Q2 2024 Stratasys Ltd Earnings Call Transcript
Key Points
- Stratasys Ltd (SSYS) achieved margin improvement and maintained a healthy balance sheet despite continued softness in hardware sales.
- Growth in consumables reflected strong utilization for existing systems, indicating a shift from prototyping to manufacturing applications.
- The company introduced new SAF High-Def printing capabilities and groundbreaking materials, enhancing their product offerings.
- Stratasys Ltd (SSYS) launched the J5 Digital Anatomy 3D printer, addressing the growing demand for high-fidelity anatomical models in the medical field.
- The company announced a strategic restructuring expected to produce approximately $40 million in annual cost savings, aiming for an 8% EBITDA margin at current revenue levels.
- Consolidated revenue for Q2 2024 was down 13.6% compared to Q2 2023, reflecting a challenging macroeconomic environment.
- System revenue decreased by 40% year-over-year, indicating prolonged sales cycles and reduced capital equipment spending.
- Service revenue, including Stratasys Direct, decreased by 12.2% compared to the same period last year.
- GAAP net loss for the quarter was $25.7 million, or $0.36 per diluted share, compared to a net loss of $38.6 million, or $0.56 per diluted share, in the same period last year.
- The company announced a 15% headcount reduction by the end of the year, which may impact employee morale and operational efficiency.
Hello, and welcome to the Stratasys Q2 2024 earnings call and webcast. (Operator Instructions) As a reminder, this conference is being recorded.
It's now my pleasure to turn the conference over to Yonah Lloyd, Chief Communications Officer and VP of Investor Relations. Yonah, please go ahead.
Good morning, everyone, and thank you for joining us to discuss our 2024 second quarter financial results. On the call with us today are our CEO, Dr. Yoav Zeif; and our CFO, Eitan Zamir. I would like to remind you that access to today's call, including the slide presentation, is available online at the web address provided in our press release. In addition, a replay of today's call, including access to the slide presentation, will also be available and can be accessed through the Investor Relations section of our website.
Please note that some of the information you will hear during our discussion today will consist of forward-looking statements, including, without limitation, those
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