Stratasys Reports Fourth Quarter and Fiscal Year 2014 Financial

Stratasys Reports Fourth Quarter and Fiscal Year 2014 Financial Results

Company reports $217 million in revenue in the fourth quarter of 2014, including organic revenue growth of 26% over the same period last year

Organic growth, excluding MakerBot revenue, of 29% in the fourth quarter compared to the same period last year, driven primarily by strong demand for design and manufacturing products and services

Fourth quarter non-GAAP net income of $24.9 million, or $0.48 per diluted share; GAAP net loss was $92.0 million, or ($1.81) per share

MINNEAPOLIS & REHOVOT, Israel — (BUSINESS WIRE) — March 2, 2015 — Stratasys Ltd. (NASDAQ: SSYS) today announced financial results for the fourth quarter and fiscal year 2014.

Q4-2014 Financial Results Summary:

Revenue for the fourth quarter of 2014 was $217 million, representing a 40% increase over the $155.1 million for the same period last year.
GAAP net loss for the fourth quarter was $92.0 million, or ($1.81) per share, compared to a loss of $2.0 million, or ($0.04) per share, for the same period last year.
Non-GAAP net income for the fourth quarter was $24.9 million, or $0.48 per diluted share, compared to non-GAAP net income of $25.8 million, or $0.50 per diluted share, reported for the same period last year.
Revenue from MakerBot branded products and services contributed $26.6 million to fourth quarter revenue.
The Company invested a net amount of $21.4 million in R&D projects (non-GAAP basis) during the fourth quarter, representing 9.8% of net sales.
The Company generated $14.9 million in cash from operations during the fourth quarter, and finished the year with approximately $443 million in cash and cash equivalents and short-term bank deposits. The cash balance includes a $50 million drawdown on the company’s revolving debt facility.
EBITDA for the fourth quarter amounted to $29.6 million.
As previously announced, in December 2014, the Company updated the goodwill impairment analysis of its MakerBot reporting unit. As a result, the Company recognized a non-cash, non-tax-deductible goodwill impairment charge of $102 million in the fourth quarter.
The Company sold 11,214 3D printing and additive manufacturing systems during the quarter, and on a pro-forma combined basis, has sold a total of 121,661 systems worldwide as of December 31, 2014.

Fiscal 2014 Financial Results Summary:

Non-GAAP revenue for fiscal 2014 was $750.4 million, representing a 54% increase over the $486.7 million for the same period last year. GAAP revenue for fiscal 2014 was $750.1 million compared to $484.4 million for fiscal 2013.
GAAP net loss for fiscal 2014 was $119.4 million, or ($2.39) per share, compared to a loss of $27.0 million, or ($0.64) per share, for the same period last year.
Non-GAAP net income was $103.6 million for fiscal 2014, or $2.00 per diluted share, compared to non-GAAP net income of $82.0 million, or $1.84 per diluted share, reported for the same period last year.
Fiscal 2014 reported revenue and earnings were within the company’s pre-announced ranges provided on February 2, 2015.
Backlog at the end of 2014 amounted to $14.3 million, versus $28.5 million at the end of 2013.

David Reis, chief executive officer of Stratasys, said, “Growth in our core business reflects the increasing demand for additive manufacturing, and our leadership within the marketplace. During the fourth quarter, MakerBot was affected by challenges associated with the introduction and scaling of its new product platform and its rapidly evolving distribution model. As market adoption continues to evolve and to the extent MakerBot continues to establish and expand sales channels, the Company expects MakerBot growth rates to ramp up to, or exceed, overall Company averages by 2016.”

Recent Business Highlights:

Launched 11 new 3D printing products and materials at Euromold 2014, including two new Fortus FDM production systems as well as a significant expansion of our triple-jetting Connex line of multi-color, multi- material 3D printers.
Announced a multi-year investment plan focused on enhancing vertical industry focus, expanding services, accelerating product development, and building sales and marketing infrastructure- all designed to support annual revenues of $3 billion in 2020.
Announced the combination and rebranding of Solid Concepts, Harvest Technologies and RedEye to form Stratasys Direct Manufacturing , a leading strategic platform to meet customers' additive manufacturing needs, and drive further adoption of Stratasys' Additive Manufacturing Solutions.
Expanded MakerBot’s U.S. distribution channel to include Staples and Fry’s Electronics and announced a European distribution agreement with Tech Data Europe’s Datech.
Announced the development of new MakerBot PLA Composite Filaments at this year’s International CES that included iron, bronze, limestone, and maple.
Completed the acquisition of certain assets of Hong Kong-based Stratasys reseller Intelligent CAD/CAM Technology Ltd, strengthening Stratasys’ local presence and improving direct access to customers in the Asia Pacific region.
The Econolyst, an Additive Manufacturing and 3D Printing consultancy and research firm, led by Dr. Phil Reeves, a 20-year industry veteran in the Additive Manufacturing space, joined Stratasys Services Group to form the foundation of the new Stratasys Strategic Consulting Division.

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