Stratasys Ltd. (NASDAQ: SSYS) today announced record financial results for the second quarter of 2013.
Q2 Financial Results Summary:
- Non-GAAP revenue of $106.7 million for the second quarter of 2013 represents a 20% organic increase over the $88.7 million pro forma revenue recorded for the same period last year after giving effect to the Stratasys-Objet merger as though it closed on January 1, 2011.
- GAAP revenue for the second quarter was $106.5 million.
- Non-GAAP net income of $18.6 million for the second quarter, or $0.45 per diluted share, represents a 32% increase over pro forma non-GAAP net income of $14.1 million, or $0.35 per diluted share, reported for the same period last year.
- GAAP net income for the second quarter was a loss of $2.8 million, or ($0.07) per share, versus a pro forma loss of $6.9 million, or ($0.19) per share, for the same period last year.
- Non-GAAP gross margins improved to 59.2% for the second quarter from pro forma non-GAAP gross margins of 57.5% in the same period last year.
- GAAP gross margins improved to 47.3% for the second quarter from pro forma gross margins of 45.3% in the same period last year.
- The company invested a net amount of $10.3 million in R&D during the second quarter, representing 9.7% of sales.
- On a combined basis, the company has shipped a cumulative 32,245 systems worldwide as of June 30, 2013.
“We sustained positive momentum in the second quarter as global demand for our products and services remained strong,” said David Reis, chief executive officer of Stratasys. “Our growth in the second quarter accelerated compared to the first quarter, as the benefits of our recent channel integration and cross-selling initiatives have begun to materialize. This occurred while we continued to invest significantly in other merger integration initiatives. In addition, our margins were favorably impacted by the operating synergies produced by the Stratasys-Objet merger, and the strong sales of our higher-margin products and services. We are very pleased with our record second quarter results.”