Losses narrowed to $13.9 million, or 26 cents per share, from a loss of $23.1 million, or 44 cents per share a year before.
Stratasys officials, however, think results under generally accepted accounting principles (GAAP) are not the best way to follow company performance, due to the ongoing negative impact of the company not recording a tax benefit on U.S. tax losses on non-GAAP net income. The company on a non-GAAP basis saw profits of $2.4 million, or 5 cents per share, for the quarter ended March 31 – up from net income of $600,000, or 1 cent per share, for the same quarter in 2016.
The non-GAAP profits and revenue fell in line with the predictions of analysts polled on Yahoo! Finance. Stratasys also stayed with analysts’ expectations with its reiteration of its full-year guidance of $645 to $680 million in revenue and non-GAAP profits of $10 to $20 million, or 19 to 37 cents per share.
Stratasys stock was down about 3.5%, to nearly $29 per share, in late morning trading today.
“We remain encouraged by our performance within our key vertical markets during the first quarter, driven by our initiatives to drive customer engagement,” Stratasys CEO Ilan Levin said in a news release.
“In addition, we believe that strong utilization of our installed base of systems was demonstrated by steady growth in consumables and customer support revenue during the period, while improved focus resulted in reductions in our operating expenses,” Levin said.
Stratasys has had a strategic focus on deepening its partnership with industry leaders. The company, for example, recently showcased the use of use of Stratasys PolyJet 3D printing technology at Queen Elizabeth Hospital in the United Kingdom, where the 3D printing tech has built advanced maxillofacial cutting guides and anatomical models.
The company is touting other recent business developments:
- Stratasys launched its Stratasys Expert Services Group in North America, to assist manufacturers building their additive manufacturing strategy and workflow;
- The company unveiled its Stratasys Continuous Build 3D Demonstrator which featuresmodular multi-cell design and cloud-based architecture to demonstrate low-volume production and mass customization.
- Stratasys made a strategic investment in LPW Technologies, which develops metal powders and metal powder management systems. Stratasys also inked a strategic partnership to with metal 3D printing systems maker Desktop Metal, allowing Desktop Metal to leverage Stratasys distribution channels.
“We are pleased with the progress we are making in developing applications that are driven by the specific needs of our customers,” Levin said.
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