Stratasys to cut its workforce by approx 15%

29 August, 2024

The move will produce $40 million in annual cost savings. Stratasys updated its outlook for the full year 2024: expects revenue of $570-$580 million, compared with $627.6 million in 2023

Following weak sales during the last year, and a comprehensive strategic review, Stratasys is taking focused restructuring actions to strengthen its balance sheet .The company announced it will streamline operations and enhance its go to market strategy to focus on the highest growth potential products, materials and software solutions. By the end of this year, the Company will have rightsized its current 2,000 employees workforce by approximately 15%. These steps are expected to produce approximately $40 million in annual cost savings beginning in the first quarter of 2025.

Dr. Yoav Zeif, Stratasys’ Chief Executive Officer (photo above), stated, “We continuously evaluate and assess our business model to ensure we are optimally aligned with evolving market conditions. 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.”

Stratasys provides additive manufacturing with 3D printing solutions for industries such as aerospace, automotive, consumer products, healthcare, fashion and education. For the Second Quarter 2024, the company reported a net loss of $26.8 million. Revenues totaled $138.0 million, compared to $159.8 million in the second quarter 2023. Based on current market conditions, the Company is updating its outlook for the full year 2024 and expects revenue of $570 million to $580 million, compared with $627.6 million for the full year 2023.

.

 

Share via Whatsapp

Posted in: News