Stratasys Q2 Revenue Down 21% to $24.6M with $850K Profit
 MINNEAPOLIS,
MN, Jul 29, 2009 - Stratasys, Inc. (Nasdaq:SSYS) today announced second
quarter financial results.
Revenue was $24.6 million for the second quarter ended June 30, 2009
versus $31.3 million reported for the same period in 2008. System shipments
totaled 442 units for the second quarter of 2009, versus 540 for the same
period last year.
The company reported net income of approximately $850,000 for the second
quarter, or $0.04 per share, compared to net income of $4.1 million, or
$0.19 per share, for the same period last year.
Non-GAAP net income, which excludes stock-based compensation expense, was
approximately $1.0 million, or $0.05 per share, for the second quarter of
2009 compared to $4.4 million, or $0.20 per share, for the same period last
year.
Stock-based compensation expense required under Statement of Financial
Accounting Standard (SFAS) 123R was approximately $162,000 net of tax, or
$0.01 per share, for the second quarter of 2009, and approximately $268,000
net of tax, or $0.01 per share, for the same period last year.
Revenue was $47.8 million for the six-month period ended June 30, 2009
versus $62.0 million reported for the same period in 2008. System shipments
totaled 1,033 units for the six-month period of 2009, versus 1,117 for the
same period last year.
The company reported net income of approximately $146,000 for the
six-month period of 2009, or $0.01 per share, compared to net income of $7.9
million, or $0.37 per share, for the same period last year.
Non-GAAP net income, which excludes certain discrete items and
stock-based compensation expense, was approximately $1.0 million, or $0.05
per share, for the six-month period of 2009 compared to $8.7 million, or
$0.40 per share, for the same period last year.
The six-month period of 2009 included a discrete item related to a
restructuring expense of approximately $512,000 net of tax, or $0.03 per
share. This expense was associated with cost-saving measures the company
implemented during the first quarter of 2009.
The six-month period of 2008 included a discrete item related to an
impairment charge of approximately $257,000 net of tax, or $0.01 per share.
This non-operating charge was an adjustment to the fair value of an auction
rate security taken during the first quarter of 2008.
Stock-based compensation expense required under Statement of Financial
Accounting Standard (SFAS) 123R was approximately $359,000 net of tax, or
$0.02 per share, for the six-month period of 2009, and approximately
$529,000 net of tax, or $0.02 per share, for the same period last year.
Cash flow from operations totaled approximately $2.5 million and $5.5
million for the second quarter and six-month period in 2009, respectively.
The company has over $51 million in total cash and investments as of the end
of the second quarter.
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 impairment charge and restructuring expense, as well
as the stock-based compensation expense used to determine non-GAAP financial
measures.
“We are beginning to observe signs that market conditions have
stabilized,” said Scott Crump, chairman and chief executive officer of
Stratasys. “Although the challenging economic environment continued and
order activity remained depressed in the second quarter, positive indicators
have recently emerged within the sales channel. We are cautiously optimistic
that we may realize improved market conditions in the coming quarters.
“Our new personal 3D printer, the uPrint, continues to be well received
following its successful launch in January. Although 3D printer sales have
been slowed by the economic downturn, our pipeline of opportunities has
grown significantly, which should bode well when market conditions improve.
In addition, growing our distribution within 3D printing remains a top
priority. We continue working on plans for broadening our distribution
strategy, which we expect to significantly advance this year.
“In our Fortus 3D Production System business, we are also building a
pipeline of opportunities that should translate into higher sales when
market conditions improve. Although Fortus sales declined in the second
quarter versus last year, sales nearly doubled over levels realized in the
first quarter of this year. We are optimistic that this represents a
positive trend going forward. Direct digital manufacturing applications
remain a focal point of our Fortus sales and marketing efforts.
“We returned to profitability in the second quarter, a result of prudent
cost-saving measures we implemented over the past year. We believe our
go-to-market strategy combined with our strong financial position make us
well positioned for the future. It is important to note that we have
strengthened our already healthy balance sheet and we hold over 51 million
dollars in cash and investments.
“Our competitive position remains strong. This was confirmed by the
Wohlers Report 2009, released in the second quarter, which indicated that
Stratasys shipped over 43 percent of all systems shipped worldwide during
2008, and it has the highest global installed base of additive systems. We
expect to improve upon our competitive position in 2009, given our
relatively strong financial position and fresh lineup of products.
“The company remains focused on executing its long-term plan, and we
remain confident in the long-term growth opportunities in our core
businesses,” Crump concluded.
The company will hold a conference call to discuss its second quarter
financial results on Wednesday, July 29, 2009 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. To participate by telephone, the domestic dial-in
number is 800-299-7098, and the international dial-in is 617-801-9715. The
access code is 55972822. 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.
About Stratasys, Inc.,
Stratasys, Inc., Minneapolis, manufactures additive fabrication machines
for prototyping and manufacturing plastic parts. The company also operates a
service for part prototyping and production. According to Wohlers Report
2009, Stratasys supplied 43 percent of all additive fabrication systems
installed worldwide in 2008, making it the unit market leader for the
seventh consecutive year. Stratasys patented and owns the process known as
FDM. The process creates functional prototypes and end-use parts directly
from any 3D CAD program, using high-performance industrial thermoplastics.
The company holds more than 250 granted or pending additive fabrication
patents globally. Stratasys products are used in the aerospace, defense,
automotive, medical, business and industrial equipment, education,
architecture, and consumer-product industries.
For more information, visit
www.Stratasys.com.
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Additional News
Dec 3 - Stratasys, Autodesk Unveil Turbo Prop Aircraft Engine Model
Dec 2 - Stratasys to Host Charity Auction for Dimension 3D Printer
Nov 12 - Dimension uPrint 3D Printer Gets 2 Editorial Awards at SEMA
Oct 20 - Stratasys Q3 Conference Call on Oct 29, 8:30 AM ET
Sep 14 - Dimension uPrint 3D Printer Gets Golden Mousetrap Award
Sep 11 - Dimension Launches 6th Extreme Redesign 3D Printing Contest
Aug 19 - Stratasys Adds 4 Prototyping Materials for Fortus 900mc
Jul 29 - Stratasys Q2 Revenue Down 21% to $24.6M with $850K Profit
June 02 - Stratasys to Present at William Blair Annual Conference
May 20 - Dimension 3D Announces 'Extreme Redesign' Contest Winners
May 15 - Stratasys Prototype Leader for 7th Year - Wohlers
May 14 - Germany's University of Paderborn Begins DMRC Operations
Apr 29 - Dimension 3D Picks 9 Finalists for 'Extreme Redesign' Contest
Apr 20 - Stratasys Q1 Conference Call on April 29, 8.30AM ET
Apr 8 - Stratasys Fortus SR-30 Material Available for Prototypes
Mar 18 - Stratasys Q4 Revenue Up 6% to $32M but Profit Drops to $2M
Mar 16 - C.ideas Standardizes on Stratasys Fortus FDM Systems
Feb 27 - Stratasys Introduces FORTUS Brand for Product Line
Jan 27 - Stratasys Launches uPrint Desktop 3D Printer for Under $15K
Dec 19 - 'Select' Dimension Resellers to Sell Stratysis FDM Systems
Dec 9 - RedEye Bonus Pack Offers Instant Quotes, Orders for AutoCAD
Dec 8 - RedEye Unveils Full-Scale Custom Chopper Prototype
Dec 4 - Stratasys to Offer SABIC Thermoplastic for DDM, Prototyping
Dec 3 - Stratasys Introduces Smoothing Station for FDM
Oct 16 - Stratasys Q3 Conference Call on Nov 3, 8:30AM ET
Sep 24 - Dimension 3D Printing Launches 5th Extreme Redesign Contest
Source: Material used in press releases is often supplied by external
sources and used as is.
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