Materialise NV (NASDAQ:MTLS), a leading provider of additive manufacturing and medical software and of sophisticated 3D printing services, today announced its financial results for the first quarter ended March 31, 2020.

Highlights – First Quarter 2020

  • Total revenue decreased 1.8% to 46,245 kEUR for the first quarter of 2020 compared to the 2019 period, despite continued revenue growth in our Materialise Software and Materialise Medical segments of 5.0% and 15.3%, respectively.
  • Total deferred revenues from annual software sales and maintenance fees increased 2,037 kEUR to 29,703 kEUR compared to December 31, 2019.
  • Adjusted EBITDA decreased 38.2% to 3,603 kEUR for the first quarter of 2020 compared to the 2019 period.
  • Net loss for the first quarter of 2020 was (2,853) kEUR, or (0.05) EUR per diluted share, compared to (304) kEUR, or (0.01) EUR per diluted share, for the 2019 period.
  • Total cash was 127,135 kEUR at the end of the quarter; net cash was 2,433 kEUR, an increase of 1,474 kEUR compared to December 31, 2019.

Executive Chairman Peter Leys commented, “Fiscal 2020 began with unexpected challenges for businesses worldwide as a result of the COVID-19 virus. Materialise still performed relatively well during the first quarter as sales began to be negatively impacted only towards the end of the quarter. With the subsequent spread of the COVID-19 crisis and the increased disruption to the global economy and normal business operations, we expect the pandemic’s impact to be much more pronounced during at least the second quarter of 2020. Fortunately, our balance sheet remains strong with total cash of 127,135 kEUR and short-term debt of only 17,193 kEUR as of March 31, 2020.

“Our current view is that, after the crisis, market interest in 3D printing, in general, and in meaningful applications for 3D printing, in particular, should pick up relatively quickly, including as a result of the many 3D printed solutions that have addressed new market needs so expeditiously during the crisis. We believe Materialise will be uniquely positioned to capture some of these opportunities. Accordingly, while we have implemented a variety of health, safety and cost-saving measures, our focus is on maintaining, as much as reasonably possible, our strategic investments in the majority of the research and business development projects currently in process throughout our three segments. Supported by our strong balance sheet, this focus should position us well to further expand our existing business and take advantage of new growth opportunities when current conditions improve.”

First Quarter 2020 Results

Total revenue for the first quarter of 2020 decreased 1.8% to 46,245 kEUR compared to 47,115 kEUR for the first quarter of 2019. Adjusted EBITDA decreased to 3,603 kEUR from 5,827 kEUR. The Adjusted EBITDA margin (Adjusted EBITDA divided by total revenue) for the first quarter of 2020 was 7.8% compared to 12.4% for the first quarter of 2019.

Revenue from our Materialise Software segment increased 5.0% to 9,821 kEUR for the first quarter of 2020 from 9,350 kEUR for the same quarter last year. Segment EBITDA decreased to 2,645 kEUR from 2,961 kEUR while the segment EBITDA margin was 26.9% compared to 31.7% for the prior-year period.

Revenue from our Materialise Medical segment increased 15.3% to 15,645 kEUR for the first quarter of 2020 compared to 13,566 kEUR for the same period in 2019. Compared to the first quarter of 2019, revenues from medical devices and services grew 18.2% and revenues from our medical software grew 9.8%. Segment EBITDA increased to 2,455 kEUR compared to 1,773 kEUR while the segment EBITDA margin was 15.7% compared to 13.1% for the first quarter of 2019.

Revenue from our Materialise Manufacturing segment decreased 13.9% to 20,815 kEUR for the first quarter of 2020 from 24,184 kEUR for the first quarter of 2019. Segment EBITDA decreased to 1,118 kEUR from 3,695 kEUR while the segment EBITDA margin was 5.4% compared to 15.3% for the first quarter of 2019.

Gross profit was 24,632 kEUR, or 53.3% of total revenue, for the first quarter of 2020 compared to 25,579 kEUR, or 54.3% of total revenue, for the first quarter of 2019.

Research and development (“R&D”), sales and marketing (“S&M”) and general and administrative (“G&A”) expenses increased, in the aggregate, 3.9% to 26,351 kEUR for the first quarter of 2020 from 25,361 kEUR for the first quarter of 2019.

Net other operating income was 683 kEUR compared to 1,258 kEUR for the first quarter of 2019.

Operating result decreased to (1,037) kEUR from 1,476 kEUR for the first quarter of 2019.

Net financial result was (1,321) kEUR compared to (592) kEUR for the first quarter of 2019. The share in loss of joint venture amounted to (39) kEUR compared to (123) kEUR for the same period in 2019.

The first quarter of 2020 contained income tax expenses of (457) kEUR, compared to (1,065) kEUR in the first quarter of 2019.

As a result of the above, net loss for the first quarter of 2020 was (2,853) kEUR, compared to (304) kEUR for the same period in 2019. Total comprehensive income for the first quarter of 2020, which includes exchange differences on translation of foreign operations, was (6,996) kEUR compared to 284 kEUR for the 2019 period.

At March 31, 2020, we had cash and equivalents of 127,135 kEUR compared to 128,897 kEUR at December 31, 2019. Gross debt amounted to 124,702 kEUR, compared to 127,939 kEUR at December 31, 2019. As a result, our net cash position increased 1,474 kEUR during the first quarter of 2020.

Cash flow from operating activities for the first quarter of 2020 was 7,273 kEUR compared to 4,081 kEUR for the same period in 2019. Total capital expenditures for the first quarter of 2020 amounted to 3,053 kEUR.

Net shareholders’ equity at March 31, 2020 was 135,679 kEUR compared to 142,675 kEUR at December 31, 2019.

2020 Guidance

Mr. Leys concluded, “In this time of unprecedented uncertainty, we are withdrawing the financial guidance we provided on March 4, 2020. As noted earlier, we currently expect the negative impact of the COVID-19 crisis on our business to increase significantly throughout the second quarter of 2020. While we anticipate today that business should gradually pick up in the second half of the year, our visibility on the timing and speed of the recovery of the global economy in general and of our business in particular is currently too limited to provide meaningful financial guidance at this time. As our overall goal is to limit the impact of the COVID-19 crisis and the associated cost-saving measures we take on our long-term plans, in particular on our ongoing research and business development programs, we do expect the short-term impact of the crisis on our Adjusted EBITDA will be even more significant than on our sales.”

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 loss in a joint venture and depreciation and amortization. Adjusted EBITDA is determined by adding non-cash stock-based compensation expenses and acquisition-related expenses of 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 1.104309, the reference rate of the European Central Bank on March 31, 2020.

Conference Call and Webcast

Materialise will hold a conference call and simultaneous webcast to discuss its financial results for the first quarter of 2020 on Thursday, April 30, 2020, at 8:30 a.m. ET/2:30 p.m. CET. Company participants on the call will include Wilfried Vancraen, Founder and Chief Executive Officer; Peter Leys, Executive Chairman; and Johan Albrecht, Chief Financial Officer. A question-and-answer session will follow management’s remarks.

  • To access the conference call, please dial 844-469-2530 (U.S.) or 765-507-2679 (international), passcode 1698319#.

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 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. 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 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 COVID-19 pandemic and related public health measures, as well as the related actions we are taking in response), 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 most recent 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 ended March 31,

 

 

 

 

 

For the three months ended March 31,

 

In 000

 

2020

 

 

2020

 

 

2019

 

 

 

 

 

2020

 

 

2019

 

 

 

U.S.$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

51,069

 

 

 

46,245

 

 

 

47,155

 

 

 

 

 

 

 

46,245

 

 

 

47,115

 

Cost of sales

 

 

(23,867)

 

 

 

(21,613)

 

 

 

(21,536)

 

 

 

 

 

 

 

(21,613)

 

 

 

(21,536)

 

Gross profit

 

 

27,201

 

 

 

24,632

 

 

 

25,579

 

 

 

 

 

 

 

24,632

 

 

 

25,579

 

Gross profit as % of revenue

 

 

53.3%

 

 

 

53.3%

 

 

 

54.3%

 

 

 

 

 

 

 

53.3%

 

 

 

54.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development expenses

 

 

(7,208)

 

 

 

(6,527)

 

 

 

(5,686)

 

 

 

 

 

 

 

(6,527)

 

 

 

(5,686)

 

Sales and marketing expenses

 

 

(13,945)

 

 

 

(12,627)

 

 

 

(12,079)

 

 

 

 

 

 

 

(12,627)

 

 

 

(12,079)

 

General and administrative expenses

 

 

(7,948)

 

 

 

(7,197)

 

 

 

(7,596)

 

 

 

 

 

 

 

(7,197)

 

 

 

(7,596)

 

Net other operating income (expenses)

 

 

754

 

 

 

683

 

 

 

1,258

 

 

 

 

 

 

 

683

 

 

 

1,258

 

Operating (loss) profit

 

 

(1,145)

 

 

 

(1,037)

 

 

 

1,476

 

 

 

 

 

 

 

(1,037)

 

 

 

1,476

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial expenses

 

 

(2,011)

 

 

 

(1,821)

 

 

 

(1,196)

 

 

 

 

 

 

 

(1,821)

 

 

 

(1,196)

 

Financial income

 

 

552

 

 

 

500

 

 

 

604

 

 

 

 

 

 

 

500

 

 

 

604

 

Share in loss of joint venture

 

 

(43)

 

 

 

(39)

 

 

 

(123)

 

 

 

 

 

 

 

(39)

 

 

 

(123)

 

(Loss) profit before taxes

 

 

(2,646)

 

 

 

(2,396)

 

 

 

761

 

 

 

 

 

 

 

(2,396)

 

 

 

761

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 

 

(505)

 

 

 

(457)

 

 

 

(1,065)

 

 

 

 

 

 

 

(457)

 

 

 

(1,065)

 

Net (loss) profit for the period

 

 

(3,151)

 

 

 

(2,853)

 

 

 

(304)

 

 

 

 

 

 

 

(2,853)

 

 

 

(304)

 

Net (loss) profit attributable to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The owners of the parent

 

 

(3,100)

 

 

 

(2,807)

 

 

 

(304)

 

 

 

 

 

 

 

(2,807)

 

 

 

(304)

 

Non-controlling interest

 

 

(51)

 

 

 

(47)

 

 

 

 

 

 

 

 

 

 

(47)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share attributable to owners of the parent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

(0.06)

 

 

 

(0.05)

 

 

 

(0.01)

 

 

 

 

 

 

 

(0.05)

 

 

 

(0.01)

 

Diluted

 

 

(0.06)

 

 

 

(0.05)

 

 

 

(0.01)

 

 

 

 

 

 

 

(0.05)

 

 

 

(0.01)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average basic shares outstanding

 

 

53,173

 

 

 

53,173

 

 

 

52,891

 

 

 

 

 

 

 

53,173

 

 

 

52,891

 

Weighted average diluted shares outstanding

53,173

53,173

52,891

53,173

52,891

 

Consolidated statements of comprehensive income (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended March 31,

 

 

 

 

 

For the three months ended March 31,

 

In 000

 

2020

 

 

2020

 

 

2019

 

 

 

 

 

2020

 

 

2019

 

 

 

U.S.$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net profit (loss) for the period

 

 

(3,151)

 

 

 

(2,853)

 

 

 

(304)

 

 

 

 

 

 

 

(2,853)

 

 

 

(304)

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exchange difference on translation of foreign operations

 

 

(4.575)

 

 

 

(4,143)

 

 

 

588

 

 

 

 

 

 

 

(4,143)

 

 

 

588

 

Other comprehensive income (loss), net of taxes

 

 

(4,575)

 

 

 

(4,143)

 

 

 

588

 

 

 

 

 

 

 

(4,143)

 

 

 

588

 

Total comprehensive income (loss) for the year, net of taxes

 

 

(7,726)

 

 

 

(6,996)

 

 

 

284

 

 

 

 

 

 

 

(6,996)

 

 

 

284

 

Total comprehensive income (loss) attributable to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The owners of the parent

 

 

(6,997)

 

 

 

(6,336)

 

 

 

284

 

 

 

 

 

 

 

(6,336)

 

 

 

284

 

Non-controlling interest

(729)

(660)

(660)

Consolidated statement of financial position (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

As of March 31,

 

 

As of

December

31,

 

In 000

 

2020

 

 

2019

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

 

 

Goodwill

 

 

19,424

 

 

 

20,174

 

Intangible assets

 

 

26,092

 

 

 

27,395

 

Property, plant & equipment

 

 

88,682

 

 

 

90,331

 

Right-of-Use assets

 

 

10,057

 

 

 

10,586

 

Investments in joint ventures

 

 

-

 

 

 

39

 

Deferred tax assets

 

 

257

 

 

 

192

 

Other non-current assets

 

 

10,053

 

 

 

9,391

 

Total non-current assets

 

 

154,565

 

 

 

158,108

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Inventories

 

 

12,674

 

 

 

12,696

 

Trade receivables

 

 

37,174

 

 

 

40,322

 

Other current assets

 

 

10,080

 

 

 

9,271

 

Cash and cash equivalents

 

 

127,135

 

 

 

128,897

 

Total current assets

 

 

187,063

 

 

 

191,186

 

Total assets

341,628

349,294

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31,

 

 

As of December

31,

 

In 000

 

2020

 

 

2019

 

 

 

 

 

 

Equity and liabilities

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

Share capital

 

 

3,066

 

 

 

3,066

 

Share premium

 

 

138,090

 

 

 

138,090

 

Consolidated reserves

 

 

(3,007)

 

 

 

(195)

 

Other comprehensive income

 

 

(4,918)

 

 

 

(1.394)

 

Equity attributable to the owners of the parent

 

 

133,231

 

 

 

139,567

 

Non-controlling interest

 

 

2,447

 

 

 

3,107

 

Total equity

 

 

135,679

 

 

 

142,675

 

 

 

 

Non-current liabilities

 

 

 

 

 

 

 

 

Loans & borrowings

 

 

100,999

 

 

 

104,673

 

Lease liabilities

 

 

6,510

 

 

 

6,427

 

Deferred tax liabilities

 

 

5,906

 

 

 

5,747

 

Deferred income

 

 

5,418

 

 

 

5,031

 

Other non-current liabilities

 

 

584

 

 

 

696

 

Total non-current liabilities

 

 

119,418

 

 

 

122,575

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Loans & borrowings

 

 

13,821

 

 

 

13,389

 

Lease liabilities

 

 

3,372

 

 

 

3,449

 

Trade payables

 

 

18,166

 

 

 

18,516

 

Tax payables

 

 

3,048

 

 

 

3,363

 

Deferred income

 

 

29,471

 

 

 

27,641

 

Other current liabilities

 

 

18,653

 

 

 

17,686

 

Total current liabilities

 

 

86,531

 

 

 

84,044

 

 

 

 

Total equity and liabilities

341,628

349,294

 

 

Consolidated statement of cash flows (Unaudited)

 

 

 

 

 

 

 

For the three months ended March 31,

in 000

 

2020

 

2019

 

 

 

Operating activities

 

 

 

 

Net (loss) profit for the period

 

(2,853)

 

(304)

Non-cash and operational adjustments

 

 

 

 

Depreciation of property, plant & equipment

 

3,600

 

3,429

Amortization of intangible assets

 

1,115

 

1,101

Share-based payment expense

 

(75)

 

(177)

Loss (gain) on disposal of property, plant & equipment

 

16

 

51

Movement in provisions

 

(3)

 

14

Movement reserve for bad debt

 

221

 

(136)

Financial income

 

(500)

 

(60)

Financial expense

 

1,821

 

583

Impact of foreign currencies

 

 

 

83

Share in loss of a joint venture (equity method)

 

39

 

124

(Deferred) income taxes

 

454

 

1,065

Other

 

147

 

35

Working capital adjustment & income tax paid

 

 

 

 

Decrease (increase) in trade receivables and other receivables

 

1,582

 

(2,393)

Decrease (increase) in inventories

 

(3)

 

(1,200)

Increase (decrease) in trade payables and other payables

 

2,300

 

2,251

Income tax paid

 

(588)

 

(385)

Net cash flow from operating activities

 

7.273

 

4,081

 

 

 

 

 

 

 

For the three months ended March 31,

in 000

 

2020

 

2019

 

 

 

Investing activities

 

 

 

 

Purchase of property, plant & equipment

 

(2,575)

 

(2,657)

Purchase of intangible assets

 

(478)

 

(575)

Proceeds from the sale of property, plant & equipment & intangible assets

 

69

 

Convertible loan to third party

 

(300)

 

(2,500)

Investments in joint-ventures

 

 

Interest received

 

 

53

Net cash flow used in investing activities

 

(3,284)

 

(5,679)

 

 

 

 

 

Financing activities

 

 

 

 

Proceeds from loans & borrowings

 

 

 

1,500

Repayment of loans & borrowings

 

(2,585)

 

(2,543)

Repayment of finance leases

 

(1,016)

 

(1,399)

Interest paid

 

(634)

 

(503)

Other financial income (expense)

 

(138)

 

(110)

Net cash flow from (used in) financing activities

 

(4,373)

 

(3,055)

 

 

 

 

 

Net increase of cash & cash equivalents

 

(383)

 

(4,653)

Cash & cash equivalents at beginning of the year

 

128,897

 

115,506

Exchange rate differences on cash & cash equivalents

 

(1,379)

 

199

Cash & cash equivalents at end of the year

 

127,135

 

111,052

Reconciliation of Net Profit (Loss) to EBITDA and Adjusted EBITDA (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended March 31,

 

 

 

 

 

For the three months

ended March 31,

 

In 000

 

2020

 

 

2019

 

 

 

 

 

2020

 

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net profit (loss) for the period

 

 

(2,853)

 

 

 

(304)

 

 

 

 

 

 

 

(2,853)

 

 

 

(304)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 

 

457

 

 

 

1,065

 

 

 

 

 

 

 

457

 

 

 

1,065

 

Financial expenses

 

 

1,821

 

 

 

1,196

 

 

 

 

 

 

 

1,821

 

 

 

1,196

 

Financial income

 

 

(500

)

 

 

(604

)

 

 

 

 

 

 

(500)

 

 

 

(604

 

Share in loss of joint venture

 

 

39

 

 

 

123

 

 

 

 

 

 

 

39

 

 

 

123

 

Depreciation and amortization

 

 

4,715

 

 

 

4,530

 

 

 

 

 

 

 

4,715

 

 

 

4,530

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA

 

 

3,678

 

 

 

6,006

 

 

 

 

 

 

 

3,678

 

 

 

6,006

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-cash stock-based compensation expense (1)

 

 

(75)

 

 

 

(177)

 

 

 

 

 

 

 

(75)

 

 

 

(177)

 

Acquisition-related expenses business combinations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ADJUSTED EBITDA

 

 

3,603

 

 

 

5,829

 

 

 

 

 

 

 

3,603

 

 

 

5,829

 

 

(1)

Non-cash share-based compensation expenses represent the cost of equity-settled and cash-settled share-based payments to employees.

Segment P&L (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

In 000

 

Materialise

Software

 

Materialise

Medical

 

Materialise

Manufact-

uring

 

Total

segments

 

Unallocated

(1)(2)

 

Consoli-

dated

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

9,821

 

15,645

 

20,815

 

46,281

 

(36)

 

46,245

Segment adjusted EBITDA

 

2,645

 

2,455

 

1,118

 

6,218

 

(2,615)

 

3,603

 

 

 

 

 

 

 

Segment adjusted EBITDA %

 

26.9%

 

15.7%

 

5.4%

 

13.4%

 

 

 

7.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended March 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

9,350

 

13,566

 

24,184

 

47,100

 

15

 

47,115

Segment adjusted EBITDA

 

2,961

 

1,773

 

3,695

 

8,429

 

(2,600)

 

5,829

 

 

 

 

 

 

 

Segment adjusted EBITDA %

 

31.7%

 

13.1%

 

15.3%

 

17.9%

 

 

 

12.4%

(1)

Unallocated Revenues consist of occasional one-off sales by our core competencies not allocated to any of our segments.

(2)

Unallocated segment EBITDA consists of corporate research and development, corporate headquarter costs and other operating income (expense), and the added non-cash share-based compensation expenses and acquisition related expenses of business combinations that are included in Adjusted EBITDA.

Reconciliation of Net Profit (Loss) to Segment EBITDA (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months

ended March 31,

 

 

 

 

 

For the three months

ended March 31,

 

In 000

 

2020

 

 

2019

 

 

 

 

 

2020

 

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net profit (loss) for the period

 

 

(2,853)

 

 

 

(304)

 

 

 

 

 

 

 

(2,853)

 

 

 

(304)

 

Income taxes

 

 

457

 

 

 

1,065

 

 

 

 

 

 

 

457

 

 

 

1,065

 

Financial cost

 

 

1,821

 

 

 

1,196

 

 

 

 

 

 

 

1,821

 

 

 

1,196

 

Financial income

 

 

(500)

 

 

 

(604)

 

 

 

 

 

 

 

(500)

 

 

 

(604)

 

Share in loss of joint venture

 

 

39

 

 

 

123

 

 

 

 

 

 

 

39

 

 

 

123

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit

 

 

(1,037)

 

 

 

1,476

 

 

 

 

 

 

 

(1,037)

 

 

 

1,476

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

4,715

 

 

 

4,530

 

 

 

 

 

 

 

4,715

 

 

 

4,530

 

Corporate research and development

 

 

747

 

 

 

464

 

 

 

 

 

 

 

747

 

 

 

464

 

Corporate headquarter costs

 

 

2,368

 

 

 

2,565

 

 

 

 

 

 

 

2,368

 

 

 

2,565

 

Other operating (income) expense

 

 

(575)

 

 

 

(606)

 

 

 

 

 

 

 

(575)

 

 

 

(606)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment EBITDA

 

 

6,218

 

 

 

8,429

 

 

 

 

 

 

 

6,218

 

 

 

8,429

 

 

Investor Relations Harriet Fried LHA 212.838.3777 hfried@lhai.com

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