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Shares in Stratasys (NASDAQ:SSYS) have rallied at market open in New York today (May 13th) after the 3D printing company revealed record financial results for the first quarter of the year.
The teleconference that took place earlier today revealed non-GAAP revenue of $98.2 million (£63.9 million) for the January-March period, which is representative of an 18 per cent organic increase over the $83 million pro forma revenue logged for the same three-month period last year.
Chief Executive Officer David Reis said: "We are pleased with our strong start to 2013."
GAAP revenue for the first quarter was $97.2 million, while non-GAAP net income was recorded as $17.6 million - or $0.43 per diluted share - for the timeframe.
Stratasys invested a net sum of $10.8 million in research and development over this three-month stretch, representing 11 per cent of sales.
Mr Reis noted: "Our record first-quarter results reflect a continuation of the strong worldwide demand we are observing for our innovative products and services.
"Strong sales of our higher-margin products help drive a significant increase in non-GAAP gross margin and a 40 per cent increase in non-GAAP net income in the first quarter over last year."
After completing its merger with Objet, Stratasys now benefits from an international network of more than 260 resellers and independent sales agents that sell the company's products and services globally. Over the first quarter, the business has progressed as planned with integrating the sales, marketing and services teams of both Stratasys and Objet.
Furthermore, the company has completed the second phase of its reseller cross-training ahead of schedule, with 112 channel partners now cross-trained, representing around 80 per cent of the firm's potential global revenue.
Finally, the release of the Objet30 OrthoDesk 3D printer for smaller orthodontic labs and clinics has helped to boost sales.
Stratasys confirmed its guidance for the fiscal year ending December 31st 2013 with revenue guidance of $430 million to $445 million, while non-GAAP earnings guidance has been posted at $1.80 to $1.95 per diluted share.
Mr Reis concluded: "We are thrilled by our record results for the first quarter. Although merger-related integration will remain a focus in 2013, our leading priorities remain serving our customers and investing in future growth.
"We remain excited about the many opportunities we see developing for Stratasys and our innovative products."
