Materialise grows again in Q3 2022

Materialise NV (NASDAQ:MTLS), a leading provider of additive manufacturing and medical software and 3D printing services, grew by 11.7% in terms of revenues in financial Q3 2022, generating revenues of €58.3 million (compared to €52.2 million in Q3 2021). Adjusted EBITDA was €5 million, compared to €9.7 million for the 2021 period. Net profit for the third quarter of 2022 was €1,4 million, compared to €8,7 million for the 2021 period.

Executive Chairman Peter Leys commented, “Demand for the products and solutions of each of our three segments remained solid even in these uncertain macro-economic times. Materialise’s revenue increased by almost 12% compared to the same period last year and our deferred revenue from annual software sales and maintenance fees increased by almost 10% compared to December 31, 2021. As a result of our continued investment in our growth businesses, but also because of inflation and, in particular, our increased labor costs […] Our results included operational investments in Identify3D, a developer of AM cloud security systems that we acquired on September 1, 2022.”

Revenue from the Materialise Software segment increased 3.8% to €10.9 million for the third quarter of 2022 from 10,468 kEUR for the same quarter last year. Segment EBITDA decreased, including the effect of ongoing investments in Link3D and Identify3D, to €202,000 from €3.7 million while the segment EBITDA margin was 1.9% compared to 35.4% for the prior-year period.

Revenue from the Materialise Medical segment increased 13.1% to €21.4 million kEUR for the third quarter of 2022 compared to €18.9 million for the same period in 2021. Segment EBITDA amounted to €4.8 for the third quarter of 2022 compared to €5.25 while the segment EBITDA margin was 22.3% compared to 27.8% for the third quarter of 2021.

Revenue from the Materialise Manufacturing segment increased 14.1% to €26 million for the third quarter of 2022 from €22.8 million for the third quarter of 2021. Segment EBITDA amounted to €2.5 million compared to €3.5 for the same period last year, while the segment EBITDA margin was 9.7% compared to 15.5% for the third quarter of 2021.

Gross profit was €32 million compared to €31 million for the same period last year, while gross profit as a percentage of revenue decreased to 55.0% compared to 59.5% for the third quarter of 2021.

Research and development (“R&D”), sales and marketing (“S&M”) and general and administrative (“G&A”) expense increased, in the aggregate, 24.5% to €33.5 for the third quarter of 2022 from €26.9 million for the third quarter of 2021.