Stratasys Reports Record Second Quarter Financial Results

Company reports $178.5 million in revenue, including 35% organic revenue growth over the same period last year

MakerBot contributes $33.6 million in revenue

Company reports non-GAAP net income growth of 51% over the same period last year to $28.0 million, or $0.55 per diluted share; GAAP net loss was $173,000, or ($0.00) per basic share

Company raises 2014 financial guidance and updates long-term operating model to reflect favorable business environment and impact of recent acquisitions

MINNEAPOLIS & REHOVOT, Israel — (BUSINESS WIRE) — August 7, 2014 — Stratasys Ltd. (NASDAQ: SSYS) today announced record second quarter financial results.

Total revenue for the second quarter of 2014 was $178.5 million, an increase of 67% compared to the same period last year; or an increase of 35% when excluding the impact of acquisitions. Non-GAAP net income for the second quarter increased by 51% over the same period last year to $28.0 million, or $0.55 per diluted share. GAAP net loss for the period was $173,000, or ($0.00) per basic share.

MakerBot branded products and services contributed $33.6 million to second quarter revenue, driven by channel expansion initiatives and the successful introductions of new products within the rapidly expanding segment for desktop 3D printers.

The company raised its financial guidance for fiscal 2014 to account for an improved outlook for the remainder of the year, as well as to account for the recent acquisitions of Solid Concepts and Harvest Technologies. The company raised its organic revenue growth forecast for 2014 to at least 30%, versus a previous forecast of at least 25%.

Revenue guidance for 2014 increased to $750 – $770 million; versus previous guidance of $660 – $680 million. Non-GAAP net income guidance increased to $2.25 – $2.35 per diluted share, versus previous guidance of $2.15 – $2.25 per diluted share.

The company also updated its long-term operating model, which included raising its long-term annual organic revenue growth forecast to at least 25%, versus previous guidance of at least 20%.

In the second quarter the company announced agreements to acquire Solid Concepts and Harvest Technologies, which will be combined with RedEye, its existing digital manufacturing service business, to establish a single additive manufacturing services business unit. Both transactions closed in the third quarter, prior to the date of this release.

Q2-2014 Financial Results Summary:

  • Revenue for the second quarter of 2014 was $178.5 million, representing a 67% increase over the $106.7 million non-GAAP revenue and the $106.5 million GAAP revenue for the same period last year.
  • GAAP net loss for the second quarter was $173,000, or ($0.00) per basic share, compared to a loss of $2.8 million, or ($0.07) per basic share, for the same period last year.
  • Non-GAAP net income was $28.0 million for the second quarter, or $0.55 per diluted share, compared to non-GAAP net income of $18.6 million, or $0.45 per diluted share, for the same period last year.
  • Second quarter per share calculations relative to last year were impacted by the issuance of approximately 5.2 million new ordinary shares in the September 2013 public offering which raised a net amount of approximately $463 million and the approximately 3.9 million new ordinary shares issued in consideration for the acquisition of MakerBot in August of 2013.
  • Operating expenses expanded materially in the second quarter over last year driven by the addition of MakerBot operating expenses, as well as from significant incremental investments in sales and marketing programs to support overall growth.
  • The company invested a net amount of $17.6 million in R&D projects (non-GAAP basis) during the second quarter, representing 10% of non-GAAP net sales; R&D expense was $19.0 million on a GAAP basis.
  • The company generated $4.8 million in cash from operations during the second quarter, and currently holds $577.9 million in cash and cash equivalents, and short term bank deposits, amounting to $11.7 per share.
  • Non-GAAP EBITDA for the second quarter amounted to $34.6 million.
  • The company sold 14,909 3D printing and additive manufacturing systems during the quarter, and on a combined pro forma basis, a cumulative 99,529 systems worldwide through June 30, 2014.

“We continue to observe strong positive sales momentum for our higher-performance systems and materials, which is reflected in the impressive 35% organic revenue growth we generated during the second quarter,” said David Reis, chief executive officer of Stratasys. “Equally impressive were the sales of MakerBot products and services, which contributed $33.6 million of revenue during the period, driven by our expanding distribution network and the successful launch of three MakerBot branded 3D printers in the first half of the year. We are very pleased with our second quarter results, which represent quarterly records in revenue, non-GAAP net income and non-GAAP earnings per share.”

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