The quarter benefits from the merger with Objet. The maker of 3D printers stands firm on its 2013 guidance.
Stratasys (NASDAQ: SSYS) reports record results for the first quarter of 2013, with revenue of $97.2 million, more than double 1Q12 revenue of $44.9 million. The large jump in year-over-year results is due to the 2012 merger with Objet. Net income was a loss of $15.5 million due to costs related to the merger. In the first quarter of 2013 pre-merger Stratasys reported net income of $4.5 million.
Breaking down revenue, product sales were $81.8 million, up substantially from $37.5 million a year ago.
- Services revenue was $15.4 million, up from $7.4 million in 1Q12.
Stratasys CEO David Reis says there was “strong worldwide demand” for their 3D printers in the quarter, especially in the higher-margin industrial printers. 3D Systems also said demand was highest for its industrial printers when it reported last week. Both companies produce a full line of 3D printers, from hobbyist to Fortune 500 manufacturing.
Stratasys spent $10.8 million on research and development in the quarter, representing 11% of sales. On a combined basis, Stratasys has shipped a cumulative 30,984 systems worldwide in its history as of March 31, 2013. During the conference call with analysts to report results, Stratasys also reported these 1Q business highlights:
- Completed the second phase of Stratasys reseller cross-training ahead of schedule, with 112 channel partners now cross-trained, representing approximately 80% of the Company’s potential worldwide revenue.
- Progressed according to plan in the sales, marketing and service team integration that resulted from the merger of Stratasys, Inc. and Objet Ltd.
- Launched a combined post-merger web and social media strategy that includes an integrated web site and social media channels.
- Initiated a merger-related re-branding campaign to increase the awareness and value proposition of Stratasys among “C” level business professionals.
- Launched the first 3D printer designed especially for smaller orthodontic labs and clinics, Objet OrthoDesk.
Stratasys did not adjust its revenue forecast for 2013, of full-year revenue of between $430 million and $445 million, but it did comment that it expects revenue growth to be stronger toward the end of 2013.
