Stratasys doing ok in Q1 2024 in spite of stock tumbling
The company reported stable and significant revenues of $144.1 million
Stratasys Ltd. (Nasdaq: SSYS), a leader in polymer 3D printing solutions, has unveiled its much-awaited financial results for the fiscal Q1 2024. Despite tumbling stock value (see chart below), the company reported revenue of $144.1 million, remaining flat year over year excluding divestitures. Notably, there was a record recurring consumables revenue, indicating continued strong printer utilization.
However, the company reported a GAAP net loss of $26.0 million, or $0.37 per diluted share, and a non-GAAP net loss of $1.7 million, or $0.02 per diluted share. Despite these losses, the company generated $7.3 million in cash from operations and positive free cash flow of $4.3 million.
Stratasys also reported that the new F3300 pipeline showed robust performance, exceeding expectations, with leading companies such as Nissan, BAE Systems and Sikorsky joining one of the earliest end-user customers, Toyota.
Dr. Yoav Zeif, Stratasys’ Chief Executive Officer, highlighted the solid first-quarter results, attributing them to record consumables revenues, improved gross margins, and positive operating and free cash flow. He acknowledged the challenges posed by customers’ capital spending constraints but expressed optimism about increased traction for the F3300 FDM system.
Looking ahead, Stratasys reiterated its 2024 outlook, expecting full-year revenue in the range of $630 million to $645 million. The company anticipates non-GAAP gross margins of 49.0% to 49.5% and operating expenses between $292 million and $297 million for the full year.
Stratasys plans to discuss its first-quarter 2024 financial results during a conference call on May 29, 2024, at 5:00 p.m. (ET). The call will be available via live webcast on the Stratasys website, with dial-in options for telephone participation.
