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Last Update: 13-May-13 07:49 ET
Stratasys shares rise 5% following better than expected earnings
Stratasys (SSYS $88.00 +4.61) reported first quarter non-GAAP earnings of $0.43 per share, $0.06 better than the Capital IQ consensus of $0.37, while GAAP rev rose 116.0% year/year to $97.2 million (includes the impact of amortization expense on deferred rev intangible assets related to the merger), non-GAAP rev +18% to 98.2 mln, consensus is $98.44 mln consensus. Non-GAAP gross margins improved to 59% for the first quarter from a pro forma non-GAAP 56.7% in the first quarter last year. Co reaffirms guidance for FY13, sees EPS of $1.80-1.95, excluding non-recurring items, versus the $1.83 Capital IQ Consensus; sees FY13 revs of $430-445 million versus the $437.17 million consensus. Revenue growth is expected to be relatively stronger toward the end of the year as Stratasys progresses with its integration plan and realizes revenue synergies from selling the combined product portfolio. "Our plan to integrate the combined sales and marketing organization that resulted from our game-changing merger is ahead of schedule. Channel partners representing the vast majority of our potential revenue have been cross-trained and are now selling the Company's combined product and service portfolio. New customer and cross-selling opportunities have begun to result from this initiative."
