Stratasys Ltd. (“Stratasys” or the “Company”), a leader in polymer 3D printing solutions, announced financial results for the first quarter 2024.
First Quarter 2024 Financial Results Compared to First Quarter 2023:
- Revenue of $144.1 million compared to $149.4 million.
- GAAP gross margin of 44.4%, compared to 43.8%.
- Non-GAAP gross margin of 48.6%, compared to 47.3%.
- GAAP operating loss of $24.5 million, compared to an operating loss of $16.8 million.
- Non-GAAP operating loss of $1.2 million, compared to non-GAAP operating income of $1.5 million.
- GAAP net loss of $26.0 million, or $0.37 per diluted share, compared to a net loss of $22.2 million, or $0.33 per diluted share.
- Non-GAAP net loss of $1.7 million, or $0.02 per diluted share, compared to non-GAAP net income of $1.1 million, or $0.02 per diluted share.
- Adjusted EBITDA of $4.1 million, compared to $7.0 million.
- Cash generated by operating activities of $7.3 million, compared to cash used by operating activities of $17.9 million in the year-ago quarter.
Dr. Yoav Zeif, Stratasys’ Chief Executive Officer, stated, “We delivered solid first quarter operating and financial results that included record consumables revenues, improved gross margins and positive operating and free cash flow, despite the ongoing challenges posed by our customers’ capital spending constraints. We continue to see increased traction for our newest technology, the F3300 FDM system, as leading companies such as Nissan, BAE Systems and Sikorsky have joined Toyota as early customers that will benefit with faster, lower-cost manufacturing of end-use parts.”
Dr. Zeif continued, “Our healthy balance sheet, and financial and operating discipline, provide stability to weather the current environment. And when the macro environment eases and capital spending returns to normal levels, our differentiated portfolio and leading go-to-market strength position us to meaningfully accelerate profitable growth, driving long-term shareholder returns.”
2024 Financial Outlook:
Based on current market conditions and assuming that the impacts of global inflationary pressures, relatively high interest rates and supply chain costs do not impede economic activity further, the Company is reiterating its outlook for 2024 as follows:
- Full-year revenue of $630 million to $645 million.
- Compare to 2023 revenue of approximately $616 million excluding divestments and annualizing Covestro.
- Full-year non-GAAP gross margins of 49.0% to 49.5%, improving sequentially throughout the year.
- Full-year operating expenses in the range of $292 million to $297 million.
- Full-year non-GAAP operating margins in a range of 2.5% to 3.5%.
- GAAP net loss of $88 million to $72 million, or ($1.24) to ($1.01) per diluted share.
- Includes one-time extraordinary costs associated with Stratasys’ strategic alternatives process.
- Non-GAAP net income of $9 million to $14 million, or $0.12 to $0.19 per diluted share.
- Adjusted EBITDA of $40 million to $45 million.
- Capital expenditures of $20 million to $25 million.
- Positive cash flow from operating activities.
Non-GAAP earnings guidance excludes $29 million to $31 million of share-based compensation expense, $26 million to $28 million of projected amortization of intangible assets, and reorganization and other expenses of $29 million to $35 million. 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. First Quarter 2024 Webcast and Conference Call Details
The Company plans to webcast its conference call to discuss its first quarter 2024 financial results on Wednesday, May 29, 2024, at 5:00 p.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=H13Rjkjs
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.
