Company Raises Fiscal 2012 Revenue and Non-GAAP Earnings Guidance
MINNEAPOLIS — (BUSINESS WIRE) — August 1, 2012 — Stratasys, Inc. (NASDAQ: SSYS) today announced record second quarter financial results.
The company reported record revenue of $49.4 million for the second quarter ended June 30, 2012, a 31% increase from the $37.8 million for the same period last year.
System shipments totaled 776 units for the second quarter of 2012, compared to 735 units for the same period last year.
Non-GAAP net income was $7.0 million for the second quarter, or $0.32 per share, representing a 39% increase over the non-GAAP net income of $5.0 million, or $0.23 per share, for the same period last year.
The company reported net income of $3.0 million for second quarter, or $0.14 per share, compared to net income of $4.0 million, or $0.18 per share, for the same period last year.
Appropriate reconciliations between GAAP and non-GAAP financial measures are provided in a table at the end of this press release. The table provides itemized detail of the non-GAAP financial measures, including the expenses associated with the company’s current efforts to combine with Objet Ltd.
The company reported revenue of $94.4 million for the six-month period ended June 30, 2012, a 30% increase from the $72.4 million for the same period last year.
System shipments totaled 1,598 units for the six-month period of 2012, compared to 1,302 units for the same period last year.
Non-GAAP net income was $13.1 million for the six-month period, or $0.60 per share, representing a 39% increase over the non-GAAP net income of $9.5 million, or $0.44 per share, for the same period last year.
The company reported net income of $7.5 million for six-month period, or $0.35 per share, compared to net income of $9.0 million, or $0.41 per share, for the same period last year.
“Our results represent another impressive quarterly performance driven by the strong positive growth momentum we continue to observe in our systems and consumables revenue,” said Scott Crump, chairman and chief executive officer of Stratasys. “Strong sales of our higher-end Fortus systems helped drive a 33% increase in system revenue during the second quarter, while a 34% increase in consumable revenue resulted from our expanding installed base of systems.”
“Our Fortus line of 3D production systems continue to be the growth driver within our systems business, driven by their expanding use for direct digital manufacturing (DDM) applications. We believe the evaluation and adoption of our proprietary FDM technology as a viable manufacturing alternative is still in the early stages of development. To further this potential, we were pleased to recently announce a joint initiative with the U.S. Department of Energy (DOE) at Oak Ridge National Laboratory to develop our technology for manufacturing applications.
“In our low-priced 3D printing offerings, we began shipments of our revolutionary new Mojo 3D printer on schedule during the final days of the second quarter. The new system comes with everything the commercial user needs to begin printing models – all for under $10,000. We believe the Mojo is the ideal product to attract new customers who had previously viewed 3D printing as unaffordable. Initial orders of Mojo have been strong.
“We believe the Mojo combines nicely with our new channel development strategy aimed at expanding the sales of or our most affordable systems through independent sales agents. We are pleased to report that we have now recruited and trained over 120 sales agents in the U.S. that are focused exclusively on selling our uPrint and Mojo 3D printer lines. In addition, we expect to recruit another 30 agents before the year end.
“We are making significant progress in preparing for our recently announced plan to combine with Objet Ltd, a privately held global company that manufactures 3D printers for rapid prototyping. We recently completed the organizational structure for the combined company, which has been communicated to all employees, and we are nearing the completion of an integration plan that we will initiate upon the closing of the transaction. Externally, we have received Hart-Scott-Rodino anti-trust approval in the U.S., and have filed preliminary proxy materials with the Securities and Exchange Commission. We continue to target a third quarter closing of the transaction.
“Objet’s complementary portfolio of products will allow the combined company to offer customers a broad array of innovative 3D printing and direct digital manufacturing solutions from a single destination. In addition, our combined sales and marketing organization will be impressive, providing for market expansion and cross-selling opportunities for the combined product portfolio. We are excited about the potential of the combined company, and we now expect the transaction will be accretive to non-GAAP earnings per share immediately after closing.
“We are pleased with our second quarter performance, and we are very
excited about the future. The interest in our industry and the potential
of our innovative new products seems to be growing daily. We believe the
combination of Stratasys and Objet will further leverage this potential
by establishing a premier portfolio of products that can help our
customers revolutionize the way new products are designed and
manufactured. We look forward to leading this revolution,” Crump