First Quarter Revenue decreased 6% to $153.8 million compared to same period last year
First Quarter GAAP net loss of $13.0 million, or ($0.24) per diluted share, and non-GAAP net income of $2.7 million, or $0.05 per diluted share
Generated $27.1 million of cash from operations during the quarter
MINNEAPOLIS & REHOVOT, Israel — (BUSINESS WIRE) — May 2, 2018 — Stratasys Ltd. (NASDAQ: SSYS), a global leader in additive technology solutions, announced financial results for the first quarter of 2018.
Q1 2018 Financial Results Summary:
Revenue for the first quarter of 2018 was $153.8 million, compared to $163.2 million for the same period last year.
- GAAP gross margin was 49.2% for the quarter, compared to a GAAP gross margin of 47.1% for the same period last year.
- Non-GAAP gross margin was 52.8% for the quarter, compared to 51.2% for the same period last year.
- GAAP operating loss for the quarter was $6.5 million, compared to a loss of $12.6 million for the same period last year.
- Non-GAAP operating income for the quarter was $4.9 million, compared to $4.0 million for the same period last year.
- GAAP net loss for the quarter was $13.0 million, or ($0.24) per diluted share, compared to a loss of $13.9 million, or ($0.26) per diluted share, for the same period last year.
- Non-GAAP net income for the quarter was $2.7 million, or $0.05 per diluted share, compared to Non-GAAP net income of $2.4 million, or $0.05 per diluted share, reported for the same period last year.
- Net R&D expenses for the quarter amounted to $25.1 million, an increase of 1.9% compared the same period last year.
- The Company generated $27.1 million in cash from operations during the first quarter and ended the period with $346.5 million in cash and cash equivalents.
“We are disappointed with our revenue for the first quarter, which is primarily attributed to underperformance in North America related to high end system orders, specifically from customers in government and other key verticals such as aerospace and automotive,” said Ilan Levin, Chief Executive Officer of Stratasys. “We do not believe that our first quarter revenue represents a fundamental change in the demand environment in the North American market. We continue to maintain a strong pipeline of opportunities, and are not modifying the full year guidance we issued earlier this year. Despite our revenue results in the period we continued our positive trend of operational discipline and cash generation. We remain committed to our investments in long-term initiatives that include advancements in our core FDM and PolyJet technologies, new metal additive manufacturing platform, advanced composite materials, and software and application development.”
New Product Announcements
At the RAPID + TCT 3D Printing and Additive Manufacturing Conference, the Company showcased multiple product announcements reaffirming leadership in prototyping and manufacturing.
Extending the capabilities and broadening the Company’s product line for the prototyping market:
- Enhancements to the PolyJet portfolio that include an upgraded version of the multi-material, full-color J750 3D printing platform that adds increased reliability via hardware and software enhancements, as well as the new J735 3D printer with a smaller build size.
- New Vivid Colors for GrabCAD Print on the J750 and J735, featuring over 500,000 color combinations, highly accurate color matching, and advanced clear materials with texture functionality.
- Expanding GrabCAD Print support to include the Connex3 line of multi-material 3D printers.
New materials offerings, certification solutions, and software capabilities for the manufacturing market:
- Antero 800NA, a PEKK-based thermoplastic that allows aerospace and other high-performance vehicle makers to produce high-temperature, chemical-exposed parts.
- F900 Production 3D Printer with manufacturing-focused upgrades including support for Carbon Fiber Filled Nylon 12, as well as the specialized F900 Aircraft Interiors Certification Solution (AICS), and the F900 Pro edition that extends the high repeatability developed for AICS to all industries.
- Specialized F380 Production 3D Printer dedicated to Carbon Fiber Filled Nylon 12, providing users with the high strength and stiffness of Stratasys FDM Nylon 12CF on a proven platform with soluble supporting material, consistent quality, yield, and throughput of an industrial solution at a competitive price point.
- GrabCAD Print Jigs & Fixtures, a new software package that significantly improves the production of jigs, fixtures, and other manufacturing tooling.