Stratasys Releases Second Quarter 2016 Financial Results

Company reports $172.1 million in revenue

GAAP net loss of $18.5 million, or ($0.36) per diluted share, and non-GAAP net income of $6.2 million, or $0.12 per diluted share

MINNEAPOLIS & REHOVOT, Israel — (BUSINESS WIRE) — August 4, 2016Stratasys Ltd. (Nasdaq: SSYS), the 3D printing and additive manufacturing solutions company, announced financial results for the second quarter of 2016.

Q2-2016 Financial Results Summary:

  • Revenue for the second quarter of 2016 was $172.1 million.
  • GAAP gross margins were 46.2% for the second quarter, compared to 45.5% for the same period last year.
  • Non-GAAP gross margins were 55.9% for the second quarter, compared to 54.7% for the same period last year.
  • GAAP operating loss for the second quarter was $17.1 million, compared to a loss of $33.5 million for the same period last year.
  • Non-GAAP operating income for the second quarter was $10.2 million, compared to $3.7 million for the same period last year.
  • GAAP net loss for the second quarter was $18.5 million, or ($0.36) per diluted share, compared to a loss of $22.9 million, or ($0.55) per diluted share, for the same period last year.
  • Non-GAAP net income for the second quarter was $6.2 million, or $0.12 per diluted share, compared to non-GAAP net income of $8 million, or $0.15 per diluted share, reported for the same period last year.
  • The Company generated $6.9 million in cash from operations during the second quarter, and currently holds approximately $253.9 million in cash and cash equivalents.
  • GAAP R&D expenses for the second quarter amounted to $24.4 million, representing 14% of net sales.
  • GAAP EBITDA for the second quarter amounted to $6.9 million.
  • Non-GAAP EBITDA for the second quarter amounted to $19.5 million.

“We were pleased to achieve further improvements in our operational performance during the second quarter,” said Ilan Levin, Chief Executive Officer of Stratasys. “Compared to the first quarter, we observed stronger margins and a substantial increase in non-GAAP operating profit. Our margins benefitted from a sales mix that favored our higher-end systems, including the recently launched J750, the industry’s most advanced full-color, multi-material 3D printer, as well as our ongoing efforts to improve operations, and reduce operating expenses.”

Recent Business Highlights:

  • Announced the appointment of Ilan Levin, who has served and continues to serve as a member of the Stratasys board of directors and its Executive Committee, as Chief Executive Officer, effective July 1, 2016.
  • Announced the availability of GrabCAD Print, a new “design-to-print” workflow application powered by the GrabCAD software platform, designed to make 3D printing significantly easier, more intuitive and highly accessible. GrabCAD Print is currently available in free public beta in North America.
  • Released several manufacturing-focused enhancements for the Company’s Fortus series of FDM 3D printers, including new sacrificial tooling capabilities; an acceleration kit for faster printing of large objects; and new aerospace designation for ULTEM 9085 that provides production traceability to facilitate aerospace compliance requirements.
  • Announced a professional services and consulting offering through Stratasys Direct Manufacturing to help organizations implement and gain maximum value from a full spectrum of 3D printing technology solutions.

“We believe that our technological platforms and customer reach are unmatched within the industry and represent assets with significant potential for further development,” continued Levin. “The central principle of our strategy is meeting the needs of customers by further leveraging our core assets to cultivate new and more advanced capabilities for prototyping and manufacturing applications within key vertical markets. Providing enhanced additive manufacturing value to our customers is our number one priority.”

Financial Guidance:

Stratasys reiterated the following information regarding the Company’s prospective revenue and net income (loss) for the fiscal year ending December 31, 2016:

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