- To access the conference call by phone, please click the link below at least 15 minutes prior to the scheduled start time and you will be provided with dial-in details. Participants can choose to dial in or to receive a call to connect to Materialise’s conference call.
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 current armed conflict in Ukraine and 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 September 30, |
|
for the nine months ended September 30, |
|||||||||||||
| In '000 | 2022 |
|
2022 |
|
2021(*) |
|
2022 |
|
2021(*) |
||||||
U.S.$ |
|
€ |
|
€ |
|
€ |
|
€ |
|||||||
| Revenue | 56,819 |
|
58,288 |
|
52,195 |
|
169,319 |
|
148,461 |
|
|||||
| Cost of Sales | (25,584 |
) |
(26,245 |
) |
(21,119 |
) |
(76,236 |
) |
(64,378 |
) |
|||||
| Gross Profit | 31,235 |
|
32,042 |
|
31,076 |
|
93,083 |
|
84,084 |
|
|||||
| Gross profit as % of revenue | 55.0 |
% |
55.0 |
% |
59.5 |
% |
55.0 |
% |
56.6 |
% |
|||||
| Research and development expenses | (9,078 |
) |
(9,313 |
) |
(6,602 |
) |
(26,074 |
) |
(19,982 |
) |
|||||
| Sales and marketing expenses | (14,815 |
) |
(15,198 |
) |
(12,413 |
) |
(44,841 |
) |
(35,730 |
) |
|||||
| General and administrative expenses | (8,754 |
) |
(8,980 |
) |
(7,885 |
) |
(26,089 |
) |
(23,449 |
) |
|||||
| Net other operating income (expenses) | 1,137 |
|
1,166 |
|
355 |
|
2,603 |
|
2,318 |
|
|||||
| Operating (loss) profit | (275 |
) |
(282 |
) |
4,529 |
|
(1,318 |
) |
7,239 |
|
|||||
| Financial expenses | (2,057 |
) |
(2,110 |
) |
2,334 |
|
(4,671 |
) |
(3,182 |
) |
|||||
| Financial income | 4,175 |
|
4,283 |
|
1,869 |
|
9,800 |
|
4,426 |
|
|||||
| Share in loss of joint venture | - |
|
- |
|
- |
|
- |
|
- |
|
|||||
| (Loss) profit before taxes | 1,843 |
|
1,891 |
|
8,732 |
|
3,812 |
|
8,483 |
|
|||||
| Income Taxes (*) | (466 |
) |
(478 |
) |
(75 |
) |
(1,377 |
) |
(101 |
) |
|||||
| Net (loss) profit for the period (*) | 1,377 |
|
1,413 |
|
8,657 |
|
2,435 |
|
8,382 |
|
|||||
| Net (loss) profit attributable to: | - |
|
|||||||||||||
| The owners of the parent | 1,385 |
|
1,421 |
|
8,660 |
|
2,457 |
|
8,386 |
|
|||||
| Non-controlling interest | (8 |
) |
(8 |
) |
(3 |
) |
(21 |
) |
(4 |
) |
|||||
| Earning per share attributable to owners of the parent | |||||||||||||||
| Basic (*) | 0.02 |
|
0.02 |
|
0.15 |
|
0.04 |
|
0.15 |
|
|||||
| Diluted (*) | 0.02 |
|
0.02 |
|
0.15 |
|
0.04 |
|
0.15 |
|
|||||
| Weighted average basic shares outstanding | 59,064 |
|
59,064 |
|
58,731 |
|
59,064 |
|
55,935 |
|
|||||
| Weighted average diluted shares outstanding | 59,089 |
|
59,089 |
|
58,944 |
|
59,099 |
|
56,206 |
|
|||||
| (*) | The year 2021 has been restated to reflect the final accounting of the business combination with RS Print. | ||||||
| Impact on the nine months ended September 30 income taxes and net profit is (46)k€. | |||||||
| The year 2021 has been restated to reflect the final accounting of the business combination with RS Print. | |||||||
| Impact on the three months ended September 30 income taxes and net profit is 5 k€. | |||||||
| Consolidated statements of comprehensive income (Unaudited) |
|||||||||||||||
| for the three months ended September 30, |
|
for the nine months ended September 30, |
|||||||||||||
| In 000€ | 2022 |
|
2022 |
|
2021(*) |
|
2022 |
|
2021(*) |
||||||
| U.S.$ |
|
€ |
|
€ |
|
€ |
|
€ |
|||||||
| Net profit (loss) for the period (*) | 1,377 |
|
1,413 |
|
8,657 |
|
2,435 |
|
8,382 |
|
|||||
| Other comprehensive income | |||||||||||||||
| Recycling | |||||||||||||||
| Exchange difference on translation of foreign operations | 219 |
|
225 |
|
(385 |
) |
1,291 |
|
1,590 |
|
|||||
| Non-recycling | |||||||||||||||
| Fair value adjustments through OCI - Equity instruments | - |
|
- |
|
- |
|
(0 |
) |
48 |
|
|||||
| Other comprehensive income (loss), net of taxes | 219 |
|
225 |
|
(385 |
) |
1,291 |
|
1,638 |
|
|||||
| Total comprehensive income (loss) for the year, net of taxes | 1,596 |
|
1,638 |
|
8,272 |
|
3,726 |
|
10,020 |
|
|||||
| Total comprehensive income (loss) attributable to: | |||||||||||||||
| The owners of the parent | 1,604 |
|
1,646 |
|
8,275 |
|
3,748 |
|
10,023 |
|
|||||
| Non-controlling interests | (8 |
) |
(8 |
) |
(3 |
) |
(21 |
) |
(3 |
) |
|||||
| (*) | The year 2021 has been restated to reflect the final accounting of the business combination with RS Print. | |
| Impact on the nine months ended September 30 income taxes and net profit is (46)k€. | ||
| The year 2021 has been restated to reflect the final accounting of the business combination with RS Print. | ||
| Impact on the three months ended September 30 income taxes and net profit is 5 k€. |
| Consolidated statement of financial position (Unaudited) |
||||||
| As of September 30, |
|
As of December 31, |
||||
| In 000€ | 2022 |
|
2021 |
|||
| Assets | ||||||
| Non-current assets | ||||||
| Goodwill | 50,190 |
18,726 |
||||
| Intangible assets | 38,710 |
31,668 |
||||
| Property, plant & equipment | 92,335 |
84,451 |
||||
| Right-of-Use assets | 8,520 |
9,054 |
||||
| Investments in joint ventures | - |
- |
||||
| Deferred tax assets | 217 |
227 |
||||
| Investments in convertible loans | 3,431 |
3,560 |
||||
| Investments in non-listed equity instruments | 399 |
399 |
||||
| Other non-current assets | 4,948 |
7,520 |
||||
| Total non-current assets | 198,750 |
155,605 |
||||
| Current assets | ||||||
| Inventories | 15,532 |
11,295 |
||||
| Trade receivables | 42,329 |
41,541 |
||||
| Other current assets | 8,374 |
8,940 |
||||
| Cash and cash equivalents | 150,621 |
196,028 |
||||
| Total current assets | 216,856 |
257,803 |
||||
| Total assets | 415,606 |
413,408 |
||||
| As of September 30, |
|
As of December 31, |
||||
| In 000€ | 2022 |
|
2021 |
|||
| Equity and liabilities | ||||||
| Equity | ||||||
| Share capital | 4,487 |
|
4,489 |
|
||
| Share premium | 233,869 |
|
233,872 |
|
||
| Retained earnings and other reserves | (1,797 |
) |
(5,784 |
) |
||
| Equity attributable to the owners of the parent | 236,559 |
|
232,577 |
|
||
| Non-controlling interest | (21 |
) |
1 |
|
||
| Total equity | 236,538 |
|
232,578 |
|
||
| Non-current liabilities | ||||||
| Loans & borrowings | 58,126 |
|
72,637 |
|
||
| Lease liabilities | 5,004 |
|
5,268 |
|
||
| Deferred tax liabilities | 4,239 |
|
4,371 |
|
||
| Deferred income | 6,932 |
|
4,952 |
|
||
| Other non-current liabilities | 1,027 |
|
2,168 |
|
||
| Total non-current liabilities | 75,328 |
|
89,396 |
|
||
| Current liabilities | ||||||
| Loans & borrowings | 17,593 |
|
17,849 |
|
||
| Lease liabilities | 3,202 |
|
3,353 |
|
||
| Trade payables | 25,038 |
|
20,171 |
|
||
| Tax payables | 1,128 |
|
783 |
|
||
| Deferred income | 36,112 |
|
33,306 |
|
||
| Other current liabilities | 20,667 |
|
15,972 |
|
||
| Total current liabilities | 103,740 |
|
91,434 |
|
||
| Total equity and liabilities | 415,606 |
|
413,408 |
|
||
| Consolidated statement of cash flows (Unaudited) |
||||||
| for the nine months ended September 30, |
||||||
| In 000€ | 2022 |
|
2021* |
|||
| Operating activities | ||||||
| Net (loss) profit for the period (*) | 2,435 |
|
8,382 |
|
||
| Non-cash and operational adjustments | ||||||
| Depreciation of property plant & equipment | 11,335 |
|
11,460 |
|
||
| Amortization of intangible assets | 4,859 |
|
3,780 |
|
||
| Impairment of goodwill and intangible assets | - |
|
- |
|
||
| Share-based payment expense | (121 |
) |
(878 |
) |
||
| Loss (gain) on disposal of property, plant & equipment | 59 |
|
43 |
|
||
| Movement in provisions | (506 |
) |
7 |
|
||
| Movement reserve for bad debt and slow moving inventory | (42 |
) |
154 |
|
||
| Financial income | (9,771 |
) |
(4,426 |
) |
||
| Financial expense | 5,009 |
|
3,182 |
|
||
| Impact of foreign currencies | 98 |
|
107 |
|
||
| Share in loss (gain) of a joint venture (equity method) | - |
|
- |
|
||
| (Deferred) income taxes (*) | 1,384 |
|
101 |
|
||
| Other non-current liabilities | - |
|
- |
|
||
| Working capital adjustments | 9,109 |
|
(4,531 |
) |
||
| Decrease (increase) in trade receivables and other receivables | (184 |
) |
(7,553 |
) |
||
| Decrease (increase) in inventories and contracts in progress | (4,356 |
) |
(1,770 |
) |
||
| Increase (decrease) in deferred revenue | 3,815 |
|
(56 |
) |
||
| Increase (decrease) in trade payables and other payables | 9,834 |
|
4,848 |
|
||
| Income tax paid & Interest received | (262 |
) |
108 |
|
||
| Net cash flow from operating activities | 23,587 |
|
17,490 |
|
||
| (*) | The year 2021 has been restated to reflect the final accounting of the business combination with RS Print. | |
| Impact on Net profit for the period and on (Deferred) income taxes is (46) k€. |
| for the nine months ended September 30, |
||||||
| In 000€ | 2022 |
|
2021 |
|||
| Investing activities | ||||||
| Purchase of property, plant & equipment | (16,066 |
) |
(4,827 |
) |
||
| Purchase of intangible assets | (3,422 |
) |
(2,439 |
) |
||
| Proceeds from the sale of property, plant & equipment & intangible assets (net) | 319 |
|
295 |
|
||
| Acquisition of subsidiary (net of cash) | (29,355 |
) |
- |
|
||
| (Convertible) Loans granted | - |
|
1,239 |
|
||
| Investment in subsidiary, net of cash acquired | - |
|
(1,680 |
) |
||
| Net cash flow used in investing activities | (48,523 |
) |
(7,412 |
) |
||
| Financing activities | ||||||
| Repayment of loans & borrowings | (15,182 |
) |
(11,169 |
) |
||
| Repayment of leases | (2,566 |
) |
(2,841 |
) |
||
| Capital increase | - |
|
85,787 |
|
||
| Interest paid | (1,665 |
) |
(1,652 |
) |
||
| Other financial income (expense) | 1,378 |
|
2,740 |
|
||
| Net cash flow from (used in) financing activities | (18,035 |
) |
72,865 |
|
||
| Net increase/(decrease) of cash & cash equivalents | (42,972 |
) |
82,943 |
|
||
| Cash & Cash equivalents at the beginning of the year | 196,028 |
|
111,538 |
|
||
| Exchange rate differences on cash & cash equivalents | (2,433 |
) |
465 |
|
||
| Cash & cash equivalents at end of the period | 150,621 |
|
194,946 |
|
||
| Reconciliation of Net Profit (Loss) to EBITDA and Adjusted EBITDA (Unaudited) |
||||||||||||
| for the three months ended September 30, |
|
for the nine months ended September 30, |
||||||||||
| In 000€ | 2022 |
|
2021 (*) |
|
2022 |
|
2021 (*) |
|||||
| Net profit (loss) for the period (*) | 1,413 |
|
8,657 |
|
2,435 |
|
8,382 |
|
||||
| Income taxes (*) | 478 |
|
75 |
|
1,377 |
|
101 |
|
||||
| Financial expenses | 2,110 |
|
(2,334 |
) |
4,671 |
|
3,182 |
|
||||
| Financial income | (4,283 |
) |
(1,869 |
) |
(9,800 |
) |
(4,426 |
) |
||||
| Depreciation and amortization | 5,378 |
|
5,314 |
|
16,194 |
|
15,240 |
|
||||
| Share in loss of joint venture | - |
|
- |
|
- |
|
- |
|
||||
| EBITDA | 5,096 |
|
9,843 |
|
14,876 |
|
22,480 |
|
||||
| Share-based compensation expense (1) | (24 |
) |
(104 |
) |
(121 |
) |
(878 |
) |
||||
| Acquisition-related expenses of business combinations (2) | - |
|
- |
|
- |
|
405 |
|
||||
| Adjusted EBITDA | 5,072 |
|
9,739 |
|
14,755 |
|
22,007 |
|
||||
| (1) |
Share-based compensation expense represents the cost of equity-settled and share-based payments to employees. | |
| (2) |
Acquisition-related expenses of business combinations represents expenses incurred in connection with the acquisition of our option to buy Link3D. | |
| (*) |
The year 2021 has been restated to reflect the final accounting of the business combination with RS Print. | |
| Impact on the nine months ended September 30 income taxes and net profit is (46)k€. | ||
| The year 2021 has been restated to reflect the final accounting of the business combination with RS Print. | ||
| Impact on the three months ended September 30 income taxes and net profit is 5 k€. |
| Segment P&L (Unaudited) |
||||||||||||||||||
| In 000€ | Materialise Software |
Materialise Medical |
Materialise Manufacturing |
Total segments |
Unallocated (1) | Consolidated | ||||||||||||
| For the three months ended September 30, 2022 | ||||||||||||||||||
| Revenues | 10,863 |
|
21,391 |
|
26,033 |
|
58,288 |
|
0 |
|
58,288 |
|
||||||
| Segment (adj) EBITDA | 202 |
|
4,765 |
|
2,530 |
|
7,497 |
|
(2,425 |
) |
5,072 |
|
||||||
| Segment (adj) EBITDA % | 1.9 |
% |
22.3 |
% |
9.7 |
% |
12.9 |
% |
8.7 |
% |
||||||||
| For the three months ended September 30, 2021 | ||||||||||||||||||
| Revenues | 10,468 |
|
18,910 |
|
22,817 |
|
52,196 |
|
(0 |
) |
52,195 |
|
||||||
| Segment (adj) EBITDA | 3,708 |
|
5,251 |
|
3,546 |
|
12,506 |
|
(2,767 |
) |
9,739 |
|
||||||
| Segment (adj) EBITDA % | 35.4 |
% |
27.8 |
% |
15.5 |
% |
24.0 |
% |
18.7 |
% |
||||||||
| In 000€ | Materialise Software |
Materialise Medical |
Materialise Manufacturing |
Total segments |
Unallocated (1) | Consolidated | ||||||||||||
| For the nine months ended September 30, 2022 | ||||||||||||||||||
| Revenues | 31,989 |
|
60,592 |
|
76,739 |
|
169,319 |
|
0 |
|
169,319 |
|
||||||
| Segment (adj) EBITDA | 2,955 |
|
12,466 |
|
6,722 |
|
22,144 |
|
(7,388 |
) |
14,755 |
|
||||||
| Segment (adj) EBITDA % | 9.2 |
% |
20.6 |
% |
8.8 |
% |
13.1 |
% |
8.7 |
% |
||||||||
| For the nine months ended September 30, 2021 | ||||||||||||||||||
| Revenues | 30,719 |
|
52,686 |
|
65,199 |
|
148,604 |
|
(142 |
) |
148,461 |
|
||||||
| Segment (adj) EBITDA | 10,266 |
|
14,313 |
|
5,252 |
|
29,831 |
|
(7,826 |
) |
22,004 |
|
||||||
| Segment (adj) EBITDA % | 33.4 |
% |
27.2 |
% |
8.1 |
% |
20.1 |
% |
14.8 |
% |
||||||||
| (1) Unallocated segment adjusted EBITDA consists of corporate research and development 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 ended September 30, |
|
for the nine months ended September 30, |
||||||||||
| In 000€ | 2022 |
|
2021 (*) |
|
2022 |
|
2021 (*) |
|||||
| Net profit (loss) for the period (*) | 1,413 |
|
8,657 |
|
2,435 |
|
8,382 |
|
||||
| Income taxes (*) | 478 |
|
75 |
|
1,377 |
|
101 |
|
||||
| Financial cost | 2,110 |
|
(2,334 |
) |
4,671 |
|
3,182 |
|
||||
| Financial income | (4,283 |
) |
(1,869 |
) |
(9,800 |
) |
(4,426 |
) |
||||
| Share in loss of joint venture | - |
|
- |
|
- |
|
- |
|
||||
| Operating (loss) profit | (282 |
) |
4,529 |
|
(1,318 |
) |
7,239 |
|
||||
| Depreciation and amortization | 5,378 |
|
5,314 |
|
16,194 |
|
15,240 |
|
||||
| Corporate research and development | 592 |
|
710 |
|
2,057 |
|
2,191 |
|
||||
| Corporate headquarter costs | 2,491 |
|
2,463 |
|
7,103 |
|
6,907 |
|
||||
| Other operating income (expense) | (681 |
) |
(511 |
) |
(1,892 |
) |
(1,745 |
) |
||||
| Segment adjusted EBITDA | 7,497 |
|
12,506 |
|
22,144 |
|
29,831 |
|
||||
| (*) | The year 2021 has been restated to reflect the final accounting of the business combination with RS Print. | |
| Impact on the nine months ended September 30 income taxes and net profit is (46)k€. | ||
| The year 2021 has been restated to reflect the final accounting of the business combination with RS Print. | ||
| Impact on the three months ended September 30 income taxes and net profit is 5 k€. |
