 to $1.28 per share.
  • GAAP earnings guidance of $0.97 to $1.13 per share, versus previous guidance of $1.02 to $1.13 per share.

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