Growth is back at Stratasys.
Revenue for the quarter was up 22% from a year ago to $163.4 million and was the highest first quarter in six years. Stratasys reported a net loss of $20.9 million, or $0.32 per share, and adjusted net income of $1.2 million, or $0.02 per share. Analysts were expecting revenue of $157.5 million and an adjusted loss of $0.04 per share.
For the full year, management expects revenue of $685 million to $695 million with a GAAP net loss of $67 million to $74 million, or $1 to $1.11 per share. On an adjusted basis, it expects a net income of $10 million to $13 million, or $0.14 to $0.19 per share.
Business is certainly improving for Stratasys, but it’s also been in a long-term decline. The fact that quarterly revenue is hitting a level the company saw six years ago shows just how long it has been since this was really a growth company.
Given the large losses, this is a company I’m staying away from, but it’s an interesting recovery story. If we see manufacturing moving to a more on-demand local basis that drives demand for 3D printing, it would be compelling, but the company has to prove it can make money first.