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Stratasys Reports Strong Fourth Quarter And Fiscal 2012 Financial Results

Stratasys Ltd. (NASDAQ: SSYS) today announced financial results for the fourth quarter and fiscal year 2012, the first quarter of combined results for Stratasys, Inc. and Objet Ltd. following the December 1, 2012 completion of their merger.

Financial Results Summary (Pro Forma Combined Basis):

  • Revenue of $96.4 million for the fourth quarter of 2012 represents a 23% increase over the $78.3 million recorded for the same period last year.
  • Non-GAAP Net Income of $16.3 million for the fourth quarter, or $0.40 per share, represents a 40% increase over the $11.7 million, or $0.30 per share, reported for the same period last year.
  • GAAP Net Income for the fourth quarter was a loss of $3.5 million, or ($0.09) per share, versus a loss of $6.3 million, or ($0.17) per share, for the same period last year.
  • Revenue of $359.0 million for fiscal 2012 represents a 30% increase over the $277.0 million reported for same period last year.
  • Non-GAAP Net Income of $59.6 million for fiscal 2012, or $1.49 per share, represents a 60% increase over the $37.2 million, or $0.94 per share, recorded for the same period last year.
  • GAAP Net Income for fiscal 2012 was a loss of $21.6 million, or ($0.58) per share, versus a loss of $30.9 million, or ($0.84) per share, for the same period last year.
  • Non-GAAP Gross Margins improved to 58.0% from 56.5% in fiscal 2012, and improved to 57.8% from 56.9% in the fourth quarter over prior year periods.
  • GAAP Gross Margins improved to 45.7% from 40.8% in fiscal 2012, and improved to 46.1% from 42.9% in the fourth quarter over prior year periods.
  • The Company has shipped 29,816 systems worldwide as of December 31, 2012.
  • Fiscal 2012 year-end system backlog totaled $28.6 million.

“Our financial results reflect the strong demand for our products driven by the rapidly growing interest in additive manufacturing worldwide, as more companies are recognizing how our technology can reshape the way their products are designed and manufactured,” said David Reis, chief executive officer of Stratasys. “Our results and strong year-end backlog are made more impressive when you consider the significant amount of resources committed during the period to complete our game-changing merger, which included the initiation of an integration plan for our worldwide sales, marketing and service organization and their related support infrastructure. We are very pleased with our first financial results as a combined company.”

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