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Monday, May 09, 2016

Stratasys Releases First Quarter 2016 Financial Results

Stratasys Ltd. announced financial results for the first quarter of 2016.

Q1-2016 Financial Results Summary:

  • Revenue for the first quarter of 2016 was $167.9 million.
  • GAAP operating loss for the first quarter was $21.1 million, compared to a loss of $220.9 million for the same period last year.
  • Non-GAAP operating income was $4.0 million, compared to a loss of $0.8 million for the same period last year.
  • GAAP net loss for the first quarter was $23.1 million, or $0.44 per diluted share, compared to a loss of $216.3 million, or $4.24 per diluted share, for the same period last year.
  • Non-GAAP net income for the first quarter was $0.6 million, or $0.01 per diluted share, compared to non-GAAP net income of $2.0 million, or $0.04 per diluted share, reported for the same period last year.
  • The Company generated $31.6 million in cash from operations during the first quarter, and currently holds approximately $280.2 million in cash and cash equivalents and short-term bank deposits.
  • The Company invested a net amount of $22.8 million in R&D projects (non-GAAP basis) during the first quarter, representing 13.6% of net sales.
  • Non-GAAP EBITDA for the first quarter amounted to $12.6 million.

The Company sold 5,125 3D printing and additive manufacturing systems during the quarter, and on a pro-forma combined basis, has sold a total of 151,149 systems worldwide as of March 31, 2016.

"Although the overall market environment remains challenging, we made significant progress in improving our operating efficiency during the first quarter, which is demonstrated by the favorable trends we observed in operating expenses and cash generation during the period," said David Reis, chief executive officer of Stratasys. "We believe the recent refinements to our operating structure will make us more productive and better position us for future growth."

Recent Business Highlights:

  • Announced the versatile Stratasys J750 3D printer featuring full-color and multi-material capabilities, allowing customers to streamline workflow processes and speed product delivery cycles by eliminating time-consuming painting and assembly processes that are normally required to create true-to-life prototypes.
  • Continued operational improvement initiatives, including the planned transition of MakerBot desktop 3D printer production to Jabil, a leading global contract manufacturer.
  • Launched the new Thingiverse Developer Program that expands the platform's functionality by allowing developers to create apps in three different categories: print services, model customization and tools and utilities.
  • Announced agreement between Stratasys Direct Manufacturing (SDM) and Somos, a leading stereolithography materials provider, through which both parties will seek to accelerate materials development and provide SDM customers with a wider range of advanced material options.
  • Announced agreement with New York-based Jacobs Institute to create new Center of Excellence with the goal of advancing the use of 3D printing for a variety of medical applications.

"As we transform our business, we are focused on investing for the future, which includes developing new technologies and innovative new products. The recent launch of the Stratasys J750, which offers unmatched color and multi-material printing capabilities, is a great example of that commitment," continued Reis. "We are also excited about additional products we plan to launch in 2016. These products will support our long-term strategy to develop a comprehensive solutions-based business that targets new applications across key vertical markets. While our near-term visibility remains low, we believe our strategy and improved operating structure will position us for future success in our dynamic industry."

To view the original press release, please click here.

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