Stratasys reported better-than-expected fourth quarter results as manufacturing represented 25% of sales.
The 3D printing company reported fourth quarter earnings of $11 million, or 20 cents a share, on revenue of $142.4 million, down from $160.2 million a year ago. Non-GAAP earnings were 13 cents a share.
Wall Street was looking for fourth quarter revenue of $135.34 million and break even earnings on a non-GAAP basis.
Stratasys’ results were down from a year ago but are showing improvement. COVID-19 hampered many of Stratasys’ customers base.
Dr. Yoav Zeif, CEO of Stratasys, said the company showed sequential revenue growth in the back half of the year. Zeif said a focus on polymer 3D printing, high-growth manufacturing applications and efficiency is paying off. Stratasys also has a balance sheet with no debt.
For 2020, Stratasys reported revenue of $520.8 million, down from $636.1 million a year ago. Stratasys reported a new loss of $443.7 million, or $8.08 a share, due to a goodwill impairment charge int he third quarter. Non-GAAP 2020 net loss was $13.9 million, or 25 cents a share.
As for the outlook, Stratasys said first quarter revenue will be roughly flat with a year ago with second quarter sales in the mid-teens growth percentage.
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