Stratasys revised its financial guidance for the fiscal year ending December 31, 2012:
- Revenue guidance of $193 million to $198 million, versus previous guidance of $183 million to $193 million.
- Non-GAAP earnings guidance of $1.31 to $1.38 per share, versus previous guidance of $1.29 to $1.38 per share.
- GAAP earnings guidance of $0.83 to $0.98 per share, versus previous GAAP guidance of $0.97 to $1.13 per share.
GAAP earnings guidance includes the estimated impact of Objet Ltd. transaction-related expenses. Financial guidance does not reflect the potential combined performance of Stratasys, Inc. and Objet Ltd., nor does it include the estimated incremental transaction-related costs that would be incurred upon closing of the Objet transaction. In addition to excluding the impact of expenses associated with the proposed combination with Objet Ltd., non-GAAP earnings guidance excludes the impact of stock-based compensation expense and the amortization expense of acquired Solidscape intangibles.
Stratasys plans to hold a conference call to discuss its second quarter financial results on Wednesday, August 1, 2012 at 8:30 a.m. (ET).
The investor conference call will be available via live webcast on the Stratasys Web site at www.stratasys.com under the "Investors" tab; or directly at the following web address: http://www.media-server.com/m/p/33ip97vj.
To participate by telephone, the domestic dial-in number is 888-268-4176, and the international dial-in is 617-597-5493. The access code is 33036697. Investors are advised to dial into the call at least ten minutes prior to the call to register.
The webcast will be available for 90 days on the "Investors" page of the Stratasys Web site or by accessing the provided web address.
(Financial tables follow)
Cautionary Statement Regarding Forward-Looking Statements
All statements herein that are not historical facts or that include such words as “expects,” “anticipates,” “projects,” “estimates,” “vision,” “could,” “potential,” “plan”, “intends”, “desires”, “assume” or “believes” or similar words constitute forward-looking statements covered by the safe harbor protection of the Private Securities Litigation Reform Act of 1995. Except for the historical information herein, the matters discussed in this news release are forward-looking statements that involve risks and uncertainties. These include statements regarding the expected timing and ultimate closing of the merger with Objet, as well as the financial and operating results of the combined company after, and the anticipated benefits of, the merger; the size of the 3D printing market; our objectives for the marketing and sale of our Dimension® , uPrint® and Mojo® 3D Printers; our support removal systems; and our Fortus® 3D Production Systems, particularly for use in direct digital manufacturing (DDM); the demand for our proprietary consumables; the expansion of our paid parts service; and our beliefs with respect to the growth in the demand for our products. Actual results may differ from those expressed or implied in our forward-looking statements. Such forward-looking statements involve and are subject to certain risks and uncertainties, which may cause our actual results to differ materially from those discussed in a forward-looking statement. Risks and uncertainties that may affect our business include our ability to penetrate the 3D printing market; our ability to achieve the growth rates experienced in preceding quarters; our ability to introduce, produce and market consumable materials, and the market acceptance of these materials; the impact of competitive products and pricing; our timely development of new products and materials and market acceptance of those products and materials; the success of our recent R&D initiative to expand the DDM capabilities of our core FDM technology; the success of our RedEye On Demand™ and other paid parts services; our ability to obtain the necessary approvals, including the affirmative vote of the Stratasys stockholders, and to satisfy the necessary closing conditions in order to successfully close the proposed merger with Objet; our ability to successfully integrate and market the combined company’s products; the combined company’s ability to achieve the expected revenue targets, the combined company’s ability to attract and retain management; and the combined company’s ability to protect and defend intellectual property. These statements represent beliefs and expectations only as of the date they were made. We may elect to update forward-looking statements, but we expressly disclaim any obligation to do so, even if our beliefs and expectations change. In addition to the statements described above, such forward-looking statements are subject to the risks and uncertainties described more fully in our reports filed or to be filed with the Securities and Exchange Commission, including our annual reports on Form 10-K and quarterly reports on Form 10-Q.
Non-GAAP Discussion
The information discussed within this release includes financial results
and projections that are in accordance with accounting principles
generally accepted in the United States (GAAP). In addition, certain
non-GAAP financial measures have been provided that exclude certain
charges, expenses and income. The non-GAAP measures should be read in
conjunction with the corresponding GAAP measures and should be
considered in addition to, and not as an alternative or substitute for,
the measures prepared in accordance with GAAP. The non-GAAP financial
measures are provided in an effort to provide information that investors
may deem relevant to evaluate results from the company’s core business
operations and to compare the company’s performance with prior periods.
The non-GAAP financial measures primarily identify and exclude certain
discrete items, such as Objet transaction-related expenses, amortization
expenses and expenses associated with stock-based compensation required
under ASC 718. The company uses these non-GAAP financial measures for
evaluating comparable financial performance against prior periods.
