Business Description and Basis of Presentation |
3 Months Ended |
|---|---|
Mar. 31, 2023 | |
| Business Description and Basis of Presentation [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, which the Company views as having the largest and
fastest growing total addressable market. 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, fashion and education. Stratasys’ products and comprehensive solutions improve product quality, development time, cost, time-to-market and patient care. 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 trends that have arisen in the aftermath of the COVID-19 pandemic, including global events and other longer-term macroeconomic conditions, most prominently, rising inflation, increasing interest rates, tightening of capital markets and global supply chain delays. As a result, the accounting estimates and assumptions may change over time. Such changes could have an additional impact on the Company’s long-lived asset and intangible asset valuation; and the allowance for expected credit losses. These consolidated financial statements reflect the financial statement effects based upon management’s estimates and assumptions utilizing the most currently available information.
The results of operations for the
three months ended March 31, 2023 are not necessarily 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 Company's audited consolidated financial statements and notes
thereto for the year ended December 31, 2022, filed with the U.S. Securities
and Exchange Commission (the “SEC”) on March 3, 2023 as part of the Company’s
Annual Report on Form 20-F for such year.
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