Financial Guidance:
Stratasys reiterated the following information regarding the company’s projected revenue and net income for the fiscal year ending December 31, 2014:
- Revenue guidance of $660 to $680 million.
- Non-GAAP net income of $113 to $119 million, or $2.15 to $2.25 per diluted share.
- GAAP net income of $10.5 to $19.9 million, or a $0.20 to $0.38 per diluted share.
- The company expects organic sales, excluding MakerBot sales, to grow at least 25% over 2013, with additional growth coming from MakerBot, which is expected to grow at a higher rate.
Stratasys provided the following additional information regarding the company’s performance and strategic plans for 2014:
- Operating expenses are projected to expand materially in 2014 driven by investments in sales and marketing programs to drive future market adoption, as well as by increased R&D investments to fund technology innovation and new product development.
- Incremental sales and marketing investments will focus on expanding sales channels, enhancing regional infrastructure, as well as building unique go-to-market programs targeting certain market verticals and customer applications.
- Non-GAAP operating margins in 2014 are projected to remain relatively consistent with levels recognized in 2013, as margin expansion in the company’s core business is offset by a full-year contribution from MakerBot, which maintains lower operating margins.
- Projected Non-GAAP net income is expected to be derived disproportionately from the second half of fiscal 2014, driven by the projected timing of operating expenses, as well as the projected timing and success of new product introductions and their corresponding ramp in sales.
- Capital expenditures are projected at $50 to $70 million, which includes significant investments in manufacturing capacity in anticipation and support of future growth.
Non-GAAP earnings guidance excludes $64.8 million of projected amortization of intangible assets; $25.1 million to $28.2 million of share-based compensation expense; and $8.8 million to $9.8 million in non-recurring expenses related to acquisitions.
Appropriate reconciliations between GAAP and non-GAAP financial measures are provided in a table at the end of this press release. The table provides itemized detail of the non-GAAP financial measures.
Stratasys Ltd. Q4-2013 Conference Call Details
Stratasys will hold a conference call to discuss its fourth quarter and 2013 annual financial results on Monday, March 3, 2014 at 8:30 a.m. (ET).
The investor conference call will be available via live webcast on the Stratasys Web site at www.stratasys.com under the "Investors" tab; or directly at the following web address: http://www.media-server.com/m/p/p4rrw67g.
To participate by telephone, the domestic dial-in number is 866-318-8617 and the international dial-in is 617-399-5136. The access code is 37260413. Investors are advised to dial into the call at least ten minutes prior to the call to register.
The webcast will be available for 90 days on the "Investors" page of the Stratasys web site or by accessing the provided web address.
(Financial tables follow)
Cautionary Statement Regarding Forward-Looking Statements
Certain information included or incorporated by reference in this press
may be deemed to be “forward-looking statements” within the meaning of
the Private Securities Litigation Reform Act of 1995, Section 27A of the
Securities Act of 1933, and Section 21E of the Securities Exchange Act
of 1934. Forward-looking statements are often characterized by the use
of forward-looking terminology such as “may,” “will,” “expect,”
“anticipate,” “estimate,” “continue,” “believe,” “should,” “intend,”
“project” or other similar words, but are not the only way these
statements are identified. These forward-looking statements may include,
but are not limited to, statements relating to the company’s objectives,
plans and strategies, statements that contain projections of results of
operations or of financial condition (including, with respect to the
MakerBot acquisition) and all statements (other than statements of
historical facts) that address activities, events or developments that
the company intends, expects, projects, believes or anticipates will or
may occur in the future. Forward-looking statements are not guarantees
of future performance and are subject to risks and uncertainties. The
company has based these forward-looking statements on assumptions and
assessments made by its management in light of their experience and
their perception of historical trends, current conditions, expected
future developments and other factors they believe to be appropriate.
Important factors that could cause actual results, developments and
business decisions to differ materially from those anticipated in these
forward-looking statements include, among other things: the company’s
ability to efficiently and successfully integrate the operations of
Stratasys, Inc. and Objet Ltd. after their merger as well as MakerBot
after its acquisition and to successfully put in place and execute an
effective post-merger integration plans; the overall global economic
environment; the impact of competition and new technologies; general
market, political and economic conditions in the countries in which the
company operates; projected capital expenditures and liquidity; changes
in the company’s strategy; government regulations and approvals; changes
in customers’ budgeting priorities; litigation and regulatory
proceedings; and those factors referred to under “Risk Factors”,
“Information on the Company”, “Operating and Financial Review and
Prospects”, and generally in the company’s annual report on Form 20-F
for the year ended December 31, 2013 filed with the U.S. Securities and
Exchange Commission and in other reports that the company has filed with
the SEC. Readers are urged to carefully review and consider the various
disclosures made in the company’s SEC reports, which are designed to
advise interested parties of the risks and factors that may affect its
business, financial condition, results of operations and prospects. Any
forward-looking statements in this press release are made as of the date
hereof, and the company undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by law.
