Stratasys Ltd. (NASDAQ: SSYS) reported first-quarter 2013 results before markets opened this morning. The 3D printer maker posted adjusted diluted earnings per share (EPS) of $0.43 on $97.21 million in revenues. In the same period a year ago, Stratasys reported EPS of $0.32 and revenue of $44.96 million. First-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $0.38 and $98.07 million in revenue.

On a GAAP basis, Stratasys posted a quarterly net EPS loss of $0.40, compared with a GAAP net loss of $0.23 in the first quarter of 2012.

Stratasys affirmed its previous guidance for the 2013 fiscal year of adjusted EPS of $1.80 to $1.95 on revenues of $430 million to $445 million. On a GAAP basis, the company continues to forecast an EPS loss of $0.16 to $0.41. The adjustments include a $60.5 million charge for amortization of intangible assets, $20.5 to $23 million for share-based compensation and $7.2 to $8.8 million in expenses related to the company’s merger in 2012 with Objet Ltd. The company also “expects to record significant one-time integration expenses as a result of infrastructure alignment and brand unification.” The consensus forecast for fiscal year 2013 calls for EPS of $1.88 on revenues of $439.1 million.

The company’s CEO said:

Strong sales of our higher-margin products help drive a significant increase in non-GAAP gross margin, and a 40% increase in non-GAAP net income in the first quarter over last year. We are pleased with our strong start to 2013.

On a GAAP basis, gross margins declined compared with the first quarter of 2012, from 43.6% to 38.4%. Combined with the revenue miss, this is not what analysts and investors were looking for. The bloom may be coming off the rose for the 3D printing firms.

Over the past 12 months, Stratasys stock is up nearly 600%, largely on the strength of its merger with Objet. Competitors The ExOne Co. (NASDAQ: XONE) and 3D Systems Inc. (NYSE: DDD) have grown by 65% and 56%, respectively. ExOne held its IPO in early February.

Shares of Stratasys are down nearly 3% in early trading this morning, at $80.80 in a 52-week range of $42.71 to $92.30. Thomson Reuters had a consensus analyst price target of around $84.20 before today’s results were announced.

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