Stratasys Reports Record Third Quarter Financial Results

“Our organic revenue growth in the third quarter was an impressive 35%, as demand for our industry-leading products and services remained very strong,” said David Reis, chief executive officer of Stratasys. “We believe this trend validates our leadership position, supports our strategic initiatives, and reflects favorably on the contributions made by our recent acquisitions. As MakerBot sales continue to impress, sales of our higher-margin products remained a key growth driver during the third quarter, which had a positive impact on margins during the period. Overall, we are very pleased with our third quarter results, as we continued to recognize strong demand across a wide range of products and applications.”

Recent Business Highlights:

  • Completed the acquisitions of Solid Concepts and Harvest Technologies, and began the integration process to create a leading strategic platform to meet customers’ additive manufacturing needs through an expanded technology and parts services business offering.
  • Announced and completed the acquisition of GrabCAD, a provider of cloud-based collaboration tools for designers and engineers to manage, share and view CAD files. The addition of GrabCAD is expected to drive improved communication and ease of use throughout the 3D printing process, enhancing accessibility to the company’s 3D printing solutions.
  • Observed broad-based product demand, with particularly strong sales of high-end FDM and PolyJet systems and materials, including strong shipments of the Objet1000.
  • Introduced multiple new systems and materials, including two new Fortus FDM systems as well as a significant expansion of our successful Connex line of multi- material 3D printers.
  • Recognized strong demand for MakerBot branded desktop 3D printers, and expanded the MakerBot sales channel through the inclusion of Home Depot and the creation of MakerBot Europe.
  • Announced a significant expansion of the program to place uPrint 3D printers in 100 UPS store locations across the U.S., following strong demand for their in-store 3D printing services.
  • Significantly expanded the manufacturing capacity of the company’s PolyJet product line through the opening of a new facility in Kiryat Gat, Israel.
  • Reached a significant milestone with over 100,000 cumulative systems shipped on a combined company basis.

“We are excited about the potential of our recent acquisitions, and have initiated the process of integrating Solid Concepts and Harvest Technologies together with RedEye into a unified parts services offering,” continued Reis. “In addition, we believe the recent acquisition of GrabCAD will ultimately position our company to provide improved design collaboration tools, and greatly enhance customer accessibility to our 3D printing products and services. We believe these transactions demonstrate our commitment to invest strategically and position the company for long-term growth.”

Financial Guidance:

Stratasys provided the following information regarding the company’s projected revenue and net income for the fiscal year ending December 31, 2014:

  • Revenue guidance remains at $750 – $770 million.
  • Reflecting the recent acquisition of GrabCAD, non-GAAP net income guidance was adjusted to $115 – $120 million, or $2.21 – $2.31 per diluted share; versus previous guidance of $117 – $122 million, or $2.25 – $2.35 per diluted share.
  • GAAP guidance was updated to a net loss of ($31.6) – ($24.4) million, or ($0.63) – ($0.49) per basic share.

Non-GAAP earnings guidance excludes $80.6 million to $81.1 million of projected amortization of intangible assets; $29.4 million to $29.9 million of share-based compensation expense; $14.6 million of impairment charges; $66.7 million to $68.7 million in non-recurring expenses related to acquisitions; and includes $46.9 million to $47.9 million in tax expenses related to Non-GAAP adjustments.

Appropriate reconciliations between GAAP and non-GAAP financial measures are provided in a table at the end of this press release. The table provides itemized detail of the non-GAAP financial measures.

Stratasys reiterated the following information regarding the company’s long-term operating model:

  • Annual organic revenue growth of at least 25%.
  • Non-GAAP operating income as a percent of sales of 18% to 23%.
  • Non-GAAP effective tax rate of 10% to 15%.
  • Non-GAAP net income as a percent of sales of 16% to 21%.

“We continue to observe strong market demand, and we are excited about our several new product launches. And finally, we have reiterated our growth forecasts and look forward to a strong finish to 2014,” concluded Reis.

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