First Quarter 2020 Financial Results
Except as otherwise required by the context, references to Materialise, Company, we, us and our are
to Materialise NV and its subsidiaries.
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.
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.
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%.
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.
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.
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.
Segment EBITDA from our Materialise Software segment decreased to 2,645 kEUR from 2,961 kEUR
while the segment EBITDA margin (segment EBITDA divided by segment revenue) was 26.9% compared to 31.7% for the prior-year period.
Segment EBITDA from
our Materialise Medical segment 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.
Segment EBITDA from our Materialise Manufacturing segment 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.
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.