Stratasys reports full year 2022 revenue of $651.5 million, up 7.3%
Growth stands at +11.4% at constant currency and adjusted for divestitures
Stratasys Ltd. (Nasdaq: SSYS), a leader in polymer 3D printing solutions, reported full-year revenue of $651.5 million in 2022, up 7.3%, and +11.4% at constant currency and adjusted for divestitures. This is the company’s sixth consecutive quarter of non-GAAP profits, demonstrating a market leadership position and ability to generate profitable growth. At the same time, the news may sound bittersweet as the AM industry’s market leader is still generating revenues comparable to nearly a decade ago, indicating that exponential growth in AM adoption remains a future goal.
Stratasys grew 11.4% in 2022, adjusting for divestitures and currency impacts while delivering our sixth consecutive quarter of profitability on an adjusted basis against an increasingly challenging macroeconomic environment. Strong execution by our team and a relentless focus on controlling costs contributed to our effective efforts to overcome these challenges.Dr. Yoav Zeif, Stratasys’ Chief Executive Officer
Dr. Zeif continued, “We are encouraged by the strong future demand indicators from our customers for our additive manufacturing polymer systems and consumables. Our high engagement levels across our innovative products, along with the strength of our customer service revenues, provide us with the confidence that once capital spending restrictions are lifted and utilization levels increase, our efforts will be rewarded. With our broad-based technology portfolio and an unmatched go-to-market capability, we are positioned well to gain increased share when macroeconomic headwinds subside. Armed with a strong balance sheet and a disciplined approach to capital allocation, we are well prepared to build on our industry leadership in the coming years.”
In summary, Stratasys generated revenue of $651.5 million in FY 2022 compared to $607.2 million in FY 2021. Its GAAP gross margin stands at 42.4% compared to 42.8% the previous year while non-GAAP gross margin was 48.0%, compared to 47.8%. The company’s GAAP operating loss was $57.2 million, compared to a $79.2 million and its non-GAAP operating income was $13.5 million, compared to a $1.7 million non-GAAP operating loss in 2021. Adjusted EBITDA was $36.1 million, compared to $22.6 million.
Based on current market conditions and assuming that the impacts of global inflationary pressures, interest rate hikes and supply chain costs do not impede economic activity further, the Company is expecting full year revenue of $620 million to $670 million in 2023, with sequential quarterly revenue growth, notably higher in the second half. Based on current logistics and materials costs, full-year gross margins are expected to be in the order of 48.0% to 49.0%, with improved year-over-year growth in the second half of 2023. Full year-operating expenses will be around $290 million to $300 million.