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Stratasys Reports Record Financial Results For The Third Quarter Of 2013

Stratasys Ltd. (NASDAQ:SSYS) today announced record financial results for the third quarter of 2013.

Q3 Financial Results Summary:
  • Non-GAAP revenue (including MakerBot from August 15 th) of $126.1 million for the third quarter of 2013 represents a 39% increase over the $90.9 million Stratasys and Objet pro forma combined revenue for the same period last year. GAAP revenue (including MakerBot) for the third quarter of 2013 was $125.6 million.
  • Non-GAAP revenue (excluding MakerBot) increased organically by 26% for the third quarter over last year’s Stratasys and Objet pro forma combined revenue.
  • Non-GAAP revenue from MakerBot was $11.6 million for the third quarter representing the period following the transaction’s close on August 15, 2013. GAAP revenue contribution from MakerBot for the third quarter was $11.4 million.
  • Non-GAAP net income (including MakerBot) was $20.0 million for the third quarter, or $0.45 per diluted share, compared to Stratasys and Objet pro forma combined $16.6 million, or $0.41 per diluted share, reported for the same period last year.
  • GAAP net income (including MakerBot) for the third quarter was a loss of $6.6 million, or ($0.16) per share, versus a Stratasys and Objet pro forma loss of $2.8 million, or ($0.07) per share, for the same period last year.
  • The company invested a net amount of $12.0 million in R&D during the third quarter, representing 9.5% of net sales.
  • Cash, investments and bank deposits balance at the end of the third quarter was $616.5 million, or $12.65 per share.
  • On a combined pro forma basis, including MakerBot, the company has shipped a cumulative 64,855 systems worldwide as of September 30, 2013.

“Organic revenue growth accelerated in the third quarter as synergies resulting from the merger between Stratasys and Objet continued to develop,” said David Reis, chief executive officer of Stratasys. “We observed strong growth across multiple product lines that address an expanding range of applications. We also sustained strong gross margins during the period, which was a contributing factor to our record profitability. We are especially pleased by the contribution made by MakerBot, which added $11.6 million in revenue during the period. We are very pleased with our third quarter results.”

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