3D printer company Stratasys Inc. (Nasdaq: SSYS) has reported huge growth for the third quarter of 2014.
Total revenue for the third quarter of 2014 was $203.6 million, which included a 35% increase organically compared with the corresponding quarter last year and a 62% increase when including revenue from acquisitions.
Non-GAAP net profit for the third quarter rose 50% over the corresponding quarter of 2013 to $30.1 million ($0.58 per share). GAAP net loss for the period was $31.3 million, ($0.62 per share).
During the third quarter, Stratasys closed the acquisitions of Solid Concepts and Harvest Technologies, creating a leading additive manufacturing services platform that will support the company’s expansion into end-use-parts production, and the introduction of applications within targeted vertical markets.The company also announced and closed the acquisition of GrabCAD, a leading cloud-based platform for 3D CAD users. Stratasys also established MakerBot Europe by acquiring MakerBot’s German distributor, HAFNER’S BÜRO..
The company adjusted its financial guidance for fiscal 2014 to account for the recent acquisition of GrabCAD, with the expectation that ongoing development costs, as previously disclosed, are expected to negatively impact the fourth quarter by $0.03 to $0.05 per share. Non-GAAP net income guidance was adjusted to $2.21 $2.31 per diluted share from previous guidance of $2.25 $2.35 per diluted share.
Stratasys CEO David Reis said, “Our organic revenue growth in the third quarter was an impressive 35%, as demand for our industry-leading products and services remained very strong. We believe this trend validates our leadership position, supports our strategic initiatives, and reflects favorably on the contributions made by our recent acquisitions. As MakerBot sales continue to impress, sales of our higher-margin products remained a key growth driver during the third quarter, which had a positive impact on margins during the period."
Published by Globes [online], Israel business news - www.globes-online.com - on November 6, 2014
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