- 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. (Nasdaq: SSYS) (“Stratasys” or the “Company”), a
leader in polymer 3D printing solutions, today 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 10:00 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.
Stratasys is leading the global shift to additive
manufacturing with innovative 3D printing solutions for industries
such as aerospace, automotive, consumer products, healthcare,
fashion and education. Through smart and connected 3D printers,
polymer materials, a software ecosystem, and parts on demand,
Stratasys solutions deliver competitive advantages at every stage
in the product value chain. The world’s leading organizations turn
to Stratasys to transform product design, bring agility to
manufacturing and supply chains, and improve patient care.
To learn more about Stratasys, visit www.stratasys.com, the
Stratasys blog, X.com (formerly Twitter), LinkedIn, or Facebook.
Stratasys reserves the right to utilize any of the foregoing social
media platforms, including the Company’s websites, to share
material, non-public information pursuant to the SEC’s Regulation
FD. To the extent necessary and mandated by applicable law,
Stratasys will also include such information in its public
disclosure filings.
Stratasys is a registered trademark and the Stratasys signet is
a trademark of Stratasys Ltd. and/or its subsidiaries or
affiliates. All other trademarks are the property of their
respective owners.
Cautionary Statement Regarding Forward-Looking
Statements
The statements in this press release regarding Stratasys'
strategy, and the statements regarding its projected future
financial performance, including the financial guidance concerning
its expected results for 2023 and beyond, are forward-looking
statements reflecting management's current expectations and
beliefs. These forward-looking statements are based on current
information that is, by its nature, subject to rapid and even
abrupt change. Due to risks and uncertainties associated with
Stratasys' business, actual results could differ materially from
those projected or implied by these forward-looking statements.
These risks and uncertainties include, but are not limited to: the
degree of our success at introducing new or improved products and
solutions that gain market share; the degree of growth of the 3D
printing market generally; the impact of potential shifts in the
prices or margins of the products that we sell or services that we
provide, including due to a shift towards lower margin products or
services; the impact of competition and new technologies; the
outcome of our board’s comprehensive process to explore strategic
alternatives for our company; the degree to which our company’s
operations remain resistant to potential adverse effects of
Israel’s war against the terrorist organization Hamas; potential
further charges against earnings that we could be required to take
due to impairment of additional goodwill or other intangible
assets; the extent of our success at successfully consummating and
integrating into our existing business acquisitions or investments
in new businesses, technologies, products or services; the global
macro-economic environment, including headwinds caused by
inflation, high interest rates, unfavorable currency exchange rates
and potential recessionary conditions; potential changes in our
management and board of directors; global market, political and
economic conditions, and in the countries in which we operate in
particular; costs and potential liability relating to litigation
and regulatory proceedings; risks related to infringement of our
intellectual property rights by others or infringement of others'
intellectual property rights by us; the extent of our success at
maintaining our liquidity and financing our operations and capital
needs; the impact of tax regulations on our results of operations
and financial condition; and those additional factors referred to
in Item 3.D “Key Information - Risk Factors”, Item 4, “Information
on the Company”, Item 5, “Operating and Financial Review and
Prospects,” and all other parts of our Annual Report on Form 20-F
for the year ended December 31, 2022, which we filed with the U.S.
Securities and Exchange Commission, or SEC, on March 3, 2023 (the
“2022 Annual Report”). Readers are urged to carefully review and
consider the various disclosures made throughout our 2022 Annual
Report and the Report of Foreign Private Issuer on Form 6-K that
attaches Stratasys’ unaudited, condensed consolidated financial
statements and its review of its results of operations and
financial condition for the third quarter and first nine months of
2023, which will be furnished to the SEC on or about the date
hereof, and our other reports filed with or furnished to the SEC,
which are designed to advise interested parties of the risks and
factors that may affect our business, financial condition, results
of operations and prospects. Any guidance provided, and other
forward-looking statements made, in this press release are provided
or made (as applicable) as of the date hereof, and Stratasys
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
Use of Non-GAAP Financial Measures
The non-GAAP data included herein, which excludes certain items
as described below, are non-GAAP financial measures. Our management
believes that these non-GAAP financial measures are useful
information for investors and shareholders of our company in
gauging our results of operations (i) on an ongoing basis after
excluding mergers, acquisitions and divestments related expense or
gains and reorganization-related charges or gains, and legal
provisions and (ii) excluding non-cash items such as stock-based
compensation expenses, acquired intangible assets amortization,
including intangible assets amortization related to equity method
investments, impairment of long-lived assets and goodwill,
revaluation of our investments and the corresponding tax effect of
those items. These non-GAAP adjustments either do not reflect
actual cash outlays that impact our liquidity and our financial
condition or have a non-recurring impact on the statement of
operations, as assessed by management. These non-GAAP financial
measures are presented to permit investors to more fully understand
how management assesses our performance for internal planning and
forecasting purposes. The limitations of using these non-GAAP
financial measures as performance measures are that they provide a
view of our results of operations without including all items
indicated above during a period, which may not provide a comparable
view of our performance to other companies in our industry.
Investors and other readers should consider non-GAAP measures only
as supplements to, not as substitutes for or as superior measures
to, the measures of financial performance prepared in accordance
with GAAP. Reconciliation between results on a GAAP and non-GAAP
basis is provided in a table below.
Stratasys Ltd. Consolidated Balance Sheets
(Unaudited) (in thousands, except share data)
September
30, December 31,
2023
2022
ASSETS Current assets Cash and
cash equivalents $
104,563
$
150,470
Short-term deposits
80,000
177,367
Accounts receivable, net of allowance for credit losses of $1.4
million and $0.9 million
as of September 30, 2023 and December 31, 2022, respectively
164,075
144,739
Inventories
197,420
194,054
Prepaid expenses
9,732
5,767
Other current assets
27,534
27,823
Total current assets
583,324
700,220
Non-current assets
Property, plant and equipment, net
198,272
195,063
Goodwill
90,187
64,953
Other intangible assets, net
141,201
121,402
Operating lease right-of-use assets
19,533
18,122
Long-term investments
129,738
141,610
Other non-current assets
19,510
18,420
Total non-current assets
598,441
559,570
Total assets $
1,181,765
$
1,259,790
LIABILITIES AND EQUITY
Current liabilities
Accounts payable $
60,845
$
72,921
Accrued expenses and other current liabilities
49,817
45,912
Accrued compensation and related benefits
31,502
34,432
Deferred revenues - short term
51,751
50,220
Operating lease liabilities - short term
6,511
7,169
Total current liabilities
200,426
210,654
Non-current liabilities
Deferred revenues - long term
28,559
25,214
Deferred income taxes - long term
6,889
5,638
Operating lease liabilities - long term
12,692
10,670
Contingent consideration
25,884
23,707
Other non-current liabilities
24,172
24,475
Total non-current liabilities
98,196
89,704
Total liabilities
298,622
300,358
Equity
Ordinary shares, NIS 0.01 nominal value, authorized 180,000
thousands
shares; 69,165 shares and 67,086 shares issued and
outstanding at September 30, 2023 and December 31, 2022,
respectively
194
187
Additional paid-in capital
3,080,877
3,048,915
Accumulated other comprehensive loss
(12,958
)
(12,818
)
Accumulated deficit
(2,184,970
)
(2,076,852
)
Total equity
883,143
959,432
Total liabilities and equity $
1,181,765
$
1,259,790
Stratasys Ltd.
Consolidated Statements of
Operations
(in thousands, except per share data)
Three Months Ended September
30, Nine Months Ended September 30,
2023
2022
2023
2022
(unaudited)
(unaudited) (unaudited)
(unaudited) Net sales
Products
$
113,270
$
112,133
$
323,353
$
340,927
Services
48,863
50,059
147,908
151,297
162,133
162,192
471,261
492,224
Cost of
sales
Products
59,546
55,916
168,235
176,421
Services
36,938
35,527
105,760
107,984
96,484
91,443
273,995
284,405
Gross
profit
65,649
70,749
197,266
207,819
Operating expenses
Research and development, net
23,567
23,145
69,347
71,489
Selling, general and administrative
84,880
63,230
221,173
195,085
108,447
86,375
290,520
266,574
Operating loss
(42,798
)
(15,626
)
(93,254
)
(58,755
)
Gain from deconsolidation of subsidiary
-
39,136
-
39,136
Financial income (expenses), net
687
452
2,147
(2,080
)
Income
(loss) before income taxes
(42,111
)
23,962
(91,107
)
(21,699
)
Income tax expenses
(645
)
(3,298
)
(5,145
)
(2,796
)
Share in losses of associated companies
(4,523
)
(1,915
)
(11,866
)
(2,089
)
Net income (loss)
$
(47,279
)
$
18,749
$
(108,118
)
$
(26,584
)
Net
income (loss) per share
Basic
$
(0.68
)
$
0.28
$
(1.58
)
$
(0.40
)
Diluted
$
(0.68
)
$
0.28
$
(1.58
)
$
(0.40
)
Weighted
average ordinary shares outstanding
Basic
69,093
66,772
68,432
66,356
Diluted
69,093
67,038
68,432
66,356
Three
Months Ended September 30,
2023
Non-GAAP
2023
2022
Non-GAAP
2022
GAAP Adjustments Non-GAAP GAAP
Adjustments Non-GAAP U.S. dollars and shares in
thousands (except per share amounts) Gross profit (1)
$
65,649
$
12,617
$
78,266
$
70,749
$
7,990
$
78,739
Operating income (loss) (1,2)
(42,798
)
46,885
$
4,087
(15,626
)
20,149
4,523
Net income (loss) (1,2,3)
(47,279
)
49,725
$
2,446
18,749
(15,423
)
3,326
Net income (loss) per diluted share (4)
$
(0.68
)
$
0.72
$
0.04
$
0.28
$
(0.23
)
$
0.05
(1)
Acquired intangible assets amortization expense
5,142
6,941
Non-cash stock-based compensation expense
891
1,061
Restructuring and other related costs
6,584
(12
)
12,617
7,990
(2)
Acquired intangible assets amortization expense
2,599
2,138
Non-cash stock-based compensation expense
6,588
6,330
Restructuring and other related costs
2,360
1,309
Revaluation of investments
4,300
901
Contingent consideration
265
394
Legal, consulting and other expenses
18,156
1,087
34,269
12,159
46,885
20,149
(3)
Corresponding tax effect
153
2,993
Finance expenses
162
-
Equity method related amortization and other
2,525
571
Gain from deconsolidation of Subsidiary
(39,136
)
$
49,725
$
(15,423
)
(4)
Weighted average number of ordinaryshares outstanding- Diluted
69,093
69,815
67,038
67,038
Nine Months Ended September 30,
2023
Non-GAAP
2023
2022
Non-GAAP
2022
GAAP Adjustments Non-GAAP GAAP
Adjustments Non-GAAP U.S. dollars and shares in
thousands (except per share amounts) Gross profit (1)
$
197,266
$
29,199
$
226,465
$
207,819
$
27,593
$
235,412
Operating income (loss) (1,2)
(93,254
)
103,866
$
10,612
(58,755
)
67,235
$
8,480
Net income (loss) (1,2,3)
(108,118
)
114,179
$
6,061
(26,584
)
32,295
$
5,711
Net income (loss) per diluted share (4)
$
(1.58
)
$
1.67
$
0.09
$
(0.40
)
$
0.49
$
0.09
(1)
Acquired intangible assets amortization expense
14,157
20,861
Non-cash stock-based compensation expense
2,822
3,041
Restructuring and other related costs
12,220
3,691
29,199
27,593
(2)
Acquired intangible assets amortization expense
7,479
6,581
Non-cash stock-based compensation expense
20,920
21,714
Restructuring and other related costs
6,626
1,864
Revaluation of investments
4,880
3,217
Contingent consideration
877
1,197
Legal, consulting and other expenses
33,885
5,069
74,667
39,642
103,866
67,235
(3)
Corresponding tax effect
3,404
3,219
Finance expenses
1,827
571
Equity method related amortization and other
5,081
406
Gain from deconsolidation of Subsidiary
-
(39,136
)
$
114,179
$
32,295
(4)
Weighted average number of ordinaryshares outstanding- Diluted
68,432
69,046
66,356
67,007
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231116140798/en/
Yonah Lloyd CCO & VP Investor Relations
Yonah.Lloyd@stratasys.com
Stratasys (NASDAQ:SSYS)
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