Stratasys releases strong Q2 2023 financial results

Image credit: Stratasys

Additive manufacturing giant Stratasys announced its financial results for the second quarter of 2023, showcasing the company’s impressive revenue of $159.8 million, which is 1.6 per cent higher compared to the same period last year. 

The company unveiled its quarterly earnings of $0.04 per share. This outcome outperformed the analyst average expectation of $(0.03) by 233.33 per cent. 

Notably, this is a 100 per cent increase over the $0.02 per share earnings reported during the same period the previous year, Stratasys said. 

GAAP operational loss is $33.7 million, compared to an operating loss of $23.5 million, which includes one-time unusual costs related to prospective and possible mergers and acquisitions, defence against hostile tender offers, proxy contests, and related professional fees.

Dr Yoav Zeif, Stratasys CEO, expressed his delight over the most recent figures, noting that Stratasys once again produced strong operating and financial results despite persistent macroeconomic headwinds.

“For the second consecutive quarter we delivered record revenues from both consumables and customer service, demonstrating the growth in utilization of our systems even as customer capital budgets remain constrained,” he noted. 

Dr Zeif added, “Our relentless focus on execution continued to drive meaningful improvements in adjusted gross margins both sequentially and year over year, as we delivered our eighth consecutive quarter of positive adjusted earnings per share.”

The CEO also commended Stratasys employees for remaining focused and advancing the execution of the company’s goal. 

“I would like to thank our employees who have continued to maintain their focus, furthering the execution of our strategy with excellence and helping to make Stratasys the healthiest and strongest-growing business in our industry,” Dr Zeif noted. 

He also stated that the acquisition of Covestro’s Additive Manufacturing business generated immediate results and that the anticipated combination with Desktop Metal will result in comprehensive offers throughout the industrial landscape.

The company is restating its outlook for 2023, based on current market conditions and assuming that the effects of global inflationary pressures, interest rate increases, and supply chain costs do not further impede economic activity.

In addition to GAAP profitability, the company anticipates full-year revenue of $630 million to $670 million, a sequential quarterly revenue increase, with second-half growth being particularly strong.