SSYS - Stratasys beats Q2 top and bottom line estimates; reaffirms FY23 and medium-term revenue outlook

2023-08-09 07:19:44 ET

• Stratasys press release ( NASDAQ: SSYS ): Q2 Non-GAAP EPS of $0.04 beats by $0.04 .
• Revenue of $159.8M (-4.1% Y/Y) beats by $5.9M .
• Adjusted EBITDA grew 43% to $10.6 million year-over-year.
• Reiterating 2023 and medium-term revenue outlook.
• Full year revenue of $630 million to $670 million.
• Sequential quarterly revenue growth, notably higher in the second half.
• Based on current logistics and materials costs, full year non-GAAP gross margins of 48.0% to 49.0%, with a majority of the year-over-year improvement in the second half of 2023.
• Full year non-GAAP operating expenses in the range of $290 million to $300 million.
• Full year non-GAAP operating margins in a range of 2.5% to 3.5%, with improving profitable margins as the year progresses.
• GAAP net loss of $115 million to $96 million, or ($1.66) to ($1.39) per diluted share, which includes one-time extraordinary costs associated with the proxy contest and merger-related activities.
• Non-GAAP net income of $9 million to $17 million, or $0.12 to $0.24 per diluted share vs. consensus of $0.17.
• Adjusted EBITDA of $35 million to $50 million.
• Capital expenditures of $20 million to $25 million.

• Medium Term Financial Forecast:

  In addition, the Company is reiterating its forecast for key annual financial metrics:

  • 2024 gross margin above 50% and positive free cash flow.
  • 2026 revenues to grow organically to greater than $1 billion, with adjusted EBITDA margin of 15% or greater.

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