Stratasys Releases First Quarter 2021 Financial Results

Use of Non-GAAP Financial Measures

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 Company in gauging our results of operations (i) on an ongoing basis after excluding mergers, acquisitions and divestments related expense or gains and reorganization-related charges or gains, and (ii) excluding non-cash items such as stock-based compensation expenses, acquired intangible assets amortization, including intangible assets amortization related to equity method investments, impairment of long-lived assets, revaluation of our investments and the corresponding tax effect of those items. These non-GAAP adjustments either do not reflect actual cash outlays that impact our liquidity and our financial condition or have a non-recurring impact on the statement of operations, as assessed by management. These non-GAAP financial measures are presented to permit investors to more fully understand how management assesses our performance for internal planning and forecasting purposes. The limitations of using these non-GAAP financial measures as performance measures are that they provide a view of our results of operations without including all items indicated above during a period, which may not provide a comparable view of our performance to other companies in our industry. Investors and other readers should consider non-GAAP measures only as supplements to, not as substitutes for or as superior measures to, the measures of financial performance prepared in accordance with GAAP. Reconciliation between results on a GAAP and non-GAAP basis is provided in a table below.

Stratasys Ltd.
Consolidated Balance Sheets
(Unaudited)
(in thousands, except share data)

March 31,

December 31,

2021

2020

ASSETS
 
Current assets
Cash and cash equivalents

$

421,398

 

$

272,092

 

Short-term deposits

 

109,000

 

 

27,000

 

Accounts receivable, net of allowance for credit losses of $0.9 million as of March 31, 2021 and December 31, 2020

 

102,780

 

 

106,068

 

Inventories

 

124,199

 

 

131,672

 

Prepaid expenses

 

10,345

 

 

6,717

 

Other current assets

 

16,745

 

 

16,943

 

 
Total current assets

 

784,467

 

 

560,492

 

 
Non-current assets
Property, plant and equipment, net

 

199,382

 

 

201,232

 

Goodwill

 

38,074

 

 

35,694

 

Other intangible assets, net

 

131,619

 

 

131,569

 

Operating lease right-of-use assets

 

19,089

 

 

21,298

 

Other non-current assets

 

43,299

 

 

39,717

 

 
Total non-current assets

 

431,463

 

 

429,510

 

 
Total assets

$

1,215,930

 

$

990,002

 

 
LIABILITIES AND EQUITY
 
Current liabilities
Accounts payable

$

28,062

 

$

16,987

 

Accrued expenses and other current liabilities

 

29,283

 

 

31,061

 

Accrued compensation and related benefits

 

30,937

 

 

25,659

 

Deferred revenues - short term

 

49,413

 

 

49,165

 

Operating lease liabilities - short term

 

8,941

 

 

9,282

 

 
Total current liabilities

 

146,636

 

 

132,154

 

 
Non-current liabilities
Deferred revenues - long term

 

14,074

 

 

14,227

 

Operating lease liabilities - long term

 

10,501

 

 

12,567

 

Contingent consideration

 

40,234

 

 

37,400

 

Other non-current liabilities

 

32,470

 

 

34,059

 

 
Total non-current liabilities

 

97,279

 

 

98,253

 

 
Total liabilities

 

243,915

 

 

230,407

 

 
Redeemable non-controlling interests

 

227

 

 

227

 

 
Equity
Ordinary shares, NIS 0.01 nominal value, authorized 180,000 thousands shares; 65,218 thousands shares and 56,617 thousands shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively

 

181

 

 

155

 

Additional paid-in capital

 

2,984,048

 

 

2,753,955

 

Accumulated other comprehensive loss

 

(7,634

)

 

(8,846

)

Accumulated deficit

 

(2,004,807

)

 

(1,985,896

)

Total equity

 

971,788

 

 

759,368

 

 
Total liabilities and equity

$

1,215,930

 

$

990,002

 

Stratasys Ltd.
 
Consolidated Statements of Operations
 
(in thousands, except per share data)

Three Months Ended March 31,

2021

2020

(unaudited)

(unaudited)

Net sales
Products

$

90,324

 

$

83,172

 

Services

 

43,865

 

 

49,735

 

 

134,189

 

 

132,907

 

 
Cost of sales
Products

 

46,920

 

 

39,248

 

Services

 

31,692

 

 

33,789

 

 

78,612

 

 

73,037

 

 
Gross profit

 

55,577

 

 

59,870

 

 
Operating expenses
Research and development, net

 

20,601

 

 

24,194

 

Selling, general and administrative

 

53,334

 

 

55,576

 

 

73,935

 

 

79,770

 

 
Operating loss

 

(18,358

)

 

(19,900

)

 
Financial expense, net

 

(377

)

 

(829

)

 
Loss before income taxes

 

(18,735

)

 

(20,729

)

 
Income tax expenses (benefit)

 

(942

)

 

221

 

 
Share in losses of associated companies

 

(1,118

)

 

(838

)

 
Net loss

 

(18,911

)

 

(21,788

)

 
Net loss attributable to non-controlling interests

 

-

 

 

(85

)

 
Net loss attributable to Stratasys Ltd.

$

(18,911

)

$

(21,703

)

 
Net loss per ordinary share attributable to Stratasys Ltd.
Basic

$

(0.32

)

$

(0.40

)

Diluted

$

(0.32

)

$

(0.40

)

 
Weighted average ordinary shares outstanding
Basic

 

58,616

 

 

54,544

 

Diluted

 

58,616

 

 

54,544

 

 
 

Three Months Ended March 31,

 

2021

 

 

Non-GAAP

 

 

2021

 

 

 

2020

 

 

Non-GAAP

 

 

2020

 

GAAP

 

Adjustments

 

Non-GAAP

 

GAAP

 

Adjustments

 

Non-GAAP

U.S. dollars and shares in thousands (except per share amounts)

 
Gross profit (1)

$

55,577

 

$

7,069

 

$

62,646

 

$

59,870

 

$

4,414

 

$

64,284

 

Operating income (loss) (1,2)

 

(18,358

)

 

15,785

 

 

(2,573

)

 

(19,900

)

 

11,491

 

 

(8,409

)

Net income (loss) attributable to Stratasys Ltd. (1,2,3)

 

(18,911

)

 

15,111

 

 

(3,800

)

 

(21,703

)

 

11,137

 

 

(10,566

)

Net income (loss) per diluted share attributable to Stratasys Ltd. (4)

$

(0.32

)

$

0.26

 

$

(0.06

)

$

(0.40

)

$

0.21

 

$

(0.19

)

 
 

(1

)

Acquired intangible assets amortization expense

 

5,356

 

 

4,065

 

Non-cash stock-based compensation expense

 

634

 

 

402

 

Restructuring and other related costs

 

1,079

 

 

(53

)

 

7,069

 

 

4,414

 

 

(2

)

Acquired intangible assets amortization expense

 

2,192

 

 

2,142

 

Non-cash stock-based compensation expense

 

6,571

 

 

4,503

 

Restructuring and other related costs

 

1,810

 

 

31

 

Revaluation of investments

 

(3,670

)

 

-

 

Contingent consideration

 

191

 

 

-

 

Other expenses

 

1,622

 

 

401

 

 

8,716

 

 

7,077

 

 

15,785

 

 

11,491

 

 

(3

)

Corresponding tax effect

 

(757

)

 

(431

)

Equity method related amortization, divestments and impairments

 

83

 

 

77

 

$

15,111

 

$

11,137

 

(4

)

Weighted average number of ordinary shares outstanding- Diluted

 

58,616

 

 

58,616

 

 

54,544

 

 

54,544

 


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