Financial Guidance
The company’s overall outlook has improved for the fourth quarter of 2013, which is reflected in an upward revision to 2013 revenue guidance. In addition, earnings guidance incorporates a $0.06 per share positive impact from the improved outlook; offset by $0.06 per share of earnings dilution resulting from the company’s public offering of 5,175,000 ordinary shares on September 18, 2013. The earnings impact of the offering on 2013 results had not been previously incorporated into financial guidance. GAAP earnings guidance has been revised principally to reflect higher estimates for stock compensation expense; revised amortization expense related to acquired MakerBot intangible assets; and higher expenses related to the MakerBot performance bonus plan.
Accordingly, Stratasys is updating its following financial guidance for the fiscal year ending December 31, 2013 as follows:
- Revenue guidance of $470 million to $490 million; versus previous guidance of $455 million to $480 million.
- Non-GAAP earnings guidance of $1.75 to $1.90 per diluted share.
- GAAP earnings guidance of a ($0.83) to ($0.55) per share loss; versus previous guidance of ($0.76) to ($0.49) per share loss.
- Earnings guidance incorporates a $0.06 per share positive impact from the company’s improved outlook; and $0.06 per share of earnings dilution from the company’s ordinary share offering completed on September 18, 2013.
Non-GAAP earnings guidance excludes $67.2 million of projected amortization of intangible assets; $22.2 million to $24.9 million of share-based compensation expense; and $18.1 million to $20.7 million in merger-related expenses.
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 non-GAAP financial measures.
“As we enter the fourth quarter, we believe the acceleration in our organic growth rate, combined with the positive impact from our recent acquisition of MakerBot, will contribute to a strong finish to the year. Looking beyond 2013, we are well positioned to sustain our positive momentum as we accelerate our rate of new product introductions, and prepare to capitalize on additional inorganic growth opportunities. In addition, our industry remains ripe for growth as new and innovative applications continue to emerge for our technology. We are very excited about the future,” Reis concluded.
Stratasys Ltd. Q3-2013 Conference Call Details
Stratasys will hold a conference call to discuss its third quarter financial results on Thursday, November 7, 2013 at 8:30 a.m. (ET).
The investor conference call will be available via live webcast on the Stratasys Web site at www.stratasys.com under the "Investors" tab; or directly at the following web address: http://www.media-server.com/m/p/ceszzn6u.
To participate by telephone, the domestic dial-in number is 866 578-5771 and the international dial-in is 617 213-8055. The access code is 58071751. Investors are advised to dial into the call at least ten minutes prior to the call to register.
The webcast will be available for 90 days on the "Investors" page of the Stratasys Web site or by accessing the provided web address.
(Financial tables follow)
Cautionary Statement Regarding Forward-Looking Statements
Certain information included or incorporated by reference in this press
may be deemed to be “forward-looking statements” within the meaning of
the Private Securities Litigation Reform Act of 1995, Section 27A of the
Securities Act of 1933, and Section 21E of the Securities Exchange Act
of 1934. Forward-looking statements are often characterized by the use
of forward-looking terminology such as “may,” “will,” “expect,”
“anticipate,” “estimate,” “continue,” “believe,” “should,” “intend,”
“project” or other similar words, but are not the only way these
statements are identified. These forward-looking statements may include,
but are not limited to, statements relating to the company’s objectives,
plans and strategies, statements that contain projections of results of
operations or of financial condition (including, with respect to the
MakerBot acquisition) and all statements (other than statements of
historical facts) that address activities, events or developments that
the company intends, expects, projects, believes or anticipates will or
may occur in the future. Forward-looking statements are not guarantees
of future performance and are subject to risks and uncertainties. The
company has based these forward-looking statements on assumptions and
assessments made by its management in light of their experience and
their perception of historical trends, current conditions, expected
future developments and other factors they believe to be appropriate.
Important factors that could cause actual results, developments and
business decisions to differ materially from those anticipated in these
forward-looking statements include, among other things: the company’s
ability to efficiently and successfully integrate the operations of
Stratasys, Inc. and Objet Ltd. after their merger as well as the ability
to complete the MakerBot acquisition and to successfully put in place
and execute an effective post-merger integration plan; the overall
global economic environment; the impact of competition and new
technologies; general market, political and economic conditions in the
countries in which the company operates; projected capital expenditures
and liquidity; changes in the company’s strategy; government regulations
and approvals; changes in customers’ budgeting priorities; litigation
and regulatory proceedings; and those factors referred to under “Risk
Factors”, “Information on the Company”, “Operating and Financial Review
and Prospects”, and generally in the company’s annual report on Form
20-F for the year ended December 31, 2012 filed with the U.S. Securities
and Exchange Commission and in other reports that the Company has filed
with the SEC. Readers are urged to carefully review and consider the
various disclosures made in the company’s SEC reports, which are
designed to advise interested parties of the risks and factors that may
affect its business, financial condition, results of operations and
prospects. Any forward-looking statements in this press release are made
as of the date hereof, and the company undertakes no obligation to
publicly update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by law.
