Stratasys Reports Record Quarterly Revenue And Non-GAAP Net Income

(a) Represents amortization expense of $436,012 related to acquired Solidscape, Inc. intangible assets and expense of $71,000 associated with the Company's current efforts to combine with Objet Ltd.

(b) Represents non-cash stock-based compensation expense of $784,181, amortization expense of $133,333 related to acquired Solidscape, Inc. intangible assets and expense of $2,493,479 associated with the Company's current efforts to combine with Objet Ltd.

(c) Represents the tax benefit related to non-GAAP adjustments.

(d) Represents amortization expense related to acquired Solidscape, Inc. intangible assets.

(e) Represents non-cash stock-based compensation expense of $440,829 and amortization expense of $133,333 related to acquired Solidscape, Inc. intangible assets.

(f) Represents gain on sale of an auction rate security during the third quarter of 2011.

The Company considers these non-GAAP measures to be indicative of its core operating results and facilitates a comparison of operating results across reporting periods. The Company uses these non-GAAP measures when evaluating its financial results as well as for internal planning and forecasting purposes, however these measures should not be viewed as a substitute for the Company’s GAAP results.

STRATASYS, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP TO GAAP RESULTS OF OPERATIONS
		Nine Months Ended September 30, 2012														Nine Months Ended September 30, 2011
		As Reported										Non-GAAP				As Reported										Non-GAAP
		(unaudited)				Adjustments						(unaudited)				(unaudited)				Adjustments						(unaudited)
Net sales
Products		$	120,301,057			$	-					$	120,301,057			$	91,273,133			$	-					$	91,273,133
Services			23,791,947				-						23,791,947				21,048,816				-						21,048,816
			144,093,004				-						144,093,004				112,321,949				-						112,321,949
Cost of sales
Products			54,692,340				(1,379,036	)		(a)			53,313,304				43,752,872				(1,287,781	)		(d)			42,465,092
Services			12,328,692				-						12,328,692				9,029,273				-						9,029,273
			67,021,032				(1,379,036	)					65,641,996				52,782,145				(1,287,781	)					51,494,365
Gross profit			77,071,972				1,379,036						78,451,008				59,539,804				1,287,781						60,827,585
Operating expenses
Research and development			12,576,094				-						12,576,094				10,687,578				-						10,687,578
Selling, general and administrative			42,365,253				(9,274,541	)		(b)			33,090,712				28,738,325				(1,925,579	)		(e)			26,812,746
			54,941,347				(9,274,541	)					45,666,806				39,425,903				(1,925,579	)					37,500,324
Operating income			22,130,625				10,653,577						32,784,202				20,113,901				3,213,360						23,327,261
Other income (expense)
Interest income, net			672,052				-						672,052				698,469				-						698,469
Foreign currency transaction losses, net			(265,141	)			-						(265,141	)			(429,840	)			-						(429,840	)
Other, net			109,922				-						109,922				2,264,307				(1,830,596	)		(f)			433,711
			516,833				-						516,833				2,532,936				(1,830,596	)					702,340
Income before income taxes			22,647,458				10,653,577						33,301,035				22,646,837				1,382,764						24,029,601
Income tax expense			9,924,615				1,513,033			(c)			11,437,648				7,806,524				358,211			(c)			8,164,735
Net income		$	12,722,843			$	9,140,544					$	21,863,387			$	14,840,313			$	1,024,552					$	15,864,865
Earnings per common share
Basic		$	0.60			$	0.43					$	1.02			$	0.70			$	0.05					$	0.75
Diluted		$	0.58			$	0.42					$	1.00			$	0.68			$	0.05					$	0.73
Weighted average number of common shares outstanding
Basic			21,348,967										21,348,967				21,107,474										21,107,474
Diluted			21,856,719										21,856,719				21,669,848										21,669,848

These adjustments reconcile the Company’s GAAP results of operations to its non-GAAP results of operations. The Company believes that presentation of results adjusted for the non-GAAP items described below provides meaningful supplemental information to both management and investors.

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