Organic sales zoom 35% at Stratasys in Q2

12 Aug '14

3 min read

For the second quarter ending June 2014, NASDAQ-listed Stratasys Ltd, a global provider of 3D printing, additive and additive manufacturing solutions witnessed sales zooming 67 percent year-on-year or 35 percent organic growth, when excluding the impact of acquisitions.

Total revenue for the second quarter of 2014 at Stratasys was $178.5 million, up 67% compared to the same period last year or an increase of 35% when excluding the impact of acquisitions.

MakerBot branded products and services contributed $33.6 million to second quarter revenue, driven by channel expansion initiatives and the successful introductions of new products within the rapidly expanding segment for desktop 3D printers.

Non-GAAP net income for the second quarter in 2014 rose 51% over the same period last year to $28.0 million, or $0.55 per diluted share. GAAP net loss for the second quarter was $173,000, or ($0.00) per basic share, compared to a loss of $2.8 million, or ($0.07) per basic share, for the same period last year.

Operating expenses expanded materially in the second quarter over last year driven by the addition of MakerBot operating expenses, as well as from significant incremental investments in sales and marketing programs to support overall growth.

Stratasys invested a net amount of $17.6 million in R&D projects (non-GAAP basis) during the second quarter, representing 10% of non-GAAP net sales. R&D expense was $19.0 million on a GAAP basis.

It generated $4.8 million in cash from operations during the second quarter, and currently holds $577.9 million in cash and cash equivalents, and short term bank deposits, amounting to $11.7 per share. Non-GAAP EBITDA for the second quarter amounted to $34.6 million.

Stratasys said it sold 14,909 3D printing and additive manufacturing systems during the quarter, and on a combined pro forma basis, a cumulative 99,529 systems worldwide through June 30, 2014.

Second quarter per share calculations relative to last year were impacted by the issuance of approximately 5.2 million new ordinary shares in the September 2013 public offering which raised a net amount of approximately $463 million and the approximately 3.9 million new ordinary shares issued in consideration for the acquisition of MakerBot in August of 2013.

Stratasys raised its financial guidance for fiscal 2014 and now expects organic revenue growth of 30 percent versus a previous forecast of at least 25 percent in 2014. It forecast non-GAAP net income to increase to $2.25-$2.35 per diluted share against previous guidance of $2.15-$2.25 per diluted share.

"We are very pleased with our second quarter results, which represent quarterly records in revenue, non-GAAP net income and non-GAAP earnings per share", said David Reis, CEO at Stratasys.

He added, “We continue to observe strong positive sales momentum for our higher-performance systems and materials, which is reflected in the impressive 35% organic revenue growth we generated during the second quarter".

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