Materialise NV (NASDAQ:MTLS), a leading provider of additive
manufacturing and medical software solutions and of sophisticated
3D printing services, today announced its financial results for the
fourth quarter and full year ended December 31, 2023.
Highlights – Fourth Quarter 2023
- Total revenue increased 4.1% to 65,295 kEUR for the fourth
quarter of 2023 from 62,703 kEUR for the corresponding 2022
period.
- Total deferred revenues from software maintenance and license
fees increased by 4,826 kEUR this quarter to 44,905 kEUR.
- Adjusted EBITDA amounted to 8,474 kEUR for the fourth quarter
of 2023 compared to 4,258 kEUR for the corresponding 2022
period.
- Net result for the fourth quarter of 2023 was (539) kEUR, or
(0.01) EUR per diluted share, compared to a net result of (4,588)
kEUR, or (0.08) EUR per diluted share, for the corresponding 2022
period. The net result in the fourth quarter of 2023 was impacted
by non-cash impairment charges totaling (4,228) kEUR.
Highlights – Full Year 2023
- Total revenue increased 10.4% to 256,127 kEUR for 2023 from
232,023 kEUR for 2022.
- Revenue from our Medical segment surpassed the 100,000 kEUR
threshold posting a full year revenue of 101,376 kEUR
- Adjusted EBITDA was 31,397 kEUR for 2023 compared to 19,014
kEUR for 2022, representing an increase of 65%.
- Net profit for 2023 was 6,695 kEUR, or 0.11 EUR per diluted
share, compared to a net loss of (2,153) kEUR, or (0.04) EUR per
diluted share, for 2022.
- Total cash was 127,573 kEUR at the end of 2023.
CEO Brigitte de Vet-Veithen commented, “As turbulent
macro-economic and geo-political conditions continued throughout
the last quarter of 2023, Materialise’s business model once more
proved its resilience and complementarity. Despite the challenging
business climate we grew our total revenue by 4% and doubled our
Adjusted EBITDA compared to last year’s same period. Materialise
Medical again realized double-digit revenue growth and became the
largest revenue contributor. With 128 million EUR of cash and cash
equivalents on our balance sheet, additional financing secured and
positive operating cash flow, we are well positioned to continue
our investments in innovative 3D product and software solutions
while we further integrate our diverse product portfolio creating
additional synergies in the process.”
Fourth Quarter 2023 Results
Total revenue for the fourth quarter of 2023 increased 4.1% to
65,295 kEUR from 62,703 kEUR for the fourth quarter of 2022.
Adjusted EBITDA amounted to 8,474 kEUR, compared to 4,258 kEUR for
the same period in 2022. The Adjusted EBITDA margin (Adjusted
EBITDA divided by total revenue) for the fourth quarter of 2023 was
13.0%, compared to 6.8% for the fourth quarter of 2022.
Revenue from our Materialise Software segment decreased 3.8% to
11,250 kEUR from 11,699 kEUR for the same quarter last year.
Adjusted EBITDA for the segment amounted to 1,259 kEUR compared to
(1,441) kEUR while the Adjusted EBITDA margin for the segment was
11.2%, compared to (12.3)% for the prior-year period.
Revenue from our Materialise Medical segment increased 14.8% to
27,848 kEUR for the fourth quarter of 2023, compared to 24,254 kEUR
for the same period in 2022. Adjusted EBITDA for the segment was
9,365 kEUR compared to 6,355 kEUR, while the Adjusted EBITDA margin
for the segment was 33.6% compared to 26.2%.
Revenue from our Materialise Manufacturing segment decreased
2.1% to 26,198 kEUR from 26,750 kEUR for the fourth quarter of
2022. Adjusted EBITDA for the segment decreased to 557 kEUR
compared to 1,506 kEUR, while the Adjusted EBITDA margin for the
segment was 2.1%, compared to 5.6% for the prior-year period.
Gross profit increased 5.2% to 37,548 kEUR for the fourth
quarter of 2023 from 35,681 kEUR for the same period last year.
Gross profit as a percentage of revenue was 57.5%, compared to
56.9%.
Research and development (“R&D”), sales and marketing
(“S&M”) and general and administrative (“G&A”) expenses
decreased, in the aggregate, 6.5% to 35,375 kEUR for the fourth
quarter of 2023 from 37,829 kEUR for the fourth quarter of
2022.
Net other operating income was (3,287) kEUR compared to 593 kEUR
for the fourth quarter of 2022. Excluding non-recurring charges
from the impairment of goodwill, tangible and intangible assets of
Engimplan and Materialise Motion, net other operating income was
941 kEUR.
Operating result was (1,113) kEUR, compared to (1,554) kEUR for
the fourth quarter of 2022. Excluding the effect of the impairments
of goodwill, tangible and intangible assets, the operating result
was 3,115 kEUR.
Net financial result for the fourth quarter of 2023 was (234)
kEUR, compared to (3,436) kEUR for the fourth quarter of 2022.
The fourth quarter of 2023 contained net tax income of 809 kEUR,
compared to net tax income of 402 kEUR for the fourth quarter of
2022.
As a result of the above, net profit for the fourth quarter of
2023 was (539) kEUR, compared to a net loss of (4,588) kEUR for the
same period in 2022. Total comprehensive income for the fourth
quarter of 2023 was (112) kEUR, compared to (7,623) kEUR for the
2022 period.
Full Year 2023 Results
Total revenues for the year ended December 31, 2023 increased
10.4% to 256,127 kEUR from 232,023 kEUR for the year ended December
31, 2022. Adjusted EBITDA for 2023 amounted to 31,397 kEUR compared
to 19,014 kEUR for 2022. The Adjusted EBITDA margin was 12.3%,
compared to 8.2% in 2022.
Revenues from our Materialise Software segment increased 1.7% to
44,442 kEUR for the year ended December 31, 2023 compared to 43,688
kEUR for the year ended December 31, 2022. The segment’s Adjusted
EBITDA increased to 7,450 kEUR from 1,514 kEUR. The segment’s
Adjusted EBITDA margin was 16.8% in 2023, compared to 3.5% in
2022.
Revenues from our Materialise Medical segment grew by 19.5% for
the year ended December 31, 2023 to 101,376 kEUR from 84,846 kEUR
for the year ended December 31, 2022. The segment’s Adjusted EBITDA
increased 41.0% to 26,544 kEUR from 18,822 kEUR. The segment’s
Adjusted EBITDA margin was 26.2% in 2023, compared to 22.2% in
2022.
Revenues from our Materialise Manufacturing segment increased
6.6% to 110,310 kEUR for the year ended December 31, 2023 from
103,489 kEUR for the year ended December 31, 2022. The segment’s
Adjusted EBITDA amounted to 7,537 kEUR compared to 8,229 kEUR. The
segment’s Adjusted EBITDA margin decreased to 6.8% in 2023 from
8.0% for 2022.
Gross profit increased 12.7% to 145,131 kEUR from 128,768 kEUR
last year. Gross profit as a percentage of revenue was 56.7%,
compared to 55.5%.
Operating result amounted to 5,619 kEUR for the year ended
December 31, 2023 compared to (2,872) kEUR in the prior year.
Excluding the effect of impairments of goodwill, tangible and
intangible assets, the operating result was 9,847 kEUR.
Net financial result amounted to 1,154 kEUR, compared to net
financial result of 1,694 kEUR for the year ended December 31,
2022. Income taxes amounted to (78) kEUR compared to (975) kEUR for
the year ended December 31, 2022. Net profit was 6,695 kEUR for
2023 compared to a net loss of (2,153) kEUR in 2022.
At December 31, 2023, we had cash and equivalents of 127,573
kEUR compared to 140,867 kEUR at December 31, 2022. Gross debt
amounted to 64,398 kEUR (of which 25,483 kEUR was short term),
compared to 80,980 kEUR at December 31, 2022.
Cash flow from operating activities for the year ended December
31, 2023 was 20,157 kEUR compared to 22,288 kEUR in the year ended
December 31, 2022. Total capital expenditures for the year ended
December 31, 2023 amounted to 11,760 kEUR.
Net shareholders’ equity at December 31, 2023 was 236,594 kEUR
compared to 228,928 kEUR at December 31, 2022.
2024 Guidance
For fiscal 2024, we will be providing guidance for both our
consolidated revenue as well our consolidated Adjusted EBIT, and
will no longer be providing guidance for our consolidated Adjusted
EBITDA. We believe our consolidated Adjusted EBIT will be a more
useful guidance measure for investors and analysts going forward as
Adjusted EBIT includes the periodic cost of capitalized tangible
and intangible assets used in generating revenue in our business
and, as such, will allow for a better assessment of our expected
performance. However, we will continue to report the segment
Adjusted EBITDA of our three business segments.
Mrs. de Vet-Veithen concluded, “Whereas our guidance reflects
the uncertain macro-economic and geo-political environment, we
believe Materialise is ideally positioned, thanks to our strong
product portfolio, continued investments in innovations and strong
financial foundation. We expect sales in all three of our segments
to increase. The growth of our Materialise Software revenue will be
further temporarily impacted by the transition towards a
cloud-based subscription business model that we are continuing to
implement. Based on current market conditions, we expect our full
year consolidated revenues to grow to a range of 265,000 to 275,000
kEUR in 2024. The revenue growth will result in an Adjusted EBIT
which we currently anticipate to total between 11,000 and 14,000
kEUR. We expect our three segments to contribute to our Adjusted
EBIT in line with their contributions to our revenue growth.”
Non-IFRS Measures
Materialise uses EBIT, EBITDA, Adjusted EBIT and Adjusted EBITDA
as supplemental financial measures of its financial performance.
EBIT is calculated as net profit plus income taxes, financial
expenses (less financial income) and shares of profit or loss in a
joint venture. EBITDA is calculated as net profit plus income
taxes, financial expenses (less financial income), shares of profit
or loss in a joint venture and depreciation and amortization.
Adjusted EBIT and Adjusted EBITDA are determined by adding
share-based compensation expenses, acquisition-related expenses of
business combinations, impairments and revaluation of fair value
due to business combinations to EBIT and EBITDA, respectively.
Management believes these non-IFRS measures to be important
measures as they exclude the effects of items which primarily
reflect the impact of financing decisions and, in the case of
EBITDA and Adjusted EBITDA, long term investment, rather than the
performance of the company’s day-to-day operations. The company
also uses segment Adjusted EBITDA to evaluate the performance of
its three business segments. As compared to net profit, these
measures are limited in that they do not reflect the cash
requirements necessary to service interest or principal payments on
the company’s indebtedness and, in the case of EBITDA and Adjusted
EBITDA, these measures are further limited in that they do not
reflect the periodic costs of certain capitalized tangible and
intangible assets used in generating revenues in the company’s
business, or the changes associated with impairments. Management
evaluates such items through other financial measures such as
financial expenses, capital expenditures and cash flow provided by
operating activities. The company believes that these measurements
are useful to measure a company’s ability to grow or as a valuation
measurement. The company’s calculation of EBIT, EBITDA, Adjusted
EBIT and Adjusted EBITDA may not be comparable to similarly titled
measures reported by other companies. EBIT, EBITDA, Adjusted EBIT
and Adjusted EBITDA should not be considered as alternatives to net
profit or any other performance measure derived in accordance with
IFRS. The company’s presentation of EBIT, EBITDA, Adjusted EBIT and
Adjusted EBITDA should not be construed to imply that its future
results will be unaffected by unusual or non-recurring items.
Exchange Rate
This document contains translations of certain euro amounts into
U.S. dollars at specified rates solely for the convenience of
readers. Unless otherwise noted, all translations from euros to
U.S. dollars in this document were made at a rate of EUR 1.00 to
USD 1.105, the reference rate of the European Central Bank on
December 31, 2023.
Conference Call and Webcast
Materialise will hold a conference call and simultaneous webcast
to discuss its financial results for the fourth quarter of 2023 and
other matters on Wednesday, February 21, 2024, at 8:30 a.m. ET/2:30
p.m. CET. Company participants on the call will include Brigitte de
Vet-Veithen, Chief Executive Officer; and Koen Berges, Chief
Financial Officer. A question-and-answer session will follow
management’s remarks. To access the call by phone, please click the
link below at least 15 minutes prior to the scheduled start time
and you will be provided with dial-in details. Participants can
choose to dial in or receive a call to connect to Materialise’s
conference call.
-
https://register.vevent.com/register/BI888ebbddf04e423395ea142ced72bee5
The conference call will also be broadcast live over the
internet with an accompanying slide presentation, which can be
accessed on the company’s website at
http://investors.materialise.com. A webcast of the conference call
will be archived on the company's website for one year.
About Materialise
Materialise incorporates over 30 years of 3D printing experience
into a range of software solutions and 3D printing services, which
form the backbone of the 3D printing industry. Materialise’s open
and flexible solutions enable players in a wide variety of
industries, including healthcare, automotive, aerospace, art and
design, and consumer goods, to build innovative 3D printing
applications that aim to make the world a better and healthier
place. Headquartered in Belgium, with branches worldwide,
Materialise combines one of the largest groups of software
developers in the industry with one of the largest and most
complete 3D printing facilities in the world. For additional
information, please visit: www.materialise.com.
Cautionary Statement on Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, regarding, among other things, our intentions, beliefs,
assumptions, projections, outlook, analyses or current
expectations, plans, objectives, strategies and prospects, both
financial and business, including statements concerning, among
other things, our estimates for the current fiscal year’s revenue
and Adjusted EBIT, our results of operations, cash needs, capital
expenditures, expenses, financial condition, liquidity, prospects,
growth and strategies (including how our business, results of
operations and financial condition could be impacted by the current
armed conflicts in the Middle East and Ukraine and governmental
responses thereto, inflation, increased labor, energy and materials
costs), and the trends and competition that may affect the markets,
industry or us. Such statements are subject to known and unknown
uncertainties and risks. When used in this press release, the words
“estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,”
“believe,” “forecast,” “will,” “may,” “could,” “might,” “aim,”
“should,” and variations of such words or similar expressions are
intended to identify forward-looking statements. These
forward-looking statements are based upon the expectations of
management under current assumptions at the time of this press
release. These expectations, beliefs and projections are expressed
in good faith and the company believes there is a reasonable basis
for them. However, the company cannot offer any assurance that our
expectations, beliefs and projections will actually be achieved. By
their nature, forward-looking statements involve risks and
uncertainties because they relate to events, competitive dynamics
and industry change, and depend on economic circumstances that may
or may not occur in the future or may occur on longer or shorter
timelines than anticipated. We caution you that forward-looking
statements are not guarantees of future performance and involve
known and unknown risks, uncertainties and other factors that are
in some cases beyond our control. All of the forward-looking
statements are subject to risks and uncertainties that may cause
the company's actual results to differ materially from our
expectations, including risk factors described in the company's
most recent annual report on Form 20-F filed with the U.S.
Securities and Exchange Commission. There are a number of risks and
uncertainties that could cause the company's actual results to
differ materially from the forward-looking statements contained in
this press release.
The company is providing this information as of the date of this
press release and does not undertake any obligation to update any
forward-looking statements contained in this press release as a
result of new information, future events or otherwise, unless it
has obligations under the federal securities laws to update and
disclose material developments related to previously disclosed
information.
Consolidated income statements
(Unaudited)
for the three months endedDecember 31, for the
twelve months endedDecember 31, In '000
2023
2023
2022
2023
2022
U.S.$ € € € € Revenue
72,151
65,295
62,703
256,127
232,023
Cost of Sales
(30,660)
(27,747)
(27,022)
(110,996)
(103,255)
Gross Profit
41,491
37,548
35,681
145,131
128,768
Gross profit as % of revenue
57.5%
57.5%
56.9%
56.7%
55.5%
Research and development expenses
(11,179)
(10,116)
(11,494)
(38,098)
(37,568)
Sales and marketing expenses
(17,021)
(15,403)
(17,284)
(57,822)
(62,125)
General and administrative expenses
(10,890)
(9,855)
(9,051)
(37,068)
(35,143)
Net other operating income (expenses)
(3,632)
(3,287)
593
(6,524)
3,196
Operating (loss) profit
(1,231)
(1,113)
(1,554)
5,619
(2,872)
Financial expenses
(294)
(266)
(4,216)
(3,865)
(4,420)
Financial income
35
32
780
5,019
6,114
Share in loss of joint venture
-
-
-
-
-
(Loss) profit before taxes
(1,490)
(1,348)
(4,990)
6,772
(1,178)
Income Taxes
893
809
402
(78)
(975)
Net (loss) profit for the period
(597)
(539)
(4,588)
6,695
(2,153)
Net (loss) profit attributable to:
-
The owners of the parent
(584)
(529)
(4,580)
6,722
(2,123)
Non-controlling interest
(11)
(10)
(8)
(27)
(29)
Earning per share attributable to owners of the
parent Basic
(0.01)
(0.01)
(0.08)
0.11
(0.04)
Diluted
(0.01)
(0.01)
(0.08)
0.11
(0.04)
Weighted average basic shares outstanding
59,067
59,067
59,064
59,067
59,064
Weighted average diluted shares outstanding
59,067
59,067
59,064
59,085
59,064
Consolidated statements of
comprehensive income (Unaudited)
for the three months endedDecember 31, for the
twelve months endedDecember 31, In 000€
2023
2023
2022
2023
2022
U.S.$ € € € € Net profit
(loss) for the period
(597)
(539)
(4,588)
6,695
(2,153)
Other comprehensive income Recycling Exchange
difference on translation of foreign operations
839
759
(2,943)
1,230
(1,427)
Non-recycling Fair value adjustments through OCI - Equity
instruments
(366)
(331)
(92)
(331)
(92)
Other comprehensive income (loss), net of taxes
473
428
(3,035)
899
(1,519)
Total comprehensive income (loss) for the year, net of taxes
(123)
(112)
(7,623)
7,594
(3,672)
Total comprehensive income (loss) attributable to: The owners of
the parent
(113)
(102)
(7,616)
7,619
(3,643)
Non-controlling interests
(11)
(10)
(7)
(25)
(29)
Consolidated statement of financial
position (Unaudited)
As ofDecember 31, As ofDecember 31, In 000€
2023
2022
Assets Non-current assets Goodwill
43,158
44,155
Intangible assets
31,464
37,875
Property, plant & equipment
95,400
94,276
Right-of-Use assets
8,102
8,420
Investments in joint ventures
-
-
Deferred tax assets
2,797
1,186
Investments in convertible loans
3,744
3,494
Investments in non-listed equity instruments
-
307
Other non-current assets
5,501
5,136
Total non-current assets
190,166
194,847
Current assets Inventories
17,034
16,081
Trade receivables
52,698
51,043
Other current assets
9,161
8,424
Cash and cash equivalents
127,573
140,867
Total current assets
206,465
216,414
Total assets
396,630
411,262
As ofDecember 31, As ofDecember 31, In 000€
2023
2022
Equity and liabilities Equity Share capital
4,487
4,487
Share premium
233,942
233,895
Retained earnings and other reserves
(1,782)
(9,427)
Equity attributable to the owners of the parent
236,647
228,955
Non-controlling interest
(53)
(28)
Total equity
236,594
228,928
Non-current liabilities Loans & borrowings
33,582
55,873
Lease liabilities
5,333
5,147
Deferred tax liabilities
3,725
4,312
Deferred income
10,701
9,277
Other non-current liabilities
1,745
1,611
Total non-current liabilities
55,086
76,220
Current liabilities Loans & borrowings
22,873
17,058
Lease liabilities
2,610
2,902
Trade payables
21,196
23,230
Tax payables
1,777
1,246
Deferred income
40,791
41,721
Other current liabilities
15,703
19,957
Total current liabilities
104,950
106,114
Total equity and liabilities
396,630
411,262
Consolidated statement of cash flows
(Unaudited)
for the twelve months ended
December 31,
In 000€
2023
2022
Operating activities Net (loss) profit for the period
6,695
(2,153)
Non-cash and operational adjustments Depreciation of property plant
& equipment
15,065
14,940
Amortization of intangible assets
6,504
7,628
Impairment of goodwill and intangible assets
4,228
-
Share-based payment expense
39
(140)
Loss (gain) on disposal of intangible assets and property, plant
& equipment
(415)
347
Movement in provisions
(181)
1,781
Movement reserve for bad debt and slow moving inventory
499
(23)
Financial income
(5,033)
(6,114)
Financial expense
3,886
4,420
Impact of foreign currencies
(94)
(39)
(Deferred) income taxes
73
975
Working capital adjustments
(12,576)
1,023
Decrease (increase) in trade receivables and other receivables
(3,335)
(6,330)
Decrease (increase) in inventories and contracts in progress
(806)
(5,011)
Increase (decrease) in deferred revenue
525
10,252
Increase (decrease) in trade payables and other payables
(8,961)
2,112
Income tax paid & Interest received
1,469
(358)
Net cash flow from operating activities
20,157
22,288
for the twelve months endedDecember 31, In 000€
2023
2022
Investing activities Purchase of property, plant &
equipment
(9,235)
(21,608)
Purchase of intangible assets
(2,525)
(3,165)
Proceeds from the sale of property, plant & equipment &
intangible assets (net)
723
205
Acquisition of subsidiary (net of cash)
-
(29,293)
Net cash flow used in investing activities
(11,037)
(53,861)
Financing activities Repayment of loans & borrowings
(16,723)
(17,708)
Repayment of leases
(3,549)
(3,379)
Capital increase
-
23
Interest paid
(1,750)
(1,990)
Other financial income (expense)
(346)
544
Net cash flow from (used in) financing activities
(22,368)
(22,510)
Net increase/(decrease) of cash & cash equivalents
(13,248)
(54,082)
Cash & Cash equivalents at the beginning of the year
140,867
196,028
Exchange rate differences on cash & cash equivalents
(46)
(1,078)
Cash & cash equivalents at end of the period
127,573
140,867
Reconciliation of Net Profit (Loss) to
EBIT and Adjusted EBIT (Unaudited)
for the three months ended
December 31,
for the twelve months ended
December 31,
In 000€
2023
2022
2023
2022
Net profit (loss) for the period
(539)
(4,588)
6,695
(2,153)
Income taxes
(809)
(402)
78
975
Financial expenses
266
4,216
3,865
4,420
Financial income
(32)
(780)
(5,019)
(6,114)
Share in loss of joint venture
-
-
-
-
EBIT
(1,113)
(1,554)
5,619
(2,872)
Share-based compensation expense (1)
39
(20)
39
(140)
Revaluation of fair value due to business combinations
-
-
-
-
Impairments (2)
4,228
-
4,228
-
Acquisition-related expenses of business combinations
-
-
-
-
Adjusted EBIT
3,154
(1,574)
9,886
(3,013)
(1)
Share-based compensation expense represents the cost of
equity-settled and share-based payments to employees.
(2)
Impairments represent the impairment of goodwill and intangible
assets of Materialise Motion (3,572 kEUR) and the impairment of
tangible and intangible assets of Engimplan (656 kEUR).
Reconciliation of Net Profit (Loss) to
EBITDA and Adjusted EBITDA (Unaudited)
for the three months endedDecember 31, for the
twelve months endedDecember 31, In 000€
2023
2022
2023
2022
Net profit (loss) for the period
(539)
(4,588)
6,695
(2,153)
Income taxes
(809)
(402)
78
975
Financial expenses
266
4,216
3,865
4,420
Financial income
(32)
(780)
(5,019)
(6,114)
Depreciation and amortization
5,320
5,832
21,511
22,026
Share in loss of joint venture
-
-
-
-
EBITDA
4,207
4,278
27,130
19,154
Share-based compensation expense (1)
39
(20)
39
(140)
Revaluation of fair value due to business combinations
-
-
-
-
Impairments (2)
4,228
-
4,228
-
Acquisition-related expenses of business combinations
-
-
-
-
Adjusted EBITDA
8,474
4,258
31,397
19,014
(1)
Share-based compensation expense represents the cost of
equity-settled and share-based payments to employees.
(2)
Impairments represent the impairment of goodwill and intangible
assets of Materialise Motion (3,572 kEUR) and the impairment of
tangible and intangible assets of Engimplan (656 kEUR).
Segment P&L (Unaudited)
In 000€
MaterialiseSoftware MaterialiseMedical
MaterialiseManufacturing Totalsegments Unallocated
(1) Consolidated For the three months ended December
31, 2023 Revenues
11,250
27,848
26,198
65,295
0
65,295
Segment (adj) EBITDA
1,259
9,365
557
11,181
(2,708)
8,474
Segment (adj) EBITDA %
11.2%
33.6%
2.1%
17.1%
13.0%
For the three months ended December 31, 2022 Revenues
11,699
24,254
26,750
62,703
0
62,703
Segment (adj) EBITDA
(1,441)
6,355
1,506
6,421
(2,163)
4,258
Segment (adj) EBITDA %
-12.3%
26.2%
5.6%
10.2%
6.8%
In 000€
MaterialiseSoftware MaterialiseMedical
MaterialiseManufacturing Totalsegments Unallocated
(1) Consolidated For the twelve months ended December
31, 2023 Revenues
44,442
101,376
110,310
256,127
0
256,127
Segment (adj) EBITDA
7,450
26,544
7,537
41,530
(10,133)
31,397
Segment (adj) EBITDA %
16.8%
26.2%
6.8%
16.2%
12.3%
For the twelve months ended December 31, 2022 Revenues
43,688
84,846
103,489
232,023
0
232,023
Segment (adj) EBITDA
1,514
18,822
8,229
28,565
(9,551)
19,014
Segment (adj) EBITDA %
3.5%
22.2%
8.0%
12.3%
8.2%
(1)
Unallocated segment adjusted EBITDA consists of corporate research
and development and corporate other operating income (expense), and
the added share-based compensation expenses, acquisition related
expenses of business combinations, impairments and fair value of
business combinations that are included in Adjusted EBITDA.
Reconciliation of Net Profit (Loss) to
Segment adjusted EBITDA (Unaudited)
for the three months endedDecember 31, for the
twelve months endedDecember 31, In 000€
2023
2022
2023
2022
Net profit (loss) for the period
(539)
(4,588)
6,695
(2,153)
Income taxes
(809)
(402)
78
975
Financial cost
266
4,216
3,865
4,420
Financial income
(32)
(780)
(5,019)
(6,114)
Operating (loss) profit
(1,113)
(1,554)
5,619
(2,872)
Depreciation and amortization
5,320
5,832
21,511
22,026
Corporate research and development
721
594
2,785
2,600
Corporate headquarter costs
2,869
2,349
10,464
9,504
Other operating income (expense)
(844)
(800)
(3,077)
(2,693)
Impairments (1)
4,228
-
4,228
-
Segment adjusted EBITDA
11,181
6,421
41,530
28,565
(1)
Impairments represent the impairment of goodwill and intangible
assets of Materialise Motion (3,572 kEUR) and the impairment of
tangible and intangible assets of Engimplan (656 kEUR).
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240221218418/en/
Investor Relations Harriet Fried LHA 212.838.3777
hfried@lhai.com
Materialise NV (NASDAQ:MTLS)
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