We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Stratasys Ltd | NASDAQ:SSYS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 9.70 | 9.62 | 9.80 | 178 | 13:45:28 |
First Quarter Revenue of $132.9 million
First Quarter GAAP net loss of $21.7 million, or ($0.40) per diluted share, and non-GAAP net loss of $10.6 million, or ($0.19) per diluted share
Generated $11.3 million of cash from operations - $325.5 million net cash position with no debt
Company withdrawing full year 2020 guidance due to economic uncertainty caused by COVID-19
Stratasys Ltd. (NASDAQ: SSYS) announced financial results for the first quarter of 2020.
Q1 2020 Financial Results Summary:
Revenue for the first quarter of 2020 was $132.9 million, compared to $155.3 million for the same period last year. The 14.4% reduction was driven primarily by the adverse impact of COVID-19 on the company’s customers throughout the industries into which the company sells its products and services.
“With over 30 years of experience leading the 3D Printing industry that we helped found, Stratasys was well positioned to mobilize what we believe is the largest additive manufacturing network in the world, in order to assist in the fight against COVID-19,” said Yoav Zeif, Chief Executive Officer of Stratasys. “We leveraged our application expertise, our channel and partner network and our corporate-wide resources to help get a variety of printed parts to the global medical community. We are well-prepared to manage the downturn with a strong balance sheet and focus on cost control and cash generation. We have over $325 million in cash and equivalents and no debt. Our engagement level with our customers remains high and the demand for our systems is strong. It’s clear that this crisis has helped generate significant awareness that 3D printing is becoming essential for accelerating and improving design, speeding up time to market and production, and creating less dependent and more resilient global supply chains, including localized digital inventory and distributed manufacturing.”
COVID-19 Actions
In response to COVID-19, the company has taken decisive actions to ensure employee safety, preserve liquidity, maintain business continuity, mitigate costs and support the global healthcare community to combat the pandemic. These temporary actions include:
Financial Guidance:
The company is withdrawing its 2020 financial guidance for revenue, GAAP and non-GAAP net income and EPS, non-GAAP operating margins and capital expenditures due to the high level of economic uncertainty and disruption caused by COVID-19.
Stratasys Ltd. Q1 2020 Conference Call Details
The Company plans to hold the conference call to discuss its first quarter 2020 financial results on Thursday, May 14, 2020 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://78449.themediaframe.com/dataconf/productusers/ssys/mediaframe/36448/indexl.html
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 6 months at investors.stratasys.com, or by accessing the above-provided web address.
Stratasys (Nasdaq: SSYS) is a global leader in additive manufacturing or 3D printing technology and is the manufacturer of FDM®, PolyJet™, and stereolithography 3D printers. The company’s technologies are used to create prototypes, manufacturing tools, and production parts for industries, including aerospace, automotive, healthcare, consumer products and education. For more than 30 years, Stratasys products have helped manufacturers reduce product-development time, cost, and time-to-market, as well as reduce or eliminate tooling costs and improve product quality. The Stratasys 3D printing ecosystem of solutions and expertise includes 3D printers, materials, software, expert services, and on-demand parts production.
To learn more about Stratasys, visit www.stratasys.com, the Stratasys blog, 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 (or withdrawal of guidance) concerning its expected results for 2020, 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 duration of the global COVID-19 pandemic, which, if extensive, may continue to impact, in a material adverse manner, our operations, financial position and cash flows, and those of our customers and suppliers; 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; to the extent of our success at successfully consummating acquisitions or investments in new businesses, technologies, products or services; 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 (including risks related to the impact of coronavirus on our operations, supply chain, liquidity, cash flow and customer orders; 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, 2019 (the “2019 Annual Report”), which we filed with the Securities and Exchange Commission (the “SEC”) on February 26, 2020. Readers are urged to carefully review and consider the various disclosures made throughout our 2019 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 period ended March 31, 2020, which we are furnishing 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 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.
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 on an ongoing basis after (i) excluding mergers, acquisitions and divestments related expense or gains and reorganization-related charges or gains, 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 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)March 31,
December 31,
2020
2019
ASSETS Current assets Cash and cash equivalents$
297,177
$
293,484
Short-term deposits
$
28,300
$
28,300
Accounts receivable, net
115,093
132,558
Inventories
172,511
168,504
Prepaid expenses
7,327
6,567
Other current assets
25,424
29,659
Total current assets
645,832
659,072
Non-current assets Property, plant and equipment, net
191,534
189,706
Goodwill
385,409
385,658
Other intangible assets, net
81,523
87,328
Operating lease right-of-use assets
19,887
20,936
Other non-current assets
35,259
38,819
Total non-current assets
713,612
722,447
Total assets
$
1,359,444
$
1,381,519
LIABILITIES AND EQUITY Current liabilities Accounts payable
$
34,189
$
35,818
Accrued expenses and other current liabilities
33,750
28,528
Accrued compensation and related benefits
36,600
34,013
Deferred revenues
51,353
52,268
Operating lease liabilities - short term
9,254
9,292
Total current liabilities
165,146
159,919
Non-current liabilities Deferred revenues - long-term
14,463
16,039
Operating lease liabilities - long term
11,057
12,445
Other non-current liabilities
28,988
35,343
Total non-current liabilities
54,508
63,827
Total liabilities
219,654
223,746
Redeemable non-controlling interests
537
622
Equity Ordinary shares, NIS 0.01 nominal value, authorized 180,000 thousands shares; 54,799 thousands shares and 54,441 thousands shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively
151
150
Additional paid-in capital
2,711,828
2,706,892
Accumulated other comprehensive loss
(8,848
)
(7,716
)
Accumulated deficit
(1,563,878
)
(1,542,175
)
Total equity
1,139,253
1,157,151
Total liabilities and equity
$
1,359,444
$
1,381,519
Stratasys Ltd. Consolidated Statements of Operations (in thousands, except per share data)
Three Months Ended March 31,
2020
2019
(unaudited)
(unaudited)
Net sales Products$
83,172
$
105,091
Services
49,735
50,209
132,907
155,300
Cost of sales Products
39,248
44,169
Services
33,789
34,674
73,037
78,843
Gross profit
59,870
76,457
Operating expenses Research and development, net
24,194
22,574
Selling, general and administrative
55,576
57,154
79,770
79,728
Operating loss
(19,900
)
(3,271
)
Financial income (expense), net
(829
)
753
Loss before income taxes
(20,729
)
(2,518
)
Income tax expenses
221
1,218
Share in profits (losses) of associated companies
(838
)
1,423
Net loss
(21,788
)
(2,313
)
Net loss attributable to non-controlling interests
(85
)
(43
)
Net loss attributable to Stratasys Ltd.$
(21,703
)
$
(2,270
)
Net loss per ordinary share attributable to Stratasys Ltd. Basic$
(0.40
)
$
(0.04
)
Diluted$
(0.40
)
(0.04
)
Basic
54,544
53,966
Diluted
54,544
53,966
Three Months Ended March 31,
2020
Non-GAAP
2020
2019
Non-GAAP
2019
GAAP
Adjustments
Non-GAAP
GAAP
Adjustments
Non-GAAP
U.S. dollars and shares in thousands (except per share amounts) Gross profit (1)$
59,870
$
4,414
$
64,284
$
76,457
$
4,252
$
80,709
Operating income (loss) (1,2)$
(19,900
)
$
11,491
$
(8,409
)
$
(3,271
)
$
10,075
$
6,804
Net income (loss) attributable toStratasys Ltd. (1,2,3)$
(21,703
)
$
11,137
$
(10,566
)
$
(2,270
)
$
7,927
$
5,657
Net income (loss) per diluted share attributableto Stratasys Ltd. (4)$
(0.40
)
$
0.21
$
(0.19
)
$
(0.04
)
$
0.14
$
0.10
(1)
Acquired intangible assets amortization expense
4,065
3,898
Non-cash stock-based compensation expense
402
354
Reorganization and other related costs
(53
)
-
4,414
4,252
(2)
Acquired intangible assets amortization expense
2,142
1,889
Non-cash stock-based compensation expense
4,503
3,875
Reorganization and other related costs
31
59
Merger and acquisition and other expense
401
-
7,077
5,823
11,491
10,075
(3)
Corresponding tax effect
(431
)
(544
)
Gain from equity method divestment, related writes-offs and amortization
77
(1,604
)
11,137
7,927
(4)
Weighted average number of ordinaryshares outstanding- Diluted
54,544
54,544
53,966
54,477
View source version on businesswire.com: https://www.businesswire.com/news/home/20200514005321/en/
Stratasys Investor Relations Yonah Lloyd Vice President - Investor Relations Yonah.Lloyd@stratasys.com
1 Year Stratasys Chart |
1 Month Stratasys Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions