Stratasys Reports Record Financial Results for the Third Quarter of 2013
Stratasys Reports Record Financial Results for the Third Quarter of 2013
AsiaNet 54940
MINNEAPOLIS, Minn. and REHOVOT, Israel, Nov. 8, 2013 /PRN=KYODO JBN/ --
-- Company reports $126.1 million in non-GAAP revenue and generates 26%
organic revenue growth over last year's Stratasys and Objet pro forma
combined revenue as merger synergies accelerate
-- Non-GAAP earnings of $0.45 per diluted share and a GAAP loss of ($0.16) per
share
-- Company raises fiscal 2013 non-GAAP revenue and EPS guidance
Stratasys Ltd. (NASDAQ: SSYS) today announced record financial results for
the third quarter of 2013.
(Logo: http://www.prnasia.com/sa/2012/12/05/20121205155959811273-l.jpg )
Q3 Financial Results Summary:
-- Non-GAAP revenue (including MakerBot from August 15th) of $126.1 million
for the third quarter of 2013 represents a 39% increase over the $90.9 million
Stratasys and Objet pro forma combined revenue for the same period last year.
GAAP revenue (including MakerBot) for the third quarter of 2013 was $125.6
million.
-- Non-GAAP revenue (excluding MakerBot) increased organically by 26% for
the third quarter over last year's Stratasys and Objet pro forma combined
revenue.
-- Non-GAAP revenue from MakerBot was $11.6 million for the third quarter
representing the period following the transaction's close on August 15, 2013.
GAAP revenue contribution from MakerBot for the third quarter was $11.4
million.
-- Non-GAAP net income (including MakerBot) was $20.0 million for the third
quarter, or $0.45 per diluted share, compared to Stratasys and Objet pro forma
combined $16.6 million, or $0.41 per diluted share, reported for the same
period last year.
-- GAAP net income (including MakerBot) for the third quarter was a loss of
$6.6 million, or ($0.16) per share, versus a Stratasys and Objet pro forma loss
of $2.8 million, or ($0.07) per share, for the same period last year.
-- The company invested a net amount of $12.0 million in R&D during the
third quarter, representing 9.5% of net sales.
-- Cash, investments and bank deposits balance at the end of the third
quarter was $616.5 million, or $12.65 per share.
-- On a combined pro forma basis, including MakerBot, the company has
shipped a cumulative 64,855 systems worldwide as of September 30, 2013.
"Organic revenue growth accelerated in the third quarter as synergies
resulting from the merger between Stratasys and Objet continued to develop,"
said David Reis, chief executive officer of Stratasys. "We observed strong
growth across multiple product lines that address an expanding range of
applications. We also sustained strong gross margins during the period, which
was a contributing factor to our record profitability. We are especially
pleased by the contribution made by MakerBot, which added $11.6 million in
revenue during the period. We are very pleased with our third quarter results."
Business Highlights:
-- Completed the acquisition of MakerBot, a leading manufacturer within the
rapidly growing desktop 3D printing category.
-- Introduced two new systems, the Solidscape 3Z MAX 3D printer and the
MakerBot Digitizer Desktop 3D Scanner; as well as two new materials for the
MakerBot platform, including flexible filament and a dissolvable support
material.
-- Recognized tangible revenue synergies from the sales, marketing and
service team integration initiatives that resulted from the merger of Stratasys
and Objet.
-- Initiated a pilot program with the UPS Store, placing uPrints in six
locations, enabling UPS Store customers to have 3D designs printed onsite.
-- Invested heavily in global sales, marketing and channel infrastructure,
including the opening of a local sales office in Singapore, and the signing of
a distribution agreement with Aurora Group, a leading provider of office
automation equipment in China.
-- Exercised an option to acquire the remaining holdings from Fasotec in
Stratasys Japan, with Stratasys Japan becoming wholly owned and operated by
Stratasys Ltd.
-- Completed a public offering of 5,175,000 ordinary shares at a public
offering price of $93.00 per share, with net offering proceeds to Stratasys
approximating $462.9 million.
"With the completion of the MakerBot acquisition in the third quarter, we
believe Stratasys is now the clear leader in the desktop 3D printer category,
one of the fastest growing segments within our industry," continued Reis. "The
third quarter also demonstrated our commitment to internal product development,
as well as our goal of expanding our global customer reach. In addition, as
the mainstream adoption of 3D printing continues to gain momentum, we have
strengthened our balance sheet, improving our ability to capitalize on
additional growth initiatives and acquisitions."
Financial Guidance
The company's overall outlook has improved for the fourth quarter of 2013,
which is reflected in an upward revision to 2013 revenue guidance. In
addition, earnings guidance incorporates a $0.06 per share positive impact from
the improved outlook; offset by $0.06 per share of earnings dilution resulting
from the company's public offering of 5,175,000 ordinary shares on September
18, 2013. The earnings impact of the offering on 2013 results had not been
previously incorporated into financial guidance. GAAP earnings guidance has
been revised principally to reflect higher estimates for stock compensation
expense; revised amortization expense related to acquired MakerBot intangible
assets; and higher expenses related to the MakerBot performance bonus plan.
Accordingly, Stratasys is updating its following financial guidance for the
fiscal year ending December 31, 2013 as follows:
-- Revenue guidance of $470 million to $490 million; versus previous
guidance of $455 million to $480 million.
-- Non-GAAP earnings guidance of $1.75 to $1.90 per diluted share.
-- GAAP earnings guidance of a ($0.83) to ($0.55) per share loss; versus
previous guidance of ($0.76) to ($0.49) per share loss.
-- Earnings guidance incorporates a $0.06 per share positive impact from the
company's improved outlook; and $0.06 per share of earnings dilution from the
company's ordinary share offering completed on September 18, 2013.
Non-GAAP earnings guidance excludes $67.2 million of projected amortization
of intangible assets; $22.2 million to $24.9 million of share-based
compensation expense; and $18.1 million to $20.7 million in merger-related
expenses.
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.
"As we enter the fourth quarter, we believe the acceleration in our organic
growth rate, combined with the positive impact from our recent acquisition of
MakerBot, will contribute to a strong finish to the year. Looking beyond 2013,
we are well positioned to sustain our positive momentum as we accelerate our
rate of new product introductions, and prepare to capitalize on additional
inorganic growth opportunities. In addition, our industry remains ripe for
growth as new and innovative applications continue to emerge for our
technology. We are very excited about the future," Reis concluded.
Stratasys Ltd. Q3-2013 Conference Call Details
Stratasys will hold a conference call to discuss its third quarter financial
results on Thursday, November 7, 2013 at 8:30 a.m. (ET).
The investor conference call will be available via live webcast on the
Stratasys Web site at www.stratasys.com under the "Investors" tab; or directly
at the following web address: http://www.media-server.com/m/p/ceszzn6u.
To participate by telephone, the domestic dial-in number is 866 578-5771 and
the international dial-in is 617 213-8055. The access code is 58071751.
Investors are advised to dial into the call at least ten minutes prior to the
call to register.
The webcast will be available for 90 days on the "Investors" page of the
Stratasys Web site or by accessing the provided web address.
To view financial tables:
http://www.prnasia.com/sa/attachment/2013/11/20131107220056378.pdf
Cautionary Statement Regarding Forward-Looking Statements
Certain information included or incorporated by reference in this press may
be deemed to be "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of
1933, and Section 21E of the Securities Exchange Act of 1934. Forward-looking
statements are often characterized by the use of forward-looking terminology
such as "may," "will," "expect," "anticipate," "estimate," "continue,"
"believe," "should," "intend," "project" or other similar words, but are not
the only way these statements are identified. These forward-looking statements
may include, but are not limited to, statements relating to the company's
objectives, plans and strategies, statements that contain projections of
results of operations or of financial condition (including, with respect to the
MakerBot acquisition) and all statements (other than statements of historical
facts) that address activities, events or developments that the company
intends, expects, projects, believes or anticipates will or may occur in the
future. Forward-looking statements are not guarantees of future performance
and are subject to risks and uncertainties. The company has based these
forward-looking statements on assumptions and assessments made by its
management in light of their experience and their perception of historical
trends, current conditions, expected future developments and other factors they
believe to be appropriate. Important factors that could cause actual results,
developments and business decisions to differ materially from those anticipated
in these forward-looking statements include, among other things: the company's
ability to efficiently and successfully integrate the operations of Stratasys,
Inc. and Objet Ltd. after their merger as well as the ability to complete the
MakerBot acquisition and to successfully put in place and execute an effective
post-merger integration plan; the overall global economic environment; the
impact of competition and new technologies; general market, political and
economic conditions in the countries in which the company operates; projected
capital expenditures and liquidity; changes in the company's strategy;
government regulations and approvals; changes in customers' budgeting
priorities; litigation and regulatory proceedings; and those factors referred
to under "Risk Factors", "Information on the Company", "Operating and Financial
Review and Prospects", and generally in the company's annual report on Form
20-F for the year ended December 31, 2012 filed with the U.S. Securities and
Exchange Commission and in other reports that the Company has filed with the
SEC. Readers are urged to carefully review and consider the various disclosures
made in the company's SEC reports, which are designed to advise interested
parties of the risks and factors that may affect its business, financial
condition, results of operations and prospects. Any forward-looking statements
in this press release are made as of the date hereof, and the company
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.
Non-GAAP Discussion Disclosure
The information discussed within this release includes financial results and
projections that are in accordance with accounting principles generally
accepted in the United States (GAAP). In addition, certain non-GAAP financial
measures have been provided that exclude certain charges, expenses and income.
The non-GAAP measures should be read in conjunction with the corresponding GAAP
measures and should be considered in addition to, and not as an alternative or
substitute for, the measures prepared in accordance with GAAP. The non-GAAP
financial measures are provided in an effort to provide information that
investors may deem relevant to evaluate results from the company's core
business operations and to compare the company's performance with prior
periods. The non-GAAP financial measures primarily identify and exclude
certain discrete items, such as merger-related expenses, amortization expenses
and expenses associated with share-based compensation required under ASC 718.
The company uses these non-GAAP financial measures for evaluating comparable
financial performance against prior periods.
This release is available on the Stratasys web site at www.stratasys.com
Stratasys Ltd. (Nasdaq: SSYS) is the corporate entity formed in 2012 by the
merger of 3D printing companies Stratasys Inc. and Objet Ltd., based in
Minneapolis, Minn. and Rehovot, Israel. Stratasys manufactures 3D printers and
materials for prototyping and production. The company's patented FDM(R) and
PolyJet(R) processes produce prototypes and manufactured goods directly from 3D
CAD files or other 3D content. Systems include affordable desktop 3D printers
for idea development, a range of systems for prototyping, and large production
systems for direct digital manufacturing. Since June 2012, the company's range
of over 130 3D printing materials has been the widest in the industry and
includes more than 120 proprietary inkjet-based photopolymer materials and 10
proprietary FDM-based thermoplastic materials. Stratasys also manufactures
Solidscape 3D Printers and operates the RedEye On Demand digital-manufacturing
service. The company has more than 1100 employees, holds more than 500 granted
or pending additive manufacturing patents globally, and has received more than
20 awards for its technology and leadership. Online at: www.stratasys.com or
CONTACT: Shane Glenn
Vice President of Investor Relations
+1-952-294-3416
shane.glenn@stratasys.com
SOURCE: Stratasys Ltd.
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