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 fourth
quarter and full year ended December 31, 2021.
Highlights – Fourth Quarter 2021
- Total revenue increased 26% to 56,989 kEUR for the fourth
quarter of 2021 from 45,301 kEUR for the 2020 period.
- Adjusted EBITDA increased 42% to 10,490 kEUR for the fourth
quarter of 2021 from 7,371 kEUR for the 2020 period.
- Net profit for the fourth quarter of 2021 was 4,762 kEUR, or
0.08 EUR per diluted share, compared to a loss of (2,039) kEUR, or
(0.04) EUR per diluted share, for the 2020 period.
Highlights – Full Year 2021
- Total revenue increased 21% to 205,450 kEUR for 2021 from
170,449 kEUR for 2020.
- Total deferred revenues from annual software sales and
maintenance fees increased 4,045 kEUR to 34,287 kEUR compared to
December 31, 2020.
- Adjusted EBITDA increased 59% to 32,497 kEUR for 2021 from
20,378 kEUR for 2020.
- Net profit for 2021 was 13,145 kEUR, or 0.23 EUR per diluted
share, compared to a loss of (7,192) kEUR, or (0.13) EUR per
diluted share, for 2020.
- Total cash was 196,028 kEUR at the end of 2021.
Executive Chairman Peter Leys commented, “For both the last
quarter and full year 2021, Materialise posted all-time records in
terms of revenue, Adjusted EBITDA and net profit, proving the
strength of our business model even in a challenging period. The
strategic positioning of our solutions and the technological
innovation of our products were key drivers of our success, paving
the way for very solid double-digit growth in each of our business
units in the fourth quarter. Simultaneously, throughout the
pandemic, our team members tenaciously pushed forward with the
development of our software cloud platform and the roll out of our
new business application infrastructure, positioning Materialise
well to continue executing our long-term growth strategy.”
Fourth Quarter 2021 Results
Total revenue for the fourth quarter of 2021 increased 25.8% to
56,989 kEUR from 45,301 kEUR for the fourth quarter of 2020.
Adjusted EBITDA increased 42.3% to 10,490 kEUR, compared to 7,371
kEUR for the same period in 2020. The Adjusted EBITDA margin
(Adjusted EBITDA divided by total revenue) for the fourth quarter
of 2021 increased to 18.4%, compared to 16.3% for the fourth
quarter of 2020.
Revenue from our Materialise Software segment increased 19.3% to
12,183 kEUR from 10,216 kEUR for the same quarter last year.
Adjusted EBITDA for the segment increased to 5,518 kEUR from 3,867
kEUR while the Adjusted EBITDA margin for the segment was 45.3%,
compared to 37.9% for the prior-year period.
Revenue from our Materialise Medical segment increased 20.3% to
20,682 kEUR for the fourth quarter of 2021, compared to 17,188 kEUR
for the same period in 2020. Adjusted EBITDA for the segment
increased 31.3% to 6,358 kEUR from 4,844 kEUR, while the Adjusted
EBITDA margin for the segment increased to 30.7% from 28.2%.
Revenue from our Materialise Manufacturing segment increased
34.9% to 24,135 kEUR from 17,889 kEUR for the fourth quarter of
2020. Adjusted EBITDA for the segment increased to 1,167 kEUR
compared to 1,099 kEUR, while the Adjusted EBITDA margin for the
segment was 4.8%, compared to 6.1% for the prior-year period.
Gross profit increased to 33,198 kEUR for the fourth quarter of
2021 from 26,165 kEUR for the same period last year. Gross profit
as a percentage of revenue increased to 58.3%, compared to
57.8%.
Research and development (“R&D”), sales and marketing
(“S&M”) and general and administrative (“G&A”) expenses
increased, in the aggregate, 5.9% to 29,481 kEUR for the fourth
quarter of 2021 from 27,843 kEUR for the fourth quarter of
2020.
Net other operating result improved to 1,260 kEUR compared to
(296) kEUR for the fourth quarter of 2020.
Operating result increased to 4,976 kEUR, compared to (1,974)
kEUR for the fourth quarter of 2020.
Net financial result for the fourth quarter of 2021 was 275
kEUR, compared to (596) kEUR for the fourth quarter of 2020.
The fourth quarter of 2021 contained net income tax expense of
(490) kEUR, compared to net tax income of 531 kEUR for the fourth
quarter of 2020.
As a result of the above, net profit for the fourth quarter of
2021 was 4,762 kEUR, compared to a net loss of (2,039) kEUR for the
same period in 2020. Total comprehensive income for the fourth
quarter of 2021 was 1,832 kEUR, compared to a loss of (1,181) kEUR
for the 2020 period. This quarter’s comprehensive income included a
(3,443) kEUR impairment of our equity interest in Essentium,
Inc.
Full Year 2021 Results
Total revenues for the year ended December 31, 2021 increased
20.5% to 205,450 kEUR from 170,449 kEUR for the year ended December
31, 2020. Adjusted EBITDA for 2021 increased 59.5% to 32,497 kEUR
from 20,378 kEUR for 2020. The Adjusted EBITDA margin increased to
15.8%, compared to 12.0% in 2020.
Revenues from our Materialise Software segment increased 9.9% to
42,902 kEUR for the year ended December 31, 2021 compared to 39,054
kEUR for the year ended December 31, 2020. The segment’s Adjusted
EBITDA increased 17.9% to 15,784 kEUR from 13,383 kEUR. The
segment’s Adjusted EBITDA margin increased to 36.8% in 2021,
compared to 34.3% in 2020.
Revenues from our Materialise Medical segment grew by 18.9% for
the year ended December 31, 2021 to 73,368 kEUR from 61,729 kEUR
for the year ended December 31, 2020. The segment’s Adjusted EBITDA
increased 48.5% to 20,669 kEUR from 13,914 kEUR. The segment’s
Adjusted EBITDA margin increased to 28.2% in 2021, compared to
22.5% in 2020.
Revenues from our Materialise Manufacturing segment increased
28.3% to 89,334 kEUR for the year ended December 31, 2021 from
69,635 kEUR for the year ended December 31, 2020. The segment’s
Adjusted EBITDA increased 152.5% to 6,429 kEUR from 2,546 kEUR. The
segment’s Adjusted EBITDA margin increased to 7.2% in 2021 from
3.7% for 2020.
Operating profit increased to 12,217 kEUR for the year ended
December 31, 2021 compared to a loss of (4,639) kEUR in the prior
year.
Net financial income amounted to 1,519 kEUR, compared to net
financial expenses of (3,542) kEUR for the year ended December 31,
2020. Income taxes amounted to (591) kEUR compared to 1,028 kEUR
for the year ended December 31, 2020. Net result increased to
13,145 kEUR for 2021 from a net loss of (7,192) kEUR in 2020.
At December 31, 2021, we had cash and equivalents of 196,028
kEUR compared to 111,538 kEUR at December 31, 2020. Gross debt
amounted to 99,107 kEUR (of which 21,202 kEUR was short term),
compared to 115,110 kEUR at December 31, 2020.
Cash flow from operating activities for the year ended December
31, 2021 was 25,843 kEUR compared to 29,979 kEUR in the year ended
December 31, 2020. Total capital expenditures for the year ended
December 31, 2021 amounted to 11,721 kEUR. This amount included
2,570 kEUR of capitalized expenditures from intangible assets, of
which 1,553 kEUR related to our ongoing internal digital
transformation program.
Net shareholders’ equity at December 31, 2021 was 232,577 kEUR
compared to 133,183 kEUR at December 31, 2020.
Link3D Acquisition
On January 4, 2022, Materialise acquired for 33.5 mUSD 100% of
the equity interests of Link3D, an additive workflow and digital
manufacturing software company that supports customers in major
manufacturing industries to scale and integrate their AM operations
across complex supply chains and IT environments. For the year
ended December 31, 2021, Link3D realized revenue of approximately
2.3 mUSD and EBITDA of approximately (4.6) mUSD.
2022 Guidance
Mr. Leys concluded, “Our thoughts today are focused on the
safety and security of our Ukrainian collaborators, and we are
taking a variety of actions to assist them. At the same time, we
believe that a war between countries where Materialise has no
significant sales will not impact the fundamentals of our global
business model.
“Particularly after our record performance in 2021, we believe
our more mature lines of business, in particular in our Materialise
Software and Materialise Medical segments, have the potential to
continue to grow solidly with a healthy margin, and we plan to
support these businesses accordingly. Simultaneously, we plan to
increase our spending significantly, especially in R&D and in
S&M, to accelerate the development of our new growth
businesses, in particular our software cloud platform and our
medical and wearable verticals.
“We expect our annual revenue for 2022 (including the results of
Link3D) to grow by at least 10% compared to 2021. As we will be
allocating significant portions of the expanding EBITDA margins of
some of our more mature business lines to investments in our newer
growth businesses (in particular the Link3D product portfolio), we
expect our consolidated Adjusted EBITDA to decrease by
approximately 10%.
“However, the recent onset of hostilities in Ukraine is adding
complexity to our outlook for 2022, as we currently cannot assess
how the global economy will react to the sanctions that are being
imposed on Russia. We hope to have more visibility on these events
and their potential short-term impact on our business when we
release our first-quarter results.”
Note on Comparability
The year 2020 has been restated to reflect certain
reclassification adjustments and the final accounting of the RS
Print business combination. The fair value analysis with respect to
the assets and liabilities acquired had not been finalized as of
December 31, 2020. Within 12 months of acquisition, we completed
the fair value analysis of the RS Print business combination, with
corresponding adjustments to goodwill and deferred tax liabilities.
The impact has been accounted for as retrospective adjustments to
our consolidated statement of financial position as of December 31,
2020 and our consolidated income statement for the year ended
December 31, 2020. It concerned a decrease of the goodwill of
(1,743) kEUR and a decrease of the deferred tax liabilities of
(1,823) kEUR.
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 1.1326, the reference rate of the European Central Bank on
December 31, 2021.
Conference Call and Webcast
Materialise will hold a conference call and simultaneous webcast
to discuss its financial results for the fourth quarter of 2021 and
other matters on Thursday, March 3, 2022, 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 3644228.
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 the
largest groups of software developers in the industry with one of
the largest and most complete 3D printing facilities in the
world.
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 current estimates for fiscal 2022 revenue and
Adjusted EBITDA, 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 ongoing
military conflict between Ukraine and Russia and economic sanctions
related thereto), 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.
Consolidated income statements (Unaudited)
for the three months endedDecember 31, for the
twelve months endedDecember 31, In 000€
2021
2021
2020(*)
2021
2021
2020(*)
U.S.$ € € U.S.$ € €
Revenue
64,546
56,989
45,301
232,693
205,450
170,449
Cost of Sales
(26,946
)
(23,791
)
(19,137
)
(99,860
)
(88,169
)
(76,446
)
Gross Profit
37,600
33,198
26,165
132,833
117,281
94,003
Gross profit as % of revenue
58.3
%
58.3
%
57.8
%
57.1
%
57.1
%
55.2
%
Research and development expenses
(7,810
)
(6,896
)
(8,669
)
(30,457
)
(26,891
)
(27,104
)
Sales and marketing expenses
(15,200
)
(13,421
)
(10,938
)
(55,668
)
(49,151
)
(44,636
)
General and administrative expenses
(10,380
)
(9,165
)
(8,236
)
(36,924
)
(32,601
)
(29,337
)
Net other operating income (expenses)
1,427
1,260
(296
)
4,053
3,578
2,435
Operating (loss) profit
5,637
4,976
(1,974
)
13,837
12,217
(4,639
)
Financial expenses
(1,041
)
(919
)
(1,073
)
(4,645
)
(4,101
)
(5,996
)
Financial income
1,353
1,195
477
6,366
5,620
2,453
Share in loss of joint venture
-
-
-
-
-
(39
)
(Loss) profit before taxes
5,949
5,252
(2,570
)
15,558
13,736
(8,220
)
Income Taxes
(554
)
(490
)
531
(669
)
(591
)
1,028
Net (loss) profit for the period
5,395
4,762
(2,039
)
14,889
13,145
(7,192
)
Net (loss) profit attributable to:
-
-
The owners of the parent
5,401
4,769
(2,203
)
14,899
13,154
(7,044
)
Non-controlling interest
(8
)
(7
)
163
(10
)
(9
)
(148
)
Earning per share attributable to owners of the
parent Basic
0.09
0.08
(0.04
)
0.26
0.23
(0.13
)
Diluted
0.09
0.08
(0.04
)
0.26
0.23
(0.13
)
Weighted average basic shares outstanding
58,892
58,892
53,897
56,685
56,685
53,364
Weighted average diluted shares outstanding
59,025
59,025
53,897
56,843
56,843
53,364
(*)
The year 2020 has been restated
to reflect the final accounting of the business combination with RS
Print.
Impact on Income Taxes and Net
profit is 79 k€.
Consolidated statements of comprehensive income
(Unaudited)
for the three months endedDecember 31, for the twelve
months endedDecember 31, In 000€
2021
2021
2020(*)
2021
2021
2020(*)
U.S.$ € € U.S.$ € €
Net profit (loss) for the period
5,395
4,762
(2,039
)
14,889
13,145
(7,192
)
Other comprehensive income Recycling Exchange
difference on translation of foreign operations
636
561
369
2,437
2,152
(6,176
)
Non-recycling Fair value adjustments through OCI - Equity
instruments
(3,954
)
(3,491
)
489
(3,900
)
(3,443
)
489
Other comprehensive income (loss), net of taxes
(3,318
)
(2,930
)
858
(1,463
)
(1,292
)
(5,687
)
Total comprehensive income (loss) for the year, net of taxes
2,075
1,832
(1,181
)
13,425
11,853
(12,879
)
Total comprehensive income (loss) attributable to: The owners of
the parent
2,083
1,839
(1,289
)
13,436
11,863
(11,816
)
Non-controlling interests
(8
)
(7
)
108
(11
)
(9
)
(1,063
)
(*)
The year 2020 has been restated
to reflect the final accounting of the business combination with RS
Print.
Impact on Net profit for the
period is (79) k€.
Consolidated statement of financial position
(Unaudited)
As ofDecember 31, As ofDecember 31, In 000€
2021
2020(*)
Assets Non-current assets Goodwill
18,726
18,599
Intangible assets
31,668
32,981
Property, plant & equipment
84,451
88,267
Right-of-Use assets
9,054
10,996
Investments in joint ventures
-
Deferred tax assets
227
201
Investments in convertible loans
3,560
6,203
Investments in non-listed equity instruments
399
3,842
Other non-current assets
7,520
4,093
Total non-current assets
155,605
165,182
Current assets Inventories
11,295
10,043
Trade receivables
41,541
30,871
Other current assets
8,940
8,290
Cash and cash equivalents
196,028
111,538
Total current assets
257,803
160,741
Total assets
413,408
325,923
(*) The year 2020 has been restated to reflect the
final accounting of the business combination with RS
Print. Impact on Goodwill is
(1,743) k€.
As ofDecember 31, As ofDecember 31, In
000€
2021
2020*
Equity and liabilities Equity Share capital
4,467
4,096
Share premium
229,021
141,274
Retained earnings and other reserves
(911
)
(12,187
)
Equity attributable to the owners of the parent
232,577
133,183
Non-controlling interest
(2
)
-
Total equity
232,578
133,183
Non-current liabilities Loans & borrowings
72,637
90,502
Lease liabilities
5,268
7,086
Deferred tax liabilities
4,371
4,983
Deferred income
4,952
5,328
Other non-current liabilities
2,168
396
Total non-current liabilities
89,396
108,295
Current liabilities Loans & borrowings
17,849
13,984
Lease liabilities
3,353
3,538
Trade payables
20,171
17,698
Tax payables
783
974
Deferred income
33,306
29,556
Other current liabilities
15,972
18,695
Total current liabilities
91,434
84,445
Total equity and liabilities
413,408
325,923
(*) The year 2020 has been restated to reflect the
final accounting of the business combination with RS
Print. Impact on Retained
earnings is 79 k€ and impact on Deferred tax liabilities is (1,823)
k€.
Consolidated statement of cash flows (Unaudited)
for the twelve months endedDecember 31, In 000€
2021
2020*
Operating activities Net (loss) profit for the period
13,145
(7,192
)
Non-cash and operational adjustments Depreciation of property plant
& equipment
15,541
14,932
Amortization of intangible assets
4,975
4,742
Impairment of goodwill and intangible assets
177
4,606
Share-based payment expense
(1,036
)
752
Loss (gain) on disposal of property, plant & equipment
210
10
Movement in provisions
99
137
Movement reserve for bad debt and slow moving inventory
255
516
Financial income
(5,620
)
(2,300
)
Financial expense
4,101
5,821
Impact of foreign currencies
73
61
Share in loss (gain) of a joint venture (equity method)
-
39
(Deferred) income taxes
591
(1,049
)
Other non-current liabilities
-
(1,093
)
Working capital adjustments
(5,890
)
12,512
Decrease (increase) in trade receivables and other receivables
(10,920
)
9,205
Decrease (increase) in inventories and contracts in progress
(1,423
)
2,724
Increase (decrease) in trade payables and other payables
6,453
583
Income tax paid & Interest received
(776
)
(2,515
)
Net cash flow from operating activities
25,843
29,979
(*) The year 2020 has been restated to reflect the final
accounting of the business combination with RS Print.
Impact on Net profit for the period is 79 k€ and impact on
(Deferred) income taxes is (79) k€.
for the twelve months
endedDecember 31, In 000€
2021
2020
Investing activities Purchase of property, plant &
equipment
(7,934
)
(11,032
)
Purchase of intangible assets
(3,788
)
(6,618
)
Proceeds from the sale of property, plant & equipment &
intangible assets (net)
462
552
Acquisition of subsidiary (net of cash)
(875
)
(8,031
)
(Convertible) Loans granted
(999
)
(2,836
)
Other equity investments in non-listed entities
-
(300
)
Net cash flow used in investing activities
(13,133
)
(28,265
)
Financing activities Repayment of loans & borrowings
(14,277
)
(13,736
)
Repayment of leases
(3,775
)
(3,640
)
Capital increase
88,117
4,112
Interest paid
(2,326
)
(2,268
)
Other financial income (expense)
3,417
(1,356
)
Net cash flow from (used in) financing activities
71,156
(16,888
)
Net increase/(decrease) of cash & cash equivalents
83,866
(15,174
)
Cash & Cash equivalents at the beginning of the year
111,538
128,897
Exchange rate differences on cash & cash equivalents
624
(2,184
)
Cash & cash equivalents at end of the year
196,028
111,539
Reconciliation of Net Profit (Loss) to EBITDA and Adjusted
EBITDA (Unaudited)
for the three months endedDecember 31, for the twelve
months endedDecember 31, In 000€
2021
2020 (*)
2021
2020 (*)
Net profit (loss) for the period
4,762
(2,039)
13,145
(7,192)
Income taxes
490
(531)
591
(1,028)
Financial expenses
919
1,073
4,101
5,996
Financial income
(1,195)
(477)
(5,620)
(2,453)
Depreciation and amortization
5,277
5,160
20,516
19,775
Share in loss of joint venture
-
-
-
39
EBITDA
10,253
3,185
32,733
15,136
Share-based compensation expense (1)
44
286
(834)
1,344
Revaluation of fair value due to business combinations (2)
8
(770)
8
(770)
Impairments (3)
177
4,606
177
4,606
Acquisition-related expenses of business combinations (4)
8
63
413
63
Adjusted EBITDA
10,490
7,371
32,497
20,378
(1)
Share-based compensation expense represents the cost of
equity-settled and share-based payments to employees.
(2)
Represents a positive revaluation of our initial 50%
interest in RS Print after our acquisition of the remaining
interest in the joint-venture.
(3)
Impairments represents in 2021 the impairment of capitalized
expenditures related to the goodwill of metal company Aldema BV
(177kEUR), and in 2020 the impairment of capitalized
expenditures related to our tracheal splint development program
(2,090kEUR) and related to the goodwill and
intangible assets of Engimplan (2,516 kEUR).
(4)
Acquisition-related expenses of business combinations
represents expenses incurred in connection with the RS Print
acquisition in 2020.
(*)
The year 2020 has been restated to reflect the final
accounting of the business combination with RS Print.
Impact on Net profit for the period is 79 k€ and impact on
(Deferred) income taxes is (79) k€.
Segment P&L (Unaudited)
In 000€
MaterialiseSoftware MaterialiseMedical
MaterialiseManufacturing Totalsegments
Unallocated(1) Consolidated For the three months
ended December 31, 2021 Revenues
12,183
20,682
24,135
57,000
(11
)
56,989
Segment (adj) EBITDA
5,518
6,358
990
12,866
(2,376
)
10,490
Segment (adj) EBITDA %
45.3
%
30.7
%
4.1
%
22.6
%
18.4
%
For the three months ended December 31, 2020 Revenues
10,216
17,188
17,889
45,292
9
45,301
Segment (adj) EBITDA
3,867
4,844
1,099
9,811
(2,440
)
7,371
Segment (adj) EBITDA %
37.9
%
28.2
%
6.1
%
21.7
%
16.3
%
In 000€
MaterialiseSoftware MaterialiseMedical
MaterialiseManufacturing Totalsegments
Unallocated(1) Consolidated For the twelve months
ended December 31, 2021 Revenues
42,902
73,368
89,334
205,604
(154
)
205,450
Segment (adj) EBITDA
15,784
20,669
6,252
42,704
(10,207
)
32,497
Segment (adj) EBITDA %
36.8
%
28.2
%
7.0
%
20.8
%
15.8
%
For the twelve months ended December 31, 2020 Revenues
39,054
61,729
69,635
170,418
31
170,449
Segment (adj) EBITDA
13,383
13,914
2,546
29,843
(9,465
)
20,378
Segment (adj) EBITDA %
34.3
%
22.5
%
3.7
%
17.5
%
12.0
%
(1) Unallocated segment adjusted EBITDA consists of
corporate research and development, corporate headquarter costs 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 endedDecember 31, for the
twelve months endedDecember 31, In 000€
2021
2020(*)
2021
2020(*)
Net profit (loss) for the period
4,762
(2,039
)
13,145
(7,192
)
Income taxes
490
(531
)
591
(1,028
)
Financial cost
919
1,073
4,101
5,996
Financial income
(1,195
)
(477
)
(5,620
)
(2,453
)
Share in loss of joint venture
-
-
-
39
Operating (loss) profit
4,976
(1,974
)
12,217
(4,639
)
Depreciation and amortization
5,277
5,160
20,516
19,775
Corporate research and development
812
807
3,149
2,989
Corporate headquarter costs
2,923
3,300
10,350
15,955
Other operating income (expense)
(1,122
)
2,518
(3,527
)
(4,237
)
Segment adjusted EBITDA
12,866
9,811
42,704
29,843
(*)
The year 2020 has been restated
to reflect the final accounting of the business combination with RS
Print.
Impact on Net profit for the
period is 79 k€ and impact on (Deferred) income taxes is (79)
k€.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220303005081/en/
Investor Relations Harriet Fried LHA 212.838.3777
hfried@lhai.com
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