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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.07 | 0.73% | 9.72 | 9.62 | 9.85 | 10.05 | 9.66 | 9.84 | 327,024 | 01:00:00 |
Third Quarter Revenue of $162.0 million
Third Quarter GAAP net loss of $0.7 million, or ($0.01) per diluted share, and non-GAAP net income of $5.7 million, or $0.11 per diluted share
Generated $5.0 million of cash from operations during the quarter
Stratasys Ltd. (NASDAQ: SSYS) announced financial results for the third quarter of 2018.
Q3 2018 Financial Results Summary:
Revenue for the third quarter of 2018 was $162.0 million, compared to $155.9 million for the same period last year.
“We are pleased with our results this quarter, reflecting continued strength in our high-end systems orders, utilization rates and our parts services business,” said Elchanan (Elan) Jaglom, Interim Chief Executive Officer of Stratasys. “The level of engagement we are experiencing with customers in our key verticals is encouraging, as we highlighted at the recent International Manufacturing Technology Show. And we are excited about the innovation we plan to bring to market to drive incremental, long-term opportunities, as we continue to invest in new products and materials across our portfolio of FDM and PolyJet technologies, our new metal additive manufacturing platform, and advanced composite materials.”
Financial Guidance:
Stratasys today updated the following information regarding the Company’s guidance for projected revenue and net income for the fiscal year ending December 31, 2018:
Stratasys also updated the following guidance regarding the Company’s projected performance and strategic plans for 2018:
The Company’s guidance reflects increased investments in R&D, tools, materials, and additional resources aimed at expanding addressable markets by accelerating development efforts for the new metal additive manufacturing platform, further advancements based on its FDM and PolyJet technologies, and specific go-to-market initiatives in order to deepen customer engagement.
Given the expected ongoing negative impact of not recording a tax benefit on U.S. tax losses on the Company’s non-GAAP net income, the Company believes that the rate of growth in its non-GAAP operating income is the best measure of its performance.
Non-GAAP earnings guidance excludes $34 million of projected amortization of intangible assets; $16 to $17 million of share-based compensation expense; net gains from divestitures of $23 to $22 and reorganization related expense of $6 to $7 million; and includes ($1) to $1 million in tax expenses (income) related to non-GAAP adjustments.
“We ended the quarter with positive cash generation and expense controls that drove efficiencies and maintained operational discipline as we continue to invest in research and development to expand our portfolio,” continued Jaglom. “We believe we have the best go-to-market execution strategy in the industry and are focused on delivering new, innovative solutions in the coming years that will drive strong, profitable top and bottom-line growth.”
Stratasys Ltd. Q3 2018 Conference Call Details
The Company plans to hold the conference call to discuss its third quarter financial results on Thursday, November 1, 2018 at 8:30 a.m. (ET).
The investor conference call will be available via live webcast on the Stratasys Website at www.stratasys.com in the "Investor Relations" section; or directly at the following web address: https://edge.media-server.com/m6/p/a8omzkp4.
To participate by telephone, the domestic dial-in number is (866) 394-5776 and the international dial-in is (409) 350-3596. The access code is 2963439.
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 Website or by accessing the provided web address.
Stratasys is a global leader in additive manufacturing or 3D printing technology, and is the manufacturer of FDM® and PolyJet™ 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 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. Online at: www.stratasys.com, http://blog.stratasys.com and LinkedIn.
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 2018, 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 market acceptance of our 3D printers, high-performance systems and consumables, and the software and technology included in those systems; potential declines in the demand for, or the prices of, our products and services, or volume of our sales, due to decreased demand either for them specifically or in the 3D printing market generally; potential further charges against earnings that we could be required to take due to impairment of additional goodwill or other intangible assets; potential shifts in our product mix to lower-margin products or in our revenues mix towards our AM services business; any failure to adequately adapt our infrastructure and properly integrate the internal and external sources of our growth to generate intended benefits (including from the companies that we recently acquired); the impact of competition and new technologies; risks related to our relationships with our suppliers, resellers and independent sales agents, and our operations at our manufacturing sites; risks related to the international scope of our operations and regulatory compliance (including reporting, environmental, anti-corruption and other regulatory compliance) related to that scope of operations; risks related to the security of our information systems (including risks related to potential cyber-attacks); changes in the overall global economic environment or in political and economic conditions in the countries in which we operate; changes in our strategy; costs and potential liability relating to litigation and regulatory proceedings; 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, 2017 (the “2017 Annual Report”), filed with the Securities and Exchange Commission (the “SEC”) on February 28th, 2018. Readers are urged to carefully review and consider the various disclosures made throughout our 2017 Annual Report, and the Report on Form 6-K that attaches Stratasys’ unaudited, condensed consolidated financial statements as of, and for the quarter and nine months ended, September 30, 2018, and its review of its results of operations and financial condition for those periods, which has been furnished 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 (x) on an ongoing basis after excluding mergers, acquisitions and divestments related expense or gains and reorganization-related charges or gains, and (y) 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, changes in fair value of obligations in connection with acquisitions 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)
September 30, December 31, 2018 2017 ASSETS Current assets Cash and cash equivalents $ 348,887 $ 328,761 Accounts receivable, net 129,477 132,671 Inventories 118,075 115,717 Net investment in sales-type leases 3,489 7,208 Prepaid expenses 5,932 7,696 Other current assets 41,870 22,858 Total current assets 647,730 614,911 Non-current assets Net investment in sales-type leases - long term 2,038 4,439 Property, plant and equipment, net 191,437 199,951 Goodwill 386,728 387,108 Other intangible assets, net 117,448 142,122 Other non-current assets 20,428 31,219 Total non-current assets 718,079 764,839 Total assets $ 1,365,809 $ 1,379,750 LIABILITIES AND EQUITY Current liabilities Accounts payable $ 38,944 $ 39,849 Current portion of long term-debt 5,143 5,143 Accrued expenses and other current liabilities 34,257 30,041 Accrued compensation and related benefits 32,382 35,356 Deferred revenues 53,102 52,908 Total current liabilities 163,828 163,297 Non-current liabilities Long-term debt 23,286 27,143 Deferred tax liabilities 1,836 7,069 Deferred revenues - long-term 16,009 15,200 Other non-current liabilities 30,459 32,899 Total non-current liabilities 71,590 82,311 Total liabilities 235,418 245,608 Redeemable non-controlling interests 931 1,635 EquityOrdinary shares, NIS 0.01 nominal value, authorized 180,000 thousandsshares; 53,810 thousands shares and 53,631 thousands sharesissued and outstanding at September 30, 2018 and December 31, 2017, respectively
146 145 Additional paid-in capital 2,675,762 2,663,274 Accumulated other comprehensive loss (8,815 ) (7,023 ) Accumulated deficit (1,537,633 ) (1,523,906 ) Equity attributable to Stratasys Ltd. 1,129,460 1,132,490 Non-controlling interest - 17 Total equity 1,129,460 1,132,507 Total liabilities and equity $ 1,365,809 $ 1,379,750 Stratasys Ltd. Consolidated Statements of Operations (in thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 (unaudited) (unaudited) (unaudited) (unaudited) Net sales Products $ 109,647 $ 108,401 $ 331,967 $ 344,509 Services 52,402 47,466 154,151 144,510 162,049 155,867 486,118 489,019 Cost of sales Products 48,640 49,840 147,120 159,043 Services 34,481 30,788 100,773 94,465 83,121 80,628 247,893 253,508 Gross profit 78,928 75,239 238,225 235,511 Operating expenses Research and development, net 25,786 21,767 74,585 69,652 Selling, general and administrative 49,792 60,345 168,684 190,406 75,578 82,112 243,269 260,058 Operating loss 3,350 (6,873 ) (5,044 ) (24,547 ) Financial income (expense), net (39 ) (305 ) (114 ) 380 Loss before income taxes 3,311 (7,178 ) (5,158 ) (24,167 ) Income tax expenses 304 2,571 1,110 5,205 Share in losses of associated companies (3,752 ) (489 ) (11,185 ) (1,006 ) Net loss (745 ) (10,238 ) (17,453 ) (30,378 ) Net loss attributable to non-controlling interests (66 ) (81 ) (182 ) (377 ) Net loss attributable to Stratasys Ltd. $ (679 ) $ (10,157 ) $ (17,271 ) $ (30,001 ) Net loss per ordinary share attributable to Stratasys Ltd. Basic $ (0.01 ) $ (0.19 ) $ (0.34 ) $ (0.57 ) Diluted (0.01 ) (0.19 ) (0.34 ) (0.57 ) Basic 53,769 53,012 53,716 52,827 Diluted 53,769 53,012 53,716 52,827 Stratasys Ltd. Reconciliation of GAAP to Non-GAAP Results of Operations Three Months Ended September 30, 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) $ 78,928 $ 5,545 $ 84,473 $ 75,239 $ 6,598 $ 81,837 Operating income (loss) (1,2) 3,350 4,815 8,165 (6,873 ) 14,933 8,060Net income (loss) attributable to
Stratasys Ltd. (1,2,3)
(679 ) 6,383 5,704 (10,157 ) 14,299 4,142Net income (loss) per diluted share attributable
to Stratasys Ltd. (4)
$ (0.01 ) $ 0.12 $ 0.11 $ (0.19 ) $ 0.27 $ 0.08 (1 ) Acquired intangible assets amortization expense 5,221 5,688 Non-cash stock-based compensation expense 351 642 Reorganization and other related costs (27 ) 72 Merger and acquisition related expense - 196 5,545 6,598 (2 ) Acquired intangible assets amortization expense 2,532 2,593 Non-cash stock-based compensation expense 3,662 4,256 Change in fair value of obligations in connection with acquisitions - 65 Gain from divestiture, net of transaction costs (7,016 ) - Reorganization and other related costs 92 383Merger and acquisition related expense
- 1,038 (730 ) 8,335 4,815 14,933 (3 ) Corresponding tax effect (750 ) (836 )Acquired intangible assets amortization and write-off related to equity
method investments
2,318 202 $ 6,383 $ 14,299 (4 ) Weighted average number of ordinaryshares outstanding- Diluted
53,769 53,992 53,012 53,664 Stratasys Ltd. Reconciliation of GAAP to Non-GAAP Results of Operations Nine Months Ended September 30, 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) $ 238,225 $ 16,852 $ 255,077 $ 235,511 $ 19,996 $ 255,507 Operating income (loss) (1,2) (5,044 ) 28,750 23,706 (24,547 ) 47,708 23,161 Net income (loss) attributable toStratasys Ltd. (1,2,3)
(17,271 ) 33,789 16,518 (30,001 ) 45,729 15,728 Net income (loss) per diluted share attributableto Stratasys Ltd. (4)
$ (0.34 ) $ 0.65 $ 0.31 $ (0.57 ) $ 0.86 $ 0.29 (1 ) Acquired intangible assets amortization expense 15,645 17,081 Non-cash stock-based compensation expense 1,180 2,084 Reorganization and other related costs 27 303 Merger and acquisition related expense - 528 16,852 19,996 (2 ) Acquired intangible assets amortization expense 7,629 7,725 Non-cash stock-based compensation expense 10,526 12,049 Change in fair value of obligations in connection with acquisitions - 1,378 Gain from divestiture, net of transaction costs (7,016 ) Reorganization and other related costs 631 2,667 Merger and acquisition related expense 128 3,893 11,898 27,712 28,750 47,708 (3 ) Corresponding tax effect (2,661 ) (2,571 )Acquired intangible assets amortization and write-off related to equity
method investments
7,700 592 $ 33,789 $ 45,729 (4 )Weighted average number of ordinary
shares outstanding- Diluted
53,716 53,820 52,827 53,521 Stratasys Ltd. Reconciliation of GAAP to Non-GAAP Forward Looking Guidance Fiscal Year 2018 (in millions, except per share data) GAAP net loss ($10) to ($2)Adjustments
Stock-based compensation expense $16 to $17 Intangible assets amortization expense $34 Net Gains for Divestitures ($23) to ($22) Reorganization Related Expense $6 to $7 Tax expense (Income) related to Non-GAAP adjustments ($1) to $1 Non-GAAP net income $27 to $30 GAAP loss per share ($0.19) to ($0.04) Non-GAAP diluted earnings per share $0.50 to $0.55
View source version on businesswire.com: https://www.businesswire.com/news/home/20181101005446/en/
Stratasys Investor RelationsYonah LloydVice President - Investor RelationsYonah.Lloyd@stratasys.com
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