Stratasys Ltd. announced financial results for the second quarter of 2021.
Second Quarter 2021 Financial Results Summary Compared to Second Quarter 2020:
- Revenue of $147.0 million compared to $117.6 million.
- GAAP gross margin was 43.0%, compared to 37.2%.
- Non-GAAP gross margin was 47.5%, compared to 45.4%.
- GAAP operating loss was $22.7 million, compared to an operating loss of $29.3 million.
- Non-GAAP operating loss was $2.6 million, compared to an operating loss of $8.1 million.
- GAAP net loss was $20.2 million, or $0.31 per diluted share, compared to a net loss of $28.0 million, or $0.51 per diluted share.
- Non-GAAP net loss was $1.6 million, or $0.02 per diluted share, compared to a net loss of $7.4 million, or $0.13 per diluted share.
- Adjusted EBITDA was $3.5 million, compared to $(1.6) million.
- Cash provided by operations of $5.6 million, compared to cash use of $9.7 million.
Dr. Yoav Zeif, Stratasys’s Chief Executive Officer stated, “Our strong second quarter results were highlighted by a 25% year over year revenue improvement with growth from all regions and all business lines. Our focus on manufacturing gained further traction, we increased the monetization and ecosystem partnerships of our software business, and we expanded our medical and dental offerings, advancing our plans for further penetration in the healthcare industry.”
Dr. Zeif continued, “The transition of the 3D printing industry from prototyping to mass production is ongoing, and our commitment to being the first choice in polymer 3D printing positions us to be the main benefactor. We are investing across technology, software, materials, and talent to capture increased market share that we expect will yield significant returns and sustained profitability in the years to come.”
Financial Outlook: (TBD)
Based on current market conditions and assuming that the impact related to the pandemic does not impede the economic environment further, the Company is reiterating and updating its outlook as follows:
- Third quarter 2021 revenue of approximately 17% - 18% growth year-over-year. Fourth quarter revenue is expected to be sequentially higher than third quarter.
- Full year operating expenses expected to rise approximately $30 million compared to 2020, primarily due to the return of employees to a full-time schedule starting January 1, 2021, as well as operating costs as the markets gradually re-open.
- Full year capital expenditures anticipated to range from $24 million to $30 million.
- Longer term, the Company continues to expect significant leverage benefit from its investments as revenue growth should start to accelerate in 2022 and beyond.
Stratasys Ltd. Second Quarter 2021 Webcast and Conference Call Details
The Company plans to webcast its conference call to discuss its second quarter 2021 financial results on Thursday, August 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 six months at investors.stratasys.com, or by accessing the above-provided web address.
