Stratasys Ltd. (Nasdaq: SSYS), a specialist in polymer 3D printing solutions, announced financial results for the third quarter of 2022.
Third Quarter 2022 Financial Results Compared to Third Quarter 2021:
- Consolidated revenue of $162.2 million, up 2.0% compared to $159.0 million; adjusted revenue excluding divestitures and on a constant currency basis increased 7.8%.
- GAAP gross margin of 43.6% versus 42.9%.
- Non-GAAP gross margin of 48.5%, compared to 48.2%.
- GAAP operating loss of $15.6 million, compared to a GAAP operating loss of $21.9 million.
- Non-GAAP operating income of $4.5 million, versus non-GAAP operating income of $1.8 million.
- GAAP net income of $18.7 million, or $0.28 per diluted share, compared to net loss of $18.1 million, or ($0.28) per diluted share.
- Non-GAAP net income of $3.3 million, or $0.05 per diluted share, versus non-GAAP net income of $0.5 million, or $0.01 per diluted share.
- Adjusted EBITDA of $9.9 million, compared to $7.8 million.
- $18.4 million of cash used by, compared to $3.0 million of cash generated from, operating activities, reflecting cash use for a continued augmentation of inventories.
Dr. Yoav Zeif, Stratasys’ Chief Executive Officer, said “We delivered our highest third quarter revenue in seven years. This was driven by 18.9% growth in our systems, excluding divestitures and on a constant currency basis. We have now achieved five consecutive quarters of positive earnings, demonstrating our unique ability to generate profitable growth even while navigating a challenging global economic backdrop that includes prolonged customer sales cycles and delayed consumables purchases.”
“As the leading provider of comprehensive polymer additive manufacturing products, software, and services solutions, we continue to enhance our core competencies and evolve our offerings to outpace our customers’ expanding needs. We are excited about the significant expansion of our materials portfolio across multiple technologies, which we believe will drive higher-margin consumables sales in the coming years. In addition, as part of our growth strategy we will keep selectively adding and incubating complementary new technology-driven businesses that we expect will spur incremental growth in the future. Stratasys is ideally positioned to provide the necessary solutions to catalyze our customers’ ongoing transformation from prototyping to additive manufacturing at scale while creating long-term value for all of our shareholders,” Dr. Zeif concluded.
Find out more about Stratasys at stratasys.com.
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