Stratasys Releases Second Quarter 2016 Financial Results

Use of non-GAAP financial measures

The non-GAAP data included herein, which exclude certain items as described herein, are non-GAAP financial measures. Our management believes that these non-GAAP financial measures are useful information for investors and shareholders of our company in gauging our results of operations (x) on an ongoing basis after excluding merger and acquisition related expense and reorganization-related charges, and (y) excluding non-cash items such as stock-based compensation expenses, acquired intangible assets amortization, impairment of goodwill and other long-lived assets, changes in fair value of obligations in connection with acquisitions and the corresponding tax effect of those items, as well as, non-recurring changes of non-cash valuation allowance on deferred tax assets. These non-GAAP adjustments either do not reflect actual cash outlays that impact our liquidity and our financial condition or have a non-recurring impact on the income statement, as assessed by management. These non-GAAP financial measures are presented to permit investors to more fully understand how management assesses our performance for internal planning and forecasting purposes. The limitations of using these non-GAAP financial measures as performance measures are that they provide a view of our results of operations without including all items indicated above during a period, which may not provide a comparable view of our performance to other companies in our industry. Investors and other readers should consider non-GAAP measures only as supplements to, not as substitutes for or as superior measures to, the measures of financial performance prepared in accordance with U.S. GAAP. Reconciliation between results on a GAAP and non-GAAP basis is provided in a table below.

 
Stratasys Ltd.
   
Consolidated Balance Sheets
 
(in thousands, except share data)        
June 30, December 31,
2016 2015
(unaudited)    
 
ASSETS
 
Current assets
Cash and cash equivalents $ 253,882 $ 257,592
Short-term bank deposits - 571
Accounts receivable, net 113,327 123,215
Inventories 125,686 123,658
Net investment in sales-type leases 12,269 11,704
Prepaid expenses 7,177 8,469
Other current assets   21,465     21,864  
 
Total current assets   533,806     547,073  
 
Non-current assets
Goodwill 386,313 383,853
Other intangible assets, net 222,324 252,468
Property, plant and equipment, net 209,299 201,934
Net investment in sales-type leases - long term 16,733 17,785
Deferred income taxes and other non-current assets   31,102     11,243  
 
Total non-current assets   865,771     867,283  
 
Total assets $ 1,399,577   $ 1,414,356  
 
LIABILITIES AND EQUITY
 
Current liabilities
Accounts payable $ 42,866 $ 39,021
Accrued expenses and other current liabilities 31,599 31,314
Accrued compensation and related benefits 38,646 34,052
Income taxes payable 4,616 11,395
Obligations in connection with acquisitions 4,781 4,636
Deferred revenues   51,974     52,309  
 
Total current liabilities   174,482     172,727  
 
Non-current liabilities
Obligations in connection with acquisitions - long term 4,349 4,354
Deferred tax liabilities 11,910 16,040
Deferred revenues - long-term 10,635 7,627
Other non-current liabilities   36,747     22,428  
 
Total non-current liabilities   63,641     50,449  
 
Total liabilities   238,123     223,176  
 
Redeemable non-controlling interests 2,193 2,379

 

Equity

Ordinary shares, NIS 0.01 nominal value, authorized 180,000 thousands shares; 52,218 thousands shares and 52,082 thousands shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively

141 141
Additional paid-in capital 2,617,284 2,605,957
Accumulated deficit (1,448,337 ) (1,406,706 )
Accumulated other comprehensive loss   (10,003 )   (10,774 )
Equity attributable to Stratasys Ltd. 1,159,085 1,188,618
Non-controlling interest 176 183
 
Total equity   1,159,261     1,188,801  
 
Total liabilities and equity $ 1,399,577   $ 1,414,356  
 
 
Stratasys Ltd.
       
Consolidated Statements of Operations
 
(in thousands, except per share data)                
 
Three Months Ended June 30, Six Months Ended June 30,
2016 2015 2016 2015
(unaudited)   (unaudited) (unaudited)   (unaudited)
Net sales
Products $ 123,758 $ 134,490 $ 242,392 $ 261,157
Services   48,315     47,832     97,587     93,896  
172,073 182,322 339,979 355,053
 
Cost of sales
Products 61,413 67,666 118,351 166,037
Services   31,128     31,748     60,927     60,020  
92,541 99,414 179,278 226,057
       
Gross profit 79,532 82,908 160,701 128,996
 
Operating expenses
Research and development, net 24,366 25,506 49,481 52,744
Selling, general and administrative 72,884 97,581 149,271 200,189
Goodwill impairment - - - 150,400
Change in the fair value of obligations in connection with acquisitions   (587 )   (6,680 )   140     (19,936 )
96,663 116,407 198,892 383,397
       
Operating loss (17,131 ) (33,499 ) (38,191 ) (254,401 )
 
Financial income (expenses), net 932 (711 ) 1,112 (5,835 )
       
Loss before income taxes (16,199 ) (34,210 ) (37,079 ) (260,236 )
 
Income taxes   2,454     (11,066 )   4,745     (20,688 )
 
Net loss (18,653 ) (23,144 ) (41,824 ) (239,548 )
 
Net loss attributable to non-controlling interest   (163 )   (213 )   (193 )   (329 )
 
Net loss attributable to Stratasys Ltd. $ (18,490 ) $ (22,931 ) $ (41,631 ) $ (239,219 )
 
Net loss per ordinary share attributable to Stratasys Ltd.
Basic $ (0.35 ) $ (0.48 ) $ (0.80 ) $ (4.71 )
Diluted (0.36 ) (0.55 ) (0.80 ) (4.77 )
 
Weighted average ordinary shares outstanding
Basic 52,169 51,405 52,133 51,181
Diluted 52,496 51,870 52,133 51,413
 

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