Stratasys Ltd. announced financial results for the first quarter of 2017.
Q1-2017 Financial Results Summary:
Revenue for the first quarter of 2017 was $163.2 million, compared to $167.9 million for the same period last year with consumable revenue increasing by 7% for the same period.
- GAAP gross margin was 47.1% for the quarter, compared to a GAAP gross margin of 48.3% for the same period last year.
- Non-GAAP gross margin was 51.2% for the quarter, compared to 55.1% for the same period last year.
- GAAP operating loss for the quarter was $12.6 million, compared to a loss of $21.1 million for the same period last year.
- Non-GAAP operating income for the quarter was $4.0 million, unchanged compared to non-GAAP operating income for the same period last year.
- GAAP net loss for the quarter was $13.9 million, or ($0.26) per diluted share, compared to a loss of $23.1 million, or ($0.44) per diluted share, for the same period last year.
- Non-GAAP net income for the quarter was $2.4 million, or $0.05 per diluted share, compared to Non-GAAP net income of $0.6 million, or $0.01per diluted share, reported for the same period last year.
- The Company generated $25.4 million in cash from operations during the first quarter and ended the period with $297.2 million in cash and cash equivalents.
- Net R&D expenses for the quarter amounted to $24.6 million, representing 15.1% of net sales.
"We remain encouraged by our performance within our key vertical markets during the first quarter, driven by our initiatives to drive customer engagement," said Ilan Levin, Chief Executive Officer of Stratasys. "In addition, we believe that strong utilization of our installed base of systems was demonstrated by steady growth in consumables and customer support revenue during the period, while improved focus resulted in reductions in our operating expenses."
