Business
Stratasys Releases Third Quarter 2022 Financial Results
Consolidated Revenues grew 2.0%, and increased 7.8% as adjusted for divestitures and on a constant currency basis Third quarter GAAP net income of $18.7
About this update from Stratasys, Ltd.
[{"type":"text","content":"\n\nConsolidated Revenues grew 2.0%, and increased 7.8% as adjusted for divestitures and on a constant currency basis\n\n\nThird quarter GAAP net income of $18.7 million, or $0.28 per diluted share, and non-GAAP net income of $3.3 million, or $0.05 per diluted share\n\n\n$348.7 million of cash and cash equivalents and no debt at quarter end\n\n\nUpdates 2022 full-year outlook reflecting approximately 10% revenue growth over 2021 adjusted for divestitures\n\n\n MINNEAPOLIS & REHOVOT, Israel--(BUSINESS WIRE)--\nStratasys Ltd. (Nasdaq: SSYS), a leader in polymer 3D printing solutions, today announced financial results for the third quarter of 2022.\n\nThird Quarter 2022 Financial Results Compared to Third Quarter 2021:\n\n\nConsolidated 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%.\n\n\nGAAP gross margin of 43.6% versus 42.9%.\n\n\nNon-GAAP gross margin of 48.5%, compared to 48.2%.\n\n\nGAAP operating loss of $15.6 million, compared to a GAAP operating loss of $21.9 million.\n\n\nNon-GAAP operating income of $4.5 million, versus non-GAAP operating income of $1.8 million.\n\n\nGAAP 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.\n\n\nNon-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.\n\n\nAdjusted EBITDA of $9.9 million, compared to $7.8 million.\n\n\n$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.\n\n\nDr. 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.”\n\n“As the leading provider of comprehensive polymer additive manufacturing products, software, and services solutions, we continue to enhance our core competen...