Stratasys Reports Record First Quarter 2012 Financial Results

Stratasys, Inc. (NASDAQ: SSYS) today announced first quarter financial results.

The company reported record revenue of $45.0 million for the first quarter ended March 31, 2012, a 30% increase from the $34.6 million for the same period last year.

System shipments totaled 822 units for the first quarter of 2012, compared to 567 units for the same period last year.

Non-GAAP net income was $6.1 million for the first quarter, or $0.28 per share, representing a 38% increase over the non-GAAP net income of $4.4 million, or $0.21 per share, for the same period last year.

The company reported net income of $4.5 million for first quarter, or $0.21 per share, compared to net income of $5.0 million, or $0.23 per share, for the same period last year.

Solidscape Inc., acquired by Stratasys in May of 2011, contributed $3.4 million to revenue and 71 system sales, and was accretive to net income during the first quarter of 2012.

"We are pleased to begin 2012 with another record quarterly performance," said Scott Crump, chairman and chief executive officer of Stratasys. "The primary drivers behind our growth remained consistent from prior periods, with consumable revenue expanding by 30%, and Fortus 3D production system sales growing by 61%, over the same period last year. This growth continues to be driven by the expanding use of our systems for new direct digital manufacturing applications and their relatively higher consumable usage patterns.

"We are pleased to report that we have completed our initial goal to recruit and train 90 sales agents that are focused exclusively on selling our uPrint and Mojo 3D printer lines in the U.S. We believe the addition of Mojo will allow us to further leverage our new channel development programs that are aimed at expanding the sales of our most affordable systems.

"We are most excited about the potential opportunities that will arise from our recently announced plan to combine with Objet Ltd, a privately held global company that manufactures 3D printers for rapid prototyping. Objet maintains a highly complementary portfolio of products that will allow the combined company to offer customers a broad array of innovative 3D printing and direct digital manufacturing solutions from a single destination. In addition, our combined sales and marketing organization will be impressive, providing for market expansion and cross-selling opportunities for the combined product portfolio.

"We have begun to develop a 100-day integration plan that we will initiate upon the closing of the Objet transaction. We continue to target a third quarter closing of the transaction following customary regulatory reviews and shareholder approval. We expect the transaction to be accretive to cash earnings per share within the first 12 months of closing and provide for significant incremental long-term earnings accretion based upon a higher revenue growth rate and operational synergies. In short, we believe the combination of Stratasys and Objet will drive significant shareholder value.

"We are pleased with our performance, and we are very excited about the future. We believe our technology is reshaping the way new products are designed and manufactured. We also believe our recent introduction of Mojo, a revolutionary new 3D printer, combined with our game-changing proposed combination with Objet represent two critical events that will define the future of Stratasys and position the company to be a leader within a market that has only begun to develop," Crump concluded.

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