Stratasys Reports Loss, Company Stock Falls
3D-printing manufacturer Stratasys posted its quarterly results results on Thursday, reporting a net loss of $22.9 million, or $0.55 per share.
The Eden Prairie-headquartered company saw an increase in revenue—$182.3 million for the quarter ending June 30 versus $178.5 million for the same period last year.
Within the last three months, Stratasys reportedly spent $22.5 million on research and development projects, which represented 12 percent of its revenue. At the beginning of the month, Stratasys acquired RTC Rapid Technologies, a sales and customer service partner operating in Germany. Stratasys has been scooping up companies at a rapid pace recently—five in the last year and a half—which has coincided with sudden flattening sales throughout the entire industry and hurt Stratasys’ bottom line.
Although Stratasys did beat expectations (Zacks Investment Research’s revenue prediction was $180.3 million), the company’s shares have dropped by more than 10 percent since the second quarter results release, or nearly $4 per share. Company stock has seen a more than 60 percent decrease since the start of 2015, fluctuating around the $33 mark today versus its $81.05 stock offering from seven months ago.
“Short-term, we will continue to make adjustments to our expenses to align with current market conditions,” Stratasys CEO David Reis said in a statement. “Long-term, we remain committed to our growth initiatives that include enhancing vertical solution capabilities, expanding customer support service, accelerating product development, and growing the sales and marketing infrastructure—all of which are designed to drive future growth.”
Stratasys adjusted its estimations for the third quarter, saying its total revenue would land between $175 million and $190 million, similar to is second quarter results.