Trade with Eva : Analytics in action: SSYS

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Wednesday, September 13, 2023

3D Systems (DDD) announces that it has delivered a signed merger agreement to Stratasys Ltd. (SSYS), substantially in the form shared with the Stratasys Board on September 6, 2023, and as required, will now be filed on Form 8-K with the SEC by 3D Systems.
The binding offer presents shareholders with a certain, superior alternative to Stratasys' planned acquisition of Desktop Metal (DM) and can be countersigned by Stratasys following termination of its merger agreement with Desktop Metal.
DDD believes that Stratasys' reasons for rejecting the company's proposal and its refusal to continue negotiations were either well-known to Stratasys and investors when Stratasys determined that 3D Systems' July 13 proposal was likely to lead to a superior proposal, or misleading, self-interested and overly focused on short-term prospects.
While near-term share prices for all companies in the sector have been pressured, the long-term trajectories of Stratasys and 3D Systems remain fundamentally unchanged in the past two months, raising serious questions to the credibility of Stratasys' evaluation of the 3D Systems proposal.
Most importantly, Stratasys affirmed that the 3D Systems combination would generate significantly more synergies, and therefore value creation, than any other available alternative.

Stratasys beats by $0.10, beats on revs; guides FY17 EPS below consensus, revs below consensus :

Reports Q4 (Dec) earnings of $0.15 per share, excluding non-recurring items, $0.10 better than the Capital IQ Consensus of $0.05; revenues rose 1.1% year/year to $175.3 mln vs the $169.51 mln Capital IQ Consensus.
Co issues downside guidance for FY17, sees EPS of $0.19-0.37, excluding non-recurring items, vs. $0.48 Capital IQ Consensus Estimate; sees FY17 revs of $645-680 mln vs. $690.67 mln Capital IQ Consensus Estimate.
Co seese FY17 non-GAAP operating margins of 3% to 5%.
"As we move into 2017, we continue to invest in achieving our long-term goals. As we extend our reach into use-case centric applications, we intend to continue to shift resources to build out our capabilities around high-value added applications. We believe our combined efforts can lead to improved quality of revenue, and enable long-term, strong and sustainable growth. We are excited about the potential market opportunity that lies ahead."

Stratasys misses by $0.07, misses on revs; lowers FY16 EPS, revs guidance:

Reports Q3 (Sep) net of breakeven, excluding non-recurring items, $0.07 worse than the Capital IQ Consensus of $0.07; revenues fell 6.2% year/year to $157.18 mln vs the $174.63 mln Capital IQ Consensus.
Non-GAAP gross margin was 54.0% for the third quarter, compared to 50.8% for the same period last year.
Co lowers guidance for FY16, sees EPS of $0.13-0.21 (Prior $0.17-0.43) vs. $0.34 Capital IQ Consensus Estimate; sees FY16 revs of $662-673 mln (Prior $700-730 mln) vs. $701.43 mln Capital IQ Consensus Estimate.

Stratasys beats by $0.11, beats on revs; guides FY16 above consensus :

Reports Q4 (Dec) loss of $0.01 per share, excluding items, $0.11 better than the Capital IQ Consensus of ($0.12); Revenue $173.4mln vs $167.6 mln consensus.
Co issues guidance for FY16, sees EPS of $0.17 -0.43 vs. $0.19 Capital IQ Consensus; sees FY16 revs of $700-730 mln vs. $700.98 mln Capital IQ Consensus.
Stratasys provided the following additional information regarding the company's performance and strategic plans for 2016: Gross margins to improve modestly to a range of 54% to 55%. Operating margins of 3% to 5%. Taxes expense of $10 to $11 million, which includes the negative impact of the planned accounting treatment for tax valuation allowance. Capital expenditures are projected at $60 to $70 million, with approximately $45 million designated for completing the company's new facility in Israel.