Stratasys Inc.. (SSYS), American-Israeli maker of 3D printers, software, and materials, announced on Thursday that it will axe its workforce by around 15 percent by the end of this year to boost its business performance.
The move, as part of a restructuring program, is expected to result in around $40 million in annual cost savings beginning in the first quarter of 2025, along with annualized EBITDA margins of 8 percent at current revenue levels.
Yoav Zeif, CEO of Stratasys, said: "This realignment is critical to ensure that we can achieve our objectives to deliver sustained profitability and cash flow, while remaining ready to capture opportunities when the spending cycle improves, positioning Stratasys to deliver outsized shareholder value."
Looking ahead to the full year, the company has revised down its guidance.
Stratasys now expects adjusted income of $1 million or $0.01 per share to $4 million or $0.05 per share, compared with the previous guidance of $9 million or $0.12 per share to $14 million or $0.19 per share.
On average, six analysts, polled by Thomson Reuters forecast the firm to earn $0.15 per share, for the year. Analysts' estimates typically exclude special items.
Full-year net loss is now projected to be in the range of $106 million or $1.50 per share to $91 million or $1.29 per share, versus earlier net loss expectation of $88 million or $1.24 per share to $72 million or $1.01 per share. Annual revenue is now anticipated to be in the range of $570 million to $580 million, lesser than the previous guidance of $630 million to $645 million.
Analysts, on average, expect the company to register revenue of $631.63 million, for the year.
Annual capital expenditure guidance is unchanged at $20 million to $25 million.
SSYS was trading down by 19.53 percent at $6.18 in the pre-market trade on the Nasdaq.
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