Stratasys Releases Second Quarter 2022 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, legal provisions 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,

 

2022

 

 

 

2021

 

 
 
ASSETS
 
Current assets
Cash and cash equivalents

$

255,886

 

$

243,179

 

Short-term deposits

 

182,429

 

 

259,000

 

Accounts receivable, net of allowance for credit losses of $1.0 million and $0.5 million
as of June 30, 2022 and December 31, 2021

 

132,343

 

 

129,382

 

Inventories

 

153,702

 

 

129,147

 

Prepaid expenses

 

8,225

 

 

6,871

 

Other current assets

 

49,615

 

 

33,123

 

 
Total current assets

 

782,200

 

 

800,702

 

 
Non-current assets
Property, plant and equipment, net

 

192,630

 

 

203,295

 

Goodwill

 

64,959

 

 

65,144

 

Other intangible assets, net

 

133,657

 

 

152,244

 

Operating lease right-of-use assets

 

12,319

 

 

14,651

 

Long-term investments

 

31,191

 

 

28,667

 

Other non-current assets

 

12,886

 

 

12,519

 

 
Total non-current assets

 

447,642

 

 

476,520

 

 
Total assets

$

1,229,842

 

$

1,277,222

 

 
LIABILITIES AND EQUITY
 
Current liabilities
Accounts payable

$

61,316

 

$

51,976

 

Accrued expenses and other current liabilities

 

52,049

 

 

55,358

 

Accrued compensation and related benefits

 

30,513

 

 

44,684

 

Deferred revenues - short term

 

49,511

 

 

51,174

 

Operating lease liabilities - short term

 

6,111

 

 

7,276

 

 
Total current liabilities

 

199,500

 

 

210,468

 

 
Non-current liabilities
Deferred revenues - long term

 

22,727

 

 

21,133

 

Deferred income taxes - long term

 

4,511

 

 

7,341

 

Operating lease liabilities - long term

 

6,165

 

 

7,693

 

Contingent consideration - long term

 

50,299

 

 

53,478

 

Other non-current liabilities

 

22,931

 

 

21,095

 

 
Total non-current liabilities

 

106,633

 

 

110,740

 

 
Total liabilities

 

306,133

 

 

321,208

 

 
Equity
Ordinary shares, NIS 0.01 nominal value, authorized 180,000 thousands
shares; 66,744 thousands shares and 65,677 thousands shares issued
and outstanding at June 30, 2022 and December 31, 2021, respectively

 

186

 

 

182

 

Additional paid-in capital

 

3,030,088

 

 

3,012,481

 

Accumulated other comprehensive loss

 

(13,354

)

 

(8,771

)

Accumulated deficit

 

(2,093,211

)

 

(2,047,878

)

 

923,709

 

 

956,014

 

 
Total liabilities and equity

$

1,229,842

 

$

1,277,222

 

 

Stratasys Ltd.

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

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

Net sales
Products

$

115,721

 

$

100,305

 

$

228,794

 

$

190,629

 

Services

 

50,882

 

 

46,700

 

 

101,238

 

 

90,565

 

 

166,603

 

 

147,005

 

 

330,032

 

 

281,194

 

 
Cost of sales
Products

 

61,132

 

 

49,731

 

 

120,505

 

 

96,651

 

Services

 

38,078

 

 

34,004

 

 

72,457

 

 

65,696

 

 

99,210

 

 

83,735

 

 

192,962

 

 

162,347

 

 
Gross profit

 

67,393

 

 

63,270

 

 

137,070

 

 

118,847

 

 
Operating expenses
Research and development, net

 

24,346

 

 

22,437

 

 

48,344

 

 

43,038

 

Selling, general and administrative

 

66,592

 

 

63,557

 

 

131,855

 

 

116,891

 

 

90,938

 

 

85,994

 

 

180,199

 

 

159,929

 

 
Operating loss

 

(23,545

)

 

(22,724

)

 

(43,129

)

 

(41,082

)

 
Financial expenses, net

 

(1,170

)

 

(372

)

 

(2,532

)

 

(749

)

 
Loss before income taxes

 

(24,715

)

 

(23,096

)

 

(45,661

)

 

(41,831

)

 
Income tax benefit

 

429

 

 

4,368

 

 

502

 

 

5,310

 

 
Share in losses of associated companies

 

(99

)

 

(1,431

)

 

(174

)

 

(2,549

)

 
Net loss

$

(24,385

)

$

(20,159

)

$

(45,333

)

$

(39,070

)

 
Net loss per share
Basic

$

(0.37

)

$

(0.31

)

$

(0.69

)

$

(0.63

)

Diluted

$

(0.37

)

$

(0.31

)

$

(0.69

)

$

(0.63

)

 
Weighted average ordinary shares outstanding
Basic

 

66,568

 

 

64,908

 

 

66,151

 

 

61,796

 

Diluted

 

66,568

 

 

64,908

 

 

66,151

 

 

61,796

 

 

 

Three Months Ended June 30,

 

2022

 

 

Non-GAAP

 

 

2022

 

 

 

2021

 

 

Non-GAAP

 

 

2021

 

GAAP

 

Adjustments

 

Non-GAAP

 

GAAP

 

Adjustments

 

Non-GAAP

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

Gross profit (1)

$

67,393

 

$

11,914

$

79,307

$

63,270

 

$

6,616

 

$

69,886

 

Operating income (loss) (1,2)

 

(23,545

)

 

25,479

 

$

1,934

 

 

(22,724

)

 

20,133

 

$

(2,591

)

Net income (loss) (1,2,3)

 

(24,385

)

 

25,560

 

$

1,175

 

 

(20,159

)

 

18,581

 

$

(1,578

)

Net income (loss) per diluted share (4)

$

(0.37

)

$

0.39

 

$

0.02

 

$

(0.31

)

$

0.29

 

$

(0.02

)

 
 

(1)

Acquired intangible assets amortization expense

 

6,954

 

 

5,518

 

 

Non-cash stock-based compensation expense

 

1,080

 

 

788

 

 

Restructuring and other related costs

 

15

 

 

310

 

 

Impairment charges

 

3,865

 

 

-

 

 

 

11,914

 

 

6,616

 

 

(2)

Acquired intangible assets amortization expense

 

2,218

 

 

2,200

 

 

Non-cash stock-based compensation expense

 

7,751

 

 

7,189

 

 

Restructuring and other related costs

 

-

 

 

350

 

 

Revaluation of investments

 

1,255

 

 

2,201

 

 

Contingent consideration

 

596

 

 

202

 

 

Other expenses

 

1,745

 

 

1,375

 

 

 

13,565

 

 

13,517

 

 

 

25,479

 

 

20,133

 

 

(3)

Corresponding tax effect and other expenses

 

81

 

 

(1,552

)

 

$

25,560

 

$

18,581

 

 

(4)

Weighted average number of ordinary
shares outstanding - Diluted

 

66,568

 

 

67,070

 

 

64,908

 

 

64,908

 

 

 

Six Months Ended June 30,

 

2022

 

 

Non-GAAP

 

 

2022

 

 

2021

 

 

Non-GAAP

 

 

2021

 

GAAP

 

Adjustments

 

Non-GAAP

 

GAAP

 

Adjustments

 

Non-GAAP

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

Gross profit (1)

$

137,070

 

$

19,603

$

156,673

$

118,847

 

$

13,685

 

$

132,532

 

Operating income (loss) (1,2)

 

(43,129

)

 

47,086

 

$

3,957

 

(41,082

)

 

35,918

 

$

(5,164

)

Net income (loss) (1,2,3)

 

(45,333

)

 

47,718

 

$

2,385

 

(39,070

)

 

33,692

 

$

(5,378

)

Net income (loss) per diluted share (4)

$

(0.69

)

$

0.73

 

$

0.04

$

(0.63

)

$

0.54

 

$

(0.09

)

 
 

(1)

Acquired intangible assets amortization expense

 

13,920

 

 

10,873

 

 

Non-cash stock-based compensation expense

 

1,980

 

 

1,422

 

 

Restructuring and other related costs

 

(162

)

 

1,390

 

 

Impairment charges

 

3,865

 

 

-

 

 

 

19,603

 

 

13,685

 

 

(2)

Acquired intangible assets amortization expense

 

4,443

 

 

4,393

 

 

Non-cash stock-based compensation expense

 

15,384

 

 

13,760

 

 

Restructuring and other related costs

 

555

 

 

2,159

 

 

Revaluation of investments

 

2,316

 

 

(1,469

)

 

Contingent consideration

 

803

 

 

393

 

 

Other expenses

 

3,982

 

 

2,997

 

 

 

27,483

 

 

22,233

 

 

 

47,086

 

 

35,918

 

 

(3)

Corresponding tax effect and other expenses

 

632

 

 

(2,226

)

 

$

47,718

 

$

33,692

 

 

(4)

Weighted average number of ordinary

 

 

 

 

 

 

 

 

 

 

 

shares outstanding - Diluted

66,151

67,071

61,796

61,796

Stratasys Ltd.

 

 

 
Reconciliation of GAAP to Non-GAAP Forward Looking Guidance
 
Fiscal Year 2022
 
(in millions, except per share data)
 
 
GAAP net loss

($78) to ($69)

 

Adjustments

 

Stock-based compensation expense

$33 to $35

Intangible assets amortization expense

$37 to $38

Reorganization and other

$14 to $16

Tax expense (benefit) related to Non-GAAP adjustments

($2) to ($1)

 

Non-GAAP net income

$10 to $13

 

GAAP loss per share

($1.17) to ($1.04)

 

Non-GAAP diluted earnings per share

$0.14 to $0.19





© 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