Stratasys Ltd. SSYS reported worse-than-expected second-quarter sales and cut its FY24 guidance on Thursday.
Stratasys reported fiscal second-quarter 2024 revenue of $138.04million, missing the analyst consensus estimate of $146.34 million. Adjusted EPS loss of 4 cents beat the analyst consensus estimate of 5 cent loss.
The company shared plans to downsize its workforce by 15% by 2024 end to save $40 million in annual cost beginning in the first quarter of 2025, along with annualized EBITDA margins of 8%.
Stratasys cut FY24 revenue outlook to $570 million—$580 million (prior $630 million—$645 million) against a consensus of $631.63 million. The company lowered the adjusted EPS outlook to $0.01-$0.05 (prior $0.12-$0.19) versus the consensus $0.15. Stratasys also lowered the adjusted EBITDA outlook to $24 million—$27 million (prior $40 million—$45 million) and adjusted operating margins of 0.5%—1.0% (prior 2.5%—3.5%). The company also expects positive cash flow from operating activities.
Stratasys expects its third-quarter revenue to be slightly higher than second-quarter revenue versus the $160.78 million consensus estimate.
Stratasys shares dipped 9.9% to close at $6.92 on Thursday.
These analysts made changes to their price targets on Stratasys following earnings announcement.
- Needham analyst James Ricchiuti maintained Stratasys with a Buy and lowered the price target from $12 to $10.
- Lake Street analyst Troy Jensen maintained the stock with a Buy and lowered the price target from $15 to $11.
- Cantor Fitzgerald analyst Troy Jensen maintained Stratasys with an Overweight and cut the price target from $23 to $12.
Considering buying SSYS stock? Here’s what analysts think:
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