EDEN PRAIRIE, Minn. & REHOVOT, Israel - Stratasys Ltd. (NASDAQ: NASDAQ:SSYS) announced the launch of its new GrabCAD IoT Platform, aimed at enhancing the management and productivity of 3D printing operations. The unveiling is set to take place at the upcoming Formnext 2024, scheduled from November 19-22 in Frankfurt.
The platform will be available immediately to Stratasys customers using GrabCAD Streamline Pro workgroup software, with the new PolyJet J3/J5 Series printers and through Stratasys Customer Support. A future rollout to other technologies is planned.
Stratasys's GrabCAD IoT Platform is designed to digitally transform customer interactions by providing IoT-enabled capabilities for real-time data collection and monitoring to optimize the efficiency of 3D printing operations. The platform includes features such as comprehensive fleet management using a standards-based approach (MTConnect), enhanced customer support through remote diagnostics, and the ability to make data-driven decisions for preventative maintenance.
Rich Garrity, Chief Commercial Business Officer at Stratasys, emphasized the significance of the platform, stating that it represents a significant step forward in Stratasys's digital transformation journey, improving not just individual printer performance but transforming how customers interact with and benefit from their entire Stratasys ecosystem.
Stratasys has been a leader in the additive manufacturing industry, focusing on connected Industry 4.0 solutions for over 15 years. The company's dedication to advancing the capabilities of additive manufacturing is reflected in its continuous offerings of connected 3D printers, polymer materials, software ecosystem, and parts on demand.
This development comes as the additive manufacturing industry increasingly adopts digital transformation strategies. Stratasys's introduction of the GrabCAD IoT Platform underscores its commitment to remaining at the forefront of this shift, enhancing operational agility for its customers across various industries such as aerospace, automotive, consumer products, and healthcare.
For further information on the GrabCAD Streamline Pro and Stratasys Customer Support powered by the GrabCAD IoT Platform, Stratasys invites attendees at Formnext to visit their booth.
This announcement is based on a press release statement from Stratasys Ltd.
In other recent news, Stratasys, a leader in additive manufacturing, announced a new share repurchase program, authorizing the buyback of up to $50 million of its shares. This move is part of the company's broader plan to optimize cash flow and enhance capital allocation. Concurrently, Stratasys is implementing a restructuring plan, which includes a 15% workforce reduction, expected to save approximately $40 million annually starting in 2025. Despite a reported 14.2% year-over-year decrease in product revenue and a 40% drop in hardware sales, Stratasys experienced a 6.3% increase in consumables revenue. The company projects positive cash flow starting in Q4 2024 and aims to reach $1 billion in revenue by 2026.
In other developments, Murchinson Ltd., a significant shareholder of Nano Dimension Ltd (NASDAQ:NNDM)., has nominated two candidates, Robert Pons and Ofir Baharav, for election to the company's Board of Directors. The move is part of Murchinson's ongoing efforts to address what it views as persistent issues in corporate governance and resource allocation within Nano Dimension. The nominees proposed by Murchinson are touted for their independence and relevant experience.
Meanwhile, Kamada Ltd (NASDAQ:KMDA)., a pharmaceutical company, announced plans to hold its Annual General Meeting of Shareholders. This meeting is a routine part of Kamada's corporate governance, providing shareholders the opportunity to vote on various company matters.
Following these developments, several analyst firms have adjusted their outlook on Stratasys. Lake Street Capital Markets reduced its price target from $15.00 to $11.00, maintaining a Buy rating. Similarly, Loop Capital cut its target from $9.00 to $7.00, keeping a Hold rating. Meanwhile, Cantor Fitzgerald lowered its target from $23 to $12, while retaining an Overweight rating. These are recent developments for Stratasys, Nano Dimension, and Kamada Ltd.
InvestingPro Insights
As Stratasys Ltd. (NASDAQ: SSYS) unveils its new GrabCAD IoT Platform, investors may be keen to understand the company's financial position and market performance. According to InvestingPro data, Stratasys has a market capitalization of $508.92 million, reflecting its position in the 3D printing industry.
Despite the company's innovative efforts, Stratasys faces some financial challenges. The company's revenue for the last twelve months as of Q2 2024 stood at $600.56 million, with a concerning revenue growth decline of -4.76% over the same period. This aligns with an InvestingPro Tip indicating that analysts anticipate a sales decline in the current year.
On a positive note, Stratasys holds more cash than debt on its balance sheet, which could provide financial flexibility as it rolls out new technologies like the GrabCAD IoT Platform. This strong liquidity position is further supported by another InvestingPro Tip stating that the company's liquid assets exceed its short-term obligations.
While Stratasys has not been profitable over the last twelve months, with an operating income margin of -12.01%, there's a glimmer of hope. An InvestingPro Tip suggests that analysts predict the company will be profitable this year, which could be partly due to the potential success of new offerings like the GrabCAD IoT Platform.
For investors considering Stratasys, it's worth noting that InvestingPro lists 10 additional tips for this stock, providing a more comprehensive analysis of the company's financial health and market position. These insights could be particularly valuable as Stratasys continues its digital transformation journey in the additive manufacturing industry.
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