Stratasys erzielt Rekord Q2 2014 – MakerBot macht 33,6$ Millionen – Update: Aktien steigen um 15%

 STRATASYS REPORTS RECORD SECOND QUARTER FINANCIAL RESULTS

Company reports $178.5 million in revenue, including 35% organic revenue growth over the same period last year

MakerBot contributes $33.6 million in revenue

Company reports non-GAAP net income growth of 51% over the same period last year to $28.0 million, or $0.55 per diluted share; GAAP net loss was $173,000, or ($0.00) per basic share

Company raises 2014 financial guidance and updates long-term operating model to reflect favorable business environment and impact of recent acquisitions

MINNEAPOLIS, MN & REHOVOT, ISRAEL, August 7, 2014 – Stratasys Ltd. (NASDAQ: SSYS) today announced record second quarter financial results.

Total revenue for the second quarter of 2014 was $178.5 million, an increase of 67% compared to the same period last year; or an increase of 35% when excluding the impact of acquisitions. Non-GAAP net income for the second quarter increased by 51% over the same period last year to $28.0 million, or $0.55 per diluted share. GAAP net loss for the period was $173,000, or ($0.00) per basic share.

MakerBot branded products and services contributed $33.6 million to second quarter revenue, driven by channel expansion initiatives and the successful introductions of new products within the rapidly expanding segment for desktop 3D printers.

The company raised its financial guidance for fiscal 2014 to account for an improved outlook for the remainder of the year, as well as to account for the recent acquisitions of Solid Concepts and Harvest Technologies.  The company raised its organic revenue growth forecast for 2014 to at least 30%, versus a previous forecast of at least 25%.

Revenue guidance for 2014 increased to $750 – $770 million; versus previous guidance of $660 – $680 million. Non-GAAP net income guidance increased to $2.25 – $2.35 per diluted share, versus previous guidance of $2.15 – $2.25 per diluted share.

The company also updated its long-term operating model, which included raising its long-term annual organic revenue growth forecast to at least 25%, versus previous guidance of at least 20%.

In the second quarter the company announced agreements to acquire Solid Concepts and Harvest Technologies, which will be combined with RedEye, its existing digital manufacturing service business, to establish a single additive manufacturing services business unit. Both transactions closed in the third quarter, prior to the date of this release.

Q2-2014 Financial Results Summary:

• Revenue for the second quarter of 2014 was $178.5 million, representing a 67% increase over the $106.7 million non-GAAP revenue and the $106.5 million GAAP revenue for the same period last year.
• GAAP net loss for the second quarter was $173,000, or ($0.00) per basic share, compared to a loss of $2.8 million, or ($0.07) per basic share, for the same period last year.
• Non-GAAP net income was $28.0 million for the second quarter, or $0.55 per diluted share, compared to non-GAAP net income of $18.6 million, or $0.45 per diluted share, for the same period last year.
• Second quarter per share calculations relative to last year were impacted by the issuance of approximately 5.2 million new ordinary shares in the September 2013 public offering which raised a net amount of approximately $463 million and the approximately 3.9 million new ordinary shares issued in consideration for the acquisition of MakerBot in August of 2013.
• Operating expenses expanded materially in the second quarter over last year driven by the addition of MakerBot operating expenses, as well as from significant incremental investments in sales and marketing programs to support overall growth.
• The company invested a net amount of $17.6 million in R&D projects (non-GAAP basis) during the second quarter, representing 10% of non-GAAP net sales; R&D expense was $19.0 million on a GAAP basis.
• The company generated $4.8 million in cash from operations during the second quarter, and currently holds $577.9 million in cash and cash equivalents, and short term bank deposits, amounting to $11.7 per share.
• Non-GAAP EBITDA for the second quarter amounted to $34.6 million.
• The company sold 14,909 3D printing and additive manufacturing systems during the quarter, and on a combined pro forma basis, a cumulative 99,529 systems worldwide through June 30, 2014.

“We continue to observe strong positive sales momentum for our higher-performance systems and materials, which is reflected in the impressive 35% organic revenue growth we generated during the second quarter,” said David Reis, chief executive officer of Stratasys. “Equally impressive were the sales of MakerBot products and services, which contributed $33.6 million of revenue during the period, driven by our expanding distribution network and the successful launch of three MakerBot branded 3D printers in the first half of the year. We are very pleased with our second quarter results, which represent quarterly records in revenue, non-GAAP net income and non-GAAP earnings per share.”

Recent Business Highlights:

• Completed the acquisitions of Solid Concepts and Harvest Technologies, which are intended to create a leading strategic platform to meet customers’ additive manufacturing needs through an expanded technology and business offering.
• Recognized strong demand for high-end systems, driven by manufacturing applications, as well as ongoing strong demand for the Objet500 Connex3 Color Multi-material 3D Printer.
• Began shipping the MakerBot Replicator Mini Compact Desktop 3D Printer and MakerBot Replicator Z18 Desktop 3D Printer; and announced multiple new software tools and content agreements for the MakerBot 3D Printing Ecosystem.
• Expanded the MakerBot sales channel to include Home Depot and Tech Data, as well as Stratasys Japan in Asia and the creation of MakerBot Europe.
• Observed strong growth for dental solutions, supported by the establishment of a Dental Advisory Board, as well as the introduction of two low-cost entry-level systems targeting dental applications.

“We expect our positive momentum to continue as we begin the second half of 2014,” continued Reis. “Reflecting our favorable outlook, we are increasing our projection for organic revenue growth in 2014 to at least 30%, and we are raising our financial guidance accordingly. In addition, we are adjusting our outlook to account for the recent acquisitions of Solid Concepts and Harvest Technologies, acquisitions that we now believe will be modestly accretive to non-GAAP earnings per share in 2014.  Longer term, we believe these acquisitions will enable us to better serve our customers, ultimately providing synergies for our combined organization.  We are excited about our many opportunities, and believe we are well positioned within our rapidly growing industry.”

Financial Guidance:

Stratasys updated the following information regarding the company’s projected revenue and net income for the fiscal year ending December 31, 2014:

• Revenue guidance was increased to $750 – $770 million; versus previous guidance of $660 – $680 million.
• Non-GAAP net income guidance was increased to $117 – $122 million, or $2.25 – $2.35 per diluted share; versus previous guidance of $113 – $119 million, or $2.15 – $2.25 per diluted share.
• The acquisitions of Solid Concepts and Harvest Technologies are expected to be modestly accretive to Stratasys’ non-GAAP earnings per share in 2014.
• The company expects organic revenue growth, excluding acquisitions, of at least 30% in 2014 over 2013; versus the previous guidance of at least 25% growth.

GAAP financial guidance is not provided in this release given the initial accounting for the business combination of Solid Concepts and Harvest Technologies is incomplete, thus making the supplemental information required to calculate GAAP earnings unavailable.  GAAP financial guidance will be calculated and communicated upon the completion of that analysis.

Stratasys updated the following information regarding the company’s long-term operating model:

• Annual organic revenue growth of at least 25%; versus the previous projection of at least 20%.
• Non-GAAP operating income as a percent of sales of 18% to 23%, versus the previous projection of 20% to 25%.
• Non-GAAP effective tax rate of 10% to 15%; versus the previous projection of 15% to 20%.
• Non-GAAP net income as a percent of sales projection remains unchanged at 16% to 21%.

Stratasys provided the following additional information regarding the company’s performance and strategic plans for 2014:

• Operating expenses are projected to expand materially in 2014 compared to 2013, driven by significant investments to support MakerBot product development and sales expansion; other investments in sales and marketing to drive future market adoption; and increased R&D investments to fund technology innovation and new product development.
• Growth in operating expenses in 2014 will include significant investments to support the integration and alignment of the recent acquisitions of Solid Concepts and Harvest Technologies.
• Capital expenditures are projected at $50 million to $70 million, which includes significant investments in manufacturing capacity in anticipation and support of future growth.

Appropriate reconciliations between GAAP and non-GAAP financial measures are provided in a table at the end of this press release.  The table provides itemized detail of the non-GAAP financial measures.