“We remain excited about our pending, game-changing combination with Objet Ltd. We are conducting detailed discussions with the Committee on Foreign Investment in the United States (CFIUS) and are optimistic that any national security concerns it may have surrounding the merger can be addressed before the end of the 45-day review period that expires on November 30, 2012. Once combined, we will execute an integration plan that will allow us to offer a broad array of innovative 3D printing and direct digital manufacturing solutions through an impressive sales and marketing organization. We believe this will allow for market expansion and cross-selling opportunities of the combined product portfolio. We continue to believe that the merger will be completed prior to the end of the year.
“We are pleased with our third quarter performance, and are excited about the many initiatives that we believe will continue to drive growth for our company. In addition to the many opportunities provided by our pending combination with Objet, we have a strategy that is focused on developing our core technology platforms to meet the future needs of our customers. In addition, we are optimistic about our near-term performance, and have raised our outlook for the balance of 2012. We remain a financially strong company that is a leader within a rapidly evolving industry, and we look forward to completing another successful year,” Crump concluded.
Stratasys revised its financial guidance for the fiscal year ending December 31, 2012:
- Revenue guidance of $194 million to $199 million, versus previous guidance of $193 million to $198 million.
- Non-GAAP earnings guidance of $1.37 to $1.40 per share, versus previous guidance of $1.31 to $1.38 per share.
- GAAP earnings guidance of $0.77 to $0.88 per share, versus previous GAAP guidance of $0.83 to $0.98 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 third quarter financial results on Friday, November 2, 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/jg9sb7ze.
To participate by telephone, the domestic dial-in number is 866-203-3206, and the international dial-in is 617-213-8848. The access code is 41990330. 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 expressing our view of, confidence in or
optimism with respect to future events 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 successful conclusion of the review of our merger with Objet by the
Committee on Foreign Investment in the United States (CFIUS); 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 approval by CFIUS, 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, quarterly reports on Form 10-Q and
current reports on Form 8-K.
