Stratasys Reports Second Quarter Financial Results

MINNEAPOLIS — (BUSINESS WIRE) — July 29, 2009 Stratasys, Inc. (Nasdaq: SSYS) today announced second quarter financial results.

Revenue was $24.6 million for the second quarter ended June 30, 2009 versus $31.3 million reported for the same period in 2008. System shipments totaled 442 units for the second quarter of 2009, versus 540 for the same period last year.

The company reported net income of approximately $850,000 for the second quarter, or $0.04 per share, compared to net income of $4.1 million, or $0.19 per share, for the same period last year.

Non-GAAP net income, which excludes stock-based compensation expense, was approximately $1.0 million, or $0.05 per share, for the second quarter of 2009 compared to $4.4 million, or $0.20 per share, for the same period last year.

Stock-based compensation expense required under Statement of Financial Accounting Standard (SFAS) 123R was approximately $162,000 net of tax, or $0.01 per share, for the second quarter of 2009, and approximately $268,000 net of tax, or $0.01 per share, for the same period last year.

Revenue was $47.8 million for the six-month period ended June 30, 2009 versus $62.0 million reported for the same period in 2008. System shipments totaled 1,033 units for the six-month period of 2009, versus 1,117 for the same period last year.

The company reported net income of approximately $146,000 for the six-month period of 2009, or $0.01 per share, compared to net income of $7.9 million, or $0.37 per share, for the same period last year.

Non-GAAP net income, which excludes certain discrete items and stock-based compensation expense, was approximately $1.0 million, or $0.05 per share, for the six-month period of 2009 compared to $8.7 million, or $0.40 per share, for the same period last year.

The six-month period of 2009 included a discrete item related to a restructuring expense of approximately $512,000 net of tax, or $0.03 per share. This expense was associated with cost-saving measures the company implemented during the first quarter of 2009.

The six-month period of 2008 included a discrete item related to an impairment charge of approximately $257,000 net of tax, or $0.01 per share. This non-operating charge was an adjustment to the fair value of an auction rate security taken during the first quarter of 2008.

Stock-based compensation expense required under Statement of Financial Accounting Standard (SFAS) 123R was approximately $359,000 net of tax, or $0.02 per share, for the six-month period of 2009, and approximately $529,000 net of tax, or $0.02 per share, for the same period last year.

Cash flow from operations totaled approximately $2.5 million and $5.5 million for the second quarter and six-month period in 2009, respectively. The company has over $51 million in total cash and investments as of the end of the second quarter.

Appropriate reconciliations between GAAP and non-GAAP financial measures are provided in a table at the end of this press release. The table provides itemized detail of the impairment charge and restructuring expense, as well as the stock-based compensation expense used to determine non-GAAP financial measures.

“We are beginning to observe signs that market conditions have stabilized,” said Scott Crump, chairman and chief executive officer of Stratasys. “Although the challenging economic environment continued and order activity remained depressed in the second quarter, positive indicators have recently emerged within the sales channel. We are cautiously optimistic that we may realize improved market conditions in the coming quarters.

“Our new personal 3D printer, the uPrint, continues to be well received following its successful launch in January. Although 3D printer sales have been slowed by the economic downturn, our pipeline of opportunities has grown significantly, which should bode well when market conditions improve. In addition, growing our distribution within 3D printing remains a top priority. We continue working on plans for broadening our distribution strategy, which we expect to significantly advance this year.

“In our Fortus 3D Production System business, we are also building a pipeline of opportunities that should translate into higher sales when market conditions improve. Although Fortus sales declined in the second quarter versus last year, sales nearly doubled over levels realized in the first quarter of this year. We are optimistic that this represents a positive trend going forward. Direct digital manufacturing applications remain a focal point of our Fortus sales and marketing efforts.

“We returned to profitability in the second quarter, a result of prudent cost-saving measures we implemented over the past year. We believe our go-to-market strategy combined with our strong financial position make us well positioned for the future. It is important to note that we have strengthened our already healthy balance sheet and we hold over 51 million dollars in cash and investments.

“Our competitive position remains strong. This was confirmed by the Wohlers Report 2009, released in the second quarter, which indicated that Stratasys shipped over 43 percent of all systems shipped worldwide during 2008, and it has the highest global installed base of additive systems. We expect to improve upon our competitive position in 2009, given our relatively strong financial position and fresh lineup of products.

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