Full Year and Fourth Quarter Results
Except as otherwise required by the context, references to Materialise, Company, we, us and our are
to Materialise NV and its subsidiaries.
Fourth Quarter 2018 Results
Total revenue for the fourth quarter of 2018 increased 9.6% to 49,014 kEUR compared to 44,733 kEUR for the fourth quarter of 2017.
Revenue from our Materialise Software segment decreased 4.1% to 10,044 kEUR for the fourth quarter of 2018 from 10,468 kEUR for the same quarter last year.
Deferred revenue from license and maintenance fees within the segment increased by 965 kEUR compared to last years quarter.
Revenue from our
Materialise Medical segment increased 27.4% to 15,081 kEUR for the fourth quarter of 2018 compared to 11,842 kEUR for the same period in 2017. Compared to the same quarter in 2017, revenues from medical devices and services grew 39.6%, and revenues
from our medical software grew 6.9%.
Revenue from our Materialise Manufacturing segment increased 6.8% to 23,926 kEUR for the fourth quarter of 2018 from
22,394 kEUR for the fourth quarter of 2017.
Gross profit was 27,261 kEUR, or 55.6% of total revenue, for the fourth quarter of 2018 compared to 23,601
kEUR, or 52.8% of total revenue, for the fourth quarter of 2017.
Research and development (R&D), sales and marketing
(S&M) and general and administrative (G&A) expenses increased, in the aggregate, 11.1% to 27,290 kEUR for the fourth quarter of 2018 from 24,553 kEUR for the fourth quarter of 2017.
Net other operating income decreased by 1,135 kEUR to 810 kEUR compared to 1,945 kEUR for the fourth quarter of 2017. Net other operating income this quarter
was impacted by higher provisions for doubtful trade receivables, which totaled 852 kEUR, and included the application of the new IFRS9 Financial Instruments accounting standard.
Operating result decreased to 781 kEUR from 993 kEUR for the same period in the prior year.
Net financial result was (420) kEUR compared to (356) kEUR for the prior-year period.
Net profit for the fourth quarter of 2018 was 525 kEUR, compared to net profit of 1,067 kEUR for the same period in 2017. The operating profit decreased by
212 kEUR and our share in the loss of a joint venture increased by 311 kEUR. Total comprehensive income for the fourth quarter of 2018, which includes exchange differences on translation of foreign operations, was 507 kEUR compared to 857 kEUR for
the same period in 2017.
Adjusted EBITDA increased to 6,052 kEUR from 5,806 kEUR. The Adjusted EBITDA margin (Adjusted EBITDA divided by total revenue)
in the fourth quarter of 2018 was 12.3% compared to 13.0% in the fourth quarter of 2017.
Segment EBITDA from our Materialise Software segment decreased
to 2,969 kEUR from 4,619 kEUR while the segment EBITDA margin (the segments EBITDA divided by the segments revenue) was 29.6% compared to 44.1% in the prior-year period.
Segment EBITDA from our Materialise Medical segment was 3,593 kEUR compared to 2,158 kEUR while the segment EBITDA margin increased to 23.8% from 18.2% in the
fourth quarter of 2017.
Segment EBITDA from our Materialise Manufacturing segment increased to 1,983 kEUR from 1,377 kEUR while the segment EBITDA margin
increased to 8.3% from 6.1% for the same quarter in 2017.
At December 31, 2018, we had cash and equivalents of 115,506 kEUR compared to 43,175 kEUR
at December 31, 2017. Cash flow from operating activities for the full year 2018 was 28,321 kEUR compared to 9,951 kEUR in 2017.
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