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 second quarter ended June 30, 2020.

Highlights – Second Quarter 2020

  • Total revenue decreased 21.3% to 38,117 kEUR for the second quarter of 2020 compared to the 2019 period.
  • Total deferred revenues from annual software sales and maintenance fees were 28,240 kEUR compared to 27,667 kEUR at December 31, 2019.
  • Adjusted EBITDA decreased 33.1% to 3,382 kEUR for the second quarter of 2020 compared to the 2019 period.
  • Net loss for the second quarter of 2020 was (1,932) kEUR, or (0.04) EUR per diluted share, compared to (297) kEUR, or (0.01) EUR per diluted share, for the 2019 period.
  • Total cash was 125,454 kEUR at the end of the quarter; net cash was 3,905 kEUR, an increase of 2,947 kEUR compared to December 31, 2019.

Executive Chairman Peter Leys commented, “In the second quarter, our business suffered materially from the COVID-19 pandemic, with revenues decreasing more than 21% compared to last year’s period. We were able to realize cost savings in both sales and marketing and general administrative expense at a higher percentage rate than the revenue decline but maintained our strategically important research and development programs. These programs will position us to leverage interest in additive manufacturing, which is increasing in part due to the many 3D printed solutions that have addressed new market needs so expeditiously during the pandemic. Our balance sheet remains strong, with total cash of 125,454 kEUR and short-term debt of only 17,827 kEUR as of June 30, 2020. While our R&D programs and financial strength give us a solid platform from which to expand our existing business and take advantage of new growth opportunities when conditions improve, we draw equal confidence from the many examples of resilience, creativity and discipline that our workforce has shown worldwide throughout this difficult period.”

Second Quarter 2020 Results

Total revenue for the second quarter of 2020 decreased 21.3% to 38,117 kEUR compared to 48,404 kEUR for the second quarter of 2019. Adjusted EBITDA decreased to 3,382 kEUR from 5,059 kEUR. The Adjusted EBITDA margin (Adjusted EBITDA divided by total revenue) for the second quarter of 2020 was 8.9% compared to 10.5% for the second quarter of 2019.

Revenue from our Materialise Software segment increased 2.4% to 9,540 kEUR for the second quarter of 2020 from 9,320 kEUR for the same quarter last year. Segment EBITDA increased to 3,756 kEUR from 2,055 kEUR while the segment EBITDA margin was 39.4% compared to 22.1% for the prior-year period.

Revenue from our Materialise Medical segment decreased 19.3% to 11,735 kEUR for the second quarter of 2020 compared to 14,546 kEUR for the same period in 2019. Compared to the second quarter of 2019, revenues from our medical software grew 6.7% and revenues from medical devices and services decreased 31.8%. Segment EBITDA decreased to 1,139 kEUR compared to 2,738 kEUR while the segment EBITDA margin was 9.7% compared to 18.8% for the second quarter of 2019.

Revenue from our Materialise Manufacturing segment decreased 31.7% to 16,777 kEUR for the second quarter of 2020 from 24,550 kEUR for the second quarter of 2019. Segment EBITDA decreased to 650 kEUR from 2,835 kEUR while the segment EBITDA margin was 3.9% compared to 11.5% for the second quarter of 2019.

Gross profit was 19,986 kEUR, or 52.4% of total revenue, for the second quarter of 2020 compared to 26,527 kEUR, or 54.8% of total revenue, for the second quarter of 2019.

Research and development (“R&D”), sales and marketing (“S&M”) and general and administrative (“G&A”) expenses decreased, in the aggregate, 18.5% to 22,705 kEUR for the second quarter of 2020 from 27,861 kEUR for the second quarter of 2019. Specific cost reduction initiatives in S&M and G&A resulted in decreases compared to the second quarter of 2019 of 22.9% and 24.3% respectively, while R&D expenses decreased only 0.9%.

Net other operating income was 892 kEUR compared to 1,370 kEUR for the second quarter of 2019.

Operating result decreased to (1,827) kEUR from 36 kEUR for the second quarter of 2019.

Net financial result was (295) kEUR compared to (190) kEUR for the second quarter of 2019. The share in result of joint venture amounted to 0 kEUR compared to (82) kEUR for the same period in 2019.

The second quarter of 2020 contained income tax income of 191 kEUR, compared to an income tax expense of (61) kEUR in the second quarter of 2019.

As a result of the above, net loss for the second quarter of 2020 was (1,932) kEUR, compared to (297) kEUR for the same period in 2019. Total comprehensive loss for the second quarter of 2020, which includes exchange differences on translation of foreign operations, was (2,977) kEUR compared to (727) kEUR for the 2019 period.

At June 30, 2020, we had cash and equivalents of 125,454 kEUR compared to 128,897 kEUR at December 31, 2019. Gross debt amounted to 121,549 kEUR, compared to 127,939 kEUR at December 31, 2019. As a result, our net cash position increased 2,947 kEUR during the first half year of 2020.

Cash flow from operating activities for the second quarter of 2020 was 7,053 kEUR compared to 4,760 kEUR for the same period in 2019. Total capital expenditures for the second quarter of 2020 amounted to 3,398 kEUR.

Net shareholders’ equity at June 30, 2020 was 132,847 kEUR compared to 142,675 kEUR at December 31, 2019.

2020 Guidance

Mr. Leys concluded, “With the continued spread of COVID-19 in many parts of the world and the increased disruption to the global economy, we expect the pandemic’s impact on our operations to be even more pronounced in the third quarter and to continue throughout the entire second half of the year. While we anticipate today that Materialise Medical will gradually pick up in the third quarter of the year, we expect that our Materialise Software and Materialise Manufacturing businesses will continue to be significantly impacted. Our overall goal remains to limit the impact of the COVID-19 crisis, including the associated cost-saving measures we take, on our long-term plans, in particular on our ongoing research and business development programs. Accordingly, we expect the third quarter impact of the crisis on our Adjusted EBITDA will be significant.”

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 1.1198, the reference rate of the European Central Bank on June 30, 2020.

Conference Call and Webcast

Materialise will hold a conference call and simultaneous webcast to discuss its financial results for the second quarter of 2020 on Thursday, July 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 8963105#.

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 June 30,

 

 

 

 

 

For the six months ended June 30,

 

 

In 000

 

2020

 

 

2020

 

 

2019

 

 

 

 

 

2020

 

 

2019

 

 

 

 

U.S.$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

42,684

 

 

 

38,117

 

 

 

48,404

 

 

 

 

 

 

 

84,362

 

 

 

95,519

 

 

Cost of sales

 

 

(20,303)

 

 

 

(18,131)

 

 

 

(21,877)

 

 

 

 

 

 

 

(39,744)

 

 

 

(43,413)

 

 

Gross profit

 

 

22,380

 

 

 

19,986

 

 

 

26,527

 

 

 

 

 

 

 

44,618

 

 

 

52,106

 

 

Gross profit as % of revenue

 

 

52,4%

 

 

 

52.4%

 

 

 

54,8%

 

 

 

 

 

 

 

52,9%

 

 

 

54,6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development expenses

 

 

(6,769)

 

 

 

(6,045)

 

 

 

(6,100)

 

 

 

 

 

 

 

(12,572)

 

 

 

(11,786)

 

 

Sales and marketing expenses

 

 

(11,379)

 

 

 

(10,161)

 

 

 

(13,173)

 

 

 

 

 

 

 

(22,789)

 

 

 

(25,252)

 

 

General and administrative expenses

 

 

(7,277)

 

 

 

(6,499)

 

 

 

(8,588)

 

 

 

 

 

 

 

(13,696)

 

 

 

(16,184)

 

 

Net other operating income (expenses)

 

 

999

 

 

 

892

 

 

 

1,370

 

 

 

 

 

 

 

1,575

 

 

 

2,627

 

 

Operating (loss) profit

 

 

(2.046)

 

 

 

(1,827)

 

 

 

36

 

 

 

 

 

 

 

(2,864)

 

 

 

1,511

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial expenses

 

 

(717)

 

 

 

(640)

 

 

 

(313)

 

 

 

 

 

 

 

(2,461)

 

 

 

(1,509)

 

 

Financial income

 

 

386

 

 

 

345

 

 

 

123

 

 

 

 

 

 

 

845

 

 

 

728

 

 

Share in loss of joint venture

 

 

 

 

 

 

 

 

 

 

(82)

 

 

 

 

 

 

 

(39)

 

 

 

(205)

 

 

(Loss) profit before taxes

 

 

(2,377)

 

 

 

(2,123)

 

 

 

(236)

 

 

 

 

 

 

 

(4,519)

 

 

 

524

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 

 

214

 

 

 

191

 

 

 

(61)

 

 

 

 

 

 

 

(267)

 

 

 

(1,126)

 

 

Net (loss) profit for the period

 

 

(2,163)

 

 

 

(1,932)

 

 

 

(297)

 

 

 

 

 

 

 

(4,786)

 

 

 

(601)

 

 

Net (loss) profit attributable to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The owners of the parent

 

 

(2,098)

 

 

 

(1,874)

 

 

 

(297)

 

 

 

 

 

 

 

(4,681)

 

 

 

(601)

 

 

Non-controlling interest

 

 

(65)

 

 

 

(58)

 

 

 

 

 

 

 

 

 

 

(104)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share attributable to owners of the parent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

(0.04)

 

 

 

(0.04)

 

 

 

(0.01)

 

 

 

 

 

 

 

(0.09)

 

 

 

(0.01)

 

 

Diluted

 

 

(0.04)

 

 

 

(0.04)

 

 

 

(0.01)

 

 

 

 

 

 

 

(0.09)

 

 

 

(0.01)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average basic shares outstanding

 

 

53,194

 

 

 

53,194

 

 

 

52,891

 

 

 

 

 

 

 

53,194

 

 

 

52,891

 

 

Weighted average diluted shares outstanding

 

 

53,194

 

 

 

53,194

 

 

 

52,891

 

 

 

 

 

 

 

53,194

 

 

 

52,891

 

 

Consolidated statements of comprehensive income (Unaudited)

 

 

 

For the three months ended June 30,

 

 

 

 

 

For the six months ended June 30,

 

In 000

 

2020

 

 

2020

 

 

2019

 

 

 

 

 

2020

 

 

2019

 

 

 

U.S.$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net profit (loss) for the period

 

 

(2,163)

 

 

 

(1,932)

 

 

 

(297)

 

 

 

 

 

 

 

(4,786)

 

 

 

(602)

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exchange difference on translation of foreign operations

 

 

(1,170)

 

 

 

(1,045)

 

 

 

(430)

 

 

 

 

 

 

 

(6,787)

 

 

 

157

 

Other comprehensive income (loss), net of taxes

 

 

(1,170)

 

 

 

(1,045)

 

 

 

(430)

 

 

 

 

 

 

 

(6,787)

 

 

 

157

 

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

 

 

(3.333)

 

 

 

(2,977)

 

 

 

(727)

 

 

 

 

 

 

 

(11.573)

 

 

 

(445)

 

Total comprehensive income (loss) attributable to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The owners of the parent

 

 

(3,074)

 

 

 

(2,745)

 

 

 

(727)

 

 

 

 

 

 

 

(10,470)

 

 

 

(445)

 

Non-controlling interest

 

 

(260)

 

 

 

(232)

 

 

 

 

 

 

 

 

 

 

(1,103)

 

 

 

 

Consolidated statement of financial position (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

As of June 30,

 

 

As of December 31,

 

In 000

 

2020

 

 

2019

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

 

 

Goodwill

 

 

19,222

 

 

 

20,174

 

Intangible assets

 

 

24,964

 

 

 

27,395

 

Property, plant & equipment

 

 

88,683

 

 

 

90,331

 

Right-of-Use assets

 

 

9,883

 

 

 

10,586

 

Investments in joint ventures

 

 

-

 

 

 

39

 

Deferred tax assets

 

 

234

 

 

 

192

 

Other non-current assets

 

 

10,244

 

 

 

9,391

 

Total non-current assets

 

 

153,410

 

 

 

158,108

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Inventories

 

 

11,682

 

 

 

12,696

 

Trade receivables

 

 

30,253

 

 

 

40,322

 

Other current assets

 

 

9,631

 

 

 

9,271

 

Cash and cash equivalents

 

 

125,454

 

 

 

128,897

 

Total current assets

 

 

177,021

 

 

 

191,186

 

Total assets

 

 

330,431

 

 

 

349,294

 

 

 

 

As of June 30,

 

 

As of December 31,

 

In 000

 

2020

 

 

2019

 

 

 

 

 

 

Equity and liabilities

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

Share capital

 

 

3,068

 

 

 

3,066

 

Share premium

 

 

138,229

 

 

 

138,090

 

Consolidated reserves

 

 

(4,876)

 

 

 

(195)

 

Other comprehensive income

 

 

(5,789)

 

 

 

(1.394)

 

Equity attributable to the owners of the parent

 

 

130,632

 

 

 

139,567

 

Non-controlling interest

 

 

2,216

 

 

 

3,107

 

Total equity

 

 

132,847

 

 

 

142,675

 

 

 

 

Non-current liabilities

 

 

 

 

 

 

 

 

Loans & borrowings

 

 

97,590

 

 

 

104,673

 

Lease liabilities

 

 

6,132

 

 

 

6,427

 

Deferred tax liabilities

 

 

5,687

 

 

 

5,747

 

Deferred income

 

 

4,970

 

 

 

5,031

 

Other non-current liabilities

 

 

671

 

 

 

696

 

Total non-current liabilities

 

 

115,051

 

 

 

122,575

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Loans & borrowings

 

 

14,331

 

 

 

13,389

 

Lease liabilities

 

 

3,496

 

 

 

3,449

 

Trade payables

 

 

15,641

 

 

 

18,516

 

Tax payables

 

 

2,560

 

 

 

3,363

 

Deferred income

 

 

28,157

 

 

 

27,641

 

Other current liabilities

 

 

18,348

 

 

 

17,686

 

Total current liabilities

 

 

82,533

 

 

 

84,044

 

 

 

 

Total equity and liabilities

 

 

330,431

 

 

 

349,294

 

Consolidated statement of cash flows (Unaudited)

 

 

For the six months ended June 30,

in 000

 

2020

 

2019

 

 

 

Operating activities

 

 

 

 

Net (loss) profit for the period

 

(4,786)

 

(602)

Non-cash and operational adjustments

 

 

 

 

Depreciation of property, plant & equipment

 

7,410

 

6,950

Amortization of intangible assets

 

2,284

 

2,229

Share-based payment expense

 

0

 

197

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

 

46

 

134

Movement in provisions

 

4

 

20

Movement reserve for bad debt

 

181

 

(116)

Financial income

 

(845)

 

(171)

Financial expense

 

2,453

 

1,232

Impact of foreign currencies

 

0

 

(288)

Share in loss of a joint venture (equity method)

 

39

 

205

(Deferred) income taxes

 

266

 

1,126

Other

 

36

 

(196)

Working capital adjustment & income tax paid

 

 

 

 

Decrease (increase) in trade receivables and other receivables

 

8,962

 

(4,466)

Decrease (increase) in inventories

 

1,220

 

(43)

Increase (decrease) in trade payables and other payables

 

(1,843)

 

3,737

Income tax paid

 

(1,102)

 

(1,108)

Net cash flow from operating activities

 

14,326

 

8,840

 

 

 

For the six months ended June 30,

in 000

 

2020

 

2019

 

 

 

Investing activities

 

 

 

 

Purchase of property, plant & equipment

 

(5,756)

 

(4,827)

Purchase of intangible assets

 

(687)

 

(1,457)

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

 

72

 

(3)

Convertible loan to third party

 

(300)

 

(2,500)

Investments in joint-ventures

 

 

Interest received

 

-

 

-

Net cash flow used in investing activities

 

(6,671)

 

(8,787)

 

 

 

 

 

Financing activities

 

 

 

 

Proceeds from loans & borrowings

 

15

 

3,000

Repayment of loans & borrowings

 

(5,813)

 

(5,818)

Repayment of finance leases

 

(1,823)

 

(2,765)

Capital increase

 

140

 

Interest paid

 

(1,178)

 

(934)

Other financial income (expense)

 

(617)

 

(292)

Net cash flow from (used in) financing activities

 

(9,276)

 

(6,809)

 

 

 

 

 

Net increase of cash & cash equivalents

 

(1,621)

 

(6,756)

Cash & cash equivalents at beginning of the year

 

128,897

 

115,506

Exchange rate differences on cash & cash equivalents

 

(1.822)

 

115

Cash & cash equivalents at end of the year

 

125,454

 

108,865

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

 

 

 

For the three months ended June 30,

 

 

 

 

 

For the six months ended June 30,

 

In 000

 

2020

 

 

2019

 

 

 

 

 

2020

 

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net profit (loss) for the period

 

 

(1,932)

 

 

 

(297)

 

 

 

 

 

 

 

(4,786)

 

 

 

(601)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 

 

(191)

 

 

 

61

 

 

 

 

 

 

 

266

 

 

 

1,126

 

Financial expenses

 

 

640

 

 

 

313

 

 

 

 

 

 

 

2,461

 

 

 

1,509

 

Financial income

 

 

(345

)

 

 

(123

)

 

 

 

 

 

 

(845)

 

 

 

(728)

 

Share in loss of joint venture

 

 

 

 

 

 

82

 

 

 

 

 

 

 

39

 

 

 

205

 

Depreciation and amortization

 

 

4,979

 

 

 

4,649

 

 

 

 

 

 

 

9,694

 

 

 

9,178

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA

 

 

3,152

 

 

 

4,685

 

 

 

 

 

 

 

6,829

 

 

 

10,691

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-cash stock-based compensation expense (1)

 

 

(231)

 

 

 

(374)

)

 

 

 

 

 

 

(156)

 

 

 

(196)

 

Acquisition-related expenses business combinations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ADJUSTED EBITDA

 

 

3,382

 

 

 

5,059

 

 

 

 

 

 

 

6,985

 

 

 

10,888

 

 

(1)

Non-cash stock-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 Manufacturing

 

Total segments

 

Unallocated (1)(2)

 

Consoli- dated

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

9,540

 

11,735

 

16,777

 

38,052

 

29

 

38,117

Segment (adj) EBITDA

 

3,756

 

1,139

 

650

 

5,546

 

(2,164)

 

3,382

 

 

 

 

 

 

 

Segment (adj) EBITDA %

 

39.4%

 

9.7%

 

3.9%

 

11.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

9,320

 

14,546

 

24,550

 

48,415

 

(11)

 

48,404

Segment (adj) EBITDA

 

2,055

 

2,738

 

2,835

 

7,629

 

(2,570)

 

5,059

 

 

 

 

 

 

 

Segment (adj) EBITDA %

 

22.1%

 

18.8%

 

11.5%

 

15.8%

 

 

 

 

 

In 000

 

Materialise Software

 

Materialise Medical

 

Materialise Manufacturing

 

Total segments

 

Unallocated (1)(2)

 

Consoli- dated

 

 

 

 

 

 

 

 

 

 

 

 

 

For the six months ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

19,361

 

27,380

 

37,592

 

84,333

 

29

 

84,362

Segment (adj) EBITDA

 

6,401

 

3,595

 

1,768

 

11,765

 

(4,779)

 

6,985

 

 

 

 

 

 

 

Segment (adj) EBITDA %

 

33.1%

 

13.1%

 

4.7%

 

14.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the six months ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

18,670

 

28,112

 

48,734

 

95,515

 

4

 

95,519

Segment (adj) EBITDA

 

5,016

 

4,511

 

6,530

 

16,058

 

(5,170)

 

10,888

 

 

 

 

 

 

 

Segment (adj) EBITDA %

 

26.9%

 

16.0%

 

13.4%

 

16.8%

 

 

 

 

(1)

Unallocated Revenues consist of occasional one-off sales in 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 that acquisition expenses of business combinations that are included in Adjusted EBITDA.

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

 

 

 

For the three months ended June 30,

 

 

 

 

 

For the six months ended June 30,

 

In 000

 

2020

 

 

2019

 

 

 

 

 

2020

 

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net profit (loss) for the period

 

 

(1,932)

 

 

 

(297)

 

 

 

 

 

 

 

(4,786)

 

 

 

(601)

 

Income taxes

 

 

(191)

 

 

 

61

 

 

 

 

 

 

 

266

 

 

 

1,126

 

Financial cost

 

 

640

 

 

 

313

 

 

 

 

 

 

 

2,461

 

 

 

1,509

 

Financial income

 

 

(345)

 

 

 

(123)

 

 

 

 

 

 

 

(845

)

 

 

(728)

 

Share in loss of joint venture

 

 

 

 

 

 

82

 

 

 

 

 

 

 

39

 

 

 

205

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit

 

 

(1,827)

 

 

 

36

 

 

 

 

 

 

 

(2,864)

 

 

 

1,511

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

4,979

 

 

 

4,649

 

 

 

 

 

 

 

9,694

 

 

 

9,178

 

Corporate research and development

 

 

687

 

 

 

502

 

 

 

 

 

 

 

1,478

 

 

 

1,014

 

Corporate headquarter costs

 

 

2,781

 

 

 

3,108

 

 

 

 

 

 

 

5,173

 

 

 

5,777

 

Other operating income (expense)

 

 

(1.074)

 

 

 

(501)

 

 

 

 

 

 

 

(1,716)

 

 

 

(1,107)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment EBITDA

 

 

5,546

 

 

 

7,629

 

 

 

 

 

 

 

11,765

 

 

 

16,058

 

 

Investor Relations Harriet Fried LHA 212.838.3777 hfried@lhai.com

Materialise NV (NASDAQ:MTLS)
Historical Stock Chart
From Oct 2020 to Nov 2020 Click Here for more Materialise NV Charts.
Materialise NV (NASDAQ:MTLS)
Historical Stock Chart
From Nov 2019 to Nov 2020 Click Here for more Materialise NV Charts.