Stratasys Reports Fourth Quarter and Fiscal Year 2014 Financial Results

Non-GAAP Discussion Disclosure

The information discussed within this release includes financial results and projections that are in accordance with accounting principles generally accepted in the United States of America (GAAP). In addition, certain non-GAAP financial measures have been provided excluding certain charges, expenses and income. The non-GAAP measures should be read in conjunction with the corresponding GAAP measures and should be considered in addition to, and not as an alternative or substitute for, the measures prepared in accordance with GAAP. The non-GAAP financial measures are included in an effort to provide information that investors may deem relevant to evaluate results from the Company's core business operations and to compare the Company's performance with prior periods. The non-GAAP financial measures primarily identify and exclude certain discrete items, such as merger-related expenses, amortization expenses and expenses associated with share-based compensation required under ASC 718. The Company uses these non-GAAP financial measures for evaluating comparable financial performance against prior periods.

This release is available on the Stratasys web site at www.stratasys.com

Stratasys Ltd. (Nasdaq: SSYS), headquartered in Minneapolis, Minnesota and Rehovot, Israel, is a leading global provider of 3D printing and additive manufacturing solutions. The Company's patented FDM®, PolyJet™ and WDM ™ 3D Printing technologies produce prototypes and manufactured goods directly from 3D CAD files or other 3D content. Systems include 3D printers for idea development, prototyping and direct digital manufacturing. Stratasys subsidiaries include MakerBot and Solidscape, and the Company operates the Stratasys Direct Manufacturing digital-manufacturing service comprising the services previously provided by RedEye, Harvest Technologies and Solid Concepts. Stratasys has more than 2,900 employees, holds over 600 granted or pending additive manufacturing patents globally, and has received more than 25 awards for its technology and leadership. Online at: www.stratasys.com or http://blog.stratasys.com

 
Stratasys Ltd.

Consolidated Balance Sheets

(in thousands)
      December 31,   December 31,
2014 2013
ASSETS
 
Current assets
Cash and cash equivalents $ 442,141 $ 414,088
Short-term bank deposits 595 200,370
Accounts receivable, net 150,806 99,200
Inventories 123,385 88,406
Net investment in sales-type leases 8,170 6,696
Prepaid expenses 7,931 5,470
Deferred income taxes 25,697 16,501
Other current assets   37,903     21,398
 
Total current assets   796,628     852,129
 
Non-current assets
Goodwill 1,323,502 1,195,891
Other intangible assets, net 597,903 622,330
Property, plant and equipment, net 157,036 91,005
Net investment in sales-type leases - long term 14,822 11,219
Other non-current assets   9,216     9,647
 
Total non-current assets   2,102,479     1,930,092
 
Total assets $ 2,899,107   $ 2,782,221
 
LIABILITIES AND EQUITY
 
Current liabilities
Accounts payable $ 37,359 $ 35,375
Short term debt 50,000 -
Accrued expenses and other current liabilities 47,760 32,849
Accrued compensation and related benefits 42,332 21,441
Obligations in connection with acquisitions 28,092 12,027
Deferred revenues   45,023     36,033
 
Total current liabilities   250,566     137,725
 
Non-current liabilities
Obligations in connection with acquisitions - long term 26,461 16,998
Deferred tax liabilities 55,835 105,901
Deferred revenues - long-term 5,946 3,315
Other non-current liabilities   25,091     18,495
 
Total non-current liabilities   113,333     144,709
 
Total liabilities   363,899     282,434
 
Redeemable non-controlling interests 3,969 -
 
Equity

Ordinary shares, NIS 0.01 nominal value, authorized 180,000 shares; 50,923 and 49,211 shares issued and outstanding at December 31, 2014 and December 31, 2013, respectively

139 133
Additional paid-in capital 2,568,149 2,412,197
Retained earnings (accumulated deficit) (33,871 ) 85,549
Accumulated other comprehensive income (loss)   (3,647 )   1,908
Equity attributable to Stratasys Ltd. 2,530,770 2,499,787
Non-controlling interest 469 -
 
Total equity   2,531,239     2,499,787
 
Total liabilities and equity $ 2,899,107   $ 2,782,221
 
         
Stratasys Ltd.
Consolidated Statements of Operations
(in thousands, except per share data)
 
Three Months Ended December 31, Twelve Months Ended December 31,

2014

2013

2014 2013
(unaudited)   (unaudited)      
Net sales
Products $ 168,595 $ 134,943 $ 612,138 $ 414,853
Services   48,517     20,142     137,991     69,550  
217,112 155,085 750,129 484,403
Cost of sales
Products 82,985 65,088 302,838 213,427
Services   28,943     12,195     84,897     44,803  
111,928 77,283 387,735 258,230
       
Gross profit 105,184 77,802 362,394 226,173
 
Operating expenses
Research and development, net 23,189 17,669 82,270 52,310
Selling, general and administrative 95,646 64,462 351,993 202,040
Goodwill impairment 102,470 - 102,470 -
Change in the fair value of obligations in connection with acquisitions   (24,862 )   (853 )   (26,150 )   754  
196,443 81,278 510,583 255,104
       
Operating loss (91,259 ) (3,476 ) (148,189 ) (28,931 )
 
Financial expense (4,145 ) (650 ) (6,529 ) (450 )
       
Loss before income taxes (95,404 ) (4,126 ) (154,718 ) (29,381 )
 
Income tax benefit   (3,370 )   (2,137 )   (35,248 )   (2,474 )
 
Net loss (92,034 ) (1,989 ) (119,470 ) (26,907 )
 
Net income (loss) attributable to non-controlling interest   (25 )   -     (50 )   47  
 
Net loss attributable to Stratasys Ltd. $ (92,009 ) $ (1,989 ) $ (119,420 ) $ (26,954 )
 
Net loss per ordinary share attributable to Stratasys Ltd.
Basic $ (1.81 ) $ (0.04 ) $ (2.39 ) $ (0.64 )
Diluted (1.81 ) (0.07 ) (2.39 ) (0.68 )
 
Weighted average ordinary shares outstanding
Basic 50,912 48,955 50,019 42,079
Diluted 50,912 49,036 50,019 42,099
 
 
Stratasys Ltd.
Reconciliation of GAAP to Non-GAAP Results of Operations
(in thousands, except per share data)
         
Three Months Ended December 31, 2014 Three Months Ended December 31, 2013
GAAP Non-GAAP GAAP Non-GAAP
(unaudited)   Adjustments* (unaudited) (unaudited)   Adjustments* (unaudited)
Net sales
Products $ 168,595 $ - $ 168,595 $ 134,943 $ 668 $ 135,611
Services   48,517     -     48,517     20,142     -     20,142  
217,112 - 217,112 155,085 668 155,753
 
Cost of sales
Products 82,985 (14,490 ) 68,495 65,088 (14,765 ) 50,323
Services   28,943     (1,915 )   27,028     12,195     (495 )   11,700  
111,928 (16,405 ) 95,523 77,283 (15,260 ) 62,023
           
Gross profit 105,184 16,405 121,589 77,802 15,928 93,730
 
Operating expenses
Research and development, net 23,189 (1,822 ) 21,367 17,669 (2,207 ) 15,462
Selling, general and administrative 95,646 (20,368 ) 75,278 64,462 (17,633 ) 46,829
Goodwill impairment 102,470 (102,470 ) - - - -
Change in the fair value of obligations in connection with acquisitions   (24,862 )   24,862     -     (853 )   853     -  
196,443 (99,798 ) 96,645 81,278 (18,987 ) 62,291
           
Operating income (loss) (91,259 ) 116,203 24,944 (3,476 ) 34,915 31,439
 
Financial expense (4,145 ) - (4,145 ) (650 ) - (650 )
           
Income (loss) before income taxes (95,404 ) 116,203 20,799 (4,126 ) 34,915 30,789
 
Income taxes (benefit)   (3,370 )   (750 )   (4,120 )   (2,137 )   7,133     4,996  
 
Net income (loss) (92,034 ) 116,953 24,919 (1,989 ) 27,782 25,793
 
Net loss attributable to non-controlling interest   (25 )   -     (25 )   -     -     -  
 
Net income (loss) attributable to Stratasys Ltd. $ (92,009 ) $ 116,953   $ 24,944   $ (1,989 ) $ 27,782   $ 25,793  
 
Net income (loss) per ordinary share attributable to Stratasys Ltd.
Basic $ (1.81 ) $ 0.49 $ (0.04 ) $ 0.53
Diluted (1.81 ) 0.48 (0.07 ) 0.50
 
Weighted average ordinary shares outstanding
Basic 50,912 50,912 48,955 48,964
Diluted 50,912 52,491 49,036 51,429
 

« Previous Page 1 | 2 | 3 | 4 | 5 | 6  Next Page »



© 2024 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us
ShareCG™ is a trademark of Internet Business Systems, Inc.

Report a Bug Report Abuse Make a Suggestion About Privacy Policy Contact Us User Agreement Advertise