Stratasys Releases Fourth Quarter and Full Year 2021 Financial Results

  • Fourth quarter revenue of $167.0 million, 17.3% growth over fourth quarter 2020
  • Fourth quarter GAAP net loss of $4.8 million, or $0.07 per diluted share, and non-GAAP net income of $0.5 million, or $0.01 per diluted share
  • Generated $4.4 million of cash from operations during the fourth quarter
  • $502.2 million cash and equivalents and no debt at year end 2021

MINNEAPOLIS & REHOVOT, Israel — (BUSINESS WIRE) — February 23, 2022 — Stratasys Ltd. (Nasdaq: SSYS), a leader in polymer 3D printing solutions, today announced financial results for the fourth quarter and full year 2021.

Summary - Fourth Quarter 2021 Financial Results Compared to Fourth Quarter 2020:

  • Revenue of $167.0 million compared to $142.4 million.
  • GAAP gross margin of 43.7%, compared to 46.4%.
  • Non-GAAP gross margin of 48.7%, compared to 49.5%.
  • GAAP operating loss of $16.2 million, compared to an operating loss of $2.5 million.
  • Non-GAAP operating income of $1.7 million, compared to non-GAAP operating income of $8.3 million that reflected lower operating expenses due to a 4-day work-week.
  • GAAP net loss of $4.8 million, or $0.07 per diluted share, compared to net income of $11.0 million, or $0.20 per diluted share that included a one-time $14 million tax benefit.
  • Non-GAAP net income of $0.5 million, or $0.01 per diluted share, compared to non-GAAP net income of $7.0 million, or $0.13 per diluted share.
  • Adjusted EBITDA of $7.9 million, compared to $14.6 million.
  • Cash generated from operations of $4.4 million, compared to $23.7 million, reflecting higher inventory purchasing year over year.

Dr. Yoav Zeif, Stratasys’ Chief Executive Officer, stated, “Our strong execution and results for the fourth quarter were driven by growth across all technologies and regions. Revenue was up over 17%, led by systems growth of 26% as we delivered our highest systems sales in three years, helping to generate our sixth consecutive quarter of positive operating cash flow.”

Dr. Zeif continued, “In 2021 we established the necessary infrastructure to drive our company’s success in the years to come with key acquisitions and successful product launches. We strengthened our industry leadership position as we reinvigorated and expanded our entire polymer 3D printing portfolio. A multitude of industries continues to embrace the many benefits of additive manufacturing and incorporate them into their mass production of parts, and Stratasys is at the forefront of this ongoing transformation. Equipped with best-in-class offerings, unmatched Go-to-Market network and support infrastructure, a strong balance sheet, and the best 3D printing talent relentlessly focused on execution, we are positioned to further build on our momentum in 2022. As we look ahead, we are energized and excited for the future of Stratasys.”

Summary - 2021 Financial Results Compared to 2020:

  • Revenue of $607.2 million compared to $520.8 million.
  • GAAP gross margin of 42.8%, compared to 42.1%.
  • Non-GAAP gross margin of 47.8%, compared to 47.6%.
  • GAAP operating loss of $79.2 million, compared to a $456.0 million operating loss that was primarily due to a $386.2 million non-cash goodwill impairment.
  • Non-GAAP operating loss of $1.7 million, compared to a $9.1 million non-GAAP operating loss.
  • Adjusted EBITDA of $22.6 million, compared to $16.0 million.
  • GAAP net loss of $62.0 million, or ($0.98) per diluted share, compared to a loss of $443.7 million, or ($8.08) per diluted share, that included a non-cash $386.2 million goodwill impairment.
  • Non-GAAP net loss of $4.3 million, or $(0.07) per diluted share, compared to non-GAAP net loss of $13.9 million, or $(0.25) per diluted share.
  • Cash generated from operations of $35.8 million, compared to $27.8 million.

Financial Outlook:

Based on current market conditions and assuming that the impacts of the COVID-19 pandemic or global supply chain costs do not impede economic activity further, the Company is providing the following outlook for 2022:

  • Full year revenue of $680 million to $695 million.
  • Sequential quarterly revenue growth.
  • First quarter revenue growth expected to reach high teens as a percentage over first quarter of 2021.
  • Based on current logistics and materials costs, full year gross margins of flat to slightly higher, with improved year-over-year growth in the second half of 2022.
  • First quarter gross margins expected to be relatively flat compared to first quarter 2021.
  • Targeting long-term gross margins over 50%.
  • Full year-operating expenses $20 million to $25 million higher than 2021, primarily due to ongoing investments in new products to drive higher revenue.
  • Full year non-GAAP operating margins slightly above 2%, with small losses in the first half and profitable contribution in the second half of the year.
  • Targeting long-term double digit non-GAAP operating margins.
  • GAAP net loss of $74 million to $67 million, or ($1.11) to ($1.00) per diluted share.
  • Non-GAAP net income of $10 million to $13 million, or $0.14 to $0.19 per diluted share.
  • Adjusted EBITDA of $38 million to $41 million.
  • Capital expenditures of $20 million to $25 million.

Non-GAAP earnings guidance excludes $37 million to $38 million of projected amortization of intangible assets, $31 million to $33 million of share-based compensation expense, and reorganization and other expenses of $14 million to $15 million. Non-GAAP guidance includes tax adjustments of $2 million to $1 million on the above non-GAAP items.

Appropriate reconciliations between GAAP and non-GAAP financial measures are provided in a table at the end of our press release and slide presentation, with itemized detail concerning the non-GAAP financial measures.

Stratasys Ltd. Fourth Quarter 2021 Webcast and Conference Call Details

The Company plans to webcast its conference call to discuss its fourth quarter 2021 financial results on Wednesday, February 23, 2022, at 8:30 a.m. (ET).

The investor conference call will be available via live webcast on the Stratasys Web site at investors.stratasys.com, or directly at the following web address:

https://themediaframe.com/mediaframe/webcast.html?webcastid=UEHU5sS7

To participate by telephone, the U.S. toll-free number is 877-407-0619 and the international dial-in is +1-412-902-1012. Investors are advised to dial into the call at least ten minutes prior to the call to register. The webcast will be available for six months at investors.stratasys.com, or by accessing the above-provided web address.

Stratasys is leading the global shift to additive manufacturing with innovative 3D printing solutions for industries such as aerospace, automotive, consumer products and healthcare. Through smart and connected 3D printers, polymer materials, a software ecosystem, and parts on demand, Stratasys solutions deliver competitive advantages at every stage in the product value chain. The world’s leading organizations turn to Stratasys to transform product design, bring agility to manufacturing and supply chains, and improve patient care.

To learn more about Stratasys, visit www.stratasys.com, the Stratasys blog, Twitter, LinkedIn, or Facebook. Stratasys reserves the right to utilize any of the foregoing social media platforms, including the Company’s websites, to share material, non-public information pursuant to the SEC’s Regulation FD. To the extent necessary and mandated by applicable law, Stratasys will also include such information in its public disclosure filings.

Stratasys is a registered trademark and the Stratasys signet is a trademark of Stratasys Ltd. and/or its subsidiaries or affiliates. All other trademarks are the property of their respective owners.

Cautionary Statement Regarding Forward-Looking Statements

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