Recent acquisitions and joint ventures — and a renewed partnership with Airbus — should help get Stratasys back in a bigger growth trajectory, its chief executive said.
Yoav Zeif became chief executive of Stratasys in February 2020 and led a strategic review while also leading it through COVID-19 disruptions.
Business picked up in the last quarter of 2020, giving executives confidence about 2021. The maker of 3-D printing equipment — based in Eden Prairie and Israel — went back to a five-day workweek after cutting it to four during the pandemic.
The company also has begun adding new technology platforms.
"We delivered sequential revenue growth in the back half of the year and this quarter produced the highest operating cash flow in almost three years," Zeif said. "We believe both our industry and company are starting to enter a meaningful, sustained trajectory of unprecedented growth and are excited to capitalize on the opportunities ahead."
For the fourth quarter, the company earned $11 million, or 20 cents per share, compared to a net loss of $2.8 million, or 5 cents per share, in the fourth quarter of 2019. Revenue was down 11% to $142.4 million.
Adjusted for one-time and other charges, income was $7 million, or 13 cents a share.
For the year, revenue fell 8% to $520.8 million. The company recorded a net loss of $443.7 million, or $8.08 per share. Adjusted for charges, especially a large third-quarter goodwill impairment, the loss was $13.9 million, or 25 cents a share.
Richard Garrity, president of the Americas for Stratasys, said the company had focused on FDM and PolyJet 3-D printers, which only represent one-third of the market. Through acquisitions and join ventures, it is pushing more into production-focused technologies such as polymers.
The company also said it extended its partnership with Airbus.
The company produces some 3-D printed pieces for the Airbus A350 now. With the new agreements, the company will print replacement and spare parts for Airbus in more product categories.
While not giving specific financial guidance, the company said the first quarter should be comparable to 2020 and then the year-to-year comparisons should get better.
Shares of Stratasys closed at $36.28 per share, up 5.2% on a strong day of the stock market. Over the last 52 weeks, shares of Stratasys have ranged between $11.89 and $56.95 per share.
Patrick Kennedy • 612-673-7926