Stratasys’ first quarter results were better than expected and the 3D printing company said it will invest in 2021 to drive revenue growth in 2022.
CEO Dr. Yoav said the Stratasys is positioning itself for additive manufacturing. Yoav said:
3D printing is migrating from being primarily a prototyping tool to providing full-scale, digital manufacturing platforms at mass production levels.
Specifically, Stratasys’ outlook for the second quarter is projecting mid-teens percentage revenue growth. The company said that “revenue growth should accelerate in 2022 and beyond.” Stratasys has been investing in moves to drive growth.
For the first quarter, Stratasys reported revenue of $134.2 million with a net loss of $18.9 million, or 32 cents a share. Non-GAAP net loss was 6 cents a share. Wall Street was looking for a non-GAAP loss of 7 cents a share on revenue of $132.3 million.
Stratasys is competing with traditional rivals such as 3D Systems as well as startups that have recently gone public and focusing on additive manufacturing. Stratasys, however, has a strong balance sheet with $421.4 million in cash and equivalents, a solid installed base of 4,500 customers and no debt.