The Company considers these non-GAAP measures to be indicative of its core operating results and facilitates a comparison of operating results across reporting periods. The Company uses these non-GAAP measures when evaluating its financial results as well as for internal planning and forecasting purposes, however these measures should not be viewed as a substitute for the Company’s GAAP results.

* Refer to the "Reconciliation of Non-GAAP Adjustments" herein for further information regarding adjustments.

Stratasys Ltd.
Reconciliation of GAAP to Non-GAAP Results of Operations
(in thousands, except per share data)
				Twelve Months Ended December 31, 2014						Twelve Months Ended December 31, 2013
				GAAP		Adjustments*		Non-GAAP		GAAP		Adjustments*		Non-GAAP
Net sales
Products				$ 612,138		$ 235		$ 612,373		$ 414,853		$ 2,316		$ 417,169
Services				137,991		-		137,991		69,550		-		69,550
				750,129		235		750,364		484,403		2,316		486,719
Cost of sales
Products				302,838		(69,717)		233,121		213,427		(58,826)		154,601
Services				84,897		(6,925)		77,972		44,803		(1,575)		43,228
				387,735		(76,642)		311,093		258,230		(60,401)		197,829
Gross profit				362,394		76,877		439,271		226,173		62,717		288,890
Operating expenses
Research and development, net				82,270		(8,813)		73,457		52,310		(5,490)		46,820
Selling, general and administrative				351,993		(94,442)		257,551		202,040		(57,652)		144,388
Goodwill impairment				102,470		(102,470)		-		-		-		-
Change in the fair value of obligations in connection with acquisitions				(26,150)		26,150		-		754		(754)		-
				510,583		(179,575)		331,008		255,104		(63,896)		191,208
Operating income (loss)				(148,189)		256,452		108,263		(28,931)		126,613		97,682
Financial expense				(6,529)		-		(6,529)		(450)		-		(450)
Income (loss) before income taxes				(154,718)		256,452		101,734		(29,381)		126,613		97,232
Income taxes (benefit)				(35,248)		33,403		(1,845)		(2,474)		17,575		15,101
Net income (loss)				(119,470)		223,049		103,579		(26,907)		109,038		82,131
Net income (loss) attributable to non-controlling interest				(50)		-		(50)		47		125		172
Net income (loss) attributable to Stratasys Ltd.				$ (119,420)		$ 223,049		$ 103,629		$ (26,954)		$ 108,913		$ 81,959
Net income (loss) per ordinary share attributable to Stratasys Ltd.
Basic				$ (2.39)				$ 2.07		$ (0.64)				$ 1.95
Diluted				(2.39)				2.00		(0.68)				1.84
Weighted average ordinary shares outstanding
Basic				50,019				50,019		42,079				42,079
Diluted				50,019				51,805		42,099				44,511

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