Stratasys, Ltd (NASDAQ: SSYS ) stock tanked after the company reported fiscal second-quarter 2024 revenue of $138.04 million, missing the analyst consensus estimate of $146.34 million .
Adjusted EPS loss of 0.04 cents beat the analyst consensus estimate of 5 cent loss.
The adjusted gross margin expanded to 49.0% from 48.5% a year ago. Adjusted operating loss was $(3.2) million, down from $5.0 million a year ago.
Adjusted net loss was $(3.0) million, down from $2.5 million a year ago. Adjusted EBITDA fell to $2.3 million from $10.6 million the prior year.
Cash used in operations stood at $(2.4) million, compared to $(23.2) million a year ago. Stratasys held cash and equivalents of $150.86 million.
The company shared plans to downsize its workforce by 15% by 2024 end to save $40 million in annual cost beginning in the first quarter of 2025, along with annualized EBITDA margins of 8%.
FY24 Outlook: Stratasys cut revenue outlook to $570 million—$580 million (prior $630 million—$645 million) against a consensus of $631.63 million .
The company lowered the adjusted EPS outlook to $0.01-$0.05 ( prior $0.12-$0.19 ) versus the consensus $0.15.
Stratasys also lowered the adjusted EBITDA outlook to $24 million—$27 million (prior $40 million—$45 million) and adjusted operating margins of 0.5%—1.0% (prior 2.5%—3.5%). The company also expects positive cash flow from operating activities.
Stratasys expects its third-quarter revenue to be slightly higher than second-quarter revenue versus the $160.78 million consensus estimate.
Stratasys stock plunged over 45% in the last 12 months.
Price Action: SSYS stock traded lower by 15.2% at $6.51 premarket at the last check on Thursday.
"ACTIVE INVESTORS' SECRET WEAPON" Supercharge Your Stock Market Game with the #1 "news & everything else" trading tool: Benzinga Pro -
Get the latest stock analysis from Benzinga?
This article Stratasys Q2 Earnings: Loss Widens, Cuts Workforce, Lowers Annual Projections, Stock Tumbles originally appeared on Benzinga.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.