- Stratasys Ltd SSYS reported a fourth-quarter FY22 revenue decline of 4.6% year-over-year to $159.26 million, beating the consensus estimate of $157.58 million.
- Product sales declined 5.8% Y/Y to $111.2 million. Services revenue decreased by 1.9% Y/Y to $48.1 million.
- The adjusted gross margin declined by 30 bps to 48.4%.
- Adjusted EPS of 7 cents beat the consensus estimate of 3 cents.
- Adjusted operating income was $5.1 million, up from $1.7 million a year ago.
- Adjusted EBITDA was $10.7 million, compared to $7.9 million a year back.
- The company used negative $18.1 million in cash in operating activities and held $327.8 million in cash and equivalents.
- Dr. Yoav Zeif, Stratasys' Chief Executive Officer stated, "Stratasys grew 11.4% in 2022, adjusting for divestitures and currency impacts, while delivering our sixth consecutive quarter of profitability on an adjusted basis against an increasingly challenging macroeconomic environment. Strong execution by our team and a relentless focus on controlling costs contributed to our effective efforts to overcome these challenges."
- Dr. Zeif continued, "We are encouraged by the strong future demand indicators from our customers for our additive manufacturing polymer systems and consumables."
- FY23 Outlook: Stratasys expects revenue of $620 million-670 million.
- Stratasys expects adjusted EPS of 12 cents to 24 cents.
- Price Action: SSYS shares traded higher by 5.61% at $13.93 premarket on the last check Thursday.
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