Materialise Reports Fourth Quarter and Full Year 2023 Results
- Total revenue increased 4.1% to 65,295 kEUR in Q4 2023 compared to the same period in 2022.
- Adjusted EBITDA for Q4 2023 was 8,474 kEUR, a notable increase from the previous year.
- Net profit for Q4 2023 improved to (539) kEUR, compared to (4,588) kEUR in 2022.
- Full year 2023 saw total revenue rise by 10.4% to 256,127 kEUR from 232,023 kEUR in 2022.
- Adjusted EBITDA for 2023 was 31,397 kEUR, representing a growth of 65% from 2022.
- CEO emphasized resilience, growth, and strong financial position despite challenging conditions.
- None.
Insights
The financial results of Materialise NV for the fourth quarter and full year of 2023 indicate a positive growth trajectory, with total revenue increasing by 4.1% and 10.4% respectively. The significant growth in Adjusted EBITDA, particularly the 65% year-over-year increase, suggests operational efficiency improvements or cost management strategies that have positively impacted the bottom line. The Medical segment's performance, surpassing 100,000 kEUR in revenue, marks a substantial milestone and reflects the increasing demand for medical applications of 3D printing technology.
However, the reported net loss in the fourth quarter due to non-cash impairment charges warrants attention. These charges may indicate a revaluation of certain assets, potentially due to shifts in market conditions or technology. The net profit for the full year, in contrast, shows a recovery from the previous year's net loss, which could signal a solid turnaround in the company's profitability. Materialise's strong cash position and reduced gross debt provide financial stability, which is crucial for continued investment in innovation and may positively influence investor confidence.
Materialise NV's performance in the additive manufacturing and medical software sectors is reflective of broader industry trends where demand for personalized medical solutions and advanced manufacturing techniques is growing. The double-digit revenue growth in the Medical segment is particularly noteworthy, as it underscores the potential for 3D printing technology in healthcare—a sector with high barriers to entry but significant long-term growth prospects.
The decrease in revenue for the Materialise Software and Manufacturing segments in the fourth quarter raises questions about market saturation or competitive dynamics within these areas. Nevertheless, the overall increase in annual revenue for these segments suggests a resilient business model. The transition towards a cloud-based subscription model for software may initially impact revenue but could lead to more stable, recurring revenue streams in the future.
Materialise NV's success in the Medical segment is indicative of the company's ability to capitalize on the intersection of healthcare and technology. Their growth in this area can be attributed to advancements in personalized medicine and the increasing adoption of 3D printed medical devices and implants. The high Adjusted EBITDA margin in the Medical segment suggests that this area not only contributes significantly to revenue but also does so with high profitability, which is promising for future investment and development in medical applications of 3D printing.
Looking forward, the company's focus on innovation and integration of a diverse product portfolio is likely to further solidify its position in the market. The emphasis on creating synergies across different product lines could lead to more efficient operations and potentially unlock new opportunities in the rapidly evolving medtech landscape.
LEUVEN,
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
Fourth Quarter 2023 Results
Total revenue for the fourth quarter of 2023 increased
Revenue from our Materialise Software segment decreased
Revenue from our Materialise Medical segment increased
Revenue from our Materialise Manufacturing segment decreased
Gross profit increased
Research and development (“R&D”), sales and marketing (“S&M”) and general and administrative (“G&A”) expenses decreased, in the aggregate,
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
Revenues from our Materialise Software segment increased
Revenues from our Materialise Medical segment grew by
Revenues from our Materialise Manufacturing segment increased
Gross profit increased
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
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.
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
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
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 ended December 31, |
for the twelve months ended December 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 |
|
|
|
|
|
|||||
| 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 ended December 31, |
for the twelve months ended December 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 of December 31, |
As of December 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 of December 31, |
As of December 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
|
||||
| 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 ended December 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
|
for the twelve months ended
|
|||||||
| 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 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) |
||||
| 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€ |
Materialise Software |
Materialise Medical |
Materialise Manufacturing |
Total segments |
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 % |
|
|
|
|
|
|||||||
| 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 % |
- |
|
|
|
|
|||||||
| In 000€ | Materialise Software |
Materialise Medical |
Materialise Manufacturing |
Total segments |
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 % |
|
|
|
|
|
|||||||
| 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 % |
|
|
|
|
|
(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 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 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
Source: Materialise NV
FAQ
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