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Saturday, March 2, 2024

Stratasys Q1: Earnings Beat, Medium Term Forecast & More – Stratasys (NASDAQ:SSYS)

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  • Stratasys Ltd SSYS reported a first-quarter FY23 revenue decline of 8.6% year-over-year to $149.38 million, beating the consensus of $145.01 million.
  • Gross profit declined 6.2% Y/Y to $65.39 million, and the margin expanded by 114 bps to 43.8%. The adjusted gross margin was 47.3%.
  • Adjusted EPS was $0.02, beating the $(0.06) consensus.
  • The operating loss narrowed to $(16.8) million from $(19.58) million in 1Q22.
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  • Adjusted operating income was $1.52 million, down from $2.02 million a year ago, margin contracted by 22 bps to 1.02%.
  • Adjusted EBITDA was $7 million, compared to $8.1 million a year back.
  • SSYS’s planned inventory spending resulted in cash used in operations of $(17.9) million, compared to $(16.1) million in 1Q22. It held cash and cash equivalents of $287.6 million as of March 31, 2023.
  • Dr. Yoav Zeif, Stratasys’ Chief Executive Officer, comments, “We expect the recently closed addition of Covestro’s Additive Manufacturing business to expand our leading position in higher-margin consumables offerings and significantly increase our recurring stream of revenue…. We expect to deliver outsized growth and industry share gains when macroeconomic headwinds subside and the additive manufacturing industry expands.”
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  • FY23 Outlook: Stratasys revised its revenue guidance and reiterated the remainder of its outlook for 2023.
  • SSYS expects revenue of $630 million-$670 million (prior $620 million-670 million) versus consensus of $637.74 million.
  • Stratasys expects adjusted EPS of $0.12-$0.24, versus consensus of $0.16. It sees an Adjusted EBITDA of $35 million-$50 million and adjusted operating margins of 2.5% to 3.5%.
  • SSYS forecasts 2024 gross margin above 50% and positive free cash flow. It sees 2026 revenues to grow organically to greater than $1 billion, with adjusted EBITDA margin over 15%.
  • Price Action: SSYS shares are trading higher by 7.5% at $15.49 on the last check Tuesday.

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