Stratasys today announced its financial results for the first quarter of 2023. The company’s revenue was $149.4 million, down -8.6% compared to the first quarter of 2022. GAAP gross margin increased slightly at 43.8% compared to 42.6% in the prior year, while non-GAAP gross margin was 47.3%, similar to the previous year. Stratasys generated an operating loss of -$16.8 million and a net loss of -$22.2 million. The company’s net income was $1.1 million. At the end of Q1 2023, the company had over $209 million in cash and cash equivalents.
The company emphasizes that it achieved the best quarterly result in history in terms of sales of consumables, which increased by +7.8% compared to the same quarter of the previous year. It was also the seventh consecutive quarter of the company’s adjusted profitability.
Based on current market conditions and assuming the impacts of global inflationary tensions, interest rate hikes and supply chain costs do not slow down further economic activity, the company raised its 2023 revenue forecast, expecting $630 million to $670 million in receipts. In the second half of the year, a significant increase in revenues is expected. In turn, full-year gross margins will range from 48.0% to 49.0%.
The company also provided a forecast of key annual financial ratios. In 2024, the gross margin on products is to exceed 50% and a positive free cash flow is to be recorded. At the same time, in 2026, revenue growth is expected to reach over USD 1 billion, with an EBITDA margin above 15%.
Source: www.stratasys.com