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Materialise closes FY2023 with 256 million in revenues, +10.4%

The AM service provider's stocks are struggling but its business is healthy

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Materialise NV (NASDAQ:MTLS), a leading provider of additive manufacturing services and software solutions closed its FY2023 last December 31, 2023 reporting revenues of €256.1 million, growing by 10.4% compared to the previous year. The company’s stock, currently trading at about $5, is still struggling (down significantly from the $12 IPO, the $77 all-time peak and the valuation $6.5 at the beginning of 2024), but the company’s business is healthy. The fourth fiscal quarter brought revenues of 65.3 million, growing by 4.1%.

Among the key highlights, Materialise points out that revenue from the medical segment surpassed the €100 million threshold posting a full-year revenue of €101,4 million. Adjusted EBITDA was €31,4 million, representing an increase of 65%.

CEO Brigitte de Vet-Veithen commented, “As turbulent macro-economic and geo-political conditions continued throughout the last quarter of 2023, Materialise’s business model once more proved its resilience and complementarity. Despite the challenging business climate we grew our total revenue by 4% and doubled our Adjusted EBITDA compared to last year’s same period. Materialise Medical again realized double-digit revenue growth and became the largest revenue contributor. With 128 million EUR of cash and cash equivalents on our balance sheet, additional financing secured and positive operating cash flow, we are well positioned to continue our investments in innovative 3D product and software solutions while we further integrate our diverse product portfolio creating additional synergies in the process.”

Revenues from the Materialise Software segment in FY 2023 increased 1.7% to €44,4 million for the year ended December 31, 2023 and the segment’s adjusted EBITDA increased to €7,4 million from €1,5 million. The segment’s adjusted EBITDA margin was 16.8% in 2023, compared to 3.5% in 2022.

Materialise closes FY2023 with 256 million in revenues, +10.4% as the AM service provider's stocks are struggling but its business is healthy

Revenues from the Materialise Manufacturing segment increased 6.6% to €110,3 million for the year ended December 31, 2023. Gross profit increased 12.7% to €145,1 million from 128,768 kEUR last year. Gross profit as a percentage of revenue was 56.7%, compared to 55.5%.

Mrs. de Vet-Veithen concluded, “Whereas our guidance reflects the uncertain macro-economic and geo-political environment, we believe Materialise is ideally positioned, thanks to our strong product portfolio, continued investments in innovations and strong financial foundation. We expect sales in all three of our segments to increase. The growth of our Materialise Software revenue will be further temporarily impacted by the transition towards a cloud-based subscription business model that we are continuing to implement. Based on current market conditions, we expect our full year consolidated revenues to grow to a range of €265,000 million to €275,000 million in 2024. The revenue growth will result in an Adjusted EBIT which we currently anticipate to total between €11,000 million and €14,000 million. We expect our three segments to contribute to our Adjusted EBIT in line with their contributions to our revenue growth.”

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