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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.03 | 0.32% | 9.50 | 9.26 | 14.65 | 9.50 | 9.20 | 9.47 | 399,965 | 05:00:00 |
Stratasys Ltd. (Nasdaq: SSYS), a leader in polymer 3D printing solutions, today announced financial results for the fourth quarter and full year 2023.
Dr. Yoav Zeif, Stratasys’ Chief Executive Officer stated, “We continued to differentiate ourselves in 2023, achieving our tenth consecutive quarter of profitability on an adjusted basis. We also delivered 1.3% full year revenue growth when adjusted for divestitures despite a persistently challenging backdrop for our customers. Revenue in the fourth quarter was driven by another record for consumables sales, demonstrating how utilization of our systems remains strong, while a relentless focus on cost control contributed to improved margins.”
Dr. Zeif continued, “We are innovating and investing as we expand our leadership in additive manufacturing. Our newest and most advanced FDM offering, the F3300, is building a strong pipeline of interest after announcing Toyota as its first customer, and engagement across our entire suite of offerings remains robust. As macro-economic conditions normalize and capital spending constraints ease, we believe the pent-up demand for our best-in-class offerings will unlock, driving the next phase of outsized growth and increased profitability for our company.”
Summary - Fourth Quarter 2023 Financial Results Compared to Fourth Quarter 2022:
Summary - 2023 Financial Results Compared to 2022:
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 providing the following outlook for 2024:
Non-GAAP earnings guidance excludes $29 million to $31 million of projected amortization of intangible assets, $26 million to $28 million of share-based compensation expense, and reorganization and other expenses of $29 million to $35 million. Non-GAAP guidance includes tax adjustments of $2 million to $3 million on the above non-GAAP items.
Appropriate reconciliations between historical 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.
Stratasys Ltd. Fourth Quarter 2023 Webcast and Conference Call Details
The Company plans to webcast its conference call to discuss its fourth quarter 2023 financial results on Thursday, March 7, 2024, at 8:30 a.m. (ET).
The investor conference call will be available via live webcast on the Stratasys Web site at investors.stratasys.com, or directly at the following web address:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=cZzaGlQr
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, 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 2023 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 extent 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; the global macro-economic environment, including headwinds caused by inflation, relatively high interest rates, unfavorable currency exchange rates and uncertain economic conditions; changes in our overall strategy, including as related to any restructuring activities and our 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 of directors’ 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; 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 potential adverse impact of recent global interruptions and delays involving freight carriers and other third parties on our supply chain and distribution network; global market, political and economic conditions, and in the countries in which we operate in particular; potential adverse effects of Israel’s retaliatory war against the terrorist organization Hamas; 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, 2023, which we expect to file with the U.S. Securities and Exchange Commission, or SEC, in the coming days (the “2023 Annual Report”). Readers are urged to carefully review and consider the various disclosures made throughout our 2023 Annual Report and the Reports of Foreign Private Issuer on Form 6-K that attach Stratasys’ unaudited, condensed consolidated financial statements and its review of its results of operations and financial condition, for the quarterly periods throughout 2024, which will be furnished to the SEC throughout 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 and divestments related expense or gains and reorganization-related charges or gains, and legal provisions, (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, (iii) for certain non-GAAP measures, after eliminating the impact of changes attributable to currency exchange rate fluctuations, and (iv) after excluding changes in revenues solely attributable to divestitures of former subsidiary companies. 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 (in thousands, except share data) (Unaudited) December 31, December 31,2023
2022
ASSETS Current assets Cash and cash equivalents$
82,585
$
150,470
Short-term bank deposits
80,000
177,367
Accounts receivable, net of allowance for credit losses of $1,449 and $861 as of December 31, 2023 and December 31, 2022, respectively
172,009
144,739
Inventories
192,976
194,054
Prepaid expenses
7,929
5,767
Other current assets
24,596
27,823
Total current assets
560,095
700,220
Non-current assets Property, plant and equipment, net
197,552
195,063
Goodwill
100,051
64,953
Other intangible assets, net
127,781
121,402
Operating lease right-of-use assets
18,895
18,122
Long-term investments
115,083
141,610
Other non-current assets
14,448
18,420
Total non-current assets
573,810
559,570
Total assets
$
1,133,905
$
1,259,790
LIABILITIES AND EQUITY Current liabilities Accounts payable
$
46,785
$
72,921
Accrued expenses and other current liabilities
36,656
45,912
Accrued compensation and related benefits
33,877
34,432
Deferred revenues - short-term
52,610
50,220
Operating lease liabilities - short-term
6,498
7,169
Total current liabilities
176,426
210,654
Non-current liabilities Deferred revenues - long-term
23,655
25,214
Deferred income taxes
723
5,638
Operating lease liabilities - long-term
12,162
10,670
Contingent consideration
11,900
23,707
Other non-current liabilities
24,200
24,475
Total non-current liabilities
72,640
89,704
Total liabilities
249,066
300,358
Equity Ordinary shares, NIS 0.01 nominal value, authorized 180,000 shares; 69,656 shares and 67,086 shares issued
195
187
and outstanding at December 31, 2023 and December 31, 2022, respectively
3,091,649
3,048,915
Additional paid-in capital Accumulated other comprehensive loss
(7,079
)
(12,818
)
Accumulated deficit
(2,199,926
)
(2,076,852
)
Total Equity
884,839
959,432
Total liabilities and equity
$
1,133,905
$
1,259,790
Stratasys Ltd. Consolidated Statements of Operations (in thousands, except per share data) (Unaudited) Three Months Ended December 31, Twelve Ended December 31,
2023
2022
2023
2022
Revenues Products$
110,388
$
111,197
$
433,741
$
452,124
Services
45,949
48,062
193,857
199,359
156,337
159,259
627,598
651,483
Cost of revenues Products
58,275
58,180
226,510
234,601
Services
28,304
32,431
134,064
140,415
86,579
90,611
360,574
375,016
Gross profit
69,758
68,648
267,024
276,467
Operating expenses Research and development, net
25,078
21,387
94,425
92,876
Selling, general and administrative
39,006
45,665
260,179
240,750
64,084
67,052
354,604
333,626
Operating income (loss)
5,674
1,596
(87,580
)
(57,159
)
Gain from deconsolidation of subsidiary
-
-
-
39,136
Financial income, net
846
2,309
2,993
229
Income (loss) before income taxes
6,520
3,905
(84,587
)
(17,794
)
Income tax expense
(637
)
(2,658
)
(5,782
)
(5,454
)
Share in losses of associated companies
(20,839
)
(3,637
)
(32,705
)
(5,726
)
Net loss$
(14,956
)
$
(2,390
)
$
(123,074
)
$
(28,974
)
Net loss per share Basic$
(0.22
)
$
(0.04
)
$
(1.79
)
$
(0.44
)
Diluted$
(0.22
)
$
(0.04
)
$
(1.79
)
$
(0.44
)
Weighted average ordinary shares outstanding Basic
69,375
66,908
68,666
66,491
Diluted
69,375
66,908
68,666
66,491
Three Months Ended December 31,
2023
Non-GAAP
2023
2022
Non-GAAP
2022
GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP U.S. dollars and shares in thousands (except per share amounts) Gross profit (1)$
69,758
$
6,565
$
76,323
$
68,648
$
8,423
$
77,071
Operating income (1,2)
5,674
(3,659
)
2,015
1,596
3,456
5,052
Net income (loss) (1,2,3)
(14,956
)
16,604
1,648
(2,390
)
6,940
4,550
Net income (loss) per diluted share (4)$
(0.22
)
$
0.24
$
0.02
$
(0.04
)
$
0.11
$
0.07
(1
)
Acquired intangible assets amortization expense
5,446
7,297
Non-cash stock-based compensation expense
879
1,041
Restructuring and other related costs
240
85
6,565
8,423
(2
)
Acquired intangible assets amortization expense
1,688
2,370
Non-cash stock-based compensation expense
6,997
7,664
Restructuring and other related costs
461
874
Revaluation of investments
-
560
Contingent consideration
(23,206
)
(19,490
)
Legal, consulting and other expenses
3,836
3,056
(10,224
)
(4,967
)
(3,659
)
3,456
(3
)
Corresponding tax effect and other expenses
489
1,770
Equity method related amortization, divestments and impairments
19,790
1,714
Finance expenses
(16
)
-
$
16,604
$
6,940
(4
)
Weighted average number of ordinaryshares outstanding - Diluted
69,375
69,801
66,908
67,231
Twelve Months Ended December 31,2023
Non-GAAP
2023
2022
Non-GAAP
2022
GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP U.S. dollars and shares in thousands (except per share amounts) Gross profit (1)$
267,024
$
35,764
$
302,788
$
276,467
$
36,016
$
312,483
Operating income (loss) (1,2)
(87,580
)
100,207
12,627
(57,159
)
70,691
13,532
Net income (loss) (1,2,3)
(123,074
)
130,783
7,709
(28,974
)
39,235
10,261
Net income (loss) per diluted share (4)$
(1.79
)
$
1.90
$
0.11
$
(0.44
)
$
0.59
$
0.15
(1
)
Acquired intangible assets amortization expense
19,603
28,158
Non-cash stock-based compensation expense
3,701
4,082
Restructuring and other related costs
12,460
(174
)
Impairment charges
-
3,949
35,764
36,016
(2
)
Acquired intangible assets amortization expense
9,167
8,950
Non-cash stock-based compensation expense
27,917
29,378
Restructuring and other related costs
7,087
2,737
Revaluation of investments
4,880
3,777
Contingent consideration
(22,329
)
(18,293
)
Legal, consulting and other expenses
37,721
8,126
64,443
34,676
100,207
70,691
(3
)
Corresponding tax effect
3,894
4,988
Equity method related amortization, divestments and impairments
24,871
2,285
Finance expenses
1,811
406
Net gain from sale of business
-
(39,136
)
$
130,783
$
39,235
(4
)
Weighted average number of ordinaryshares outstanding - Diluted
68,666
69,233
66,491
67,068
Stratasys Ltd. Reconciliation of GAAP to Non-GAAP Forward Looking Guidance Fiscal Year 2024 (in millions, except per share data) GAAP net loss ($88) to ($72) Adjustments Stock-based compensation expense $29 to $31 Intangible assets amortization expense $26 to $28 Reorganization and other $29 to $35 Tax expense (benefit) related to Non-GAAP adjustments $2 to $3 Non-GAAP net income $9 to $14 GAAP loss per share ($1.24) to ($1.01) Non-GAAP diluted earnings per share $0.12 to $0.19
View source version on businesswire.com: https://www.businesswire.com/news/home/20240307647578/en/
Yonah Lloyd CCO, VP Investor Relations Yonah.Lloyd@stratasys.com
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