Stratasys is benefiting from the 3-D printing industry's shift from prototyping to mass production as the company reported a 25% increase in second-quarter revenue that came from all its regions.
The maker of 3-D printers and provider of services, headquartered in Eden Prairie and Israel, posted second-quarter revenue of $147 million, up from $117.6 million in the second quarter of 2020.
The 30-year-old pioneer in the additive manufacturing industry has cemented itself as a leader in 3-D polymer printing through key acquisitions and product releases in the last year.
"The transition of the 3-D printing industry from prototyping to mass production is ongoing, and our commitment to being the first choice in polymer 3-D printing positions us to be the main benefactor," said Stratasys Chief Executive Yoav Zeif in an earnings release. "We are investing across technology, software, materials, and talent to capture increased market share that we expect will yield significant returns and sustained profitability in the years to come."
Gross margin improved to 43% in the quarter, but the company lost $20.2 million, or 31 cents per share, in the quarter, a smaller loss than in the same period last year.
Adjusting for restructuring costs, non-cash stock-based compensation expenses and other charges, the company reported adjusted loss of $1.6 million, or 2 cents per share. Both revenue and adjusted earnings per share exceeded analyst expectations for the quarter.
Stratasys also updated its guidance, now saying it anticipates revenue for the third quarter to increase 17 to 18% and that the fourth quarter should show sequential improvement over the third.
Stratasys, which launched seven 3-D printers in the past year, said second-quarter sales of products, which includes printer systems and consumables, rose 36% to over $100 million. It also has built out its group of partners that can help give customers more capabilities in mass production of 3-D parts. In the second quarter presentation to investors, Stratasys says it now has over 200 channel partners.
Angelo Zino, an analyst with CFRA Research who covers the 3-D printer market, maintained his hold rating on Stratasys after the company released its results. "We like SSYS' increasing exposure/new product offerings within the health care arena as well as long-term growth opportunities related to the completed Origin deal earlier this year" to buy that 3-D company for $100 million, Zino wrote in his research note.
Stratasys shares closed Thursday at $21.89, up 11%.
