“Stratasys has significantly expanded its sales reach, and now maintains a combined sales and marketing infrastructure that is unmatched within the industry,” said Scott Crump, chairman and chief innovation officer of Stratasys. “We have initiated the process of cross-selling our portfolio of complementary additive manufacturing solutions through our channel worldwide. In addition, we are focused on improving our existing platforms and developing new products that meet the needs of our customers. We expect these channel and product initiatives will provide more opportunities to sell our products going forward.”
Financial Guidance
Stratasys provided the following financial guidance for the fiscal year ending December 31, 2013:
- Revenue guidance of $430 million to $445 million.
- Non-GAAP earnings guidance of $1.80 to $1.95 per share.
- GAAP earnings guidance of a ($0.41) to ($0.16) per share loss.
Non-GAAP earnings guidance excludes $60.5 million of projected amortization of intangible assets; $20.5 million to $23.0 million of share-based compensation expense; and $7.2 million to $8.8 million in merger-related expenses. The Company expects to record significant one-time integration expenses as a result of infrastructure alignment and brand unification.
Revenue growth is expected to be relatively stronger in the second half of the year as the Company progresses through its integration plan and revenue synergies from selling the combined product portfolio ramp as more resellers are cross-trained to sell the complementary product line. Guidance assumes that the merger integration plan will be a major focus in 2013, and that the Company will make significant investments to fund growth, including incremental sales, marketing and R&D expenses.
Appropriate reconciliations between GAAP and non-GAAP financial measures are provided in a table at the end of this press release. The table provides itemized detail of the non-GAAP financial measures.
“The fourth quarter represents the beginning of a new chapter for our combined companies as the merger of Stratasys, Inc. and Objet Ltd. has created an industry leader within the additive manufacturing industry. We are focused on expanding applications and driving adoption, and we believe that the new Stratasys is uniquely positioned to capitalize on the rapidly growing demand for our products worldwide. We believe that we have only begun to recognize the potential within our industry, and we are excited about 2013 in view of the merger and the many new opportunities we see developing this year and beyond,” Reis concluded.
Stratasys Ltd. Q4 Conference Call Details
Stratasys plans to hold a conference call to discuss its fourth quarter financial results on Monday, March 4, 2013 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/aix9b7e6.
To participate by telephone, the domestic dial-in number is 866-270-6057 and the international dial-in is 617-213-8891. The access code is 82394547. 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
Certain information included or incorporated by reference in this press
may be deemed to be “forward-looking statements” within the meaning of
the Private Securities Litigation Reform Act of 1995, Section 27A of the
Securities Act of 1933, and Section 21E of the Securities Exchange Act
of 1934. Forward-looking statements are often characterized by the use
of forward-looking terminology such as “may,” “will,” “expect,”
“anticipate,” “estimate,” “continue,” “believe,” “should,” “intend,”
“project” or other similar words, but are not the only way these
statements are identified. These forward-looking statements may include,
but are not limited to, statements relating to the Company’s objectives,
plans and strategies, statements that contain projections of results of
operations or of financial condition and all statements (other than
statements of historical facts) that address activities, events or
developments that the Company intends, expects, projects, believes or
anticipates will or may occur in the future. Forward-looking statements
are not guarantees of future performance and are subject to risks and
uncertainties. The Company has based these forward-looking statements on
assumptions and assessments made by its management in light of their
experience and their perception of historical trends, current
conditions, expected future developments and other factors they believe
to be appropriate. Important factors that could cause actual results,
developments and business decisions to differ materially from those
anticipated in these forward-looking statements include, among other
things: the Company’s ability to efficiently and successfully integrate
the operations of Stratasys, Inc. and Objet Ltd. after their merger; the
overall global economic environment; the impact of competition and new
technologies; general market, political and economic conditions in the
countries in which the Company operates; projected capital expenditures
and liquidity; changes in the Company’s strategy; government regulations
and approvals; changes in customers’ budgeting priorities; litigation
and regulatory proceedings; and those factors referred to under “Risk
Factors”, “Information on the Company”, “Operating and Financial Review
and Prospects”, and generally in the Company’s annual report for 2012 to
be filed on Form 20-F and in other reports that the Company files with
the U.S. Securities and Exchange Commission. Readers are urged to
carefully review and consider the various disclosures made in the
Company’s SEC reports, which are designed to advise interested parties
of the risks and factors that may affect its business, financial
condition, results of operations and prospects. Any forward-looking
statements in this press release are made as of the date hereof, and the
Company undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
