Stratasys surges higher after releasing 3rd quarter results
- The company also recently released its third-quarter financial results of 2021.
- Recorded a $159 million revenue.
- Shares of Stratasys touch 6 month high at $40.
Stratasys (NASDAQ: SSYS) shares shot up by 28.12% to trade at about $40 on Thursday. This rally can be attributed to the high volume of shares traded in this specific trading session.
A leader and authority in the polymer 3D printing space, Stratasys recently announced how it did financially in the third quarter of this fiscal year.
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Senior management statements
Stratasys’ Chief Executive Officer, Dr. Yoav Zeif, said:
We are at an inflection point for additive manufacturing. Industries appreciate the many benefits of our technologies and are increasingly adding 3D printing to their production plans, driving the shift from prototyping to mass production.
The CEO continued to say:
Our third quarter was highlighted by revenue growth of 24.3% and systems sales growth of 34.7% year-over-year, with contributions across all regions and all business lines.
Dr. Zeif claimed that they’ve managed to achieve several significant manufacturing-based milestones, including securing manufacturing deals with a significant international OEM and the United States Navy.
Dr. Zeif said that the company’s vision of becoming the leading polymer 3D printing option with a bias on manufacturing progress continues. He claims that they’re working toward that goal by leveraging their excellent reputation in both technology and customer service.
3rd quarter results
Stratasys reported 24.31% increase in revenue YoY to $159.0 million with GAAP gross margin at 42.9% as compared to 38.9% same quarter last year.
Non-GAAP earnings per share came at ($0.28) as compared to ($7.35) same quarter last year, while adjusted EBITDA came at $7.8 million and cash from operations stood at $3.0 million signifying an increase of $0.4 million increase from last year.
The company’s financial outlook
Based on how the market looks right now and assuming the pandemic-related impacts don’t interfere with the global economy any further, Stratasys is updating and reiterating its financial outlook.
For starters, it will be looking to increase its fourth-quarter revenue by roughly 16% year-over-year. Its operating expenses will also go up by roughly $36 million more than they recorded in the 2020 fiscal year.
As for long-term expectations, the company will continue to expect substantial leverage advantages from the many different investments it has made. They should start to see an increase in revenue from 2022 and beyond.