Stratasys full year results for FY 2021 show 16.7% growth

Stratasys Ltd. (Nasdaq: SSYS), a leader in polymer 3D printing solutions, reported it generated $607 million USD in sales during the full FY 2021, with 16.7% growth over the previous year. Financial Results for the fourth quarter also show 17.3% growth and $167 million in revenues (compared to $142.4 million in Q4 2020)

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.”

Other indicators for FY 2021 showed a 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 was $1.7 million, compared to a $9.1 million non-GAAP operating loss. Adjusted EBITDA was $22.6 million, compared to $16.0 million, with a 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.

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 expects full-year revenue of $680 million to $695 million in FY 2022, with sequential quarterly revenue growth.

First-quarter revenue growth is expected to reach high teens as a percentage over the 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 are expected to be relatively flat compared to the first quarter of 2021. It should be noted here that these forecasts were made just before the situation in Ukraine degenerated into a full-scale invasion, which will have very significant – and currently unpredictable – consequences for global markets, including the AM market, beyond the current and already dramatic human toll of the war.