3D printer manufacturer Stratasys has announced its full-year results for 2022. The company reported full-year revenue of $651.5 million, up 7.3% or +11.4% at constant exchange rates and adjusted for divestitures. This is the sixth consecutive quarter of non-GAAP earnings for the company.
Dr. Yoav Zeif, Stratasys’ Chief Executive Officer stated, “Stratasys grew 11.4% in 2022, adjusting for divestitures and currency impacts, while delivering our sixth consecutive quarter of profitability on an adjusted basis against an increasingly challenging macroeconomic environment. Strong execution by our team and a relentless focus on controlling costs contributed to our effective efforts to overcome these challenges.”
Dr. Zeif continued, “We are encouraged by the strong future demand indicators from our customers for our additive manufacturing polymer systems and consumables. Our high engagement levels across our innovative products, along with the strength of our customer service revenues, provide us with the confidence that once capital spending restrictions are lifted and utilization levels increase, our efforts will be rewarded. With our broad-based technology portfolio and an unmatched go-to-market capability, we are positioned well to gain increased share when macroeconomic headwinds subside. Armed with a strong balance sheet and a disciplined approach to capital allocation, we are well prepared to build on our industry leadership in the coming years.”
Summary – Fourth Quarter 2022 Financial Results Compared to Fourth Quarter 2021:
- Revenue of $159.3 million compared to $167.0 million.
- GAAP gross margin of 43.1%, compared to 43.7%.
- Non-GAAP gross margin of 48.4%, compared to 48.7%.
- GAAP operating income of $1.6 million, compared to an operating loss of $16.2 million.
- Non-GAAP operating income of $5.1 million, compared to non-GAAP operating income of $1.7 million.
- GAAP net loss of $2.4 million, or $0.04 per diluted share, compared to a net loss of $4.8 million, or $0.07 per diluted share.
- Non-GAAP net income of $4.6 million, or $0.07 per diluted share, compared to non-GAAP net income of $0.5 million, or $0.01 per diluted share.
- Adjusted EBITDA of $10.7 million, compared to $7.9 million.
- Planned inventory build resulted in cash used in operations of $18.1 million, compared to cash generated of $4.4 million year over year.
Summary – 2022 Financial Results Compared to 2021:
- Revenue of $651.5 million compared to $607.2 million.
- GAAP gross margin of 42.4%, compared to 42.8%.
- Non-GAAP gross margin of 48.0%, compared to 47.8%.
- GAAP operating loss of $57.2 million, compared to a $79.2 million operating loss.
- Non-GAAP operating income of $13.5 million, compared to a $1.7 million non-GAAP operating loss.
- Adjusted EBITDA of $36.1 million, compared to $22.6 million.
- GAAP net loss of $29.0 million, or ($0.44) per diluted share, compared to a loss of $62.0 million, or ($0.98) per diluted share.
- Non-GAAP net income of $10.3 million, or $0.15 per diluted share, compared to non-GAAP net loss of $4.3 million, or $(0.07) per diluted share.
- Planned inventory build resulted in cash used in operations of $75.4 million, compared to cash provided by operations of $35.8 million.
The Company held a conference call to discuss its fourth quarter 2022 financial results on Thursday, March 2, 2023, at 8:30 a.m. (ET).The webcast will be available for six months at investors.stratasys.com, or by accessing event.choruscall.com.
Find out more about Stratasys at stratasys.com.
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