3D printer manufacturer Stratasys has announced its financial results for the first quarter of 2023. The company reported revenue of $149.4 million, a decrease of 2.6% from the first quarter of 2022, adjusted for currency effects and divestitures. GAAP net income was a loss of $22.2 million, or $0.33 per diluted share, and non-GAAP net income was $1.1 million, or $0.02 per diluted share.
This is the seventh consecutive quarter of adjusted profitability for the company, and Stratasys both raised its 2023 revenue guidance and reaffirmed its operating cash flow guidance. The company also introduced mid-term expectations. Revenue for fiscal 2023 is expected to be between $630 million and $670 million.
Commenting on the results, Dr. Yoav Zeif, CEO of Stratasys, highlighted the company’s growth and continued profitability, despite ongoing constraints in customer capital budgets. The company expects significant growth momentum from new dental offerings and the recently completed acquisition of Covestro’s additive manufacturing business.
The company’s medium-term financial guidance calls for a gross margin above 50% and positive free cash flow in 2024. By 2026, revenues are expected to increase to more than $1 billion, with an adjusted EBITDA margin above 15%.
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