Stratasys, a 3D printing and additive manufacturing vendor, delivered a first quarter that fell short of expectations as orders of high-end systems were pushed out. The big mystery is whether Stratasys is seeing competitive pressure from rivals like HP and 3D Systems or a broader macro economic trend.
The company reported a first quarter net loss of $13 million, or 24 cents a share, on revenue of $153.8 million, down from $163.2 million in the same quarter a year ago. Non-GAAP earnings for the first quarter were 5 cents a share.
Wall Street was expecting Stratasys to report non-GAAP earnings of 8 cents a share in the first quarter on revenue of $167.5 million.
Stratasys maintained its outlook for 2018.
CEO Ilan Levin said the company saw delays in North America for high end systems in government, automotive and aerospace. "We do not believe that our first quarter revenue represents a fundamental change in the demand environment in the North American market. We continue to maintain a strong pipeline of opportunities, and are not modifying the full year guidance we issued earlier this year," said Levin.
The company has been rolling out new materials and prototyping printers. Stratasys is also moving more systems to production, but the first quarter shortfall was worrisome to analysts.
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Levin was repeatedly asked about the market dynamics. He noted that some first quarter orders that were delayed have been closed in the second quarter.