MINNEAPOLIS, MN and REHOVOT, Israel, Oct 23, 2015 – Stratasys Ltd., the 3D printing and additive manufacturing solutions company, announced preliminary third quarter 2015 financial results.
The company expects to report third quarter revenue in the range of $166 to $168 million, and non-GAAP net income (loss) in the range of ($1.5) to $1.0 million, or ($0.03) to $0.02 per diluted share.
The company expects to report a GAAP net loss in the range of ($190) to ($155) million, or ($3.66) to ($2.98) per share, which includes non-cash, goodwill and other intangible asset impairment charges of approximately $140 to $180 million for its MakerBot reporting unit. In addition, the Company is in the process of performing a goodwill impairment analysis for its other reporting units, which may result in additional impairment charges.
These are preliminary results based on current expectations and are subject to quarter-end closing adjustments. Actual results may differ.
The company’s third quarter performance is believed to reflect a continuation of the macro-economic environment that impacted results across all regions and most product and service lines during the first half of 2015, and is believed to be driven primarily by weak investment in capital equipment by customers within key verticals. In addition, the Company believes that during 2013 and 2014, Stratasys and the overall 3D printing industry experienced a period of extraordinary growth that may have created excess capacity in the market, and that this is contributing to the current slowdown as that excess is worked off. Reflecting the low visibility of the current market environment, typical order trends did not materialize as expected at the end of the quarter.
David Reis, chief executive officer of Stratasys, commented, “We are disappointed with our third quarter results, which reflect a continuation of the challenging macroeconomic environment and weaker conditions in our market that we observed in the first half of 2015. Despite these near-term challenges, we remain convinced of the long-term growth opportunity within 3D printing. We will continue to make the adjustments to our structure and operating costs in light of market conditions, but we are moving forward with the longer-term initiatives that we believe will help position our company for future growth, including enhancements to our go-to-market strategy and aggressive investments around new product development.”
The company plans to hold a conference call to discuss its third quarter results on November 4, 2015 at 7:00AM (ET).
The investor conference call will be available via live webcast on the Stratasys website at www.stratasys.com under the “Investors” tab; or directly at the following Web address: http://edge.media-server.com/m/p/svoedx39.
To participate by telephone, the domestic dial-in number is 866-270-6057 and the international dial-in is 617-213-8891. The access code is 66906702.
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.
About Stratasys Ltd.
For more than 25 years, Stratasys Ltd. (NASDAQ:SSYS) has been a defining force and dominant player in 3D printing and additive manufacturing – shaping the way things are made. Headquartered in Minneapolis, Minnesota and Rehovot, Israel, the Company empowers customers across a broad range of vertical markets by enabling new paradigms for design and manufacturing. The Company’s solutions provide customers with unmatched design freedom and manufacturing flexibility – reducing time-to-market and lowering development costs, while improving designs and communications. Stratasys subsidiaries include MakerBot and Solidscape and the Stratasys ecosystem includes 3D printers producing prototypes and parts; a wide range of 3D printing materials; parts on-demand via Stratasys Direct Manufacturing; strategic consulting and professional services; and Thingiverse/GrabCAD communities with 5+ million free design components, printable files. With approximately 3,000 employees and 800 granted or pending additive manufacturing patents, Stratasys has received more than 30 technology and leadership awards.
Visit them online at: www.stratasys.com or http://blog.stratasys.com.
