Stratasys ( SSYS Quick Quote SSYS - Free Report) and its reseller partner, TCL Hofmann, recently announced that the company’s focused deposition modeling (FDM) 3D printing technology has been selected by the Australian motor racing team, Walkinshaw Andretti United (“WAU”) to anchor their new additive manufacturing hub.
Per the contract, WAU will install a new Fortus 450mc 3D printer, which will mark the second FDM printer from Stratasys. The 3D printer will be installed in the new TCL Hofmann | Stratasys Smart Manufacturing Hub, which, according to the company, is a dedicated, temperature-controlled 3D printing hub. The 3D printing hub is located next to WAU’s vehicle assembly area.
Stratasys’ Fortus 450mc is an industrial-grade 3D printer that accommodates more than two dozen materials, including those with flame-retardant properties, chemical resistance and strength reinforced by carbon fiber. The printer offers best-in-class reliability and repeatability, which make it ideal for applications, such as manufacturing tooling and end-use parts.
Bruce Stewart, Team Principal at WAU, said, “Every second counts not only on the track but also in the workshop.” He further stated that “We use 3D printing to prototype and produce parts much faster than we could through traditional methods. At the same time, the high-performance standards of Stratasys industrial printers and materials means these parts also perform exceptionally well, despite the extreme heat, dirt, and vibration that go with Supercars racing. As such, Stratasys and TCL Hofmann make great partners for our team.”
Stratasys has been scaling newer heights across all its business segments. It has been benefiting from an increase in the demand for 3D-printed materials and its focus on product launches and strategic partnership agreements or acquisitions.
Earlier in April, Stratasys signed a joint development and commercialization agreement with the Israel-based regenerative medicine company, CollPlant Biotechnologies, to develop a solution that bio-fabricates human tissues and organs. In late March, SSYS announced that it received an order from its existing customer Gotz Maschinenbau, a German service bureau, for four of its high-speed H350 3D printers.
Last month, the company reported better-than-expected results in the first quarter of 2023. Its first-quarter revenues of $149.4 million surpassed the Zacks Consensus Estimate of $142.2 million. Moreover, Stratasys reported non-GAAP earnings of 2 cents per share, while the consensus mark was pegged at a loss of 8 cents per share.
Zacks Rank & Stocks to Consider
Stratasys currently carries a Zacks Rank #3 (Hold). Shares of SSYS have rallied 38.6% year to date (YTD).
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