GAAP net income for the first quarter was a loss of $15.5 million, or ($0.40) per share, versus a pro forma loss of $8.4 million, or ($0.23) per share, for the same period last year.
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.
GAAP gross margins declined to 38.4% for the first quarter from a pro forma 43.6% in the first quarter last year.
Revenue guidance of $430 million to $445 million.
Non-GAAP earnings guidance of $1.80 to $1.95 per diluted share.
GAAP earnings guidance of a ($0.41) to ($0.16) per share loss.
Non-GAAP earnings guidance excludes $60.5 million of projected amortization of intangible assets; $20.5 million to $23.0 million of share-based compensation expense; and $7.2 million to $8.8 million in merger-related expenses. Stratasys also expects to record significant one-time integration expenses as a result of infrastructure alignment and brand unification in 2013.
The market wants SSYS to blow out and raise guidance. Basically it looks like a maintain / inline. Market will be disappointed.
There is also the exposure of a risk of a shelf offering similar to DDD.
This would dilute share value, but may not happen.
Either way, expect sell pressure from this point on.
For the quarter, gross margin was 38.4%, much worse than the prior-year quarter. Operating margin was -17.2%, much worse than the prior-year quarter. Net margin was -16.0%, much worse than the prior-year quarter. (Margins calculated in GAAP terms.)