First sentence under "Stratasys Ltd. Third Quarter 2023 Webcast and Conference Call Details" should read: The Company plans to webcast its conference call to discuss its third quarter 2023 financial results on Thursday, November 16, 2023, at 8:30 a.m. (ET).
The updated release reads:
STRATASYS RELEASES THIRD QUARTER 2023 FINANCIAL RESULTS
- Revenue of $162.1 million, essentially flat with third quarter 2022, up 3.3% at constant currency excluding MakerBot and Stratasys Direct divestments
- Record-level recurring revenue for consumables reflects strong printer utilization
- GAAP net loss of $47.3 million, or $0.68 per diluted share, and non-GAAP net income of $2.4 million, or $0.04 per diluted share
- Ninth straight quarter of adjusted profitability
- Updating 2023 outlook
Stratasys Ltd. (“Stratasys” or the “Company”), a leader in polymer 3D printing solutions, announced financial results for the third quarter 2023.
Third Quarter 2023 Financial Results Compared to Third Quarter 2022:
- Revenue of $162.1 million compared to $162.2 million.
- GAAP gross margin of 40.5%, compared to 43.6%.
- Non-GAAP gross margin of 48.3%, compared to 48.5%.
- GAAP operating loss of $42.8 million, which includes $17.3 million of costs related to merger and acquisition activities, defense against hostile tender offer, proxy contest and related professional fees, compared to an operating loss of $15.6 million.
- Non-GAAP operating income of $4.1 million, compared to $4.5 million.
- GAAP net loss of $47.3 million, or $0.68 per diluted share, compared to net income of $18.7 million, or $0.28 per diluted share, which net income in Q3 2022 included a one-time $39.1M gain from the MakerBot deconsolidation.
- Non-GAAP net income of $2.4 million, or $0.04 per diluted share, compared to $3.3 million, or $0.05 per diluted share.
- Adjusted EBITDA of $9.8 million, compared to $9.9 million.
- Cash used in operations of $12.7 million, compared to $18.4 million in the year-ago quarter, due to the costs related to mergers and acquisitions activities, defense against a hostile tender offer, a proxy contest and related professional fees. Excluding these one-time payments, operating cash flow for the third quarter of 2023 would have been positive.
Dr. Yoav Zeif, Stratasys’ Chief Executive Officer stated, “During the third quarter, Stratasys delivered solid operating and financial results, highlighted by record recurring revenues from consumables, reflecting solid printer utilization. Our relentless focus on execution allowed us to deliver comparable results to the year-ago quarter for revenues, non-GAAP margins and adjusted EBITDA, as well as our ninth consecutive quarter of positive adjusted earnings per share.”
Dr. Zeif continued, “We want to acknowledge the tremendous support we have received from partners, customers, investors and our industry since the tragic events in Israel. We especially want to thank our employees who have performed in an exemplary fashion during these challenging times. Our operations have been fully functional, allowing us to continue delivering industry-leading results. We have streamlined and focused our business, while simultaneously rolling out new and exciting innovations that will expand our leadership position across systems, materials, software and customer service. Our recently introduced F3300 is the latest step in that continued evolution to unlock manufacturing benefits for our customers. Our maturity as a company, financial discipline and resilient business model position us well to deliver exceptional value for many years to come.”
2023 Financial Outlook:
Based on the divestitures in Stratasys Direct, as well as macroeconomic uncertainty in its end markets, the Company is updating its revenue guidance and its outlook for the remainder of 2023 as follows:
- Full year revenue of $620 million to $630 million.
- Full year non-GAAP gross margins of 48.0% to 49.0%.
- Full year non-GAAP operating expenses in a range of $288 million to $290 million.
- Full year non-GAAP operating margins in a range of 2.0% to 2.5%.
- GAAP net loss of $117 million to $104 million, or ($1.70) to ($1.51) per diluted share.
- Includes one-time extraordinary costs associated with defense of tender offer and proxy contest, and merger-related activities.
- Non-GAAP net income of $6 million to $9 million, or $0.10 to $0.14 per diluted share.
- Adjusted EBITDA of $35 million to $38 million.
- Capital expenditures of $15 million to $20 million.
2023 non-GAAP earnings guidance excludes $112 million to $121 million of expenses attributable to projected amortization of intangible assets, share-based compensation expense, and reorganization and other expenses (including the one-time extraordinary costs referenced above). 2023 non-GAAP guidance includes tax adjustments of $2 million to $3 million on the above non-GAAP items.
Appropriate reconciliations between GAAP and non-GAAP financial measures are provided in a table at the end of our press release and slide presentation, with itemized detail concerning the non-GAAP financial measures.
Stratasys Ltd. Third Quarter 2023 Webcast and Conference Call Details
The Company plans to webcast its conference call to discuss its third quarter 2023 financial results on Thursday, November 16, 2023, 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, or directly at the following web address:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=bSk6aoYV
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.
