Zortrax today published its financial results for 2021. The leading Polish manufacturer of 3D printers and consumables generated revenues of PLN 20 million, with a net loss of PLN -6.8 million. However, the amount of revenues has only an accounting dimension and is underestimated due to last year’s merger of Zortrax with Corelens (more on this later in the article). Sales of 3D printers and peripherals accounted for 66.8% of total revenues, 1/3 of which went to the Polish market! 29% of revenues were generated from the sale of consumables (filaments and resins) and spare parts. The remaining 4.8% of revenues were generated by 3D printing services.

Due to the last year’s merger of Zortrax with Corelens, comparing the company’s financial results on a year-to-year basis is unjustified. Accounting revenues increased more than 20 times, however Corelens previously operated in a completely different industry and generated incomparably lower revenues. At the same time, the accounting calculation of revenues for the company “Zortrax-Corelens“, which was established in this way, started only in the middle of last year (June 14, 2021). In a letter to shareholders, the president of Zortrax – Mariusz Babula, wrote that “if the merger took place on January 1, 2021, these revenues would amount to approx. PLN 35 million. For a pro forma comparison, the total revenues of both entities for 2020 amounted to approximately PLN 34 million. So it can be seen that in the period of the pandemic, the Company recorded only a symbolic increase in the scale of its operations.

According to Babula, the stagnation in the achieved financial results and the loss of nearly PLN -7 million are due to the high costs of research and development activities and the exceptionally high costs of logistics resulting from the pandemic. As is well known, the production of Zortrax devices takes place in China. The gross margin on products, goods and services amounted to 42.5% in 2021, and the growing shipping costs turned out to be the biggest challenge. Due to the C19 pandemic and the geopolitical situation, air transport has a large share in transport, which is three times higher than rail. At the same time, the president of Zortrax emphasizes that in the fourth quarter of 2021, the company generated revenues of nearly PLN 12 million, compared to PLN 9.1 million a year earlier. This is supposed to suggest a good prognosis for the current year.

The sales structure is very interesting. Revenues broken down into Poland, the EU and abroad were evenly distributed, ie approx. 33% for each area, and Poland, France, Sweden and the USA turned out to be the national leaders.

In its current operating activities, Zortrax focuses on the space, education and dental sectors (via its subsidiary Zortrax Dental). In the first case, it is worth emphasizing the cooperation with the European Space Agency (ESA), under which Zortrax implements a 3D printing program with PEEK in space conditions. In the educational sector, Zortrax turned out to be one of the main beneficiaries of the Laboratoria Przyszłość program, implemented by the Ministry of Education of the Republic of Poland. This project is carried out in cooperation with Skriware. In turn, Zortrax Dental is getting ready to launch a new 3D dental printer, Inkspire 2 Dent.

Source: www.pap.pl

Paweł Ślusarczyk
CEO of 3D Printing Center. Has over 15 years' experience in buisiness, gained in IT, advertising and polygraphy. Part of 3D printing industry since 2013.

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