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.
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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.
For further details see:
Stratasys beats Q2 top and bottom line estimates; reaffirms FY23 and medium-term revenue outlook