Materialise reports stable revenues in Q1 2021
Medical and software are up, manufacturing is slightly down
Materialise (NASDAQ:MTLS), a leading global provider of 3D printing services and software, registered total revenue of €45.5 million for the first quarter of 2021, a slight decrease compared to €46.2 million for the 2020 period. Adjusted EBITDA was €5,.3 million for the first quarter of 2021 compared to €3.6 million for the 2020 period. Net loss for the first quarter of 2021 was €3.7 million (€0.07 per diluted share), compared to €2.9 for the 2020 period.
“While the global economy was still significantly impacted by the COVID-19 pandemic, Materialise performed well,” commented Executive Chairman Peter Leys. “We continued to bounce back, and our revenue came close to the level of the first quarter of 2020, which predated the pandemic. We are particularly encouraged by the fact that, alongside the revenue growth of Materialise Medical, which has been performing very strongly since Q3 2020, Materialise Software also posted growth this quarter. Our Adjusted EBITDA was a […] 48.2% increase compared to the same period last year. In addition to our good financial performance during the past quarter, we took an important step to secure our growth in the longer term through the acquisition of an option to buy Link3D, a developer of AM manufacturing execution systems.”
Revenue from Materialise Software segment increased by 4.1% to €10.2 million for the first quarter of 2021 from €9.8 million for the same quarter last year. Segment EBITDA increased 29.6% while the segment EBITDA margin increased to 33.6% from 26.9% for the prior-year period.
Revenue from the Materialise Medical segment increased 3.7% to €16.2 million for the first quarter of 2021 compared to €15.7 million for the same period in 2020. Segment EBITDA increased 85% while the segment EBITDA margin increased to 28.0% from 15.7% for the first quarter of 2020.
Revenue from the Materialise Manufacturing segment was €19.1 million for the first quarter of 2021, a decrease of 8.2% from €20.8 million for the first quarter of 2020. Segment EBITDA decreased to (144) kEUR from 1,118 kEUR while the segment EBITDA margin was (0.8)% compared to 5.4% % for the first quarter of 2020.
Gross profit remained stable at €24.6 million, while the gross profit margin increased to 53.9% of total revenue from 53.2% for the first quarter of 2020.
Research and development (“R&D”), sales and marketing (“S&M”) and general and administrative (“G&A”) expenses decreased, in the aggregate, 3.6% to 25,398 kEUR for the first quarter of 2021 from 26,351 kEUR for the first quarter of 2020. Net other operating income was up to €1.1 million compared to €683,000 for the first quarter of 2020.
Mr. Leys concluded: “In the second quarter of 2021, we currently expect that our consolidated revenues will continue to grow sequentially, with the potential to be up to 10% higher than in this year’s first quarter. As our business gradually recovers from the crisis, we also intend to gradually increase expenditures in our growth initiatives, which will also impact our Adjusted EBITDA. We are cautiously optimistic that the positive trend we have been seeing in the first months of the year will continue throughout the rest of 2021, but in view of the unpredictability of the COVID-19 crisis, our visibility remains too uncertain to provide quantitative guidance for the full year of 2021.”
