EDEN PRAIRIE, Minn. & REHOVOT, Israel & CHARLOTTE, N.C. - Stratasys Ltd. (NASDAQ: NASDAQ:SSYS), a global leader in additive manufacturing solutions, has solidified its partnership with Joe Gibbs Racing (JGR), one of NASCAR's most successful teams, through a five-year agreement extension announced today. This renewal builds upon a relationship spanning over two decades, further entrenching Stratasys as a key player in 3D printing for high-performance racing.
The collaboration is set to continue the advancement of car performance within NASCAR, with JGR leveraging Stratasys' industrial 3D printing solutions for rapid prototyping and production of custom parts. Stratasys' technologies, such as the Fortus 450mc™ and F370®CR printers, along with high-performance materials like Nylon-CF10, have been instrumental in giving JGR a competitive edge on the racetrack. With a healthy current ratio of 3.07 and strong financial metrics, InvestingPro analysis suggests the company is well-positioned to support its strategic partnerships.
Mark Bringle, Managing Director of Technical Partnerships at Joe Gibbs Racing, emphasized the critical role of Stratasys in accelerating part production and testing, which has been a cornerstone of the team's success. The partnership has enabled JGR to remain at the forefront of NASCAR competition through continuous innovation.
Stratasys' Chief Commercial Business Officer, Rich Garrity, expressed enthusiasm for the extended partnership, which aims to help JGR push the boundaries of performance with Stratasys' 3D printing solutions over the next five years.
The announcement coincides with Stratasys' recent agreement to become the Official 3D Printing Partner of NASCAR, reinforcing the company's influence in the motorsports industry.
Stratasys is recognized for leading the shift to additive manufacturing, offering 3D printing solutions across various industries, including aerospace, automotive, consumer products, and healthcare. The company's smart and connected 3D printers, polymer materials, software ecosystem, and parts on demand have provided competitive advantages across product value chains.
This partnership extension is based on a press release statement from Stratasys Ltd. and does not involve any endorsement of claims. The focus remains on the factual aspects of the collaboration and Stratasys' role in providing innovative 3D printing solutions to Joe Gibbs Racing. Based on InvestingPro's Fair Value analysis, the stock currently appears undervalued, with analysts projecting profitability this year despite recent challenges. For deeper insights into Stratasys's financial health and growth potential, investors can access the comprehensive Pro Research Report, which provides detailed analysis of this and 1,400+ other top stocks.
In other recent news, Stratasys Ltd., a prominent player in 3D printing technology, has revealed a partnership with Baralan to revolutionize cosmetic packaging using Stratasys' PolyJet™ technology. This collaboration aims to create customized, fully decorated end-use parts for glass and plastic containers, offering a flexible solution for personalized packaging and reducing waste. Analysts at Craig-Hallum have positively updated Stratasys' performance narrative, anticipating potential earnings increase for the company following the nearing completion of a restructuring process.
Stratasys has reported a decline in its Q3 2024 revenue, which fell to $140 million, down from $162.1 million in the same period last year. Despite this, the company's gross margins improved, and a restructuring plan, including a 15% workforce reduction, is expected to save $40 million annually. Stratasys also initiated a $50 million share repurchase plan.
Looking ahead, the company projects its 2024 revenue to be between $570 million and $580 million, with slightly higher gross margins ranging from 49% to 49.2%. Stratasys' focus remains on manufacturing applications in industries such as automotive, aerospace, and medical devices. CEO Yoav Zeif expressed optimism about the expansion of its TrueDent solution into EMEA and APAC regions.
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