Company Raises Fiscal 2012 Revenue and Non-GAAP Earnings Guidance
MINNEAPOLIS — (BUSINESS WIRE) — November 2, 2012 — Stratasys, Inc. (NASDAQ: SSYS) today announced record quarter financial results.
The company reported record revenue of $49.7 million for the third quarter ended September 30, 2012, a 24% increase from the $40.0 million reported for the same period last year.
System shipments totaled 911 units for the third quarter of 2012, a 52% increase when compared to 600 units shipped for the same period last year.
Non-GAAP net income was $8.7 million for the third quarter, or $0.40 per share, representing a 42% increase over the non-GAAP net income of $6.2 million, or $0.29 per share, for the same period last year.
The company reported net income of $5.2 million for the third quarter, or $0.24 per share, compared to net income of $5.9 million, or $0.27 per share, for the same period last year.
The company reported revenue of $144.1 million for the nine-month period ended September 30, 2012, a 28% increase from the $112.3 million reported for the same period last year.
System shipments totaled 2,509 units for the nine-month period of 2012, compared to 1,902 units shipped for the same period last year.
Non-GAAP net income was $21.9 million for the nine-month period, or $1.00 per share, representing a 38% increase over the non-GAAP net income of $15.9 million, or $0.73 per share, for the same period last year.
The company reported net income of $12.7 million for nine-month period, or $0.58 per share, compared to net income of $14.8 million, or $0.68 per share, for the same period last year.
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, including the expenses associated with the company’s current efforts to combine with Objet Ltd.
“The third quarter represents another solid performance for our company, driven by the continued strong growth we are observing across all our core businesses,” said Scott Crump, chairman and chief executive officer of Stratasys. “System and consumable revenue grew by 27% and 23%, respectively, over last year. Also contributing to the strong quarter was our RedEye parts service, which grew by 26% over last year. These performances contributed to a record level of revenue which grew by 24% over last year, and a record level of non-GAAP net income, which grew by 42%.
“System unit sales, which grew by 52% during the third quarter over last year, benefited from the launch our revolutionary new Mojo 3D printer, the first 3D printer available for commercial use priced under $10,000. Sales of the Mojo were helped by our new program to recruit sales agents who focus exclusively on selling our most-affordable 3D printer lines. Currently, we have expanded the sales agent program to include approximately 130 individuals and will continue to grow the program in the coming months, with the goal of having 160 agents by January of next year. We believe that the Mojo platform, combined with our new sales agent program will continue to drive an expansion in our 3D printer sales.
“Fortus 3D production system revenue grew by 37% over last year, driven by the demand created by innovative new Direct Digital Manufacturing (DDM) applications across multiple industries. Our proprietary Fused Deposition Modeling (FDM®) technology continues to be recognized as an innovative and cost-effective alternative manufacturing solution. We are honored that Stratasys was recently chosen to be part of the National Network for Manufacturing Innovation (NNMI), a Presidential initiative that brings U.S. industry together to develop innovative manufacturing solutions using advanced technology. Stratasys was chosen given our company’s industry leadership and our technology’s potential use within U.S. manufacturing.
“Our RedEye parts service, which grew by 26% over last year, continues to experience strong demand, especially for large, complex and highly-durable production parts for the automotive and aerospace industries. We believe RedEye has a distinct advantage for those types of projects, given our ability to rapidly deliver high-quality parts produced on the Fortus 900mc. RedEye currently operates fourteen 900mc systems that are ideal for serving customers that need larger production parts.
“Solidscape, which we acquired in April of 2011, experienced strong
revenue growth of 21% during the third quarter over last year. The
division’s products are widely recognized as the leader for DDM wax
casting applications that require high precision, ultra-fine feature
detail and a smooth surface finish. The division’s new 3Z product line,
introduced in the second quarter, is a major contributor to its recent
success. The 3Z can produce parts at the highest possible resolution
within the industry and is generating significant interest with jewelry
and dental customers. We are optimistic about maintaining positive
momentum within Solidscape, given our recent initiative to expand the 3Z
Series into our U.S. educational channel.