Stratasys reports financial results for the second quarter 2019
August 5, 2019
Stratasys Ltd., based in Minneapolis, USA, and Rehovot, Israel, has announced its financial results for the second quarter 2019. According to the report, revenue for the quarter fell slightly to $163.2 million, compared to $170.2 million for the same period last year.
The company reported a gross profit of $81.2 million for Q2 2019, compared to $83.6 million in the same period in 2018. However, with operating expenses of $80.4 million in Q2 2019, the company posted a $805,000 operating profit for the period, compared with a $1.9 million loss in Q2 2018. Net income for the period was reported to be $1.2 million, compared to $3.6 million in the previous year.
Net research and development expenses for the quarter amounted to $24 million. In the first six months of 2019, Stratasys has recorded R&D expenses of some $46.6 million.
Elchanan (Elan) Jaglom, Interim Chief Executive Officer of Stratasys, stated, “Our second quarter results reflect continued strong performance in the Americas, where we saw revenue growth across systems, consumables, and services, which was offset mainly by significant economic weakness in Europe that we believe is impacting capital investments and general spending in the automotive and industrial machinery markets in that region, as well as by the adverse impact of foreign exchange rates in Europe and Asia-Pacific.”
“We believe that we are well-positioned to return to growth in Europe when macro conditions improve, and our new products and platforms are launched and adopted in the market. Additionally, despite relatively flat revenue growth after excluding divestments, we are pleased that our emphasis on operational efficiency delivered earnings and profitability while we continue to invest in new products and strengthen our R&D efforts to expand our addressable markets.”