UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 6-K
 
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
 
For the month of August 2024
 
Commission File Number 001-35751
 
STRATASYS LTD.
(Translation of registrant’s name into English)
 
c/o Stratasys, Inc.
7665 Commerce Way
Eden Prairie, Minnesota 55344		 1 Holtzman Street, Science Park
P.O. Box 2496
Rehovot, Israel 76124
   
(Addresses of principal executive offices)
 
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
 
Form 20-F ☒      Form 40-F ☐
 
 
 
 
 
 



CONTENTS
 
Quarterly Results of Operations
 
On August 29, 2024, Stratasys Ltd. (“Stratasys”, “we” or “us”) announced our financial results for the second quarter ended June 30, 2024.  A copy of our press release announcing our results is furnished as Exhibit 99.1 to this Report of Foreign Private Issuer on Form 6-K (this “Form 6-K”) and is incorporated herein by reference.
 
In conjunction with the conference call being held on August 29, 2024 to discuss our results, we are furnishing a copy of the slide presentation that provides supplemental information regarding our business and our financial results, and which will be referenced on that conference call. We have attached that presentation as Exhibit 99.2 to this Form 6-K, which exhibit is incorporated herein by reference.
 
The information in this Form 6-K, including Exhibits 99.1 and 99.2, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
 

Exhibits
 
The following exhibits are furnished as part of this Form 6-K:
 
 
 



SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 STRATASYS LTD.
  
Dated: August 29, 2024
By:/s/ Eitan Zamir
 Name: Eitan Zamir
 Title:Chief Financial Officer
 

Exhibit 99.1
ssyslogo.gif


Stratasys Releases Second Quarter 2024 Financial Results
•Revenue of $138.0 million, compared to $159.8 million ($154.6 million net of divestments) in second quarter 2023, related to ongoing impact of current macroeconomic environment on customer capital equipment purchasing
•Year-over-year growth in recurring consumables revenue of 6.3% reflects continued strong printer utilization
•Improved GAAP gross margin by 230bps and non-GAAP gross margin by 50bps compared to second quarter 2023.
•GAAP net loss of $25.7 million, or $0.36 per diluted share, and non-GAAP net loss of $3.0 million, or $0.04 per diluted share
•$2.4 million in cash used in operations and negative free cash flow of $5.4 million
•Completes strategic review process and announces focused restructuring actions, which are expected to deliver incremental annualized savings of ~$40 million and annualized EBITDA margin of 8% at current revenue levels
•Updates 2024 outlook
MINNEAPOLIS & REHOVOT, Israel - (BUSINESS WIRE) - August 29, 2024 - Stratasys Ltd. (Nasdaq: SSYS) (“Stratasys” or the “Company”), a leader in polymer 3D printing solutions, today announced financial results for the second quarter 2024.
Second Quarter 2024 Financial Results Compared to Second Quarter 2023:
•Revenue of $138.0 million, compared to $159.8 million ($154.6 million net of divestments).
•GAAP gross margin of 43.8%, compared to 41.5%.
•Non-GAAP gross margin of 49.0%, compared to 48.5%.
•GAAP operating loss of $26.0 million, compared to an operating loss of $33.7 million.
•Non-GAAP operating loss of $3.2 million, compared to non-GAAP operating income of $5.0 million.
•GAAP net loss of $25.7 million, or $0.36 per diluted share, compared to a net loss of $38.6 million, or $0.56 per diluted share.
•Non-GAAP net loss of $3.0 million, or $0.04 per diluted share, compared to non-GAAP net income of $2.5 million, or $0.04 per diluted share.
•Adjusted EBITDA of $2.3 million, compared to $10.6 million.
•Cash used in operating activities of $2.4 million, compared to $23.2 million.
Business Update:
Following a comprehensive strategic review, Stratasys is taking focused restructuring actions to further strengthen its industry leading balance sheet and robust business model to more effectively weather all market cycles. The initiatives are expected to support ongoing focused innovation investments and facilitate wider adoption of additive manufacturing.
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Effective immediately, the Company will streamline operations and enhance its go to market strategy to focus on the highest growth potential products, materials and software solutions. By the end of this year, the Company will have rightsized its workforce by approximately 15%. These steps are expected to produce approximately $40 million in annual cost savings beginning in the first quarter of 2025, along with annualized EBITDA margins of 8% at current revenue levels. Furthermore, in addition to sustainable profitability, the Company will remain well-positioned to act upon opportunities that may arise.
Dr. Yoav Zeif, Stratasys’ Chief Executive Officer, stated, “For the Company to maintain its industry leadership, we continuously evaluate and assess our business model to ensure we are optimally aligned with evolving market conditions. We are confident that our efforts will enable our customers to more effectively address their biggest manufacturing challenges, which should lead to increased adoption of our additive technologies. This realignment is critical to ensure that we can achieve our objectives to deliver sustained profitability and cash flow, while remaining ready to capture opportunities when the spending cycle improves, positioning Stratasys to deliver outsized shareholder value.”
Dr. Zeif continued, “During the quarter we achieved strong consumables sales, and strengthened our market position with the addition of leading products, including the H350 version 1.5 printer, the J5 Digital Anatomy printer, and many exciting new software offerings. We understand the importance of a disciplined approach to balancing investment in innovation with staying focused on delivering the most impactful additive manufacturing applications to our customers and value to shareholders.”
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 updating its outlook for the full year 2024 as follows:
•Revenue of $570 million to $580 million.
◦Third quarter revenue slightly higher than second quarter revenue.
•Non-GAAP gross margin of 48.7% to 49.0%.
•Operating expenses of $276 million to $278 million.
•Non-GAAP operating margin of 0.5% to 1.0%.
•GAAP net loss of $106 million to $91 million, or ($1.50) to ($1.29) per diluted share.
◦Includes one-time extraordinary costs associated with Stratasys’ strategic alternatives process.
•Non-GAAP net income of $1 million to $4 million, or $0.01 to $0.05 per diluted share.
•Adjusted EBITDA of $24 million to $27 million.
•Capital expenditures of $20 million to $25 million.
Non-GAAP earnings guidance excludes $30 million to $32 million of share-based compensation expense, $25 million to $27 million of projected amortization of intangible assets, and reorganization and other expenses of $39 million to $45 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.
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Stratasys Ltd. Second Quarter 2024 Webcast and Conference Call Details
The Company plans to webcast its conference call to discuss its second quarter 2024 financial results on Thursday, August 29, 2024, at 8:30 a.m. (ET).
The investor conference call will be available via live webcast on the Stratasys website at investors.stratasys.com, or directly at the following web address:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=2xc8Kb5W
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 2024 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; 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 relatively high interest rates, unfavorable currency exchange rates and other growth-inhibiting 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
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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, 2023, which we filed with the U.S. Securities and Exchange Commission, or SEC, on March 11, 2024 (the “2023 Annual Report”). Readers are urged to carefully review and consider the various disclosures made throughout our 2023 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 quarterly and six-month periods ended June 30, 2024, which will be furnished to the SEC on or about August 29, 2024, 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, divestments and strategic process-related expense or gains and reorganization-related charges or gains, and legal provisions and (ii) excluding non-cash items such as share-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 view of our performance that is comparable to those of 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.
Yonah Lloyd
CCO & VP Investor Relations
Yonah.Lloyd@stratasys.com
Source: Stratasys Ltd.





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Stratasys Ltd.
Consolidated Balance Sheets
(in thousands, except share data)
June 30,December 31,
20242023
ASSETS
Current assets
Cash and cash equivalents$70,858 $82,585 
Short-term bank deposits80,000 80,000 
Accounts receivable, net of allowance for credit losses of $1,424 and $1,449 as of June 30, 2024 and December 31, 2023, respectively150,483 172,009 
Inventories196,505 192,976 
Prepaid expenses 8,570 7,929 
Other current assets17,575 24,596 
Total current assets523,991 560,095 
Non-current assets
Property, plant and equipment, net187,189 197,552 
Goodwill99,174 100,051 
Other intangible assets, net116,461 127,781 
Operating lease right-of-use assets17,928 18,895 
Long-term investments121,755 115,083 
Other non-current assets15,409 14,448 
Total non-current assets557,916 573,810 
Total assets$1,081,907 $1,133,905 
LIABILITIES AND EQUITY
Current liabilities
Accounts payable $49,495 $46,785 
Accrued expenses and other current liabilities31,627 36,656 
Accrued compensation and related benefits 26,666 33,877 
Deferred revenues - short-term50,914 52,610 
Operating lease liabilities - short-term5,966 6,498 
Total current liabilities164,668 176,426 
Non-current liabilities
Deferred revenues - long-term18,880 23,655 
Deferred income taxes558 723 
Operating lease liabilities - long-term11,780 12,162 
Contingent consideration11,851 11,900 
Other non-current liabilities23,699 24,200 
Total non-current liabilities66,768 72,640 
Total liabilities231,436 249,066 
Equity
Ordinary shares, NIS 0.01 nominal value, authorized 180,000 shares; 71,132 shares and 69,656 shares issued 'and outstanding at June 30, 2024 and December 31, 2023, respectively199195
Additional paid-in capital3,111,057 3,091,649 
Accumulated other comprehensive loss(9,133)(7,079)
Accumulated deficit(2,251,652)(2,199,926)
Total Equity850,471 884,839 
Total liabilities and equity$1,081,907 $1,133,905 


Stratasys Ltd.
Consolidated Statements of Operations
(in thousands, except per share data)
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
unauditedunauditedunauditedunaudited
Revenues
   Products$93,594 $109,112 $192,790 $210,083 
   Services44,447 50,639 89,301 99,045 
138,041 159,751 282,091 309,128 
Cost of revenues
   Products46,756 57,576 96,513 108,689 
   Services30,785 35,953 61,181 68,822 
77,541 93,529 157,694 177,511 
Gross profit60,500 66,222 124,397 131,617 
Operating expenses
Research and development, net25,680 24,305 49,657 45,780 
Selling, general and administrative60,863 75,576 125,236 136,293 
86,543 99,881 174,893 182,073 
Operating loss(26,043)(33,659)(50,496)(50,456)
Financial income (expense), net(726)687 491 1,460 
Loss before income taxes(26,769)(32,972)(50,005)(48,996)
Income tax expense762 725 1,478 4,500 
Share in profits (losses) of associated companies1,788 (4,918)(243)(7,343)
Net loss$(25,743)$(38,615)$(51,726)$(60,839)
Net loss per share
        Basic$(0.36)$(0.56)$(0.74)$(0.89)
        Diluted$(0.36)$(0.56)$(0.74)$(0.89)
Weighted average ordinary shares outstanding
        Basic70,746 68,648 70,367 68,107 
        Diluted70,746 68,648 70,367 68,107 


Three Months Ended June 30,
2024Non-GAAP20242023Non-GAAP2023
GAAPAdjustmentsNon-GAAPGAAPAdjustmentsNon-GAAP
U.S. dollars and shares in thousands (except per share amounts)
Gross profit (1)$60,500 $7,175 $67,675 $66,222 $11,283 $77,505 
Operating income (loss) (1,2)(26,043)22,845 (3,198)(33,659)38,666 5,007 
Net income (loss) (1,2,3)(25,743)22,774 (2,969)(38,615)41,148 2,533 
Net income (loss) per diluted share (4)$(0.36)$0.32 $(0.04)$(0.56)$0.60 $0.04 
(1)Acquired intangible assets amortization expense 4,489 5,014 
Non-cash stock-based compensation expense 1,010 999 
Restructuring and other related costs 1,676 3,378 
Impairment charges and write off— 1,892 
7,175 11,283 
(2)Acquired intangible assets amortization expense 1,111 2,686 
Non-cash stock-based compensation expense 6,335 7,024 
Restructuring and other related costs 3,639 2,468 
Contingent consideration523 347 
Legal and other expenses 4,062 14,858 
15,670 27,383 
22,845 38,666 
(3)Corresponding tax effect204 213 
Equity method related expenses(1,593)2,094 
    Finance expenses1,318 175 
$22,774 $41,148 
(4) Weighted average number of ordinary
      shares outstanding - Diluted		70,74670,74668,648 69,272 


Six Months Ended June 30,
2024Non-GAAP20242023Non-GAAP2023
GAAPAdjustmentsNon-GAAPGAAPAdjustmentsNon-GAAP
U.S. dollars and shares in thousands (except per share amounts)
Gross profit (1)$124,397 $13,314 $137,711 $131,617 $16,582 $148,199 
Operating income (loss) (1,2)(50,496)46,099 (4,397)(50,456)56,981 6,525 
Net income (loss) (1,2,3)(51,726)47,073 (4,653)(60,839)64,454 3,615 
Net income (loss) per diluted share (4)$(0.74)$0.67 $(0.07)$(0.89)$0.95 $0.05 
(1)Acquired intangible assets amortization expense 9,573 9,015 
Non-cash stock-based compensation expense 1,962 1,931 
Restructuring and other related costs 1,779 3,744 
Impairment charges and write off— 1,892 
13,314 16,582 
(2)Acquired intangible assets amortization expense 3,570 4,880 
Non-cash stock-based compensation expense 14,032 14,332 
Restructuring and other related costs 4,559 4,266 
Revaluation of investments1,900 580 
Contingent consideration1,034 612 
Legal and other expenses 7,690 15,729 
32,785 40,399 
46,099 56,981 
(3)Corresponding tax effect438 3,251 
Equity method related expenses(629)3,584 
Finance expenses1,165 638 
$47,073 $64,454 
(4)Weighted average number of ordinary
shares outstanding - Diluted		70,367 70,367 68,107 68,683 


Stratasys Ltd.
Reconciliation of GAAP to Non-GAAP Forward Looking Guidance
Fiscal Year 2024
(in millions, except per share data)
GAAP net loss($106) to ($91)
Adjustments
Stock-based compensation expense$30 to $32
Intangible assets amortization expense$25 to $27
Reorganization and other$39 to $45
Tax expense (benefit) related to Non-GAAP adjustments$2 to $3
Non-GAAP net income$1 to $4
GAAP loss per share($1.50) to ($1.29)
Non-GAAP diluted earnings per share$0.01 to $0.05

Make additive work for you Q2 2024 Results Speakers Dr. Yoav Zeif, CEO Eitan Zamir, CFO Yonah Lloyd, CCO & VP IR August 29, 2024

 
Conference Call and Webcast Details US Toll-Free Dial-In 1-877-407-0619 International Dial-In +1-412-902-1012 Live Webcast and Replay https://event.choruscall.com/mediaframe/ webcast.html?webcastid=2xc8Kb5W Make additive work for you

 
Forward-Looking Statements Cautionary Statement Regarding Forward- Looking Statements The statements in this slide presentation regarding Stratasys' strategy, and the statements regarding its projected future financial performance, including the financial guidance concerning its expected results for 2024, 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 extent of growth of the 3D printing market generally; global macro-economic trends that have been adversely affecting, and may continue to adversely affect, our results, including higher interest rates that reduce capital expenditures; 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; potential further charges against earnings that we could be required to take due to impairment of additional goodwill or other intangible assets that we have recently acquired or may acquire in the future; the extent of our success at successfully integrating into our existing business, or making additional, acquisitions or investments in new businesses, technologies, products or services; potential adverse impact that recent global interruptions involving freight carriers and other third parties may have on our supply chain and distribution network; potential changes in our management and board of directors; global market, political and economic conditions, in the countries in which we operate in particular (including risks stemming from Russia’s invasion of Ukraine); the degree of impact of Israel’s war against the terrorist organizations Hamas and Hezbollah, given our Israeli headquarters, factories and significant operations; 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; potential cyber attacks against, or other breaches to, our information technologies systems; 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, 2023, filed with the SEC on March 11, 2024 (the “2023 Annual Report”). Readers are urged to carefully review and consider the various disclosures made throughout our 2023 Annual Report and the Report of Foreign Private Issuer on Form 6-K that will attach Stratasys’ unaudited, condensed consolidated financial statements and its review of its results of operations and financial condition for the quarter and six months ended June 30, 2024, which Stratasys will furnish to the SEC on or about August 29, 2024, 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 slide presentation are made 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. Make additive work for you

 
Use of Non-GAAP Financial Information 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, divestments and strategic process-related expense or gains and reorganization-related charges or gains, 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. The items eliminated via 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 later in this slide presentation. Make additive work for you

 
CEO Dr. Yoav Zeif ▪ Improved Gross Margins and maintained healthy balance sheet despite softness in hardware sales ▪ Resilient business model through macro challenges of reduced capital equipment spending ▪ Consumables growth reflects strong utilization of our systems and demonstrates the power of this recurring revenue stream ▪ Consumables utilization primarily from FDM, validating the shift from prototyping to manufacturing as we expand our offering with exciting new technologies ▪ Focus innovation on the strongest adoption opportunities, prudently investing while streamlining and focusing on key end markets, positioning the next phase of growth for our company Make additive work for you

 
Partnership with aviation manufacturing pioneer AM Craft, to enhance EASA- certified aircraft part production through additive manufacturing, addressing aviation's supply and cost challenges. During and subsequent to the second quarter, we achieved a number of milestones and new product introductions Introduced H350 v1.5 with new SAF High-Def printing and SAF Polypropylene material, enhancing manufacturing applications with superior quality and lower costs. Launched J5 Digital Anatomy 3D printer to meet the demand for high-fidelity anatomical models, improving surgical planning and accelerating medical product development. Initiated a 12-month clinical study with Ricoh USA to assess 3D printed models in orthopedic oncology, aiming to improve surgical outcomes. Make additive work for you Q2 Achievements

 
GrabCAD Print Pro and GrabCAD Streamline Pro are key software tools for print prep and operations, now supporting FDM, SAF and PolyJet. Strong demand and numerous multi-year licenses sold. GrabCAD Streamline Pro supports scaling 3D printing for FDM and PolyJet customers in prototypes, tooling, and end-use parts. Stratasys Direct Parts on Demand by GrabCAD integrates Stratasys software with the company’s parts service bureau, enabling access to a broad printer fleet and expanding manufacturing networks with pre-certified Stratasys producer. Launched GrabCAD IoT Platform with Connected Service and Advanced Reporting and Alerts, enhancing Supervisory Control and Data Acquisition. Improves printer uptime, issue resolution, and value for Streamline Pro users. Initially available on PolyJet J3 and J5, with future expansion planned across the printer fleet. Make additive work for you Software Update

 
Make additive work for you TrueDent offers a unique mono-block, full-color 3D printing solution for dentures with significant cost savings. We are currently in discussions with major U.S. dental channels. CollPlant collaboration in pre-clinical trials, testing innovative printed breast implants designed to regenerate natural tissue, aiming to revolutionize reconstructive and aesthetic procedures in this $3 billion market. Moving our US headquarters in Eden Prairie to a single, newer, leased facility nearby, with more room for enhanced collaboration and creativity, improving efficiencies. Dental is a major focus with a multibillion-dollar TAM. Introduced DentaJet XL that improves lab productivity and reduces costs, producing highly accurate models for crowns, bridges, implants, aligners, and surgical guides, simultaneously and at scale. Post-Q2 Updates

 
Make additive work for you Support efforts to retain and build on leadership in additive manufacturing Strategic Initiatives to Unlock Shareholder Value Implementation begins Q4 2024 and expected to produce ~$40M in annual cost savings starting Q1 2025, which should generate annualized EBITDA margin of 8% at current revenue levels Board review: Board completed comprehensive review of a wide range of alternatives to unlock shareholder value Identified restructuring actions to strengthen industry-leading balance sheet and robust business model to more effectively weather all market cycles ▪ Adjusting our structure to better match current market conditions: Initiating ~15% workforce reduction by the end of 2024 ▪ Strengthening efforts to increase penetration: Helping customers overcome barriers to wider additive manufacturing adoption ▪ Utilizing scale and breadth of technology: Focusing go-to-market efforts on the main growth drivers of the business Focused strategy: Penetration of additive manufacturing continues to grow However, penetration has not accelerated as expected We are addressing the total cost of ownership, increasing education resources and efforts to standardize additive manufacturing, and focusing on applications that present the most compelling benefits Realigning to Market Conditions:

 
Better Positioning Stratasys for the Long-Term We are taking action to align costs with current conditions, build a long-term and significantly more profitable, cash-generating business, and stay agile during downturns, while being ready to respond quickly when customer spending returns Customer utilization, engagement levels and demand continue to be strong – despite the current purchase constraints facing customers Our diverse portfolio of hardware, consumables and services, including our parts business, strengthens our resilience, especially during extended periods of reduced capital spending We are confident that once current headwinds subside, renewed access to capital will spur customer spending to more accurately reflect the expressed high demand for our solutions Make additive work for you

 
CFO Eitan Zamir ▪ Customers still facing ongoing macro challenges on CapEx spending weakness ▪ Gross margins improved, thanks in part to another strong quarter of consumables sales ▪ Continued relentless focus on cost-control Make additive work for you

 
Financial Results Make additive work for you Q2-23 Q2-24 Change Y/Y Q2-23 Q2-24 Change Y/Y Total Revenue 159.8 138.0 -13.6% 159.8 138.0 -13.6% Gross Profit 66.2 60.5 (5.7) 77.5 67.7 (9.8) ▪% Margin 41.5% 43.8% 2.3% 48.5% 49.0% 0.5% Operating Income (Loss) (33.7) (26.0) 7.7 5.0 (3.2) (8.2) ▪% Margin -21.1% -18.9% 2.2% 3.1% -2.3% -5.4% Net Income (Loss) (38.6) (25.7) 12.9 2.5 (3.0) (5.5) ▪% Margin -24.2% -18.6% 5.6% 1.6% -2.2% -3.8% Diluted EPS (0.56) (0.36) 0.20 0.04 (0.04) (0.08) Diluted Shares 68.6 70.7 3.1% 69.3 70.7 2.0% GAAP Non-GAAP Note: $ in millions unless noted otherwise. All numbers and percentages rounded

 
Revenues – Q2’24 * Adjusted for divestments Quarterly Trend 109.1 113.2 110.4 99.2 93.6 50.7 48.9 45.9 44.9 44.4 159.8 162.1 156.3 144.1 138.0 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Product Service Revenues – Strong Consumables Recurring Revenue Revenue Y/Y Y/Y Adjusted* Product - $93.6M -14.2% -14.2% ▪ Systems - $29.0M -40.0% -40.0% ▪ Consumables - $64.6M 6.3% 6.3% Services - $44.4M -12.2% -2.4% ▪ Customer Support - $30.5M -3.8% -3.8% Note: $ in millions unless noted otherwise. All numbers and percentages rounded. Make additive work for you

 
GAAP Non-GAAP 47.2% 47.4% 47.2% 49.8% 50.0% 29.0% 24.4% 38.4% 32.2% 30.7% 41.5% 40.5% 44.7% 44.4% 43.8% Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24 48.5% 48.3% 48.8% 48.6% 49.0% 52.3% 52.5% 52.6% 55.5% 55.6% 40.4% 38.4% 39.8% 33.4% 35.2% Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Service Gross MarginProduct Gross Margin Total Gross Margin Gross Margins Make additive work for you All percentages rounded.

 
GAAP operating expenses (absolute and as a percentage of revenues) Non-GAAP operating expenses (absolute and as a percentage of revenues) 99.9 86.5 Q2'23 Q2'24 62.7% 72.5 70.9 Q2'23 Q2'24 51.3% 62.5% 45.4% Make additive work for you Note: $ in millions unless noted otherwise. All numbers and percentages rounded. Operating Expenses

 
(38.6) (25.7) (33.7) (26.0) Non-GAAP operating income (loss) (3.1% in Q2’23 vs (2.3)% in Q2’24 out of total revenue)GAAP operating loss Non-GAAP net income (loss) GAAP net loss Note: $ in millions unless noted otherwise. All numbers and percentages rounded. Q2’23 Q2’24 2.3 10.6 (3.0) Non-GAAP EBITDA (6.6% in Q2’23 vs 1.7% in Q2’24 out of total revenue) 5.0 (3.2) 2.5 Q2’23 Q2’24 Q2’23 Q2’24 Q2’23 Q2’24 Q2’23 Q2’24 Make additive work for you Earnings

 
Balance sheet items Cash flow from operating activities 17 (23.2) (2.4) Q2'23 Q2'24 (75.4) (62.3) Make additive work for you Balance Sheet and Operating Cash Flow Note: $ in millions unless noted otherwise. All numbers and percentages rounded. Q2-23 Q1-24 Q2-24 Cash and Cash Equivalents and Short- term deposits 205.4 161.1 150.9 Accounts Receivable 156.3 155.3 150.5 Inventories 211.2 195.1 196.5 Net Working Capital 401.7 373.9 359.3

 
Revenue Q3 slightly higher than Q2 Gross Margins Non-GAAP Operating Expenses Non-GAAP Operating Margins EPS-diluted-adjusted ($1.50)-($1.29) GAAP EPS diluted CAPEXEBITDA-adjusted $570M – $580M 48.7% – 49.0% $276M – $278M $20M – $25M$24M – $27M Make additive work for you 2024 Outlook Updated $0.01 – $0.050.5% – 1.0%

 
CEO Dr. Yoav Zeif Summary ▪ New and exciting technology investment evidenced by the products we are bringing to market will accelerate adoption of additive manufacturing ▪ Inflection point as AM shifts from prototyping niche to a cornerstone of the manufacturing process – we continue to see signs of this momentum and expect a return to strong growth from pent up demand in systems sales when the current environment eases ▪ Delivering the excellence our customers deserve as industry leaders in technological innovation, service, and reliability ▪ Robust balance sheet, diversified offerings, and cost savings initiatives to deliver relative outperformance and enhanced shareholder value Make additive work for you

 
Make additive work for you THANK YOU

 
Note: $ in thousands unless noted otherwise. All numbers and percentages rounded. Appendix GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP Gross Profit (1) $60,500 7,175 $67,675 $66,222 11,283 $77,505 Operating income (Loss) (1,2) (26,043) 22,845 (3,198) (33,659) 38,666 5,007 Net income (Loss) (1,2,3) (25,743) 22,774 (2,969) (38,615) 41,148 2,533 Net income (Loss) per diluted share (4) (0.36) $0.32 (0.04) (0.56) $0.60 0.04 1) Acquired intangible assets amortization expense 4,489 5,014 Non-cash stock-based compensation expense 1,010 999 Restructuring and other related costs 1,676 3,378 Impairment charges and write off 0 1,892 7,175 11,283 2) Acquired intangible assets amortization expense 1,111 2,686 Non-cash stock-based compensation expense 6,335 7,024 Restructuring and other related costs 3,639 2,468 Contingent consideration 523 347 Legal and other expenses 4,062 14,858 15,670 27,383 22,845 38,666 3) Corresponding tax effect 204 213 Equity method related expenses (1,593) 2,094 Finance expenses 1,318 175 $22,774 $41,148 4) Weighted average number or ordinary shares outstanding – Diluted 70,746 70,746 68,648 69,272 Three months ended June 30, 2024 Three months ended June 30, 2023

 
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