Company reports $175.3 million in revenue for Q4 with an increase in recurring revenues
GAAP net loss of $14.8 million, or ($0.30) per diluted share, and non-GAAP net income of $7.8 million, or $0.15 per diluted share, in Q4
Generated $26 million of cash from operations during the fourth quarter
Company provides financial guidance for full year 2017
MINNEAPOLIS & REHOVOT, Israel — (BUSINESS WIRE) — March 9, 2017 — Stratasys Ltd. (Nasdaq: SSYS), the 3D printing and additive manufacturing solutions company, announced financial results for the fourth quarter and full year of 2016.
Q4-2016 Financial Results Summary:
Revenue for the fourth quarter of 2016 was $175.3 million, compared to $173.4 million for the same period last year with consumable revenue increasing by 11% for the same period.
- GAAP gross margin was 47.3% for the fourth quarter, compared to a GAAP gross margin of 30.6% for the same period last year.
- Non-GAAP gross margin was 53.6% for the fourth quarter, compared to 48.1% for the same period last year.
- GAAP operating loss for the fourth quarter was $29.2 million, compared to a loss of $187.8 million for the same period last year.
- Non-GAAP operating income for the fourth quarter was $11.6 million, compared to non-GAAP operating loss of $8.9 million for the same period last year.
- GAAP net loss for the fourth quarter was $14.8 million, or ($0.30) per diluted share, compared to a loss of $232.3 million, or ($4.46) per diluted share, for the same period last year.
- Non-GAAP net income for the fourth quarter was $7.8 million, or $0.15 per diluted share, compared to Non-GAAP net loss of $0.7 million, or ($0.01) per diluted share, reported for the same period last year.
- The Company generated $26.0 million in cash from operations during the fourth quarter and ended the period with $280.3 million in cash and cash equivalents.
- Net R&D expenses for the fourth quarter amounted to $24.3 million, representing 13.9% of net sales.
Fiscal 2016 Financial Results Summary:
- Revenue for fiscal 2016 was $672.5 million compared to $696.0 million for fiscal 2015.
- GAAP net loss for fiscal 2016 was $77.2 million, or ($1.48) per diluted share, compared to $1.4 billion, or ($26.64) per diluted share, for fiscal 2015.
- Non-GAAP net income for fiscal 2016 was $14.8 million, or $0.28 per diluted share, compared to non-GAAP net income of $10.0 million, or $0.19 per diluted share, reported for fiscal 2015.
- The Company generated $62.0 million in cash from operations in fiscal 2016.
“We are pleased with our fourth quarter results, and the progress we are making to improve and deepen customer engagement. Our increased revenue, combined with the ongoing activities to better align our cost structure, contributed to a significant improvement in operating profit and cash generation during the quarter,” said Ilan Levin, Chief Executive Officer of Stratasys. “Additionally, we are encouraged by the growth in our recurring revenue during the period, demonstrating strong utilization of our installed base of systems.”
Recent Business Highlights:
- Maintaining leadership in the professional rapid prototype market, the company launched the new Stratasys F123, which combines optimized workflow capability and increased speed, with engineering grade performance, offering, for the first time in a professional grade rapid prototyping system, the ability to also print with low-cost PLA for concept modeling.
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Announced innovative new materials:
- Nylon 12CF is a new carbon-fiber-filled thermoplastic for FDM strong enough to replace metal in a range of applications, and meeting the functional performance testing demands in the automotive, aerospace, recreational goods, and industrial manufacturing sectors.
- Agilus30 is a new line of high-durability flexible materials for PolyJet that can endure repeated flexing, providing designers and engineers with greater freedom to handle and test flexible parts and prototypes, delivering superior accuracy, fine details and enhanced product realism.
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Strengthened leadership in product and ecosystem development through
collaborations with key industry leaders:
- Announced agreement with Siemens to develop a cohesive, best-of-breed manufacturing capability through the integration of Siemens’ Digital Factory with Stratasys additive manufacturing solutions.
- Announced collaboration with Dassault Systèmes' SIMULIA to enable final part designs that are optimized for weight and strength significantly reducing fuel consumption within the aerospace and automotive industries;
- Released a GrabCAD Print Add-In for Dassault Systèmes' SOLIDWORKS that allows users to estimate and print parts directly from the SOLIDWORKS environment.
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Recognized leadership position in key target markets:
- Announced Airbus has standardized Stratasys’ FDM based additive manufacturing ULTEM™ 9085 3D printing solutions for the production of flight parts on its A350 XWB aircraft.
- Named as the Official Supplier of 3D Printing Solutions to the McLaren-Honda Formula 1 team for prototyping, tooling, and customized production parts.
- Entered into technical relationship with Team Penske to provide 3D printing solutions for NASCAR and IndyCar engineering and manufacturing applications.
