Materialise reports third quarter 2023 results

A few days ago we informed that Materialise – one of the largest and longest-operating companies in the global 3D printing industry, announced a change in the position of CEO. Fried Vancraen, who had been holding this position for 33 years, was replaced by Brigitte de Vet-Veithen, who previously served as executive vice president of Materialise Medical – a company developing software and 3D printing solutions dedicated to the healthcare industry. The new managing director begins her reign with quite good financial results. In the announced financial report for the third quarter of this year. it was found that the company’s total revenues increased by 3.2% year-on-year, and net profit increased by as much as 184%!

Total revenues for the third quarter of 2023 increased by +3.2% and amounted to EUR 60 million. Adjusted EBITDA for the third quarter of 2023 was EUR 7.8 million, an increase of +55% compared to EUR 5 million for the same period in 2022. Adjusted EBITDA margin was 13.1% compared to 8.7% for the third quarter of 2022

Revenues from the Materialise Software segment for the third quarter of 2023 amounted to EUR 10.8 million and were almost identical to the same quarter last year. Revenues from the Materialise Medical segment increased by +13.4% and amounted to PLN 24.3 million. EUR. Revenues from the Materialise Manufacturing segment decreased by -3.8%, and the EBITDA margin also decreased, which amounted to 4.3% compared to 9.7% in the third quarter of 2022.

Gross profit amounted to EUR 33.69 million compared to EUR 32 million in the same period last year. Other net operating revenues decreased to PLN 710,000. EUR from EUR 1.16 million in the third quarter of 2022. The net financial result amounted to PLN 1,319 thousand. EUR against 2,173 thousand EUR for the third quarter of 2022. Net profit amounted to EUR 4 million compared to EUR 1.4 million last year.

As at September 30, 2023, the balance of cash and cash equivalents was EUR 133.9 million compared to EUR 140.9 million as at December 31, 2022. However, gross debt decreased and amounted to EUR 66.2 million compared to EUR 80.98 million.

Materialise maintains its financial forecasts for the entire current year, predicting that the company will generate revenue of EUR 255 – 260 million.


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