Business
Stratasys Releases Second Quarter 2024 Financial Results
Revenue of $138.0 million, compared to $159.8 million ($154.6 million net of divestments) in second quarter 2023, related to ongoing impact of current
About this update from Stratasys, Ltd.
[{"type":"text","content":"\n\nRevenue of $138.0 million, compared to $159.8 million ($154.6 million net of divestments) in second quarter 2023, related to ongoing impact of current macroeconomic environment on customer capital equipment purchasing\n\n\n\nYear-over-year growth in recurring consumables revenue of 6.3% reflects continued strong printer utilization\n\n\n\nImproved GAAP gross margin by 230bps and non-GAAP gross margin by 50bps compared to second quarter 2023.\n\n\n\nGAAP net loss of $25.7 million, or $0.36 per diluted share, and non-GAAP net loss of $3.0 million, or $0.04 per diluted share\n\n\n\n$2.4 million in cash used in operations and negative free cash flow of $5.4 million\n\n\n\nCompletes strategic review process and announces focused restructuring actions, which are expected to deliver incremental annualized savings of ~$40 million and annualized EBITDA margin of 8% at current revenue levels\n\n\n\nUpdates 2024 outlook\n\n\n\n MINNEAPOLIS & REHOVOT, Israel--(BUSINESS WIRE)--\nStratasys Ltd. (Nasdaq: SSYS) (“Stratasys” or the “Company”), a leader in polymer 3D printing solutions, today announced financial results for the second quarter 2024.\n\n\nSecond Quarter 2024 Financial Results Compared to Second Quarter 2023:\n\n\n\nRevenue of $138.0 million, compared to $159.8 million ($154.6 million net of divestments).\n\n\n\nGAAP gross margin of 43.8%, compared to 41.5%.\n\n\n\nNon-GAAP gross margin of 49.0%, compared to 48.5%.\n\n\n\nGAAP operating loss of $26.0 million, compared to an operating loss of $33.7 million.\n\n\n\nNon-GAAP operating loss of $3.2 million, compared to non-GAAP operating income of $5.0 million.\n\n\n\nGAAP net loss of $25.7 million, or $0.36 per diluted share, compared to a net loss of $38.6 million, or $0.56 per diluted share.\n\n\n\nNon-GAAP net loss of $3.0 million, or $0.04 per diluted share, compared to non-GAAP net income of $2.5 million, or $0.04 per diluted share.\n\n\n\nAdjusted EBITDA of $2.3 million, compared to $10.6 million.\n\n\n\nCash used in operating activities of $2.4 million, compared to $23.2 million.\n\n\n\nBusiness Update:\n\n\nFollowing a comprehensive strategic review, Stratasys is taking focused restructuring actions to further strengthen its industry leading balance sheet and robust business model to more effectively weather all market cycles. The initiatives are expected to support ongoing...