Stratasys reports stable FY 2023 revenues of $627.6 million
Despite challenges faced by customers, the company managed to achieve a 1.3% YoY revenue growth when adjusted for divestitures
Stratasys Ltd. (Nasdaq: SSYS), a leading provider of polymer 3D printing solutions, has unveiled its financial performance for the fourth quarter and FY 2023. The company registered stable revenues of $627.6 million, representing a 1.3% YoY revenue growth when adjusted for divestitures.
In a statement released today, Dr. Yoav Zeif, CEO of Stratasys, highlighted the company’s achievements in 2023, marking the tenth consecutive quarter of profitability on an adjusted basis. Despite challenges faced by customers, the company managed to achieve a 1.3% year-over-year revenue growth when adjusted for divestitures. The fourth quarter saw robust revenue, primarily driven by record consumables sales and improved margins due to a focused approach on cost control.
Dr. Zeif emphasized the company’s commitment to innovation and investment in additive manufacturing. The introduction of the F3300, Stratasys’ newest and most advanced FDM offering, has garnered significant interest, with Toyota announced as its first customer. Dr. Zeif expressed confidence in the company’s prospects as macroeconomic conditions stabilize, anticipating a surge in demand for their cutting-edge solutions, which would drive further growth and profitability.
In the fourth quarter of 2023, Stratasys reported a revenue of $156.3 million, with a GAAP gross margin of 44.7% and a non-GAAP gross margin of 48.8%. GAAP operating income stood at $5.7 million, while non-GAAP operating income was reported at $2.0 million. The company reported a GAAP net loss of $15.0 million, or $0.22 per diluted share, and a non-GAAP net income of $1.6 million, or $0.02 per diluted share. Adjusted EBITDA for the quarter was $7.7 million, with cash used in operations totaling $7.7 million.
For the full FY 2023, Stratasys reported a revenue of $627.6 million, with a GAAP gross margin of 42.5% and a non-GAAP gross margin of 48.2%. The company reported a GAAP operating loss of $87.6 million and a non-GAAP operating income of $12.6 million. GAAP net loss for the year amounted to $123.1 million, or $1.79 per diluted share, while non-GAAP net income was $7.7 million, or $0.11 per diluted share. Adjusted EBITDA for the full year was $35.0 million, with cash used in operations totaling $61.6 million.
Looking ahead to 2024, Stratasys provided its financial outlook based on current market conditions. The company anticipates full-year revenue in the range of $630 million to $645 million, with gross margins between 49.0% and 49.5%. Operating expenses are projected to be in the range of $292 million to $297 million, with non-GAAP operating margins expected to range from 2.5% to 3.5%. The company also guided for GAAP net loss and non-GAAP net income, along with adjusted EBITDA and capital expenditures. The guidance excludes certain expenses and includes tax adjustments, providing a comprehensive overview of the company’s expected performance in the coming year.
