Materialise publishes financial results for the fourth quarter and full year 2022

Materialise, a Belgian provider of additive manufacturing solutions, medical software and advanced 3D printing services, announced its financial results for the fourth quarter and the full year ended December 31, 2022. Total revenue for the fourth quarter of 2022 increased by +10% amounting to PLN 62.7 million EUR, while in full-year terms, the company recorded an increase in revenues by +12.9%, reaching the level of EUR 232 million.

Software segment revenue decreased by -4 in the fourth quarter, while Medical segment revenue increased by +17.3%. Revenue from the Manufacturing segment (3D printing services) increased by +10.9%. For the entire fourth quarter of last year, Materialise achieved a gross profit of EUR 35.7 million, an increase of +7.5% year-on-year. However, after deducting other operating and accounting costs, the company ultimately recorded a net loss of EUR -4.6 million, compared to a profit of EUR 4.8 million the year before.

Total revenue for the full year ended December 31, 2022 increased by +12.9%. Revenues from the Software segment increased by +1.8%, Medical increased by +15.6%, and 3D printing services (Manufacturing) increased by +16%. All in all, the company generated a net loss of EUR -2.15 million for 2022 compared to a net profit of EUR 13.1 million in 2021. Materialise cash and cash equivalents amounted to EUR 140 million and gross debt EUR 81 million.

Materialise CEO Peter Leys is optimistic about the year ahead – “We now expect Materialise to record another year of double-digit revenue growth, with total revenues between EUR 255 and 260 million in 2023 (…) Although we expect sales growth in the Materialise Software segment , this increase may not be fully reflected in revenues due to the evolving cloud subscription business model we are introducing. Assuming inflation stabilizes in 2023, we expect our continued revenue growth to gradually result in a stronger Adjusted EBITDA, which we currently project to be between €25m and €30m in 2023 with their contribution to our revenue growth.

At the same time, we want to note that the events in Ukraine are likely to have a significant impact on the European and global economy, as well as on the continuity of important services that we obtain from employees in Kiev. This could have a significant impact on our results for 2023. We will continue to monitor those events that remain unpredictable.”


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