Stratasys Releases First Quarter 2018 Financial Results

       
Stratasys Ltd.
 
Consolidated Balance Sheets
(Unaudited)
(in thousands, except share data)            
March 31, December 31,
2018 2017
       
 
ASSETS
 
Current assets
Cash and cash equivalents $ 346,531 $ 328,761
Accounts receivable, net 119,844 132,671
Inventories 120,065 115,717
Net investment in sales-type leases 5,980 7,208
Prepaid expenses 8,261 7,696
Other current assets   19,295     22,858  
 
Total current assets   619,976     614,911  
 
Non-current assets
Net investment in sales-type leases - long term 3,423 4,439
Property, plant and equipment, net 197,554 199,951
Goodwill 387,416 387,108
Other intangible assets, net 132,811 142,122
Other non-current assets   34,475     31,219  
 
Total non-current assets   755,679     764,839  
 
Total assets $ 1,375,655   $ 1,379,750  
 
LIABILITIES AND EQUITY
 
Current liabilities
Accounts payable $ 40,608 $ 39,849
Current portion of long term-debt 5,143 5,143
Accrued expenses and other current liabilities 33,390 30,041
Accrued compensation and related benefits 35,541 35,356
Deferred revenues   55,061     52,908  
 
Total current liabilities   169,743     163,297  
 
Non-current liabilities
Long-term debt 25,857 27,143
Deferred tax liabilities 4,141 7,069
Deferred revenues - long-term 15,139 15,200
Other non-current liabilities   30,785     32,899  
 
Total non-current liabilities   75,922     82,311  
 
Total liabilities   245,665     245,608  
 
Redeemable non-controlling interests 1,579 1,635
 
Equity

Ordinary shares, NIS 0.01 nominal value, authorized 180,000 thousands shares; 53,710 thousands shares and 53,631 thousands shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively

145 145
Additional paid-in capital 2,667,023 2,663,274
Accumulated other comprehensive loss (5,337 ) (7,023 )
Accumulated deficit   (1,533,403 )   (1,523,906 )
Equity attributable to Stratasys Ltd. 1,128,428 1,132,490
Non-controlling interest (17 ) 17
 
Total equity   1,128,411     1,132,507  
 
Total liabilities and equity $ 1,375,655   $ 1,379,750  
 
       
Stratasys Ltd.
 
Consolidated Statements of Operations
 
(in thousands, except per share data)            
 
Three Months Ended March 31,
2018 2017
(unaudited)     (unaudited)
Net sales
Products $ 103,917 $ 115,087
Services   49,916     48,075  
153,833 163,162
 
Cost of sales
Products 45,218 54,480
Services   32,965     31,802  
78,183 86,282
   
Gross profit 75,650 76,880
 
Operating expenses
Research and development, net 25,110 24,634
Selling, general and administrative   57,005     64,875  
82,115 89,509
   
Operating loss (6,465 ) (12,629 )
 
Financial income, net 8 256
   
Loss before income taxes (6,457 ) (12,373 )
 
Income tax expenses 601 1,326
 
Share in losses of associated companies   (6,073 )   (288 )
 
Net loss (13,131 ) (13,987 )
 
Net loss attributable to non-controlling interests (90 ) (130 )
 
Net loss attributable to Stratasys Ltd. $ (13,041 ) $ (13,857 )
 
Net loss per ordinary share attributable to Stratasys Ltd.
Basic $ (0.24 ) $ (0.26 )
Diluted (0.24 ) (0.26 )
 
 
Basic 53,657 52,690
Diluted 53,657 52,690
 
                       
Stratasys Ltd.
 
Reconciliation of GAAP to Non-GAAP Results of Operations
 
     
Three Months Ended March 31,
2018 Non-GAAP 2018 2017 Non-GAAP 2017
GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP
U.S. dollars and shares in thousands (except per share amounts)
 
Gross profit (1) $ 75,650 $ 5,599 $ 81,249 $ 76,880 $ 6,614 $ 83,494
Operating income (loss) (1,2)

$

(6,465 ) $ 11,387

$

4,922

$

(12,629 )

$

16,658

$

4,029

Net income (loss) attributable to Stratasys Ltd. (1,2,3)

$

(13,041 ) $ 15,763

$

2,722

$

(13,857 )

$

16,265

$

2,408

Net income (loss) per diluted share attributable to Stratasys Ltd. (4)

$ (0.24 )

$

0.29 $ 0.05 $ (0.26 ) $ 0.31 $ 0.05
 
 
(1) Acquired intangible assets amortization expense 5,204 5,705
Non-cash stock-based compensation expense 387 643
Reorganization and other related costs 18 94
Merger and acquisition related expense   (10 )   172  
5,599 6,614
 
(2) Acquired intangible assets amortization expense 2,558 2,544
Non-cash stock-based compensation expense 3,028 3,261
Change in fair value of obligations in connection with acquisitions - 696
Reorganization and other related costs 1,671 1,686
Gain from sale of plant and property (1,563 ) -
Merger and acquisition related expense   94     1,857  
  5,788     10,044  
  11,387     16,658  
 
 
(3) Corresponding tax effect (792 ) (585 )
Amortization of acquired intangibles assets related to equity method investments   5,168     192  
$ 15,763   $ 16,265  
 
(4)

Weighted average number of ordinary shares outstanding- Diluted

53,657 53,721 52,690 53,341
 
 
Stratasys Ltd.
 
Reconciliation of GAAP to Non-GAAP Forward Looking Guidance
 
Fiscal Year 2018
 
(in millions, except per share data)
   
 
GAAP net loss ($41) to ($25)
 

Adjustments

Stock-based compensation expense $17 to $19
Intangible assets amortization expense $32 to $34
Reorganization and other related costs $7 to $9
Tax expense related to Non-GAAP adjustments ($4) to ($5)
 
Non-GAAP net income $16 to $27
 
GAAP loss per share ($0.75) to ($0.46)
 
Non-GAAP diluted earnings per share $0.30 to $0.50
 

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