Stratasys Reports Record Financial Results for the First Quarter of 2013

First quarter non-GAAP earnings increase 40% over last year to $0.43 per share

Company reports a first quarter GAAP loss of ($0.40) per share

Stratasys reaffirms 2013 Revenue and EPS Guidance

MINNEAPOLIS & REHOVOT, Israel — (BUSINESS WIRE) — 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 of $98.2 million for the first quarter of 2013 represents an 18% organic increase over the $83.0 million pro forma revenue recorded for the same period last year after giving effect to our merger as though it closed on January 1, 2012.
  • GAAP revenue for the first quarter was $97.2 million, which includes the impact of amortization expense on deferred revenue intangible assets related to the merger.
  • 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.
  • 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.
  • 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 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.

“Our record first quarter results reflect a continuation of the strong worldwide demand we are observing for our innovative products and services,” said David Reis, chief executive officer of Stratasys. “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.”

Q1 Business Highlights:

  • Completed the second phase of Stratasys reseller cross-training ahead of schedule, with 112 channel partners now cross-trained, representing approximately 80% of the Company’s potential worldwide revenue.
  • Progressed according to plan in the sales, marketing and service team integration that resulted from the merger of Stratasys, Inc. and Objet Ltd.
  • Launched a combined post-merger web and social media strategy that includes an integrated web site and social media channels.
  • Initiated a merger-related re-branding campaign to increase the awareness and value proposition of Stratasys among “C” level business professionals.
  • Launched the first 3D printer designed especially for smaller orthodontic labs and clinics - Objet30 OrthoDesk.

Following completion of the merger between Stratasys, Inc. and Objet Ltd., Stratasys benefits from a global network of more than 260 resellers and independent sales agents that sell Stratasys products and services worldwide. In addition, Stratasys is continuing to implement a comprehensive integration plan, which includes a cross-training program to enable its resellers and sales agents network to market and sell the combined product and service portfolio.

“Our plan to integrate the combined sales and marketing organization that resulted from our game-changing merger is ahead of schedule,” continued Reis. “Channel partners representing the vast majority of our potential revenue have been cross-trained and are now selling the Company’s combined product and service portfolio. New customer and cross-selling opportunities have begun to result from this initiative.”

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.

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