Stratasys Releases Second 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 and goodwill, 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)    
     
 

June 30,

 

December 31,

 

2021

 

2020

     
ASSETS    
     
Current assets    
Cash and cash equivalents  

$

343,733

 

 

$

272,092

 

Short-term deposits  

 

179,000

 

 

 

27,000

 

Accounts receivable, net of allowance for credit losses of $0.8 and $0.9 million as of June 30, 2021 and December 31, 2020

 

109,969

 

 

106,068

 

Inventories  

 

124,227

 

 

 

131,672

 

Prepaid expenses  

 

7,288

 

 

 

6,717

 

Other current assets  

 

21,189

 

 

 

16,943

 

     
Total current assets  

 

785,406

 

 

 

560,492

 

     
Non-current assets    
Property, plant and equipment, net  

 

201,080

 

 

 

201,232

 

Goodwill  

 

39,686

 

 

 

35,694

 

Other intangible assets, net  

 

124,257

 

 

 

131,569

 

Operating lease right-of-use assets  

 

17,514

 

 

 

21,298

 

Other non-current assets  

 

55,081

 

 

 

39,717

 

     
Total non-current assets  

 

437,618

 

 

 

429,510

 

     
Total assets  

$

1,223,024

 

 

$

990,002

 

     
LIABILITIES AND EQUITY    
     
Current liabilities    
Accounts payable  

$

42,001

 

 

$

16,987

 

Accrued expenses and other current liabilities  

 

30,134

 

 

 

31,061

 

Accrued compensation and related benefits  

 

29,270

 

 

 

25,659

 

Deferred revenues - short term  

 

48,943

 

 

 

49,165

 

Operating lease liabilities - short term  

 

8,248

 

 

 

9,282

 

     
Total current liabilities  

 

158,596

 

 

 

132,154

 

     
Non-current liabilities    
Deferred revenues - long term  

 

15,661

 

 

 

14,227

 

Operating lease liabilities - long term  

 

9,553

 

 

 

12,567

 

Contingent consideration  

 

40,436

 

 

 

37,400

 

Other non-current liabilities  

 

37,206

 

 

 

34,059

 

     
Total non-current liabilities  

 

102,856

 

 

 

98,253

 

     
Total liabilities  

 

261,452

 

 

 

230,407

 

     
Redeemable non-controlling interests  

 

227

 

 

 

227

 

     
Equity    
Ordinary shares, NIS 0.01 nominal value, authorized 180,000 thousands shares; 65,396 thousands shares and 56,617 thousands shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively

 

181

 

 

155

 

Additional paid-in capital  

 

2,992,833

 

 

 

2,753,955

 

Accumulated other comprehensive loss  

 

(6,703

)

 

 

(8,846

)

Accumulated deficit  

 

(2,024,966

)

 

 

(1,985,896

)

Total equity  

 

961,345

 

 

 

759,368

 

     
Total liabilities and equity  

$

1,223,024

 

 

$

990,002

 

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

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2021

 

2020

 

2021

 

2020

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

Net sales        
Products  

$

100,305

 

 

$

73,877

 

 

$

190,629

 

 

$

157,049

 

Services  

 

46,700

 

 

 

43,746

 

 

 

90,565

 

 

 

93,481

 

 

 

147,005

 

 

 

117,623

 

 

 

281,194

 

 

 

250,530

 

         
Cost of sales        
Products  

 

49,731

 

 

 

39,969

 

 

 

96,651

 

 

 

79,217

 

Services  

 

34,004

 

 

 

33,918

 

 

 

65,696

 

 

 

67,707

 

 

 

83,735

 

 

 

73,887

 

 

 

162,347

 

 

 

146,924

 

         
Gross profit  

 

63,270

 

 

 

43,736

 

 

 

118,847

 

 

 

103,606

 

         
Operating expenses        
Research and development, net  

 

22,437

 

 

 

21,303

 

 

 

43,038

 

 

 

45,497

 

Selling, general and administrative  

 

63,557

 

 

 

51,711

 

 

 

116,891

 

 

 

107,287

 

 

 

85,994

 

 

 

73,014

 

 

 

159,929

 

 

 

152,784

 

         
Operating loss  

 

(22,724

)

 

 

(29,278

)

 

 

(41,082

)

 

 

(49,178

)

         
Financial income (expenses), net  

 

(372

)

 

 

149

 

 

 

(749

)

 

 

(680

)

         
Loss before income taxes  

 

(23,096

)

 

 

(29,129

)

 

 

(41,831

)

 

 

(49,858

)

         
Income tax benefit  

 

(4,368

)

 

 

(2,128

)

 

 

(5,310

)

 

 

(1,907

)

         
Share in losses of associated companies  

 

(1,431

)

 

 

(950

)

 

 

(2,549

)

 

 

(1,788

)

         
Net loss  

 

(20,159

)

 

 

(27,951

)

 

 

(39,070

)

 

 

(49,739

)

         
Net income (loss) attributable to non-controlling interests  

 

-

 

 

 

35

 

 

 

-

 

 

 

(50

)

         
Net loss attributable to Stratasys Ltd.  

$

(20,159

)

 

$

(27,986

)

 

$

(39,070

)

 

$

(49,689

)

         
Net loss per ordinary share attributable to Stratasys Ltd.      
Basic  

$

(0.31

)

 

$

0.51

 

 

$

(0.63

)

 

$

(0.91

)

Diluted  

$

(0.31

)

 

$

0.51

 

 

$

(0.63

)

 

$

(0.91

)

         
Weighted average ordinary shares outstanding        
Basic  

 

64,908

 

 

 

54,917

 

 

 

61,796

 

 

 

54,733

 

Diluted  

 

64,908

 

 

 

54,917

 

 

 

61,796

 

 

 

54,733

 

 
  Three Months Ended June 30,
 

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)  

$

63,270

 

 

$

6,616

 

 

$

69,886

 

 

$

43,736

 

 

$

9,612

 

 

$

53,348

 

Operating income (loss) (1,2)  

 

(22,724

)

 

 

20,133

 

 

 

(2,591

)

 

 

(29,278

)

 

 

21,228

 

 

 

(8,050

)

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

 

(20,159

)

 

 

18,581

 

 

 

(1,578

)

 

 

(27,986

)

 

 

20,634

 

 

 

(7,352

)

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

$

(0.31

)

 

$

0.29

 

 

$

(0.02

)

 

$

(0.51

)

 

$

0.38

 

 

$

(0.13

)

             
             

(1)

Acquired intangible assets amortization expense    

 

5,518

 

     

 

4,065

 

 
Non-cash stock-based compensation expense    

 

788

 

     

 

497

 

 
Restructuring and other related costs    

 

310

 

     

 

5,050

 

 
   

 

6,616

 

     

 

9,612

 

 
             

(2)

Acquired intangible assets amortization expense    

 

2,200

 

     

 

2,125

 

 
Non-cash stock-based compensation expense    

 

7,189

 

     

 

5,614

 

 
Restructuring and other related costs    

 

350

 

     

 

3,798

 

 
Revaluation of investments    

 

2,201

 

     

 

-

 

 
Contingent consideration    

 

202

 

     

 

-

 

 
Other expenses    

 

1,375

 

     

 

79

 

 
   

 

13,517

 

     

 

11,616

 

 
   

 

20,133

 

     

 

21,228

 

 
             

(3)

Corresponding tax effect    

 

(1,637

)

     

 

(669

)

 
Equity method related amortization, divestments and impairments    

 

85

 

     

 

75

 

 
   

$

18,581

 

     

$

20,634

 

 

(4)

Weighted average number of ordinary shares outstanding- Diluted  

 

64,908

 

   

 

64,908

 

 

 

54,917

 

   

 

54,917

 

 
  Six Months Ended June 30,
 

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)  

$

118,847

 

$

13,685

 

$

132,532

 

$

103,606

 

$

14,026

 

$

117,632

 

Operating income (loss) (1,2)  

 

(41,082

)

 

35,918

 

 

(5,164

)

 

(49,178

)

 

32,719

 

 

(16,459

)

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

 

(39,070

)

 

33,692

 

 

(5,378

)

 

(49,689

)

 

31,771

 

 

(17,919

)

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

$

(0.63

)

$

0.55

 

$

(0.09

)

$

(0.91

)

$

0.58

 

$

(0.33

)

   
   

(1)

Acquired intangible assets amortization expense  

 

10,873

 

 

8,130

 

Non-cash stock-based compensation expense  

 

1,422

 

 

899

 

Restructuring and other related costs  

 

1,390

 

 

4,997

 

 

 

13,685

 

 

14,026

 

   

(2)

Acquired intangible assets amortization expense  

 

4,393

 

 

4,267

 

Non-cash stock-based compensation expense  

 

13,760

 

 

10,119

 

Restructuring and other related costs  

 

2,159

 

 

3,829

 

Revaluation of investments  

 

(1,469

)

 

-

 

Contingent consideration  

 

393

 

 

-

 

Other expenses  

 

2,997

 

 

478

 

 

 

22,233

 

 

18,693

 

 

 

35,918

 

 

32,719

 

   

(3)

Corresponding tax effect  

 

(2,394

)

 

(1,100

)

Equity method related amortization, divestments and impairments  

 

168

 

 

152

 

 

$

33,692

 

$

31,771

 

   

(4)

Weighted average number of ordinary shares outstanding- Diluted  

 

61,796

 

 

61,796

 

 

54,733

 

 

54,733

 





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