Business Description and Basis of Presentation |
6 Months Ended |
|---|---|
Jun. 30, 2022 | |
| Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
| Business Description and Basis of Presentation |
Note 1. Business Description and Basis of Presentation Stratasys Ltd. (collectively with its subsidiaries, the “Company” or “Stratasys”) is a global leader in connected, polymer-based 3D printing solutions, across the entire manufacturing value chain. The Company leverages its competitive advantages, which include a broad set of best-in-class 3D printing platforms, software, a materials and technology partner ecosystem, innovative leadership, and global GTM infrastructure, in order to position itself to capture share in a significant and growing global marketplace, with a focus on manufacturing. The Company’s approximately 1,700 granted and pending additive technology patents to date have been used to create models, prototypes, manufacturing tools, and production parts for a multitude of industries including aerospace, automotive, transportation, healthcare, consumer products, dental, medical, and education. Stratasys’ products and comprehensive solutions improve product quality, development time, cost, and time-to-market. The Company’s 3D ecosystem of solutions and expertise includes 3D printers, materials, software, expert services, and on-demand parts production.
The condensed consolidated interim financial information herein is unaudited; however, such information reflects all adjustments (consisting of normal, recurring adjustments), which are, in the opinion of management, necessary for a fair statement of results for the interim period. The condensed consolidated interim financial statements include the accounts of Stratasys Ltd. and its subsidiaries. All intercompany accounts and transactions, including profits from intercompany sales not yet realized outside the Company, have been eliminated in consolidation.
The Company’s financial statements are prepared in conformity with U.S. generally accepted accounting principles (“GAAP”), which require the Company to make estimates based on assumptions about current and, for some estimates, future economic and market conditions which affect reported amounts and related disclosures in its financial statements. Although the Company’s current estimates contemplate current and expected future conditions, as applicable, it is reasonably possible that actual conditions could differ from the Company’s expectations, which could materially affect its results of operations and financial position.
In particular, a number of estimates have
been and will continue to be affected by the COVID-19 pandemic and/or by
macroeconomic conditions that have been triggered as a result of the pandemic
or steps taken to counter it. The global economic environment that has set in
after the most severe period of the COVID-19 pandemic has passed - assuming
that it has passed - remains uncertain, rapidly changing and difficult to
predict. The magnitude and duration of, as well as the consequences of, global
macroeconomic trends triggered, in large part, by the recovery from the
pandemic, such as inflationary pressures and supply chain problems, are currently difficult to predict. As a
result, the accounting estimates and assumptions underlying the Company’s
financial statements may change over time. Such changes could have an additional
impact on the Company’s long-lived asset and intangible asset valuation;
inventory valuation; assessment of the annual effective tax rate; and the
allowance for expected credit losses and bad debt.
The results of operations for the three and six months ended June 30, 2022 are not indicative of results that could be expected for the entire fiscal year. Certain financial information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. The reader is referred to the audited consolidated financial statements and notes thereto for the year ended December 31, 2021, filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 24, 2022 as part of the Company’s Annual Report on Form 20-F for such year. |