Shares of the 3d printing giant Stratasys are in free fall today after the company posted third quarter results that disappointed investors.
Revenue came in below expectations, with analysts expecting $174 million, while the company posted $157 million. The company lost $21 million for the quarter and lowered it's revenue guidance, which in turn affected it's earnings guidance downward for the year.
Shares are down nearly 15% before noon time EST on Tuesday.
"We were pleased to recognize additional improvements to our operational efficiency during the period which was reflected in a reduction in non-GAAP operating expenses and increase in our non-GAAP gross margin compared to the same period last year," CEO Ilan Levin said. "We will continue to seek further improvements in our cost structure as we strive to align our operations even more closely with our anticipated results."
Despite the positive spin from Levin, the company's shares are down over 25% YTD.