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Shares of Stratasys jumped 8 percent in the pre-market trading before closing with an overall 9.68-percent increase at US$21.30.
Stratasys (NASDAQ:SSYS) on Wednesday (August 1) announced its financial results for the second quarter of 2018, highlighting a slight increase in revenue.
The company, a global provider in additive technology solutions generated US$170.2 million in revenue, up from US$170 million for the same period in 2017.
Stratasys also generated US$13 million of cash from operations during the quarter while its GAAP net loss was US$3.6 million, or 0.08 per diluted share.
“Our second quarter revenue was in-line with our expectations for the period, as we saw recovery in high-end system orders in North America and in certain verticals, specifically our customers in government, aerospace, and automotive,” Elchanan (Elan) Jaglom, Interim CEO of Stratasys said in a release.
Further, the company reported a net research and development (R&D) expense of US$23.7 million which is a 1.9 percent increase compared to the same period in 2017.
“We continued our positive trend of cash generation and operational discipline, while we also continue to ramp up our investments in our core FDM and PolyJet technologies, new metal additive manufacturing platform, advanced composite materials, and software and application development,” Jaglom said.
The company reiterated its financial guidance for the fiscal year ending December 31, 2018 with Stratasys expecting to post revenues of US$670 million to US$700 million. Also, Stratasys is expecting to post GAAP net loss from US$41 to US$25 million.
It was noted that capital expenditures are expected in the range of US$30 million to US$40 million as compared to previous estimates of US$40 million to US$50 million.
“Our guidance reflects increased investments in R&D, tools, materials and additional resources aimed at expanding our addressable markets by accelerating our development efforts for the new metal additive manufacturing platform,” Yonah Lloyd, VP of Stratasys said in the earnings call.
In May 2018, the company released its first quarter results with the then CEO of company calling it ‘disappointing’ thanks to the slowdown in North America.
David Reis, vice chairman of Stratasys said in the earnings call on Wednesday that the slowdown in the first quarter could have been a ‘random’ event.
“We’re optimistic that what we see in Q1 was hopefully a onetime event,” Reis said. “We see strong demand from existing customers, which are buying more systems for application and manufacturing that are in the process of passing or already passed the qualification process.”
Shares of Stratasys reacted positively to the news as the shares jumped eight percent in the pre-market trade and was up 12.7 percent at 11:36 p.m. EST on Wednesday.
As of market close on Wednesday, the shares were up 9.68 percent and closed the trading at US$21.30.
On TipRanks, the stock has a moderate buy ranking with an analyst target price of US$21 with a high estimate of US$25 and a low estimate of US$18.
Stratasys on TradingView has a buy ranking with 14 verticals in favor, 10 neutral and two against.
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Securities Disclosure: I, Bala Yogesh, hold no direct investment interest in any company mentioned in this article.
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