Research Desk Line-up: AstroNova Post Earnings Coverage
LONDON, UK / ACCESSWIRE / June 5, 2017 / Pro-Trader Daily publishes post-earnings coverage on Stratasys Ltd. (NASDAQ: SSYS) following the Company's reporting of its first quarter fiscal 2017 financial results on May 16, 2017. The diversified 3D printing Company's revenue numbers surpassed market expectations while earnings met estimates. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
Get more of our free earnings reports coverage from other constituents of the Computer Peripherals industry. Pro-TD has currently selected AstroNova, Inc. (NASDAQ: ALOT) for due-diligence and potential coverage as the Company reported on May 16, 2017, its financial results for Q1 FY18 which ended on April 29, 2017. Register for a free membership today, and be among the early birds that get access to our report on AstroNova when we publish it.
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For the three months ended March 31, 2017, Stratasys' revenue totaled $163.16 million, compared to $167.91 million for Q1 2016. The Company's revenue numbers surpassed analysts' consensus estimates of $162.5 million.
During Q1 2017, Stratasys' product revenue decreased by 3% on a y-o-y basis to $115.1 million. Within product revenue, system revenue for the reported quarter declined by 11% compared to the year ago same period, primarily driven by a shift in the Company's product mix towards lower-end system. For Q1 2017, Stratasys' product gross margin decreased to 57.9% compared to 61.1% for Q1 2016, driven by the shift in sales mix.
Stratasys' Service revenue had decreased by 2% on a y-o-y basis to $48.1 million in Q1 2017. Within Service revenue, customer support revenue, which includes revenue generated mainly by maintenance contracts on the Company's systems, increased by 7% on a y-o-y basis. The Company's Service gross margin decreased to 35% in the reported quarter compared to 40.4% for the year ago comparable quarter, driven primarily by lower service revenue ratio to fixed expenses.
For Q1 2017, Stratasys' GAAP gross margin was 47.1% compared to a GAAP gross margin of 48.3% for Q1 2016. The Company's non-GAAP gross margin was 51.2% for the reported quarter compared to 55.1% for the prior year's same quarter.
During Q1 2017, Stratasys' GAAP operating loss was $12.6 million compared to a loss of $21.1 million for Q1 2016. The Company's non-GAAP operating income for the reported quarter was $4.0 million, unchanged compared to non-GAAP operating income for the year ago comparable quarter.
Stratasys' GAAP net loss for Q1 2017 was $13.9 million, or ($0.26) per diluted share, compared to a loss of $23.1 million, or ($0.44) per diluted share, for Q1 2016. The Company's non-GAAP net income for the reported quarter was $2.4 million, or $0.05 per diluted share, compared to non-GAAP net income of $0.6 million, or $0.01 per diluted share, reported for the year ago same period, and met Wall Street's expectations for earnings of $0.05 per share.
Stratasys generated $25.4 million of cash from operations during Q1 2017 compared to $31.6 million for Q1 2016. As of March 31, 2017, Stratasys had $297.2 million in cash and cash equivalents compared to $280.3 million at the end of 2016. The Company's inventory at the end of the reported quarter decreased to $116 million compared to $117.5 million at the end of 2016 as it maintain tight control on inventory levels. Stratasys' accounts receivable decreased to $115.1 million compared to $120.4 million at the end of 2016 with DSO on 12-month trailing revenue at 63.
For FY17, Stratasys is forecasting total revenue in the range of $645 million to $680 million with non-GAAP net income in the range of $10 million to $20 million, or $0.19 to $0.37 per diluted share. The Company is expecting GAAP net loss in the range of $53 million to $39 million, or $1 to $0.73 per basic share, while non-GAAP operating margin is expected to be in the band of 3% to 5% and capital expenditures are projected in the range of $40 million to $50 million.
At the closing bell, on Friday, June 02, 2017, Stratasys' stock was slightly down by 0.22%, ending the trading session at $27.77. A total volume of 540.87 thousand shares have exchanged hands. The Company's stock price soared 43.51% in the last three months, 53.85% in the past six months, and 19.24% in the previous twelve months. Moreover, the stock skyrocketed 67.90% since the start of the year. The stock currently has a market cap of $1.46 billion.
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