Stratasys Ltd. announced financial results for the first quarter of 2021.
First Quarter 2021 Financial Results Summary Compared to First Quarter 2020:
- Revenue of $134.2 million compared to $132.9 million.
- GAAP gross margin was 41.4%, compared to 45.0%.
- Non-GAAP gross margin was 46.7%, compared to 48.4%.
- GAAP operating loss was $18.4 million, compared to an operating loss of $19.9 million.
- Non-GAAP operating loss was $2.6 million, compared to an operating loss of $8.4 million.
- GAAP net loss was $18.9 million, or $0.32 per diluted share, compared to a net loss of $21.7 million, or $0.40 per diluted share.
- Non-GAAP net loss was $3.8 million, or $0.06 per diluted share, compared to a net loss of $10.6 million, or $0.19 per diluted share.
- Adjusted EBITDA was $3.5 million, compared to $(2.1) million.
- Cash from operations of $22.8 million, compared to $11.3 million.
“I am pleased with our performance in the first quarter that drove 41% growth in system revenues. Thanks to our team’s dedication and successful execution, Stratasys delivered solid results and is well-positioned at the forefront of our industry, as end markets continue to recover and 3D printing industry growth accelerates,” stated Dr. Yoav Zeif, Chief Executive Officer of Stratasys.
Dr. Zeif continued, “3D printing is migrating from being primarily a prototyping tool to providing full-scale, digital manufacturing platforms at mass production levels. With our focused business model, we continue to make progress on our strategy to grow our manufacturing applications, which will solidify our position as the first choice in polymer 3D printing. We recently hosted an unprecedented online event for over 4,500 customers, resellers and partners, where we introduced three next-generation manufacturing systems that address a large portion of the multibillion-dollar market opportunity in additive manufacturing of end-use parts and will play an integral role in positioning the business for future growth. Looking to the rest of 2021, we will continue to prioritize strategic investments that we expect to yield significant returns and sustained profitability in the years to come. With a fortress balance sheet and multiple growth opportunities in front of us, we are poised to build incremental value for our shareholders,” concluded Dr. Zeif.
Financial Outlook:
The Company is reiterating and updating its outlook as follows:
- Second quarter 2021 revenue of mid-teens percentage growth year-over-year.
- Full year operating expenses expected to rise approximately $25 million to $30 million compared to 2020, likely closer to the high end of the range, primarily due to the return of employees to a full-time schedule starting January 1, 2021, as well as the impact of recent acquisitions.
- Full year capital expenditures anticipated range from $24 million to $30 million.
- Longer term, the Company continues to expect significant leverage benefit from its investments as revenue growth should accelerate in 2022 and beyond.
Stratasys Ltd. First Quarter 2021 Webcast and Conference Call Details
The Company plans to webcast its conference call to discuss its first quarter 2021 financial results on Wednesday, May 5, 2021 at 8:30 a.m. (ET).
The investor conference call will be available via live webcast on the Stratasys Web site at investors.stratasys.com.
To participate by telephone, the U.S. toll-free number is 877-407-0619 and the international dial-in is +1-412-902-1012. Investors are advised to dial into the call at least ten minutes prior to the call to register. The webcast will be available for 6 months at investors.stratasys.com, or by accessing the above-provided web address.
