Stratasys Ltd. said its fourth-quarter loss widened sharply, though the 3D printer maker's adjusted results and revenue decline weren't as bad as analysts feared, sending shares higher.
The company's shares, which have fallen by roughly two-thirds in the past 12 months, rose 9.6% to $22.89 in recent trading as the latest earnings report also is likely to chase away some bears as short interest was about 19% of shares outstanding as of three weeks ago.
For the year, the company forecast adjusted per-share earnings of 17 cents to 43 cents and revenue of $700 million to $730 million. Analysts polled by Thomson Reuters expected per-share profit of 18 cents and revenue of $701 million.
Chief Executive David Reis said in prepared remarks Thursday that "our goal is to maintain our leadership position in prototyping, while developing a solutions-based business model that targets key vertical markets and emerging applications for end-use parts. "
"Given the current environment, we recognize the importance of optimizing our cost structure and improving our financial performance, and have made those goals a priority for 2016," he added.
The 3D printer maker noted that it had reduced its global workforce by roughly 10% during the latest quarter and initiated programs that aim to reduce operating expenses and improve manufacturing efficiency.
Over all, Stratasys reported a loss of $232.3 million, or $4.46 a share, compared with a year-earlier loss of $92 million, or $1.81 a share, a year earlier. Excluding asset write-downs, reorganization-related expenses and other items, the adjusted per-share loss was a penny, compared with year-earlier adjusted earnings of 48 cents. Revenue dropped 20% to $173.4 million.
Analysts polled by Thomson Reuters expected per-share loss of 11 cents and revenue of $168.3 million.
Write to Tess Stynes at tess.stynes@wsj.com
