Business
Stratasys Reports Third Quarter 2020 Financial Results
Revenue of $127.9 million GAAP net loss of $405.1 million, or ($7.35) per diluted share, and non-GAAP net loss of $3.0 million, or ($0.05) per diluted share;
About this update from Stratasys, Ltd.
[{"type":"text","content":"\n\nRevenue of $127.9 million\n\n\nGAAP net loss of $405.1 million, or ($7.35) per diluted share, and non-GAAP net loss of $3.0 million, or ($0.05) per diluted share; Included in the GAAP net loss was a $386.2 million ($7.01 per share) non-cash goodwill impairment charge.\n\n\nGenerated $2.6 million in cash from operations - $308.2 million net cash position with no debt\n\n\n MINNEAPOLIS & REHOVOT, Israel--(BUSINESS WIRE)--\nStratasys Ltd. (NASDAQ: SSYS) announced financial results for the third quarter of 2020.\n\nQ3 2020 Financial Results Summary:\n\n\nRevenue for the third quarter of 2020 was $127.9 million, compared to $157.5 million for the same period last year. The 18.8% 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\nGAAP gross margin was 38.9% for the quarter, compared to 49.2% for the same period last year. Non-GAAP gross margin was 46.8% for the quarter, compared to 52.4% for the same period last year. GAAP and non-GAAP gross margin improved sequentially from Q2 by 170bp and 140bp, respectively. The company believes that gross margins will continue to recover as and when our customers return to their pre-COVID utilization levels.\n\n\nGAAP operating loss for the quarter was $404.3 million, compared to GAAP operating loss of $6.0 million for the same period last year, mainly due to the non-cash goodwill impairment charge of $386.2 million. Non-GAAP operating loss for the quarter was $1.0 million, compared to non-GAAP operating income of $8.1 million for the same period last year.\n\n\nGAAP net loss for the quarter was $405.1 million, or ($7.35) per diluted share, compared to GAAP net loss of $6.9 million, or ($0.13) per diluted share, for the same period last year, mainly due to the non-cash goodwill impairment charge of $386.2 million. Non-GAAP net loss for the quarter was $3.0 million, or ($0.05) per diluted share, compared to non-GAAP net income of $6.3 million, or $0.12 per diluted share, for the same period last year.\n\n\nNon-GAAP EBITDA was $5.2 million for the quarter, compared to $14.5 million for the same period last year. Non-GAAP EBITDA improved sequentially from Q2 by $6.8 million.\n\n\nThe Company recorded a non-cash goodwill impairment charge of $386.2 million, or $7.01 per s...