Stratasys reports Q2 results for 2023

Stratasys has filed its Q2 results for 2023, which show revenue of $159.8 million, a drop year on year from $166.6 million in Q2 2022. The company made a net loss, according to Generally Accepted Accounting Principles, of $38.61 million this quarter, compared to a loss of $24.38 million for Q2 the year before.

However, this year’s loss includes costs related to potential mergers – with both Desktop Metal and 3D Systems still in the frame – and fighting off Nano Dimension’s hostile offer. 

Stratasys did see the GAAP gross margin improve from 40.5 percent to 41.5 percent. Also, the Earnings Before Interest, Depreciation and Amortisation rose from $7.4 million to $10.6 million. 

Dr. Yoav Zeif, Stratasys’ Chief Executive Officer, commented: “Leveraging our position in polymer additive manufacturing, resilient business model and strong financial profile, Stratasys once again delivered solid 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.”

In the meantime, Stratasys has called an extraordinary general meeting of its shareholders to vote on accepting the plan to merge with Desktop Metal. This has been touted as a merger but according to Stratasys press release, it will see “Desktop Metal surviving as a direct, wholly-owned subsidiary of Stratasys”. The board is recommending that shareholders vote in favour of this plan.

Zeif stated: “Despite the various M&A scenarios emerging in the industry, customers across all of our technologies remain highly engaged and confident in Stratasys as we continue to look for ways to expand our innovation and suite of offerings. The addition of Covestro’s Additive Manufacturing business has yielded immediate results, and our expected combination with Desktop Metal will create comprehensive offerings across the industrial landscape.”

It’s worth pointing out that Stratasys has also discussed merging with 3D Systems, which had announced that it would complete merger discussions in August, and neither side has yet clarified if this is still on the table. 

Nonetheless, Stratasys has reiterated its financial forecasts, which seem a little bullish given its ongoing plans to merge. Thus the company is expecting to realise full year revenues of $630 million to $670 million with a GAAP net loss of $115 million to $96 million, or ($1.66) to ($1.39) per diluted share, which includes one-time extraordinary costs associated with the proxy contest and merger-related activities. 

Zeif added: “Additive manufacturing is on the edge of tremendous growth as customers accelerate the use of our technologies at production scale. Together with our fortress balance sheet and resilient business model, we are well-positioned to drive profitable growth as we continue to create shareholder value.”

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