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Materialise Reports Second Quarter 2019 Results

LEUVEN, Belgium--(BUSINESS WIRE)--

Materialise NV (MTLS), a leading provider of additive manufacturing and medical software and of sophisticated 3D printing services, today announced its financial results for the second quarter ended June 30, 2019.

Highlights – Second Quarter 2019

  • Total revenue increased 7.4% to 48,404 kEUR for the second quarter of 2019 from 45,076 kEUR for the second quarter of 2018.
  • Total deferred revenue from annual software sales and maintenance contracts increased by 2,218 kEUR to 24,824 kEUR from 22,606 kEUR at the end of 2018.
  • Adjusted EBITDA amounted to 5,059 kEUR for the second quarter of 2019, or an Adjusted EBITDA margin of 10.5%.
  • Net loss for the second quarter of 2019 was (297) kEUR, or (0.01) EUR per diluted share, compared to 369 kEUR, or 0.01 EUR per diluted share, for the same period last year.

Executive Chairman Peter Leys commented, “In spite of a macro-economic environment that continues to be challenging, Materialise reported another quarter of top-line growth. This was mainly driven by Materialise Medical, which continued to perform strongly with solid revenue growth and EBITDA performance, and also by Materialise Manufacturing, which realized a double-digit EBITDA margin and grew its revenues for the third consecutive quarter. This quarter, the contribution by Materialise Software to our revenue growth and Adjusted EBITDA margin was below our expectations as a number of sales were pushed out to the second half of the year. Our outlook for 2019 remains within our previous guidance range, with our results now including expected contributions from our August acquisition of a 75% stake in Engimplan. This investment, which will enable us to introduce the benefits of Materialise’s patient-specific 3D printing implants and expertise to the fast-growing Brazil market, is part of our strategy to accelerate our growing presence in the additive manufacturing ecosystem through carefully selected acquisitions and partnerships.”

Second Quarter 2019 Results

Total revenue for the second quarter of 2019 increased 7.4% to 48,404 kEUR compared to 45,076 kEUR for the second quarter of 2018. Adjusted EBITDA decreased to 5,059 kEUR from 5,219 kEUR. The Adjusted EBITDA margin (Adjusted EBITDA divided by total revenue) for the second quarter of 2019 was 10.5% compared to 11.6% in the second quarter of 2018.

Revenue from our Materialise Software segment increased 2.1% to 9,320 kEUR for the second quarter of 2019 from 9,131 kEUR for the same quarter last year. Segment EBITDA decreased to 2,055 kEUR from 2,859 kEUR while the segment EBITDA margin was 22.1% compared to 31.3% in the prior-year period.

Revenue from our Materialise Medical segment increased 17.3% to 14,546 kEUR for the second quarter of 2019 compared to 12,400 kEUR for the same period in 2018. Compared to the same quarter in 2018, revenues from medical devices and services grew 12.8%, and revenues from our medical software grew 28.0%. Segment EBITDA was 2,738 kEUR compared to 2,124 kEUR while the segment EBITDA margin increased from 17.1% to 18.8% for the second quarter of 2019.

Revenue from our Materialise Manufacturing segment increased 5.0% to 24,550 kEUR for the second quarter of 2019 from 23,387 kEUR for the second quarter of 2018. Segment EBITDA increased to 2,835 kEUR from 2,264 kEUR while the segment EBITDA margin increased to 11.5% from 9.7% for the second quarter of 2018.

Gross profit was 26,527 kEUR, or 54.8% of total revenue, for the second quarter of 2019 compared to 24,788 kEUR, or 55.0% of total revenue, for the second quarter of 2018.

Research and development (“R&D”), sales and marketing (“S&M”) and general and administrative (“G&A”) expenses increased, in the aggregate, 8.4% to 27,861 kEUR for the second quarter of 2019 from 25,699 kEUR for the second quarter of 2018.

Net other operating income decreased to 1,370 kEUR from 1,840 kEUR for the second quarter of 2018.

Operating result decreased to 36 kEUR from 928 kEUR for the same period in the prior year.

Net financial result was (190) kEUR compared to (376) kEUR for the prior-year period. The share in loss of joint venture amounted to (82) kEUR compared to (141) kEUR for the same period last year.

The second quarter of 2019 contained income tax expenses of (61) kEUR, compared to (42) kEUR in the second quarter of 2018.

As a result of the above, net loss for the second quarter of 2019 was (297) kEUR, compared to 369 kEUR for the same period in 2018. Total comprehensive income for the second quarter of 2019, which includes exchange differences on translation of foreign operations, was (727) kEUR compared to a gain of 422 kEUR for the same period in 2018.

At June 30, 2019, we had cash and equivalents of 108,865 kEUR compared to 115,506 kEUR at December 31, 2018. Gross debt amounted to 107,698 kEUR (including 5,050 kEUR lease liabilities from the new accounting standard IFRS 16), as compared to 106,037 kEUR at December 31, 2018. Cash flow from operating activities for the second quarter of 2019 was 4,759 kEUR compared to 4,831 kEUR for the same period in 2018. Total capital expenditures for the quarter amounted to 3,052 kEUR. This amount includes 366 kEUR of capitalized R&D expenditures from medical programs.

Net shareholders’ equity at June 30, 2019 was 135,781 kEUR compared to 135,989 kEUR at December 31, 2018.

Note on Comparability

As a result of the implementation of the new accounting standard IFRS 16, we have recognized additional lease assets and liabilities in the amount of 4,998 kEUR at January 1, 2019. At the end of the second quarter of 2019, the total commitment of lease assets and liabilities amounted to 5,050 kEUR. Our Adjusted EBITDA for the second quarter of 2019 was affected positively by the new standard as a result of the rental payments decrease of 644 kEUR; however, our operating profit was impacted by only 52 kEUR as depreciation expenses increased by 593 kEUR.

Subsequent Events

On July 31, 2019 Materialise agreed to acquire a controlling stake in Engimplan Holdings Ltda., a Brazil-based manufacturer of orthopedic and cranio-maxillofacial (CMF) implants and instruments. The expertise and in-house infrastructure of Engimplan are complementary to our existing medical devices business and will position us to expand our market position in Brazil while further building on the existing business of Engimplan. Materialise will acquire a mix of existing and new shares bringing its total shareholding to 75%, with the founding shareholders retaining the remaining 25%. All shares will be fully paid for in cash at the closing, which is expected to take place during the week of August 5, 2019 .

On July 1, 2019, we drew the second tranche of 25,000 kEUR from our 35,000 kEUR credit facility with the European Investment Bank. This tranche has an interest rate of 2.719% and principal repayment dates between 2022 and 2027.

2019 Guidance

The Company’s outlook for fiscal 2019 remains within our previous guidance range, and management continues to expect to report consolidated revenue between 196,000 - 204,000 kEUR, Adjusted EBITDA between 29,000 - 33,000 kEUR, and an increase in deferred revenue generated from annual licenses and maintenance of between 2,000 - 4,000 kEUR as compared to 2018. We expect a stronger financial performance during the second half of 2019, in part because of the expected revenue and EBITDA contribution from our pending acquisition of a 75% stake in Engimplan. We do expect Adjusted EBITDA for 2019 to be closer to the lower end of the range.

Non-IFRS Measures

Materialise uses EBITDA and Adjusted EBITDA as supplemental financial measures of its financial performance. EBITDA is calculated as net profit plus income taxes, financial expenses (less financial income), shares of loss in a joint venture and depreciation and amortization. Adjusted EBITDA is determined by adding non-cash stock-based compensation expenses and acquisition-related expenses of business combinations to EBITDA. Management believes these non-IFRS measures to be important measures as they exclude the effects of items which primarily reflect the impact of long-term investment and financing decisions, rather than the performance of the company’s day-to-day operations. As compared to net profit, these measures are limited in that they do not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues in the company’s business, or the charges associated with impairments. Management evaluates such items through other financial measures such as capital expenditures and cash flow provided by operating activities. The company believes that these measurements are useful to measure a company’s ability to grow or as a valuation measurement. The company’s calculation of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. EBITDA and Adjusted EBITDA should not be considered as alternatives to net profit or any other performance measure derived in accordance with IFRS. The company’s presentation of EBITDA and Adjusted EBITDA should not be construed to imply that its future results will be unaffected by unusual or non-recurring items.

Exchange Rate

This document contains translations of certain euro amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from euros to U.S. dollars in this document were made at a rate of EUR 1.00 to USD 1.1380, the reference rate of the European Central Bank on June 30, 2019.

Conference Call and Webcast

Materialise will hold a conference call and simultaneous webcast to discuss its financial results for the second quarter of 2019 on Tuesday, August 6, 2019, at 8:30 a.m. ET/2:30 p.m. CET. Company participants on the call will include Wilfried Vancraen, Founder and Chief Executive Officer; Peter Leys, Executive Chairman; and Johan Albrecht, Chief Financial Officer. A question-and-answer session will follow management’s remarks.

  • To access the conference call, please dial 844-469-2530 (U.S.) or 765-507-2679 (international), passcode #6466129.

The conference call will also be broadcast live over the Internet with an accompanying slide presentation, which can be accessed on the company’s website at http://investors.materialise.com. A webcast of the conference call will be archived on the company's website for one year.

About Materialise

Materialise incorporates nearly 30 years of 3D printing experience into a range of software solutions and 3D printing services, which form the backbone of the 3D printing industry. Materialise’s open and flexible solutions enable players in a wide variety of industries, including healthcare, automotive, aerospace, art and design, and consumer goods, to build innovative 3D printing applications that aim to make the world a better and healthier place. Headquartered in Belgium, with branches worldwide, Materialise combines one of the largest groups of software developers in the industry with one of the largest 3D printing facilities in the world. For additional information, please visit: www.materialise.com.

Cautionary Statement on Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, our intentions, beliefs, assumptions, projections, outlook, analyses or current expectations, plans, objectives, strategies and prospects, both financial and business, including statements concerning, among other things, current estimates of fiscal 2019 revenues, deferred revenue from annual licenses and maintenance and Adjusted EBITDA, the timing, benefits and impact on our fiscal 2019 results of the Engimplan investment, results of operations, cash needs, capital expenditures, expenses, financial condition, liquidity, prospects, growth and strategies (including our strategic priorities for 2019), and the trends and competition that may affect the markets, industry or us. Such statements are subject to known and unknown uncertainties and risks. When used in this press release, the words “estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,” “believe,” “forecast,” “will,” “may,” “could,” “might,” “aim,” “should,” and variations of such words or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon the expectations of management under current assumptions at the time of this press release. These expectations, beliefs and projections are expressed in good faith and the company believes there is a reasonable basis for them. However, the company cannot offer any assurance that our expectations, beliefs and projections will actually be achieved. By their nature, forward-looking statements involve risks and uncertainties because they relate to events, competitive dynamics and industry change, and depend on economic circumstances that may or may not occur in the future or may occur on longer or shorter timelines than anticipated. We caution you that forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that are in some cases beyond our control. All of the forward-looking statements are subject to risks and uncertainties that may cause the company's actual results to differ materially from our expectations, including risk factors described in the company's annual report on Form 20-F filed with the U.S. Securities and Exchange Commission. There are a number of risks and uncertainties that could cause the company's actual results to differ materially from the forward-looking statements contained in this press release.

The company is providing this information as of the date of this press release and does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise, unless it has obligations under the federal securities laws to update and disclose material developments related to previously disclosed information.

Consolidated income statements (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended

June 30,

 

 

 

 

 

For the six

months ended

June 30,

 

In 000

 

2019

 

 

2019

 

 

2018

 

 

 

 

 

2019

 

 

2018

 

 

 

U.S.$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

55,084

 

 

 

48,404

 

 

 

45,076

 

 

 

 

 

 

95,519

 

 

 

88,975

 

Cost of sales

 

 

(24,896)

 

 

 

(21,877)

 

 

 

(20,288)

 

 

 

 

 

 

(43,413)

 

 

 

(40,232)

 

Gross profit

 

 

30,188

 

 

 

26,527

 

 

 

24,788

 

 

 

 

 

 

52,106

 

 

 

48,743

 

Gross profit as % of revenue

 

 

54,8%

 

 

 

54,8%

 

 

 

55,0%

 

 

 

 

 

 

54,6%

 

 

 

54.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development expenses

 

 

(6,941)

 

 

 

(6,100)

 

 

 

(5,831)

 

 

 

 

 

 

(11,786)

 

 

 

(11,446)

 

Sales and marketing expenses

 

 

(14,991)

 

 

 

(13,173)

 

 

 

(11,843)

 

 

 

 

 

 

(25,252)

 

 

 

(22,441)

 

General and administrative expenses

 

 

(9,773)

 

 

 

(8,588)

 

 

 

(8,026)

 

 

 

 

 

 

(16,184)

 

 

 

(15,187)

 

Net other operating income (expenses)

 

 

1,559

 

 

 

1,370

 

 

 

1,840

 

 

 

 

 

 

2,627

 

 

 

2,390

 

Operating (loss) profit

 

 

40

 

 

 

36

 

 

 

928

 

 

 

 

 

 

1,511

 

 

 

2,059

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial expenses

 

 

(356)

 

 

 

(313)

 

 

 

(404)

 

 

 

 

 

 

(1,509)

 

 

 

(2,516)

 

Financial income

 

 

140

 

 

 

123

 

 

 

29

 

 

 

 

 

 

728

 

 

 

1,431

 

Share in loss of joint venture

 

 

(93)

 

 

 

(82)

 

 

 

(141)

 

 

 

 

 

 

(205)

 

 

 

(244)

 

(Loss) profit before taxes

 

 

(268)

 

 

 

(236)

 

 

 

411

 

 

 

 

 

 

524

 

 

 

729

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 

 

(69)

 

 

 

(61)

 

 

 

(42)

 

 

 

 

 

 

(1,126)

 

 

 

(543)

 

Net (loss) profit for the period

 

 

(338)

 

 

 

(297)

 

 

 

369

 

 

 

 

 

 

(601)

 

 

 

186

 

Net (loss) profit attributable to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The owners of the parent

 

 

(338)

 

 

 

(297)

 

 

 

369

 

 

 

 

 

 

(601)

 

 

 

186

 

Non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share attributable to owners of the parent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

(0.01)

 

 

 

(0.01)

 

 

 

0.01

 

 

 

 

 

 

(0.01)

 

 

 

0.00

 

Diluted

 

 

(0.01)

 

 

 

(0.01)

 

 

 

0.01

 

 

 

 

 

 

(0.01)

 

 

 

0.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average basic shares outstanding

 

 

52,891

 

 

 

52,891

 

 

 

47,428

 

 

 

 

 

 

52,891

 

 

 

47,428

 

Weighted average diluted shares outstanding

 

 

52,891

 

 

 

52,891

 

 

 

47,428

 

 

 

 

 

 

52,891

 

 

 

47,428

 

Consolidated statements of comprehensive income (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended

June 30,

 

 

 

 

 

For the six

months ended

June 30,

 

In 000

 

2019

 

 

2019

 

 

2018

 

 

 

 

 

2019

 

 

2018

 

 

 

U.S.$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net profit (loss) for the period

 

 

(338)

 

 

 

(297)

 

 

 

369

 

 

 

 

 

 

(602)

 

 

 

186

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exchange difference on translation of foreign operations

 

 

(489)

 

 

 

(430)

 

 

 

53

 

 

 

 

 

 

157

 

 

 

(42)

 

Other comprehensive income (loss), net of taxes

 

 

(489)

 

 

 

(430)

 

 

 

53

 

 

 

 

 

 

157

 

 

 

(42)

 

Total comprehensive income (loss) for the year, net of taxes

 

 

(827)

 

 

 

(727)

 

 

 

422

 

 

 

 

 

 

(445)

 

 

 

144

 

Total comprehensive income (loss) attributable to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The owners of the parent

 

 

(827)

 

 

 

(727)

 

 

 

422

 

 

 

 

 

 

(445)

 

 

 

144

 

Non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated statement of financial position (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

As of June

30,

 

 

As of

December

31,

 

In 000

 

2019

 

 

2018

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

 

 

Goodwill

 

 

17,491

 

 

 

17,491

 

Intangible assets

 

 

25,828

 

 

 

26,326

 

Property, plant & equipment

 

 

97,159

 

 

 

92,537

 

Investments in joint ventures

 

 

 

 

 

 

 

 

Deferred tax assets

 

 

260

 

 

 

315

 

Other non-current assets

 

 

10,080

 

 

 

7,237

 

Total non-current assets

 

 

150,819

 

 

 

143,906

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Inventories

 

 

10,031

 

 

 

9,986

 

Trade receivables

 

 

40,073

 

 

 

36,891

 

Other current assets

 

 

7,746

 

 

 

6,936

 

Cash and cash equivalents

 

 

108,865

 

 

 

115,506

 

Total current assets

 

 

166,715

 

 

 

169,319

 

Total assets

 

 

317,534

 

 

 

313,225

 

 

 

As of June

30,

 

 

As of

December

31,

 

In 000

 

2019

 

 

2018

 

 

 

 

 

 

Equity and liabilities

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

Share capital

 

 

3,050

 

 

 

3,050

 

Share premium

 

 

136,869

 

 

 

136,637

 

Consolidated reserves

 

 

(2,447)

 

 

 

(1,848)

 

Other comprehensive income

 

 

(1,692)

 

 

 

(1,850)

 

Equity attributable to the owners of the parent

 

 

135,781

 

 

 

135,989

 

Non-controlling interest

 

 

 

 

 

 

Total equity

 

 

135,781

 

 

 

135,989

 

 

 

 

Non-current liabilities

 

 

 

 

 

 

 

 

Loans & borrowings

 

 

91,884

 

 

 

92,440

 

Deferred tax liabilities

 

 

5,979

 

 

 

6,226

 

Deferred income

 

 

5,282

 

 

 

4,587

 

Other non-current liabilities

 

 

886

 

 

 

868

 

Total non-current liabilities

 

 

104,031

 

 

 

104,121

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Loans & borrowings

 

 

15,814

 

 

 

13,598

 

Trade payables

 

 

17,902

 

 

 

18,667

 

Tax payables

 

 

2,358

 

 

 

2,313

 

Deferred income

 

 

24,776

 

 

 

23,195

 

Other current liabilities

 

 

16,873

 

 

 

15,342

 

 

 

 

Total current liabilities

 

 

77,722

 

 

 

73,115

 

Total equity and liabilities

 

 

317,534

 

 

 

313,225

 

Consolidated statement of cash flows (Unaudited)

 

 

 

 

 

 

 

For the six months ended June 30,

in 000

 

2019

 

2018

 

 

 

Operating activities

 

 

 

 

Net (loss) profit for the period

 

(602)

 

186

Non-cash and operational adjustments

 

 

 

 

Depreciation of property, plant & equipment

 

6,950

 

5,517

Amortization of intangible assets

 

2,229

 

2,498

Share-based payment expense

 

197

 

366

Loss (gain) on disposal of property, plant & equipment

 

134

 

(90)

Movement in provisions

 

20

 

-

Movement reserve for bad debt

 

(116)

 

68

Financial income

 

(171)

 

(58)

Financial expense

 

1,232

 

1,032

Impact of foreign currencies

 

(288)

 

111

Share in loss of a joint venture (equity method)

 

205

 

244

(Deferred) income taxes

 

1,126

 

543

Other

 

(196)

 

(164)

Working capital adjustment & income tax paid

 

 

 

 

Increase in trade receivables and other receivables

 

(4,466)

 

(4,147)

Decrease (increase) in inventories

 

(43)

 

774

Increase in trade payables and other payables

 

3,737

 

5,230

Income tax paid

 

(1,108)

 

(1,555)

Net cash flow from operating activities

 

8,840

 

11,031

 

 

 

 

 

 

 

For the six months ended June 30,

in 000

 

2019

 

2018

 

 

 

Investing activities

 

 

 

 

Purchase of property, plant & equipment

 

(4,827)

 

(8,588)

Purchase of intangible assets

 

(1,457)

 

(583)

Proceeds from the sale of property, plant & equipment & intangible assets (net)

 

(3)

 

436

Convertible loan to third party

 

(2,500)

 

Investments in joint-ventures

 

 

Interest received

 

 

(2)

Net cash flow used in investing activities

 

(8,787)

 

(8,737)

 

 

 

 

 

Financing activities

 

 

 

 

Proceeds from loans & borrowings

 

3,000

 

18,770

Repayment of loans & borrowings

 

(5,818)

 

(14,074)

Repayment of finance leases

 

(2,765)

 

(1,366)

Capital increase

 

 

207

Interest paid

 

(934)

 

(814)

Other financial income (expense)

 

(292)

 

(130)

Net cash flow from (used in) financing activities

 

(6,809)

 

2,593

 

 

 

 

 

Net increase of cash & cash equivalents

 

(6,756)

 

4,887

Cash & cash equivalents at beginning of the year

 

115,506

 

43,175

Exchange rate differences on cash & cash equivalents

 

115

 

657

Cash & cash equivalents at end of the year

 

108,865

 

48,719

Reconciliation of Net Profit (Loss) to EBITDA and Adjusted EBITDA (Unaudited)

 

 

 

For the three months

ended June 30,

 

 

 

 

 

For the six months

ended June 30,

 

In 000

 

2019

 

 

2018

 

 

 

 

 

2019

 

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net profit (loss) for the period

 

 

(297)

 

 

 

369

 

 

 

 

 

 

 

(601)

 

 

 

186

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 

 

61

 

 

 

42

 

 

 

 

 

 

 

1,126

 

 

 

543

 

Financial expenses

 

 

313

 

 

 

404

 

 

 

 

 

 

 

1,509

 

 

 

2,516

 

Financial income

 

 

(123

)

 

 

(29

)

 

 

 

 

 

 

(728)

 

 

 

(1,431)

 

Share in loss of joint venture

 

 

82

 

 

 

141

 

 

 

 

 

 

 

205

 

 

 

244

 

Depreciation and amortization

 

 

4,649

 

 

 

4,009

 

 

 

 

 

 

 

9,178

 

 

 

8,538

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA

 

 

4,685

 

 

 

4.940

 

 

 

 

 

 

 

10,691

 

 

 

10,074

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-cash stock-based compensation expense (1)

 

 

(374)

 

 

 

(276

)

 

 

 

 

 

 

(196)

 

 

 

(366)

 

Acquisition-related expenses business combinations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ADJUSTED EBITDA

 

 

5,059

 

 

 

5,216

 

 

 

 

 

 

 

10,888

 

 

 

10,440

 

(1)

Non-cash stock-based compensation expenses represent the cost of equity-settled and cash-settled share-based payments to employees.

Segment P&L (Unaudited)

 

In 000

 

Materialise

Software

 

Materialise

Medical

 

Materialise

Manu-

facturing

 

Total

segments

 

Unallocated

(1)(2)

 

Consoli-

Dated

 

 

 

 

 

 

 

For the three months ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

9,320

 

14,546

 

24,550

 

48,415

 

(11)

 

48,404

Segment EBITDA

 

2,055

 

2,738

 

2,835

 

7,629

 

(2,571)

 

5,059

 

 

 

 

 

 

 

Segment EBITDA %

 

22.1%

 

18.8%

 

11.5%

 

15.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended June 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

9,131

 

12,400

 

23,387

 

44,918

 

158

 

45,076

Segment EBITDA

 

2,859

 

2,124

 

2,264

 

7,247

 

(2,031)

 

5,216

 

 

 

 

 

 

 

Segment EBITDA %

 

31.3%

 

17.1%

 

9.7%

 

16.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In 000

 

Materialise

Software

 

Materialise

Medical

 

Materialise

Manu-
facturing

 

Total

segments

 

Unallocated

(1)(2)

 

Consoli-

Dated

 

 

 

 

 

 

 

For the six months ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

18,670

 

28,112

 

48,734

 

95,515

 

4

 

95,519

Segment EBITDA

 

5,016

 

4,511

 

6,530

 

16,058

 

(5,170)

 

10,888

 

 

 

 

 

 

 

Segment EBITDA %

 

22.1%

 

16.0%

 

13.4%

 

16.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the six months ended June 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

17,457

 

24,346

 

47,019

 

88,822

 

153

 

88,975

Segment EBITDA

 

5,183

 

4,184

 

5,397

 

14,764

 

(4,324)

 

10,440

 

 

 

 

 

 

 

Segment EBITDA %

 

29.7%

 

17.2%

 

11.5%

 

16.6%

 

 

 

 

(1)

Unallocated Revenues consist of occasional one-off sales in our core competencies not allocated to any of our segments. Unallocated Segment EBITDA consists of corporate research and development, corporate headquarter costs and other operating income (expense).

(2)

Unallocated Segment EBITDA consists of the added non-cash stock-based compensation expenses that are included in Adjusted EBITDA.

Reconciliation of Net Profit (Loss) to Segment EBITDA (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months

ended June 30,

 

 

 

 

 

For the six months

ended June 30,

 

In 000

 

2019

 

 

2018

 

 

 

 

 

2019

 

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net profit (loss) for the period

 

 

(297)

 

 

 

369

 

 

 

 

 

 

 

(601)

 

 

 

186

 

Income taxes

 

 

61

 

 

 

42

 

 

 

 

 

 

 

1,126

 

 

 

543

 

Financial cost

 

 

313

 

 

 

404

 

 

 

 

 

 

 

1,509

 

 

 

2,516

 

Financial income

 

 

(123)

 

 

 

(29)

 

 

 

 

 

 

 

(728)

 

 

 

(1,431)

 

Share in loss of joint venture

 

 

82

 

 

 

141

 

 

 

 

 

 

 

205

 

 

 

244

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit

 

 

36

 

 

 

928

 

 

 

 

 

 

 

1,511

 

 

 

2,059

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

4,649

 

 

 

4,009

 

 

 

 

 

 

 

9,178

 

 

 

8,015

 

Corporate research and development

 

 

502

 

 

 

527

 

 

 

 

 

 

 

1,014

 

 

 

1,044

 

Corporate headquarter costs

 

 

3,108

 

 

 

3,235

 

 

 

 

 

 

 

5,777

 

 

 

5,700

 

Other operating income (expense)

 

 

(501)

 

 

 

(1,001)

 

 

 

 

 

 

 

(1,107)

 

 

 

(1,373)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment EBITDA

 

 

7,629

 

 

 

7,247

 

 

 

 

 

 

 

16,058

 

 

 

14,764

 

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20190806005094/en/