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Stock Update (NASDAQ:SSYS): Stratasys, Ltd. Releases First Quarter 2016 Financial Results

Stratasys, Ltd. (NASDAQ: SSYS), the 3D printing and additive manufacturing solutions company, announced financial results for the first quarter of 2016

Q1-2016 Financial Results Summary:

  • Revenue for the first quarter of 2016 was $167.9 million.
  • GAAP operating loss for the first quarter was $21.1 million, compared to a loss of $220.9 million for the same period last year.
  • Non-GAAP operating income was $4.0 million, compared to a loss of $0.8 million for the same period last year.
  • GAAP net loss for the first quarter was $23.1 million, or ($0.44) per diluted share, compared to a loss of $216.3 million, or ($4.24) per diluted share, for the same period last year.
  • Non-GAAP net income for the first quarter was $0.6 million, or $0.01 per diluted share, compared to non-GAAP net income of $2.0 million, or $0.04 per diluted share, reported for the same period last year.
  • The Company generated $31.6 million in cash from operations during the first quarter, and currently holds approximately $280.2 million in cash and cash equivalents and short-term bank deposits.
  • The Company invested a net amount of $22.8 million in R&D projects (non-GAAP basis) during the first quarter, representing 13.6% of net sales.
  • Non-GAAP EBITDA for the first quarter amounted to $12.6 million.
  • The Company sold 5,125 3D printing and additive manufacturing systems during the quarter, and on a pro-forma combined basis, has sold a total of 151,149 systems worldwide as of March 31, 2016.

“Although the overall market environment remains challenging, we made significant progress in improving our operating efficiency during the first quarter, which is demonstrated by the favorable trends we observed in operating expenses and cash generation during the period,” said David Reis, chief executive officer of Stratasys. “We believe the recent refinements to our operating structure will make us more productive and better position us for future growth.”

Recent Business Highlights:

  • Announced the versatile Stratasys J750 3D printer featuring full-color and multi-material capabilities, allowing customers to streamline workflow processes and speed...

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