Morningstar

Morningstar, Inc.

Equity Bottom-Up

No-moat Stratasys started 2019 with first-quarter results mostly in line with our full year expectations. Our fair value estimate remains at $20 after we added first quarter results to our model and made slight adjustments to 2019 product segment gross margins. Despite new product launches and strength in North American markets, Stratasys still turned in low-single-digit top-line revenue growth in its products and services segments. That said, gross margins surprised to the upside for products…

<p>No-moat Stratasys triggered a sell off with fourth-quarter results and discouraging 2019 guidance. Its full-year outlook featured underwhelming revenue expectations of $670 million to $700 million (flat to up 6% versus 2018), and marginal growth in the first half of 2019 after accounting for divestitures. We lowered our full-year top-line growth for 2019 to 2%, from 3%, on expectations that legacy products will continue underperforming until new product launches in 2020 kickstart growth. That…</p>

<p>Stratasys’ foray into three-dimensional printing, or additive manufacturing, began with the inception of its fused deposition modeling, or FDM, technology. After a 2012 reverse merger with Israel-based Objet, the third-largest 3D printing company at the time, Stratasys' suite of 3D printing technologies expanded to include PolyJet binding technology. With this on top of a range of printers spanning the consumer and industrial markets, Stratasys offers clients a closed ecosystem of add-on…</p>

United States

Stratasys Ltd. manufactures three-dimensional printers.  The printers build three-dimensional models by depositing multiple layers of resin one on top of another based on data from three-dimensional computer aided design files.  The Company's products are used by designers, engineers and manufacturers to visualize, verify and communicate product designs.

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