STRATASYS (SSYS) saw its loss narrow to $13.86 million, or $0.26 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $23.14 million, or $0.44 a share. On the other hand, adjusted net income for the quarter stood at $2.41 million, or $0.05 a share compared with $0.60 million or $0.01 a share, a year ago.
Revenue during the quarter went down marginally by 2.83 percent to $163.16 million from $167.91 million in the previous year period. Gross margin for the quarter contracted 122 basis points over the previous year period to 47.12 percent. Operating margin for the quarter stood at negative 7.74 percent as compared to a negative 12.54 percent for the previous year period.
Operating loss for the quarter was $12.63 million, compared with an operating loss of $21.06 million in the previous year period.
However, the adjusted operating income for the quarter stood at $4.03 million compared to $3.95 million in the prior year period. At the same time, adjusted operating margin improved 12 basis points in the quarter to 2.47 percent from 2.35 percent in the last year period.
"We remain encouraged by our performance within our key vertical markets during the first quarter, driven by our initiatives to drive customer engagement," said Ilan Levin, chief executive officer of Stratasys. "In addition, we believe that strong utilization of our installed base of systems was demonstrated by steady growth in consumables and customer support revenue during the period, while improved focus resulted in reductions in our operating expenses."
For fiscal year 2017, STRATASYS projects revenue to be in the range of $645 million to $680 million. It expects net loss to be in the range of $53 million to $39 million. It forecasts adjusted net income to be in the range of $10 million to $20 million, the company projects adjusted operating income to grow in the range of 3 percent to 5 percent, the company forecasts diluted loss per share to be in the range of $1 to $0.73. The company forecasts diluted earnings per share to be in the range of $0.19 to $0.37 on adjusted basis.
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