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Stratasys, Ltd (NASDAQ: SSYS ) stock tanked after the company reported fiscal second-quarter 2024 revenue of $138.04 million, missing the analyst consensus estimate of $146.34 million .

Adjusted EPS loss of 0.04 cents beat the analyst consensus estimate of 5 cent loss.

The adjusted gross margin expanded to 49.0% from 48.5% a year ago. Adjusted operating loss was $(3.2) million, down from $5.0 million a year ago.

Adjusted net loss was $(3.0) million, down from $2.5 million a year ago. Adjusted EBITDA fell to $2.3 million from $10.6 million the prior year.

Cash used in operations stood at $(2.4) million, compared to $(23.2) million a year ago. Stratasys held cash and equivalents of $150.86 million.

The company shared plans to downsize its workforce by 15% by 2024 end to save $40 million in annual cost beginning in the first quarter of 2025, along with annualized EBITDA margins of 8%.

FY24 Outlook: Stratasys cut revenue outlook to $570 million—$580 million (prior $630 million—$645 million) against a consensus of $631.63 million .

The company lowered the adjusted EPS outlook to $0.01-$0.05 ( prior $0.12-$0.19 ) versus the consensus $0.15.

Stratasys also lowered the adjusted EBITDA outlook to $24 million—$27 million (prior $40 million—$45 million) and adjusted operating margins of 0.5%—1.0% (prior 2.5%—3.5%). The company also expects positive cash flow from operating activities.

Stratasys expects its third-quarter revenue to be slightly higher than second-quarter revenue versus the $160.78 million consensus estimate.

Stratasys stock plunged over 45% in the last 12 months.

Price Action: SSYS stock traded lower by 15.2% at $6.51 premarket at the last check on Thursday.

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This article Stratasys Q2 Earnings: Loss Widens, Cuts Workforce, Lowers Annual Projections, Stock Tumbles originally appeared on Benzinga.com

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