Stratasys Ltd. 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.
To view an unabridged version of this press release, visit: http://investors.stratasys.com/releasedetail.cfm?ReleaseID=864895
