3D Printer Maker Stratasys Reports Record Revenue for Fourth Quarter
One of the leaders in the 3D-printing market, Stratasys, reported record revenue for its fourth quarter ended December 31, 2013. The company, which markets both professional and consumer 3D printers and services, generated 62 percent revenue growth in the fourth quarter versus the fourth quarter of last year, driven, it says, by strong demand across all product lines. Stratasys’ MakerBot contributed $24.9 million in revenue during the fourth quarter
Its record results were also driven by incorporation of its recent Objet merger, and the rapidly expanding market for 3D printing and additive manufacturing solutions, with strong demand across all product lines during the fourth quarter.
Hardware and consumable revenue in the fourth quarter, excluding the revenue contribution made by MakerBot, grew by 38 percent and 33 percent respectively versus the same quarter last year.
MakerBot made a significant contribution of $24.9 million to fourth-quarter revenue, as its desktop 3D printers aimed primarily at consumers recorded strong sales within the rapidly growing desktop category. Stratasys expects MakerBot to continue to significantly contribute to earnings. Earlier in January 2014, Dell announced that it will market MakerBot 3D printers and scanners.
Revenue for the fourth-quarter 2013 was $155.1 million. Non-GAAP revenue of $155.8 million for the fourth quarter represented a 61.6 percent increase versus the same period a year ago. Net loss for the fourth quarter was $2.0 million, or ($0.04) per basic share, compared to a pro forma loss of $3.5 million, or ($0.09) per basic share, for the same period last year. For the year ending December 31, 2013, Stratasys reported a net loss of $26.9 million, or 68 cents a share, on revenue of $484.4 million.
Stratasys invested $15.5 million in research and development projects during the fourth quarter, representing 9.9 percent of net sales. The company generated $15.6 million in cash from operations during the fourth quarter, and finished the year with $616.1 million in cash, investments, and bank deposits, amounting to $12.50 per share.
“Our fourth quarter results reflect the ongoing realization of revenue synergies from the Stratasys-Objet merger, as well as the rapidly growing demand for additive manufacturing and 3D printing solutions we are observing worldwide,” commented David Reis, chief executive officer of Stratasys. “We experienced strong organic growth driven by demand across multiple product lines, as well as an impressive contribution from MakerBot. In addition, a favorable product mix benefited margins, and helped contribute to our record profits. We are very pleased with our fourth quarter and overall annual results.”
“We believe Stratasys is well positioned within our rapidly growing industry as we begin 2014,” continued Reis. “We have positive momentum, driven by the ongoing demand for our industry-leading products and services. We are pleased with our many recent new product introductions and channel initiatives, which we believe will greatly improve 3D printing accessibility and drive expanded usage for our products. And finally, we are excited about our many internal projects that we believe will further our objective of market leadership and long-term growth, as we continue to evaluate additional acquisition opportunities to accelerate our growth.”
For fiscal-year 2014, Stratasys is projecting:
- Revenue of $660 to $680 million.
- Non-GAAP net income of $113 to $119 million, or $2.15 to $2.25 per diluted share.
- GAAP net income of $10.5 to $19.9 million, or a $0.20 to $0.38 per diluted share.
- The company expects organic sales, excluding MakerBot sales, to grow at least 25 percent over 2013, with additional growth coming from MakerBot, which is expected to grow at a higher rate.