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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.07 | 0.73% | 9.72 | 9.40 | 18.00 | 10.05 | 9.66 | 9.84 | 327,024 | 05:00:00 |
Stratasys Ltd. (NASDAQ: SSYS) announced financial results for the third quarter of 2020.
Q3 2020 Financial Results Summary:
“We were pleased to see sequential improvements in both our top and bottom lines for this quarter, reflecting the beginning of a potential recovery from the pandemic,” said Yoav Zeif, CEO of Stratasys. “We are laser-focused on leading the polymer 3D printing market by delivering the most innovative, next-gen technologies to address the fastest-growing and most transformative manufacturing applications, while leveraging the strongest go-to-market infrastructure in our industry. We believe that our innovations of today will drive competitive production advantages for the factories of tomorrow, resulting in growth and value creation for our customers and shareholders.”
Stratasys Ltd. Q3 2020 Conference Call Details
The Company plans to hold the conference call to discuss its third quarter 2020 financial results on Thursday, November 12, 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/41658/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, 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 extending for a further significant period of time, 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; 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 September 30, 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 restructuring-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 goodwill and 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)September 30,
December 31,
2020
2019
ASSETS Current assets Cash and cash equivalents$
252,906
$
293,484
Short-term deposits
$
55,300
$
28,300
Accounts receivable, net
103,693
132,558
Inventories
152,685
168,504
Prepaid expenses
7,568
6,567
Other current assets
19,209
29,659
Total current assets
591,361
659,072
Non-current assets Property, plant and equipment, net
198,521
189,706
Goodwill
-
385,658
Other intangible assets, net
65,083
87,328
Operating lease right-of-use assets
18,905
20,936
Other non-current assets
35,238
38,819
Total non-current assets
317,747
722,447
Total assets
$
909,108
$
1,381,519
LIABILITIES AND EQUITY Current liabilities Accounts payable
$
23,478
$
35,818
Accrued expenses and other current liabilities
26,462
28,528
Accrued compensation and related benefits
28,536
34,013
Deferred revenues
47,288
52,268
Operating lease liabilities - short term
8,675
9,292
Total current liabilities
134,439
159,919
Non-current liabilities Deferred revenues - long-term
13,436
16,039
Operating lease liabilities - long term
10,600
12,445
Other non-current liabilities
33,291
35,343
Total non-current liabilities
57,327
63,827
Total liabilities
191,766
223,746
Redeemable non-controlling interests
568
622
Equity Ordinary shares, NIS 0.01 nominal value, authorized 180,000 thousands shares; 55,112 thousands shares and 54,441 thousands shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively
150
148
Additional paid-in capital
2,722,839
2,706,894
Accumulated other comprehensive loss
(9,289
)
(7,716
)
Accumulated deficit
(1,996,926
)
(1,542,175
)
Total equity
716,774
1,157,151
Total liabilities and equity
$
909,108
$
1,381,519
Stratasys Ltd. Consolidated Statements of Operations (in thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30,
2020
2019
2020
2019
(unaudited) (unaudited) (unaudited) (unaudited) Net sales Products$
83,548
$
106,346
$
240,597
$
321,778
Services
44,344
51,114
137,825
154,145
127,892
157,460
378,422
475,923
Cost of sales Products
47,339
44,341
126,556
135,605
Services
30,784
35,710
98,491
105,285
78,123
80,051
225,047
240,890
Gross profit
49,769
77,409
153,375
235,033
Operating expenses Research and development, net
19,562
23,620
65,059
70,234
Selling, general and administrative
48,343
59,741
155,630
173,217
Goodwill impairment
386,154
-
386,154
-
454,059
83,361
606,843
243,451
Operating loss
(404,290
)
(5,952
)
(453,468
)
(8,418
)
Financial income (expense), net
(167
)
289
(847
)
2,796
Loss before income taxes
(404,457
)
(5,663
)
(454,315
)
(5,622
)
Income tax expenses (benefit)
(343
)
586
(2,250
)
3,084
Share in profits (losses) of associated companies
(952
)
(733
)
(2,740
)
495
Net Loss
(405,066
)
(6,982
)
(454,805
)
(8,211
)
Net loss attributable to non-controlling interests
(4
)
(41
)
(54
)
(152
)
Net loss attributable to Stratasys Ltd.$
(405,062
)
$
(6,941
)
$
(454,751
)
$
(8,059
)
Net loss per ordinary share attributable to Stratasys Ltd. Basic$
(7.35
)
$
(0.13
)
$
(8.29
)
$
(0.15
)
Diluted$
(7.35
)
$
(0.13
)
$
(8.29
)
$
(0.15
)
Basic
55,086
54,394
54,851
54,201
Diluted
55,086
54,394
54,851
54,201
Three Months Ended September 30,
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)$
49,769
$
10,036
$
59,805
$
77,409
$
5,087
$
82,496
Operating income (loss) (1,2)
(404,290
)
403,268
(1,022
)
(5,952
)
14,055
8,103
Net income (loss) attributable to Stratasys Ltd. (1,2,3)
(405,062
)
402,050
(3,012
)
(6,941
)
13,275
6,334
Net income (loss) per diluted share attributable to Stratasys Ltd. (4)$
(7.35
)
$
7.30
$
(0.05
)
$
(0.13
)
$
0.25
$
0.12
(1)
Acquired intangible assets amortization expense
4,065
3,916
Non-cash stock-based compensation expense
524
475
Restructuring and other related costs
191
696
Impairment charges of intangible assets
5,256
-
10,036
5,087
(2)
Acquired intangible assets amortization expense
2,162
2,016
Non-cash stock-based compensation expense
4,352
4,960
Goodwill impairment
386,154
-
Restructuring and other related costs
34
1,992
Other expenses
530
-
393,232
8,968
403,268
14,055
(3)
Corresponding tax effect
(1,296
)
(780
)
Equity method related amortization, divestments and impairments
78
-
$
402,050
$
13,275
(4)
Weighted average number of ordinary shares outstanding- Diluted
55,086
55,086
54,394
54,940
Nine Months Ended September 30,
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)$
153,375
$
24,062
$
177,437
$
235,033
$
13,780
$
248,813
Operating income (loss) (1,2)
(453,468
)
435,987
(17,481
)
(8,418
)
32,376
23,958
Net income (loss) attributable to Stratasys Ltd. (1,2,3)
(454,751
)
433,821
(20,930
)
(8,059
)
28,574
20,515
Net income (loss) per diluted share attributable to Stratasys Ltd. (4)$
(8.29
)
$
7.91
$
(0.38
)
$
(0.15
)
$
0.53
$
0.38
(1)
Acquired intangible assets amortization expense
12,196
11,714
Non-cash stock-based compensation expense
1,424
1,370
Restructuring and other related costs
5,187
696
Impairment charges of intangible assets
5,256
-
24,062
13,780
(2)
Acquired intangible assets amortization expense
6,430
5,688
Non-cash stock-based compensation expense
14,470
14,387
Goodwill impairment
386,154
-
Restructuring and other related costs
3,863
(1,479
)
Other expenses
1,007
-
411,925
18,596
435,987
32,376
(3)
Corresponding tax effect
(2,396
)
(2,198
)
Equity method related amortization, divestments and impairments
230
(1,604
)
$
433,821
$
28,574
(4)
Weighted average number of ordinary shares outstanding- Diluted
54,851
54,851
54,201
54,705
View source version on businesswire.com: https://www.businesswire.com/news/home/20201112005142/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