MINNEAPOLIS & REHOVOT, Israel - Stratasys Ltd. (NASDAQ:SSYS), a leader in polymer 3D printing solutions, today reported a stable performance for the fourth quarter of 2023, matching analyst expectations for adjusted earnings per share (EPS) but projecting weaker-than-expected guidance for the fiscal year 2024.
The company's stock is up 2% premarket.
For the fourth quarter, Stratasys posted adjusted EPS of $0.02, aligning with the analyst estimate. Revenue for the quarter was $156.3 million, exceeding the consensus estimate of $154.14 million and representing a slight decline of 1.9% from the actual fourth quarter of 2022 revenues. However, when excluding divestitures, the revenue reflects a 1.3% increase over the same period last year. The company highlighted a record level of recurring revenue for consumables, indicating robust printer utilization.
Despite achieving its tenth consecutive quarter of adjusted profitability, the company's full year revenue saw a 3.7% decrease from the actual full year 2022 revenues, totaling $627.6 million. The full year GAAP net loss was reported at $123.1 million, or -$1.79 per diluted share, while the adjusted net income stood at $7.7 million, or $0.11 per diluted share.
Looking ahead, Stratasys provided its outlook for the fiscal year 2024, expecting full-year revenue to range between $630 million and $645 million. This forecast is slightly below the analyst consensus of $644.1 million. The company's guidance for adjusted EPS is set at $0.12 to $0.19, notably lower than the consensus estimate of $0.26. This cautious guidance reflects the company's anticipation of continued global inflationary pressures, high-interest rates, and supply chain costs impacting economic activity.
Dr. Yoav Zeif, Stratasys' Chief Executive Officer, commented on the results, stating, "We continued to differentiate ourselves in 2023, achieving our tenth consecutive quarter of profitability on an adjusted basis. We also delivered 1.3% full year revenue growth when adjusted for divestitures despite a persistently challenging backdrop for our customers." Zeif also emphasized the company's innovation and investment in expanding its leadership in additive manufacturing.
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