Stratasys, Ltd. · NASDAQ:SSYS
Stratasys — Q4 2021 Earnings Presentation
22 slides from Stratasys's earnings presentation, Feb 23, 2022
Slide 1: Stratasys Q4 and FY2021 Results
1 Stratasys Q4 and FY2021 Results Speakers Dr. Yoav Zeif , CEO Eitan Zamir, CFO Yonah Lloyd, CCO & VP IR February 23, 2022
Slide 2: Conference call and webcast details
2 Stratasys Conference call and webcast details US Toll - Free dial - in 1 - 877 - 407 - 0619 International dial - in +1 - 412 - 902 - 1012 Live webcast and replay https://themediaframe.com/mediaframe/webcast.html? webcastid=UEHU5sS7
Slide 3: Forward-looking statements
3 Stratasys Forward - looking statements The statements in this slide presentation regarding Stratasys' strategy, and the statements regarding its projected future financial performance, including the financial guidance concerning its expected results for 2022, are forward - looking statements refle
Slide 4: Use of non-GAAP financial information
4 Stratasys Use of non – GAAP financial information The non - GAAP data included herein, which excludes certain items as described below, are non - GAAP financial measures. Our management believes that these non - GAAP financial measures are useful information for investors and shareholders of our C
Slide 5: Welcome
5 Stratasys Dr. Yoav Zeif CEO Welcome Q4: 17% revenue growth driven by highest Systems sales since Q4 2018 Successfully advancing “First Choice in Polymer Printing” strategy with complete solutions across the product lifecycle Manufacturing share of revenues grew from over 25% in 2020 to 29% in 2021
Slide 6: 2021 Highlights
6 Stratasys 2021 Highlights Completed 3 acquisitions: Origin (end of 2020), RPS, Xaar 3D Expanded software capabilities – including licensing for open materials Long - term technology investment arm deploying capital in technologies such as material jetting, post processing, continuous carbon fiber
Slide 7: New 3D printers from industry-leading technologies
7 Stratasys New 3D printers from 5 industry - leading technologies 2021 Highlights • Origin One • Origin One Dental • H350 • F770 • J5 MediJet • J5 DentaJet • J35 Pro • J55 Prime • NEO line SAF Technology FDM Technology PolyJet Technology Stereolithography Technology P3 Technology
Slide 8: GrabCAD Additive Manufacturing Platform
8 Stratasys GrabCAD Additive Manufacturing Platform 2021 Highlights Open and enterprise - ready for world’s leading manufacturers Enables us to continually add value to customers’ 3D printing investments GrabCAD Print for production extended to H Series with license fee
Slide 9: Growing Partner Ecosystem
9 Stratasys Growing Partner Ecosystem 2021 Highlights New carbon fiber material catalyzing F370 sales New Partnerships Materials Ecosystem Open materials for FDM systems
Slide 10: Customer Success
10 Stratasys Customer Success 2021 Highlights Origin One helps lower costs and shorten mold fabrication time for footwear manufacturing ECCO Coach - built supercars with hundreds of 3D - printed parts using all 5 Stratasys technologies Radford Motors
Slide 11: Sustainability: First AM GRI report and ESG building blocks
11 Stratasys First AM GRI sustainability report to be published in Q2 Our ESG strategic building blocks Our sustainability leadership position Strategic focus on the shift to Mindful Manufacturing Where traditional processes, parts and supply chains are redesigned with great thought and a clear inte
Slide 12: Q4 Financial Results
12 Stratasys Eitan Zamir Q4 Financial Results Highest quarterly revenue total in 3 years Highest quarterly systems revenue in 3 years Positive cash from operating activities for the sixth consecutive quarter CFO Results demonstrate continued strength in growth strategy execution
Slide 13: Financial Results – Q4 2021
13 Stratasys Financial Results – Q4 2021 Note: $ in millions unless noted otherwise. All numbers and percentages rounded GAAP Non - GAAP Q4 - 20 Q4 - 21 Change Y/Y Q4 - 20 Q - 21 Change Y/Y Total Revenue 1 42.4 0 .3 % 142.2 1 . 0 .3 % Gross Profit 66.0 . 0 7 . 0 70.5 81.3 1 0 . 8 • % Mar
Slide 14: Revenue – Q4 2021
14 Stratasys Revenue – Q4 2021 Note: $ in millions unless noted otherwise. All numbers and percentages rounded Quarterly Trend Revenue Growth – Q4’21 99.2 90.3 100.3 108.9 118.0 43.2 43.9 46.7 50.1 49.0 142.4 134.2 147.0 159.0 167.0 Q4' 20 Q1' 21 Q2' 21 Q3' 21 Q4' 21 Product Service Revenue Y/Y Vs.
Slide 15: Gross Margins – Q4 2021
15 Stratasys Gross Margins – Q4 2021 All percentages rounded 46.4% 41.4% 43.0 % 42.9% 43.7% 55.0% 48.1% 50.4% 49.7% 49.6% 26.6 % 27.8% 27.2% 28.2% 29.6% Q4 '20 Q1 '21 Q2 '21 Q3 '21 Q4 '21 49.5% 46.7% 47.5% 48.2 % 48.7% 58.7% 55.4% 56.4% 57.0% 56.2% 28.5% 28.7 % 28.6% 29.2% 30.6% Q4 '20 Q1 '21 Q2 '21
Slide 16: Operating Expenses – Q4 2021
16 Stratasys Operating Expenses – Q4 2021 Note: $ in millions unless noted otherwise. All numbers and percentages rounded Non - GAAP operating expenses GAAP operating expenses 68.5 89.2 Q4'20 Q4'21 62.2 79.6 Q4'20 Q4'21 Strategic investment in growth drivers
Slide 17: Operating, Net and EBITDA Earnings – Q4 2021
17 Stratasys Operating, Net and EBITDA Earnings – Q4 2021 Note: $ in millions unless noted otherwise. All numbers and percentages rounded (2.5) (16.2) Q4'20 Q4'21 8.3 1.7 Q4'20 Q4'21 11.0 (4.8) Q4'20 Q4'21 7.0 0.5 Q4'20 Q4'21 Operating income and net income reflect planned investment in growth drive
Slide 18: Balance Sheet and Cash Flow – Q4 2021
18 Stratasys Balance Sheet and Cash Flow – Q4 2021 Note: $ in millions unless noted otherwise. All numbers and percentages rounded Balance sheet items Cash flow from operating activities Q4 - 20 Q3 - 21 Q4 - 21 Cash and Cash Equivalents and Short - term deposits 299.1 519.9 Accounts Receiv
Slide 19: 2022 Outlook – Growing Top and Bottom Lines
19 Stratasys 2022 Outlook – Growing Top and Bottom Lines • 2022 - $680M - $695M o Sequential quarterly growth cadence • Q1 growth percentage of high teens vs Q1 2021 Revenue – Double - Digit Growth • $ 20 M - $ 25 M OpEx expansion in growth drivers Gross Margins Improving Through the Year • 2022 - F
Slide 20: Summary
20 Stratasys Dr. Yoav Zeif CEO Summary We have vastly improved our offerings while strengthening our financials Customers are signing long - term, multimillion - dollar deals that illustrate the shift from prototyping to true manufacturing Focused on ramping sales of future growth engines like Origi
Slide 21: Thank You, Q&A
21 Stratasys Thank You Q&A
Slide 22: GAAP to Non-GAAP reconciliation, three months ended December 31
22 Stratasys Three months ended December 31, 2021 Three months ended December 31 , 2020 GAAP Adjustments Non - GAAP GAAP Adjustments Non - GAAP Gross Profit (1) $66,019 $4,520 $70,539 Operating income (Loss) (1,2) (2,529) 10,861 8,332 Net income (Loss) a