By Sam Boughedda
Investing.com -- Shares of Stratasys (NASDAQ:SSYS) are up 4.1% in extended trading after the company posted earnings data after the close that beat earnings and revenue expectations.
The manufacturer of 3D printers and 3D production systems reported adjusted earnings per share of $0.02 on revenue of $163.4 million. Analysts polled by Investing.com expected a loss per share of $0.04 on revenue of $157.45 million.
The company said systems was its primary revenue driver, up 36.7% for its strongest first quarter in five years. It also achieved "exceptional results" in consumables and services, driven by strength in its growing install base.
“Our strong start to the year, with our highest first quarter revenue total in six years, was anchored by 22% revenue growth that included improved contributions from all our technologies," said Dr. Yoav Zeif, Chief Executive Officer of Stratasys.
The company said that based on current market conditions, it is tightening its revenue guidance range for 2022 to between $685 million to $695 million, while it also expects second-quarter revenue growth to reach low to mid-teens.
Adjusted net income for 2022 is expected to be between $10 million to $13 million or $0.14 to $0.19 per share.