Business
Stratasys Releases First Quarter 2020 Financial Results
First Quarter Revenue of $132.9 million First Quarter GAAP net loss of $21.7 million, or ($0.40) per diluted share, and non-GAAP net loss of $10.6 million,
About this update from Stratasys, Ltd.
[{"type":"text","content":"\nFirst Quarter Revenue of $132.9 million\n\n\nFirst Quarter GAAP net loss of $21.7 million, or ($0.40) per diluted share, and non-GAAP net loss of $10.6 million, or ($0.19) per diluted share\n\n\nGenerated $11.3 million of cash from operations - $325.5 million net cash position with no debt\n\n\nCompany withdrawing full year 2020 guidance due to economic uncertainty caused by COVID-19\n\n MINNEAPOLIS & REHOVOT, Israel--(BUSINESS WIRE)--\nStratasys Ltd. (NASDAQ: SSYS) announced financial results for the first quarter of 2020.\n\n\nQ1 2020 Financial Results Summary:\n\n\nRevenue for the first quarter of 2020 was $132.9 million, compared to $155.3 million for the same period last year. The 14.4% reduction was driven primarily by the adverse impact of COVID-19 on the company’s customers throughout the industries into which the company sells its products and services.\n\n\n\nGAAP gross margin was 45.0% for the quarter, compared to 49.2% for the same period last year.\n\n\nNon-GAAP gross margin was 48.4% for the quarter, compared to 52.0% for the same period last year.\n\n\nGross margin decline is due primarily to the lower proportion of hardware and consumables out of the total revenue mix due to the COVID-19 crisis, not to discounting or material ASP reductions. The company strongly believes that gross margins will return to their recent levels as the economy recovers.\n\n\n\n\nGAAP operating loss for the quarter was $19.9 million, compared to an operating loss of $3.3 million for the same period last year.\n\n\nNon-GAAP operating loss for the quarter was $8.4 million, compared to non-GAAP operating income of $6.8 million for the same period last year.\n\n\nNon-GAAP EBITDA was ($4.0) million for the quarter, compared to $15.8 million for the same period last year.\n\n\nGAAP net loss for the quarter was $21.7 million, or ($0.40) per diluted share, compared to a net loss of $2.3 million, or ($0.04) per diluted share, for the same period last year.\n\n\nNon-GAAP net loss for the quarter was $10.6 million, or ($0.19) per diluted share, compared to net income of $5.7 million, or $0.10 per diluted share, for the same period last year.\n\n\nThe Company generated $11.3 million of cash from operations during the first quarter and ended the period with $325.5 million in cash, cash equivalents and short-term deposits. The Company has no debt....