Stratasys Clocks 2% Revenue Growth In Q3; Slashes FY22 Outlook To Reflect MakerBot Divestiture

Stratasys Ltd SSYS reported third-quarter FY22 revenue growth of 2% year-over-year to $162.2 million, missing the consensus of $163.6 million.
Product sales rose 3% Y/Y to $112.1 million. Services revenue was flattish Y/Y at $50.1 million.
The adjusted gross margin expanded by 30 bps to 48.5%.
Adjusted EPS of $0.05 beat the consensus of $0.02.
Adjusted operating income was $4.5 million, up from $1.8 million a year ago.
Adjusted EBITDA was $9.9 million, compared to $7.8 million a year back.
The company used $(18.4) million in cash in operating activities and held $348.7 million in cash and equivalents.
FY22 Outlook: Based on current market conditions, it updated its outlook for 2022 to include the impact of $17 million from its MakerBot divestiture. Stratasys cut its revenue outlook from $675 million - $685 million to $648 million - $652 million, below the consensus of $660.9 million.
Stratasys cut non-GAAP EPS from $0.14 - $0.19 to $0.09 - $0.12 below the consensus of $0.14.
Price Action: SSYS shares traded higher by 4.06% at $13.57 on the last check Thursday.
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