Business
Stratasys Releases Second Quarter 2020 Financial Results
Second Quarter Revenue of $117.6 million Second Quarter GAAP net loss of $28.0 million, or ($0.51) per diluted share, and non-GAAP net loss of $7.4 million,
About this update from Stratasys, Ltd.
[{"type":"text","content":"\nSecond Quarter Revenue of $117.6 million\n\n\nSecond Quarter GAAP net loss of $28.0 million, or ($0.51) per diluted share, and non-GAAP net loss of $7.4 million, or ($0.13) per diluted share\n\n\nUsed $9.7 million of cash from operations - $313.0 million net cash position with no debt\n\n MINNEAPOLIS & REHOVOT, Israel--(BUSINESS WIRE)--\nStratasys Ltd. (NASDAQ: SSYS) announced financial results for the second quarter of 2020.\n\n\nQ2 2020 Financial Results Summary:\n\n\nRevenue for the second quarter of 2020 was $117.6 million, compared to $163.2 million for the same period last year. The 27.9% reduction was primarily driven 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 37.2% for the quarter, compared to 49.7% for the same period last year.\n\n\nNon-GAAP gross margin was 45.4% for the quarter, compared to 52.5% for the same period last year.\n\n\nGross margin decline is primarily due to the lower proportion of 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 recover as our customers return to their pre-COVID utilization levels.\n\n\n\n\nGAAP operating loss for the quarter was $29.3 million, compared to operating income of $0.8 million for the same period last year.\n\n\nNon-GAAP operating loss for the quarter was $8.1 million, compared to non-GAAP operating income of $9.1 million for the same period last year.\n\n\nNon-GAAP EBITDA was ($1.6) million for the quarter, compared to $15.5 million for the same period last year.\n\n\nGAAP net loss for the quarter was $28.0 million, or ($0.51) per diluted share, compared to net income of $1.2 million, or $0.02 per diluted share, for the same period last year.\n\n\nNon-GAAP net loss for the quarter was $7.4 million, or ($0.13) per diluted share, compared to non-GAAP net income of $8.5 million, or $0.16 per diluted share, for the same period last year.\n\n\nThe Company used $9.7 million of cash from operations during the second quarter and ended the period with $313.0 million in cash, cash equivalents and short-term deposits. The Company has no debt.\n\n\n\n“3D Printing continues to penetrate further into manufacturing across every relevant bus...