Stratasys slumps on Q2 rev miss, dour outlook

3D Systems

29/08/2024 14:23

** Shares of Stratasys  SSYS.O  slump 17.3% premarket to
over two-decade low of $6.35 after 3D printer maker's dour qtrly
report
    ** SSYS set to open at lowest levels since Apr 2003
    ** Co posts Q2 rev of $138 mln, down 11% yr/yr, citing bleak
macroeconomic environment denting demand
    ** Analysts on avg called for rev in qtr of $146 mln, per
LSEG
    ** Looking ahead, co cuts 2024 rev forecast to $570-$580
mln, down from $630-$645 mln prior, and sees GAAP loss/sh of
$1.29-$1.50, compared to previous expectations for loss of
$1.01-$1.24
    ** Co says after strategic review, it's taking restructuring
actions to streamline operations, and will reduce workforce by
~15% by end-2024, expected to produce roughly $40 mln in annual
cost savings
    ** 5 of 8 brokerages covering SSYS rate stock "buy", rest
"hold" and their median PT is $14.50 - LSEG data
    ** Through Weds close, SSYS has shed nearly half its value
YTD

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))