Shares of Stratasys fell 22 percent Wednesday, a day after the 3-D printer manufacturer said first-quarter earnings will fall well below analysts’ estimates. The news comes after an unexpectedly big fourth-quarter loss.

Stratasys late Tuesday also revised downward its ­earnings expectations for full-year 2015.

Stratasys, with dual headquarters in Israel and Eden Prairie, has seen its shares fall from a September high of $130.83 per share to a close of $51.30 on Tuesday, before the guidance revision. The shares closed at $39.93 on Wednesday.

In an announcement of preliminary first-quarter results, Stratays said it expects adjusted earnings per share of 2 to 4 cents on expected sales of $171 million to $173 million. Analysts had expected earnings of 28 cents a share on revenue of $199 million.

The company attributed the lower results to a decline in capital spending by industry, particularly in North America, the negative impact of the strong U.S. dollar, which depressed revenue by $8.7 million; increased mergers among some of the companies largest distribution partners and slower-than-expected acceptance of new products to its Connex Triple Jetting Technology portfolio. The company also saw lower-than-expected sales in the Asia-Pacific region and Japan.

Stratasys indicated it was reviewing expenses in light of revised growth projections and would reduce capital expenditures for 2015.