Seeking Alpha
 

Stratasys, Inc. (SSYS)

- NASDAQ
  • Oct. 29, 2014, 10:39 AM
    • After promising a 3D printing tech breakthrough for months, H-P (HPQ -0.2%) is finally sharing some details. The company plans to leverage a proprietary 4-step inkjet process known as Multi Jet Fusion. H-P claims the process can operate 10K nozzles at once, and allow objects to be printed more than 10x faster than conventional approaches.
    • "That means a fundamentally lower cost," says H-P SVP Stephen Nigro. He adds H-P is focusing on the high-end/industrial segment, and suggests its printers will be priced towards the low end of the segment's traditional $150K-$500K price range.
    • 3D printer makers aren't taking the news well: DDD -6.2%. SSYS -6.1%. XONE -8.1%. VJET -3.6%.
    • H-P's printers won't be widely available until 2016; some customers will get to test them next year. Industry analyst Terry Wohlers thinks H-P's offerings could potentially "put some other companies out of business," and also expand the addressable market for printing sophisticated products.
    • Forrester's Sophia Vargas is more cautious: Though calling H-P's solution well-suited for plastic printing, she notes the company hasn't yet proven it can work with metals and other materials.
    • Also unveiled by H-P: Sprout, an $1,899 desktop featuring an overhead 3D scanning camera. The camera can turn anything placed on a mat in front of the PC's monitor (objects, sketches, written material) into digital content. It ships next month.
    • Gartner recently forecast 3D printer shipments "will more than double every year between 2015 and 2018," reaching 2.3M units in 2018. Total end-user spending is expected to grow to $13.4B in 2018 from $1.6B in 2015.
    | 24 Comments
  • Oct. 22, 2014, 10:07 AM
    • 3D Systems (NYSE:DDD) expects Q3 revenue of $164M-$169M and EPS of $0.16-$0.19, below a consensus of $186M and $0.21. Full-year guidance is now for revenue of $650M-$690M and EPS of $0.70-$0.80, mostly below a consensus of $707.6M and $0.78.
    • Gross margin is expected to be flat Q/Q, as higher materials and Quickparts margins are offset by volume and mix changes, as well as manufacturing start-up costs. GM fell 370 bps Q/Q in Q2.
    • The company blames the Q3 outlook on manufacturing constraints for direct metal printers, and the delayed availability of new consumer products. CEO Avi Reichenthal: "While we worked very hard to deliver these products sooner, achieving manufacturing scale, quality and user experience targets took significantly longer than we had anticipated."
    • Stratasys (SSYS -2.6%), Voxeljet (VJET -2.4%), and Camtek (CAMT -2.1%) are also trading lower. 3D's warning comes three months after the company tumbled on account of a Q2 miss. A slew of analysts have been making the case Stratasys is a better 3D printing play.
    | 6 Comments
  • Oct. 16, 2014, 10:59 AM
    • Stephens has joined a long list of firms to be more bullish on Stratasys (SSYS +3.1%) than 3D Systems (DDD +0.2%): The former has been upgraded to Overweight, and the latter downgraded to Equal Weight.
    • The ratings changes come even though Stratasys has soundly outperformed 3D to date. Stratasys now goes for 5.8x 2015E sales and 37x 2015E EPS; 3D goes for 4.9x 2015E sales and 36x 2015E EPS.
    • Others more positive on Stratasys than 3D include Morgan Stanley, UBS, Credit Suisse, and Citron Research.
    | 8 Comments
  • Oct. 1, 2014, 1:20 PM
    • Volatile and heavily-shorted 3D printing names are among the bigger decliners as the Nasdaq posts a 1.4% drop. Volumes for several names are already near or above their 3-month daily averages.
    • ExOne (XONE -10.6%) has tumbled to a fresh post-IPO low, and Voxeljet (VJET -3%) is close to its post-IPO low of $12.85. Also selling off: DDD -4.5%. SSYS -5.2%. CAMT -8.7%. ONVO -3.8%. OTCPK:AMAVF -5.9%.
    | 9 Comments
  • Sep. 23, 2014, 2:58 PM
    • Stratasys (SSYS +0.5%) has closed the acquisition of GrabCAD, a provider of cloud-based software for collaborating on CAD projects (inc. ones involving 3D printing) and the owner of a popular file-sharing/community site for CAD engineers.
    • Terms for the all-cash deal are undisclosed. Costs related to it are expected to have a $0.03-$0.05 impact on Q4 EPS.
    • Stratasys predicts GrabCAD will help it "provide its customers with enhanced collaboration tools and improved accessibility relating to 3D CAD content." The company's MakerBot unit already operates a popular file-sharing site (Thingiverse) for 3D printing enthusiasts. 3D Systems bought GrabCAD rival TeamPlatform last year.
    • Also: Stratasys and UPS have expanded their existing alliance: UPS plans to offer 3D printing services using Stratasys' uPrint SE Plus desktop printer at nearly 100 U.S. stores. A pilot program involving 6 stores was launched last year.
    | 1 Comment
  • Sep. 5, 2014, 9:17 AM
    • Bre Pettis, MakerBot's co-founder and CEO, will be stepping down from his position to head an "Innovation Workshop" at Stratasys (NASDAQ:SSYS). In addition, MakerBot COO Aric Jennings will now become Stratasys' VP of global manufacturing.
    • MakerBot president Jenny Lawton is the unit's new CEO. Sales chief Frank Alfano is its new president.
    • Pettis has run the show at MakerBot as the company delivered blistering growth over the last two years and emerged as the clear leader in the consumer/enthusiast segment of the 3D printing market.
    • Last month, Stratasys reported MakerBot (aided by new partnerships and printer launches) had Q2 revenue of $33.6M, up from just $20.6M in Q1.
    • Stratasys -0.9% premarket.
    | 2 Comments
  • Sep. 4, 2014, 9:57 AM
    • Morgan Stanley has started Stratasys (SSYS +1.7%) at Overweight, and set a $135 target. 3D Systems has been started at Equal Weight.
    • 6 days ago, Stifel launched both Stratasys and 3D at Buy, while declaring the former its "favorite idea" in 3D printing. The MS launches come as Pac Crest downgrades 3D to Sector Perform.
    | Comment!
  • Aug. 29, 2014, 2:37 PM
    • Stifel's Patrick Newton has launched coverage on Stratasys (SSYS +1.3%) at Buy, and ExOne (XONE -3.1%) at Hold. 3D Systems has also been launched at Buy, but isn't moving much in response.
    • Newton calls Stratasys his "favorite idea" in 3D printing (he's not alone), and thinks the company can deliver 30%+ annual growth. He talks up Stratasys' consumer market leadership (courtesy of MakerBot), and says its lack of a metal printer offering is its "only noticeable weakness" in the industrial space.
    • He thinks ExOne can deliver strong revenue and margin growth on the back of rising services/materials sales and growing demand for its binder jetting industrial printers. But like others, Newton has his doubts ExOne can hit management's forecast for 40%-50% sales growth, given recent results.
    • Stratasys took off 3 weeks ago thanks to a Q2 beat and guidance hike. Though still down YTD, the company has easily outperformed 3D printing peers in 2014.
    | Comment!
  • Aug. 22, 2014, 1:30 PM
    • Volatile/heavily-shorted 3D printing stocks are rallying strongly on a quiet late-August trading day. 3D Systems (DDD +3%), Stratasys (SSYS +4.2%), Voxeljet (VJET +11.8%), ExOne (XONE +5.4%), and Materialise (MTLS +2.9%) are among the gainers.
    • 3D Systems' short-interest was at a 52-week high of 36.1M shares (34% of the float) on July 31. A relatively modest 15% of Stratasys' float was shorted as of July 31. The figure was 26% for Voxeljet, and a whopping 51% for ExOne.
    | 5 Comments
  • Aug. 7, 2014, 12:47 PM
    | 6 Comments
  • Aug. 7, 2014, 9:22 AM
    • Following its Q2 beat and recent acquisitions, Stratasys (NASDAQ:SSYS) now expects 2014 revenue of $750M-$770M (30%+ organic growth) and EPS of $2.25-$2.35. That's above prior guidance of $660M-$680M (25%+ organic growth) and $2.15-$2.25, and a consensus of $685.1M and $2.20.
    • Long-term, Stratasys is now aiming for at least 25% annual organic growth, up from a prior goal of at least 20%.
    • Product revenue +70% Y/Y to $154.1M, services +50% to $24.4M. MakerBot sales +63% Q/Q to $33.6M.
    • Gross margin rose 70 bps Y/Y to 59.8%. SG&A spend +89% to $60.3M, R&D +85% to $17.6M.
    • Up in sympathy: DDD +2.9%. XONE +6.3%. VJET +6.5%. 3D printing stocks sold off last week after 3D Systems posted a Q2 miss.
    • Q2 results, PR
    | 6 Comments
  • Aug. 7, 2014, 9:21 AM
    | 2 Comments
  • Aug. 7, 2014, 7:02 AM
    • Stratasys (NASDAQ:SSYS): Q2 EPS of $0.55 beats by $0.11.
    • Revenue of $178.46M (+67.3% Y/Y) beats by $21.86M.
    • Press Release
    | 1 Comment
  • Jul. 31, 2014, 9:24 AM
    • After accounting for the Simbionix acquisition and other factors, 3D Systems (NYSE:DDD) is hiking its 2014 revenue guidance by $5M to $700M-$740M (consensus is at $713.8M). EPS guidance of $0.73-$0.85 is reiterated (consensus is at $0.81).
    • Q2 results were hurt by a 24% Q/Q drop in consumer revenue to $7.4M, something 3D blames on "delayed new products availability." Competition and a slower-than-expected pace to consumer 3D printing adoption might also be factors.
    • Also hurting: Gross margin fell 370 bps Q/Q and 400 bps Y/Y. 3D attributes the GM drop to "the transitional effects of concentrated new product launches as well as the absorption of legacy products obsolescence and manufacturing expansion costs."
    • Total product revenue (both printers and materials) +20% Y/Y to $100M, services +38% to $51.5M. Materials revenue +30%, printer units +126% (mix shift towards cheaper printers), healthcare revenue +46% to $27.5M.
    • Spenging remains aggressive: GAAP SG&A spend +39% to $50.3M, R&D +84% to $17.7M.
    • Peers are falling in sympathy: Stratasys (NASDAQ:SSYS) -4.1%, ExOne (NASDAQ:XONE) -7.2%, Voxeljet (NYSE:VJET) -9.6%.
    • Q2 results, PR
    | 10 Comments
  • Jul. 29, 2014, 3:45 PM
    • RBC predicts 3D Systems (DDD +5.6%) will post in-line Q2 results when it reports on Thursday morning, but also hike its 2H14 guidance. The firm expects Stratasys (SSYS +1.6%) to post a slight Q2 beat when it reports on Aug. 7, and also considers a full-year revenue guidance hike possible.
    • ExOne (XONE +2.3%) and Voxeljet (VJET +3.8%) are heading in the same direction as 3D and Stratasys, as is often their custom. 3D, ExOne, and Voxeljet remain over 40% below their January highs.
    | 4 Comments
  • Jul. 28, 2014, 12:09 PM
    • Amazon's (AMZN -1.8%) 3D Printed Products store currently offers 200+ products that can be printed on demand. As one would expect, many of the items can be customized to user tastes.
    • For now, the store's listings leave something to be desired: They include custom 3D-printed cufflinks ($60), miniature swords ($9), vase toppers ($40), and "molecular earrings" ($30). Amazon is also cross-selling its existing 3D printer and CAD software offerings.
    • Amazon's store competes private Shapeways' popular 3D printing marketplace, and a slew of other sites that allow 3D-printed designs to be manufactured and/or shared.
    • 3D Systems (DDD -0.7%) sells products manufactured using its consumer-focused Cube 3D printers, and Stratasys' (SSYS -1.2%) MakerBot unit both sells items made using its printers and runs a popular 3D file-sharing site (Thingiverse). But neither printer maker is likely complaining about Amazon providing a fresh vote of confidence for the 3D printing market.
    | 13 Comments
SSYS vs. ETF Alternatives
Company Description
Stratasys Ltd provides additive manufacturing solutions for the creation of parts used in the processes of designing and manufacturing products and for the direct manufacture of end parts. It offers 3D printers and 3D production systems.
Sector: Technology
Country: United States