Q1 2024 Stratasys Ltd Earnings Call Transcript
Key Points
- Gross margins improved to 44.4% GAAP and 48.6% non-GAAP, reflecting better operational efficiency and a higher mix of consumables.
- Consumables recurring revenue reached a record high, indicating strong utilization of existing systems.
- Generated over $7 million in operating cash and $4 million in free cash flow, demonstrating strong financial discipline.
- Healthy balance sheet with $161.1 million in cash, providing stability and optionality for growth through organic investments and acquisitions.
- Strong interest and engagement in the new F3300 3D printer, with orders surpassing expectations and notable customers like Toyota, BAE Systems, Sikorsky, and Nissan.
- Consolidated revenue of $144.1 million was down 3.5% compared to Q1 2023, reflecting ongoing macroeconomic challenges.
- System revenue declined by 17.8% excluding divestitures, indicating a slowdown in new system sales.
- GAAP operating loss increased to $24.5 million from $16.8 million in the same period last year, driven by higher operating expenses.
- Non-GAAP operating loss of $1.2 million compared to operating income of $1.5 million in the same period last year, reflecting increased OpEx.
- Service revenue, including Stratasys Direct Service Bureau, decreased to $44.9 million from $48.4 million in the same period last year, indicating a decline in service-related income.
Greetings, and welcome to the Stratasys First Quarter 2024 Earnings Call. (Operator Instructions). As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Yonah Lloyd, Chief Communications Officer and Vice President of Investor Relations. Thank you. You may begin.
Good afternoon, everyone, and thank you for joining us to discuss our 2024 1st 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 regarding our
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