Materialise NV MTLS - Options Chain

Strike	Bid Price	Ask Price	Last Price	Midpoint	Change	Change %	Volume	OPEN INT	Last Trade
2.50	4.40	4.70	3.70	4.55	0.00	0.00 %	0	8	-
5.00	1.85	2.10	2.00	1.975	0.00	0.00 %	0	320	-
7.50	0.06	0.05	0.05	0.055	-0.01	-16.67 %	12	1,452	09:30:09

Strike

Bid Price

Ask Price

Last Price

Midpoint

Change

Change %

Volume

OPEN INT

Last Trade

2.50

4.40

4.70

3.70

4.55

0.00

0.00 %

5.00

1.85

2.10

2.00

1.975

0.00

0.00 %

320

7.50

0.06

0.05

0.055

-0.01

-16.67 %

1,452

09:30:09

Strike	Bid Price	Ask Price	Last Price	Midpoint	OPEN INT	Last Trade
2.50	0.00	0.75	0.00	0.00	0	-
5.00	0.05	0.05	0.05	0.05	258	-
7.50	0.45	0.65	0.80	0.55	74	-

Strike

Bid Price

Ask Price

Last Price

Midpoint

Change

Change %

Volume

OPEN INT

Last Trade

2.50

0.00

0.75

0.00

0.00 %

5.00

0.05

0.00

0.00 %

258

7.50

0.45

0.65

0.80

0.55

0.00

0.00 %

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Materialise Reports Fourth Quarter and Full Year 2023 Results

Source: Business Wire
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.

Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 (6-k)

Source: Edgar (US Regulatory)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of October 2022
Commission File Number: 001-36515

Materialise NV

Technologielaan 15
3001 Leuven
Belgium
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ? Form 40-F ?
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ?
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ?
This Form 6-K is incorporated by reference into the registrant’s Registration Statement on Form F-3 (File No. 333-213649).

Third Quarter 2022 Financial Results
Except as otherwise required by the context, references to “Materialise,” “Company,” “we,” “us” and “our” are to Materialise NV and its subsidiaries.
Third Quarter 2022 Results
Total revenue for the third quarter of 2022 increased 11.7% to 58,288 kEUR from 52,195 kEUR for the third quarter of 2021.
Revenue from our Materialise Software segment increased 3.8% to 10,863 kEUR for the third quarter of 2022 from 10,468 kEUR for the same quarter last year.
Revenue from our Materialise Medical segment increased 13.1% to 21,391 kEUR for the third quarter of 2022 compared to 18,910 kEUR for the same period in 2021.
Revenue from our Materialise Manufacturing segment increased 14.1% to 26,033 kEUR for the third quarter of 2022 from 22,817 kEUR for the third quarter of 2021.
Gross profit was 32,042 kEUR compared to 31,076 kEUR for the same period last year, while gross profit as a percentage of revenue decreased to 55.0% compared to 59.5% for the third quarter of 2021.
Research and development (“R&D”), sales and marketing (“S&M”) and general and administrative (“G&A”) expenses increased, in the aggregate, 24.5% to 33,491 kEUR for the third quarter of 2022 from 26,900 kEUR for the third quarter of 2021.
Net other operating income increased to 1,166 kEUR from 355 kEUR for the third quarter of 2021.
Operating result amounted to (282) kEUR compared to 4,529 kEUR for the third quarter of 2021.
Net financial result was 2,173 kEUR compared to 4,203 kEUR for the third quarter of 2021.
The third quarter of 2022 contained income tax expenses of (478) kEUR, compared to (75) kEUR in the third quarter of 2021.
As a result of the above, net profit for the third quarter of 2022 was 1,413 kEUR, compared to 8,657 kEUR for the same period in 2021. Total comprehensive income for the third quarter of 2022, which includes exchange differences on translation of foreign operations, was 1,638 kEUR compared to 8,272 kEUR for the 2021 period.
At September 30, 2022, we had cash and cash equivalents of 150,621 kEUR compared to 196,028 kEUR at December 31, 2021. Gross debt amounted to 83,925 kEUR, compared to 99,107 kEUR at December 31, 2021. As a result, our net cash position (cash and cash equivalents less gross debt) was 66,696 kEUR, a decrease of 30,225 kEUR, and included the effect of our call option exercise to acquire 100% of the shares of Link3D, and of our acquisition of Identify3D.
Cash flow from operating activities for the third quarter of the year 2022 was 3,840 kEUR compared to 4,388 kEUR for the same period in 2021. Total capital expenditures for the third quarter of 2022 amounted to 9,441 kEUR.
Net shareholders’ equity at September 30, 2022 was 236,559 kEUR compared to 232,577 kEUR at December 31, 2021.
Adjusted EBITDA amounted to 5,072 kEUR for the third quarter of 2022 compared to 9,739 kEUR for the 2021 period. The Adjusted EBITDA margin (Adjusted EBITDA divided by total revenue) for the third quarter of 2022 was 8.7%, compared to 18.7% for the third quarter of 2021.
Adjusted EBITDA from our Materialise Software segment decreased, including the effect of ongoing investments in Link3D and Identify3D, to 202 kEUR from 3,708 kEUR while the segment EBITDA margin (segment EBITDA divided by segment revenue) was 1.9% compared to 35.4% for the prior-year period.
Adjusted EBITDA from our Materialise Medical segment amounted to 4,765 kEUR for the third quarter of 2022 compared to 5,251 kEUR while the segment EBITDA margin was 22.3% compared to 27.8% for the third quarter of 2021.
Adjusted EBITDA from our Materialise Manufacturing segment amounted to 2,530 kEUR compared to 3,546 kEUR for the same period last year, while the segment EBITDA margin was 9.7% compared to 15.5% for the third quarter of 2021.
Non-IFRS Measures
Materialise uses EBITDA and Adjusted EBITDA as supplemental financial measures of its financial performance. 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 EBITDA is determined by adding share-based compensation expenses, acquisition-related expenses of business combinations, impairments and revaluation of fair value due to business combinations to EBITDA. Management believes these non-IFRS measures to be important measures as they exclude the effects of items which primarily reflect the impact of long-term investment and financing decisions, rather than the performance of the company’s day-to-day operations. As compared to net profit, these measures are 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 charges associated with impairments. Management evaluates such items through other financial measures such as 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 EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. EBITDA 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 EBITDA 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 0.9748, the reference rate of the European Central Bank on September 30, 2022.
About Materialise
Materialise incorporates 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 3D printing facilities in the world.
Consolidated income statements (Unaudited)

for the three months ended
September 30, for the nine months ended
September 30,
In ‘000 2022 2022 2021(*) 2022 2021(*)
U.S.$ € € € €
Revenue
56,819 58,288 52,195 169,319 148,461
Cost of Sales
(25,584 ) (26,245 ) (21,119 ) (76,236 ) (64,378 )
Gross Profit
31,235 32,042 31,076 93,083 84,084
Gross profit as % of revenue
55.0 % 55.0 % 59.5 % 55.0 % 56.6 %
Research and development expenses
(9,078 ) (9,313 ) (6,602 ) (26,074 ) (19,982 )
Sales and marketing expenses
(14,815 ) (15,198 ) (12,413 ) (44,841 ) (35,730 )
General and administrative expenses
(8,754 ) (8,980 ) (7,885 ) (26,089 ) (23,449 )
Net other operating income (expenses)
1,137 1,166 355 2,603 2,318
Operating (loss) profit
(275 ) (282 ) 4,529 (1,318 ) 7,239
Financial expenses
(2,057 ) (2,110 ) 2,334 (4,671 ) (3,182 )
Financial income
4,175 4,283 1,869 9,800 4,426
Share in loss of joint venture
— — — — —
(Loss) profit before taxes
1,843 1,891 8,732 3,812 8,483
Income Taxes (*)
(466 ) (478 ) (75 ) (1,377 ) (101 )
Net (loss) profit for the period (*)
1,377 1,413 8,657 2,435 8,382
Net (loss) profit attributable to:
—
The owners of the parent
1,385 1,421 8,660 2,457 8,386
Non-controlling interest
(8 ) (8 ) (3 ) (21 ) (4 )
Earning per share attributable to owners of the parent

Basic (*)
0.02 0.02 0.15 0.04 0.15
Diluted (*)
0.02 0.02 0.15 0.04 0.15
Weighted average basic shares outstanding
59,064 59,064 58,731 59,064 55,935
Weighted average diluted shares outstanding
59,089 59,089 58,944 59,099 56,206

(*)
The year 2021 has been restated to reflect the final accounting of the business combination with RS Print. Impact on the nine months ended September 30 income taxes and net profit is (46)k€.
The year 2021 has been restated to reflect the final accounting of the business combination with RS Print. Impact on the three months ended September 30 income taxes and net profit is 5 k€.
Consolidated statements of comprehensive income (Unaudited)

for the three months ended
September 30, for the nine months ended
September 30,
In 000€ 2022 2022 2021(*) 2022 2021(*)
U.S.$ € € € €
Net profit (loss) for the period (*)
1,377 1,413 8,657 2,435 8,382
Other comprehensive income

Recycling

Exchange difference on translation of foreign operations
219 225 (385 ) 1,291 1,590
Non-recycling

Fair value adjustments through OCI - Equity instruments
— — — (0 ) 48
Other comprehensive income (loss), net of taxes
219 225 (385 ) 1,291 1,638
Total comprehensive income (loss) for the year, net of taxes
1,596 1,638 8,272 3,726 10,020
Total comprehensive income (loss) attributable to:

The owners of the parent
1,604 1,646 8,275 3,748 10,023
Non-controlling interests
(8 ) (8 ) (3 ) (21 ) (3 )

(*)
The year 2021 has been restated to reflect the final accounting of the business combination with RS Print. Impact on the nine months ended September 30 income taxes and net profit is (46)k€.
The year 2021 has been restated to reflect the final accounting of the business combination with RS Print. Impact on the three months ended September 30 income taxes and net profit is 5 k€.
Consolidated statement of financial position (Unaudited)

As of
September 30, As of
December 31,
In 000€ 2022 2021
Assets

Non-current assets

Goodwill
50,190 18,726
Intangible assets
38,710 31,668
Property, plant & equipment
92,335 84,451
Right-of-Use assets
8,520 9,054
Investments in joint ventures
— —
Deferred tax assets
217 227
Investments in convertible loans
3,431 3,560
Investments in non-listed equity instruments
399 399
Other non-current assets
4,948 7,520
Total non-current assets
198,750 155,605
Current assets

Inventories
15,532 11,295
Trade receivables
42,329 41,541
Other current assets
8,374 8,940
Cash and cash equivalents
150,621 196,028
Total current assets
216,856 257,803
Total assets
415,606 413,408
As of
September 30, As of
December 31,
In 000€ 2022 2021
Equity and liabilities

Equity

Share capital
4,487 4,489
Share premium
233,869 233,872
Retained earnings and other reserves
(1,797 ) (5,784 )
Equity attributable to the owners of the parent
236,559 232,577
Non-controlling interest
(21 ) 1
Total equity
236,538 232,578
Non-current liabilities

Loans & borrowings
58,126 72,637
Lease liabilities
5,004 5,268
Deferred tax liabilities
4,239 4,371
Deferred income
6,932 4,952
Other non-current liabilities
1,027 2,168
Total non-current liabilities
75,328 89,396
Current liabilities

Loans & borrowings
17,593 17,849
Lease liabilities
3,202 3,353
Trade payables
25,038 20,171
Tax payables
1,128 783
Deferred income
36,112 33,306
Other current liabilities
20,667 15,972
Total current liabilities
103,740 91,434
Total equity and liabilities
415,606 413,408
Consolidated statement of cash flows (Unaudited)

for the nine months ended
September 30,
In 000€ 2022 2021*
Operating activities

Net (loss) profit for the period (*)
2,435 8,382
Non-cash and operational adjustments

Depreciation of property plant & equipment
11,335 11,460
Amortization of intangible assets
4,859 3,780
Impairment of goodwill and intangible assets
— —
Share-based payment expense
(121 ) (878 )
Loss (gain) on disposal of property, plant & equipment
59 43
Movement in provisions
(506 ) 7
Movement reserve for bad debt and slow moving inventory
(42 ) 154
Financial income
(9,771 ) (4,426 )
Financial expense
5,009 3,182
Impact of foreign currencies
98 107
Share in loss (gain) of a joint venture (equity method)
— —
(Deferred) income taxes (*)
1,384 101
Other non-current liabilities
— —
Working capital adjustments
9,109 (4,531 )
Decrease (increase) in trade receivables and other receivables
(184 ) (7,553 )
Decrease (increase) in inventories and contracts in progress
(4,356 ) (1,770 )
Increase (decrease) in deferred revenue
3,815 (56 )
Increase (decrease) in trade payables and other payables
9,834 4,848
Income tax paid & Interest received
(262 ) 108
Net cash flow from operating activities
23,587 17,490

(*)
The year 2021 has been restated to reflect the final accounting of the business combination with RS Print. Impact on Net profit for the period and on (Deferred) income taxes is (46) k€.
for the nine months ended
September 30,
In 000€ 2022 2021
Investing activities

Purchase of property, plant & equipment
(16,066 ) (4,827 )
Purchase of intangible assets
(3,422 ) (2,439 )
Proceeds from the sale of property, plant & equipment & intangible assets (net)
319 295
Acquisition of subsidiary (net of cash)
(29,355 ) —
(Convertible) Loans granted
— 1,239
Investment in subsidiary, net of cash acquired
— (1,680 )
Net cash flow used in investing activities
(48,523 ) (7,412 )
Financing activities

Repayment of loans & borrowings
(15,182 ) (11,169 )
Repayment of leases
(2,566 ) (2,841 )
Capital increase
— 85,787
Interest paid
(1,665 ) (1,652 )
Other financial income (expense)
1,378 2,740
Net cash flow from (used in) financing activities
(18,035 ) 72,865
Net increase/(decrease) of cash & cash equivalents
(42,972 ) 82,943
Cash & Cash equivalents at the beginning of the year
196,028 111,538
Exchange rate differences on cash & cash equivalents
(2,433 ) 465
Cash & cash equivalents at end of the period
150,621 194,946
Reconciliation of Net Profit (Loss) to EBITDA and Adjusted EBITDA (Unaudited)

for the three months ended
September 30, for the nine months ended
September 30,
In 000€ 2022 2021 (*) 2022 2021 (*)
Net profit (loss) for the period (*)
1,413 8,657 2,435 8,382
Income taxes (*)
478 75 1,377 101
Financial expenses
2,110 (2,334 ) 4,671 3,182
Financial income
(4,283 ) (1,869 ) (9,800 ) (4,426 )
Depreciation and amortization
5,378 5,314 16,194 15,240
Share in loss of joint venture
— — — —
EBITDA
5,096 9,843 14,876 22,480
Share-based compensation expense (1)
(24 ) (104 ) (121 ) (878 )
Acquisition-related expenses of business combinations (2)
— — — 405
Adjusted EBITDA
5,072 9,739 14,755 22,007

(1)
Share-based compensation expense represents the cost of equity-settled and share-based payments to employees.
(2)
Acquisition-related expenses of business combinations represents expenses incurred in connection with the acquisition of our option to buy Link3D.
(*)
The year 2021 has been restated to reflect the final accounting of the business combination with RS Print. Impact on the nine months ended September 30 income taxes and net profit is (46)k€.
The year 2021 has been restated to reflect the final accounting of the business combination with RS Print. Impact on the three months ended September 30 income taxes and net profit is 5 k€.
Segment P&L (Unaudited)

In 000€ Materialise
Software Materialise
Medical Materialise
Manufacturing Total
segments Unallocated (1) Consolidated
For the three months ended September 30, 2022

Revenues
10,863 21,391 26,033 58,288 0 58,288
Segment (adj) EBITDA
202 4,765 2,530 7,497 (2,425 ) 5,072
Segment (adj) EBITDA %
1.9 % 22.3 % 9.7 % 12.9 % 8.7 %
For the three months ended September 30, 2021

Revenues
10,468 18,910 22,817 52,196 (0 ) 52,195
Segment (adj) EBITDA
3,708 5,251 3,546 12,506 (2,767 ) 9,739
Segment (adj) EBITDA %
35.4 % 27.8 % 15.5 % 24.0 % 18.7 %

In 000€ Materialise
Software Materialise
Medical Materialise
Manufacturing Total
segments Unallocated (1) Consolidated
For the nine months ended September 30, 2022

Revenues
31,989 60,592 76,739 169,319 0 169,319
Segment (adj) EBITDA
2,955 12,466 6,722 22,144 (7,388 ) 14,755
Segment (adj) EBITDA %
9.2 % 20.6 % 8.8 % 13.1 % 8.7 %
For the nine months ended September 30, 2021

Revenues
30,719 52,686 65,199 148,604 (142 ) 148,461
Segment (adj) EBITDA
10,266 14,313 5,252 29,831 (7,826 ) 22,004
Segment (adj) EBITDA %
33.4 % 27.2 % 8.1 % 20.1 % 14.8 %

(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
September 30, for the nine months ended
September 30,
In 000€ 2022 2021 (*) 2022 2021 (*)
Net profit (loss) for the period (*)
1,413 8,657 2,435 8,382
Income taxes (*)
478 75 1,377 101
Financial cost
2,110 (2,334 ) 4,671 3,182
Financial income
(4,283 ) (1,869 ) (9,800 ) (4,426 )
Share in loss of joint venture
— — — —
Operating (loss) profit
(282 ) 4,529 (1,318 ) 7,239
Depreciation and amortization
5,378 5,314 16,194 15,240
Corporate research and development
592 710 2,057 2,191
Corporate headquarter costs
2,491 2,463 7,103 6,907
Other operating income (expense)
(681 ) (511 ) (1,892 ) (1,745 )
Segment adjusted EBITDA
7,497 12,506 22,144 29,831

(*)
The year 2021 has been restated to reflect the final accounting of the business combination with RS Print. Impact on the nine months ended September 30 income taxes and net profit is (46)k€.
The year 2021 has been restated to reflect the final accounting of the business combination with RS Print. Impact on the three months ended September 30 income taxes and net profit is 5 k€.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

MATERIALISE NV
By:
/s/ Wilfried Vancraen
Name: Wilfried Vancraen
Title: Chief Executive Officer
Date: October 27, 2022

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