Stratasys, a top 3D printer company, delivered a first quarter in line with expectations as it shipped 8,802 3D printers and additive manufacturing systems largely due to its Makerbot subsidiary.
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The company reported first quarter earnings of $4.1 million, or 8 cents a share, on revenue of $150.9 million, up 54 percent from a year ago. Excluding revenue from Makerbot products, sales were up 33 percent in the quarter. Non-GAAP earnings for the first quarter were 40 cents a share, in line with expectations.
Stratasys said that its non-GAAP gross margins were nearly 61 percent in the first quarter, but the company said it will expand into new markets so don't expect those levels to hold. The company also spent about 10 percent of sales into research and development.
On an earnings conference call, CEO David Reis said the company's Makerbot revenue was strong, but high-end systems also sold well.
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The company maintained its outlook for 2014 and said it expects non-GAAP earnings of $2.15 to $2.25 a share on revenue of $660 million to $680 million.
Stratasys recently announced it would acquire Solid Concepts and Harvest Technologies to beef up its services for additive manufacturing and 3D printing.
Those acquisitions should add to earnings, but operating expenses for the year will move higher due to research and development, sales and marketing and manufacturing investments.
"Our outlook for 2014 remains very positive as we continue to position the Company for future growth through enhancements in our organization structure to support our growth objectives," said Reis.
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