Stratasys Releases Fourth Quarter and Full Year 2018 Financial Results – Updated to Include Guidance Clarification

Fourth Quarter Revenue of $177.1 million and $663.2 million for full year 2018

Fourth Quarter GAAP net income of $6.3 million, or $0.12 per diluted share, and non-GAAP net income of $11.3 million, or $0.21 per diluted share

Generated $18.7 million of cash from operations during the quarter, and a record $63.7 million in cash from operations in full year 2018

Company releases full year 2019 earnings guidance

MINNEAPOLIS & REHOVOT, Israel — (BUSINESS WIRE) — March 7, 2019 — Please replace the release with the following corrected version to add clarification to the "Financial Guidance" section.

The corrected release reads:

STRATASYS RELEASES FOURTH QUARTER AND FULL YEAR 2018 FINANCIAL RESULTS – UPDATED TO INCLUDE GUIDANCE CLARIFICATION

Fourth Quarter Revenue of $177.1 million and $663.2 million for full year 2018

Fourth Quarter GAAP net income of $6.3 million, or $0.12 per diluted share, and non-GAAP net income of $11.3 million, or $0.21 per diluted share

Generated $18.7 million of cash from operations during the quarter, and a record $63.7 million in cash from operations in full year 2018

Company releases full year 2019 earnings guidance

Stratasys Ltd. (NASDAQ: SSYS) announced financial results for the fourth quarter and full year of 2018.

Q4 2018 Financial Results Summary:

Revenue for the fourth quarter of 2018 was $177.1 million, compared to $179.3 million for the same period last year.

  • GAAP gross margin was 49.1% for the quarter, compared to 48.7% for the same period last year.
  • Non-GAAP gross margin was 52.2% for the quarter, compared to 52.5% for the same period last year.
  • GAAP operating loss for the quarter was $3.8 million, compared to operating loss of $6.0 million for the same period last year.
  • Non-GAAP operating income for the quarter was $12.8 million, compared to operating income of $13.5 million for the same period last year.
  • GAAP net income for the quarter was $6.3 million, or $0.12 per diluted share, compared to a net loss of $10.0 million, or ($0.19) per diluted share, for the same period last year.
  • Non-GAAP net income for the quarter was $11.3 million, or $0.21 per diluted share, compared to Non-GAAP net income of $8.4 million, or $0.16 per diluted share, reported for the same period last year.
  • The Company generated $18.7 million in cash from operations during the fourth quarter and ended the period with $393.2 million in cash and cash equivalents.

“We are pleased with our fourth quarter and full year profitability, and finished 2018 with record cash flow from operations as we continue to build a strong operational foundation for future growth opportunities and to invest in accelerating new product introductions to expand our addressable markets,” said Elchanan (Elan) Jaglom, Interim Chief Executive Officer of Stratasys. “Our consolidated top line results this quarter reflect continued positive traction in high-end system and materials sales for our PolyJet and FDM technology platforms, primarily in North America, offset partially by the impact late in the quarter of the government shutdown in the United States and what we believe is temporary weakness in the Automotive sector in Europe.”

Fiscal 2018 Financial Results Summary:

  • Revenue for fiscal 2018 was $663.2 million compared to $668.4 million for fiscal 2017.
  • GAAP operating loss for fiscal 2018 was $8.8 million, compared to a loss of $30.5 million for fiscal 2017.
  • Non-GAAP operating income for fiscal 2018 was $36.5 million, compared to $36.7 million for fiscal 2017.
  • GAAP net loss for fiscal 2018 was $11.0 million, or ($0.22) per diluted share, compared to a loss of $40.0 million, or ($0.75) per diluted share, for fiscal 2017.
  • Non-GAAP net income for fiscal 2018 was $27.8 million, or $0.52 per diluted share, compared to non-GAAP net income of $24.2 million, or $0.45 per diluted share, reported for fiscal 2017.
  • The Company generated a record $63.7 million in cash from operations in fiscal 2018.

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