Stratasys Q2 2022 revenues grow 13.3% YoY
Totalling $166.6 million, the best Q2 result of the past four years
Stratasys Q2 2022 revenues totaled $166.6 million, a 13.3% growth over the second quarter of 2021 (16.4% on a constant currency basis), making it the highest second-quarter revenue result in four years. Stratasys (Nasdaq: SSYS), a leader in polymer 3D printing solutions, also reported second-quarter GAAP net loss of $24.4 million, or $0.37 per diluted share, and a non-GAAP net income of $1.2 million, or $0.02 per diluted share
“Our continued focus on execution delivered strong growth in revenue, margin, and earnings per share,” commented Dr. Yoav Zeif, Stratasys’ Chief Executive Officer. “Systems was again the main driver of robust performance, growing 29.2% from the prior year period and 9.7% over the same period in 2019. Our new Origin P3 and H350 SAF mass production manufacturing systems continue to ramp, with excellent customer engagement across all of our new technology offerings.”
Dr. Zeif continued, “We are advancing our leadership position by executing on our strategic initiatives and steadily expanding our reach into Fortune 500 manufacturing facilities worldwide. We continue to provide best-in-class, full-scale 3D printing solutions through our innovative and growing ecosystem of polymer additive manufacturing systems, expanding variety of materials, end-to-end software and top quality service. With our robust balance sheet and leading go-to-market strategy, we are well-positioned to navigate challenging supply issues and global inflation in our efforts to create long-term value for all of our shareholders.”
Based on current market conditions and assuming that the impact of the COVID-19 pandemic, global supply chain costs, currency risk and inflation do not impede economic activity further, Stratasys is updating its outlook for 2022 targeting full-year revenue of $675 million to $685 million, as compared to a previous range of $685 million to $695 million. The reduction is primarily due to unexpected and adverse currency exchange rates which are expected to impact third and fourth quarter results relatively equally.
Revenue growth in the second half of the year will be approximately 6%-7% higher than the second half of 2021, with the fourth quarter anticipated to grow at a higher rate than the third quarter. Based on current logistics and materials costs, third quarter gross margins are relatively flat compared to the third quarter of 2021, and full-year gross margins of flat to slightly higher than 2021.
Full year-operating expenses are expected to be $18 million to $23 million higher than in 2021, primarily due to ongoing investments in new products to drive higher revenue. Full year non-GAAP operating margins will be slightly above 2%, with GAAP net loss of $78 million to $69 million, or ($1.17) to ($1.04) per diluted share and non-GAAP net income of $10 million to $13 million, or $0.14 to $0.19 per diluted share.