SSYS bullet points-
-Revenues were driven by a 29.2% growth in our system sales compared to the second quarter of 2021, continuing the strong trend that is expected to increase sales of recurring consumables and services in the future
-For the second quarter, total revenue grew by 13.3% to $166.6 million from the prior year period. On a constant currency basis, total revenue increased 16.4% versus the prior year quarter.
-Now turning to gross margins. GAAP gross margin was 40.5% for the quarter, compared to 43% for the same period last year.
Margin pressure is common amongst all tech now-- 3% hit not as bad as it could of been.
-This quarter, we are pleased to note an improved efficiency of our model, where the additional operating expenses reflected only 25% incremental cost instead of the historical range in the mid to high 40%.
Regarding earnings, GAAP operating loss for the quarter was $23.5 million compared to a loss of $22.7 million for the same period last year. Non-GAAP operating income for the quarter was $1.9 million compared to a loss of $2.6 million for the same period last year.
-GAAP net loss for the quarter was $24.4 million or $0.37 per diluted share compared to a net loss of $20.2 million or $0.31 per diluted share for the same period last year. Non-GAAP net income for the quarter was $1.2 million or $0.02 per diluted share compared to a loss of $1.6 million or $0.02 per diluted share in the same period last year.
Adjusted EBITDA of $7.4 million compared to $3.5 million in the same period last year reflected our improved profitability levels. We used $22.8 million of cash in our operations during the second quarter compared to generating $5.6 million of cash from operations in the same quarter last year. The use of cash was primarily driven by deliberately increased inventory purchases of over $20 million.
Inv build up another huge issue for tech-
-Since our last update, currency exchange rates have continued to decline across a number of our key foreign currencies, impacted our outlook for revenues for the second half of the year by $10 million. We expect the timing of such impact to be relatively even across the third and fourth quarter and as a result, are adjusting our full year revenue guidance accordingly.
We now expect revenue in a range of $675 million to $685 million and for revenue to continue growing sequentially throughout the remainder of the year. Revenue growth for the second half of the year is expected to be approximately 6% to 7% higher than the second half of 2021, with the fourth quarter anticipated to grow at a higher rate than the third.
-Revenues were driven by a 29.2% growth in our system sales compared to the second quarter of 2021, continuing the strong trend that is expected to increase sales of recurring consumables and services in the future
-For the second quarter, total revenue grew by 13.3% to $166.6 million from the prior year period. On a constant currency basis, total revenue increased 16.4% versus the prior year quarter.
-Now turning to gross margins. GAAP gross margin was 40.5% for the quarter, compared to 43% for the same period last year.
Margin pressure is common amongst all tech now-- 3% hit not as bad as it could of been.
-This quarter, we are pleased to note an improved efficiency of our model, where the additional operating expenses reflected only 25% incremental cost instead of the historical range in the mid to high 40%.
Regarding earnings, GAAP operating loss for the quarter was $23.5 million compared to a loss of $22.7 million for the same period last year. Non-GAAP operating income for the quarter was $1.9 million compared to a loss of $2.6 million for the same period last year.
-GAAP net loss for the quarter was $24.4 million or $0.37 per diluted share compared to a net loss of $20.2 million or $0.31 per diluted share for the same period last year. Non-GAAP net income for the quarter was $1.2 million or $0.02 per diluted share compared to a loss of $1.6 million or $0.02 per diluted share in the same period last year.
Adjusted EBITDA of $7.4 million compared to $3.5 million in the same period last year reflected our improved profitability levels. We used $22.8 million of cash in our operations during the second quarter compared to generating $5.6 million of cash from operations in the same quarter last year. The use of cash was primarily driven by deliberately increased inventory purchases of over $20 million.
Inv build up another huge issue for tech-
-Since our last update, currency exchange rates have continued to decline across a number of our key foreign currencies, impacted our outlook for revenues for the second half of the year by $10 million. We expect the timing of such impact to be relatively even across the third and fourth quarter and as a result, are adjusting our full year revenue guidance accordingly.
We now expect revenue in a range of $675 million to $685 million and for revenue to continue growing sequentially throughout the remainder of the year. Revenue growth for the second half of the year is expected to be approximately 6% to 7% higher than the second half of 2021, with the fourth quarter anticipated to grow at a higher rate than the third.
