Materialise reports demand remains strong in Q2 results

July 29, 2022

Materialise NV, Leuven, Belgium, has released its financial results for the second quarter ending June 30, 2022. Total revenue is reported to have increased 14.5% to €58.07 million for the second quarter of 2021. Net profit for this second quarter of 2022 was €896,000 compared to €3.37 million for the same period of the previous year.

“Demand for the products and solutions of each of our three segments remained strong in these uncertain macro-economic times,” stated Peter Leys, executive chairman. “Materialise’s revenue increased by almost 15% compared to the same period last year and our deferred revenue from annual software sales and maintenance fees increased by more than 10% compared to December 31, 2021. Encouraged by our solid top-line results, we are continuing to execute on our plan of investing in our growth businesses. As a result of inflation and, in particular, our increased labour costs, our Adjusted EBITDA for the quarter was €4,240,000 compared to €6,925,000 for the second quarter of 2021.”

Revenue from the Materialise Software segment increased 6.1% to €10,642,000 for the second quarter of 2022 from €10,032,000 for the same quarter last year. Segment EBITDA decreased, including the effect of ongoing investments in Link3D, to €821,000 from €3,129,000 while the segment EBITDA margin was 7.7% compared to 31.2% for the prior-year period.

Revenue from the company’s Manufacturing segment increased 14.2% to €26.57 million for the second quarter of 2022 from €23.27 million for the second quarter of 2021. Segment EBITDA amounted to €1,581,000 compared to €1,850,000 for the same period last year, while the segment EBITDA margin was 5.9% compared to 8.0% for the second quarter of 2021.

Gross profit was €32.03 million compared to €28.44 million for the same period last year, while gross profit as a percentage of revenue decreased to 55.2% compared to 56.1% for the second quarter of 2021.

As a result of the above, net profit for the second quarter of 2022 was €896,000, compared to €3,367,000 for the same period in 2021. Total comprehensive income for the second quarter of 2022, which includes exchange differences on translation of foreign operations, was €771,000 compared to €4,344,000 for the 2021 period.

“The consecutive revenue growth posted by each of our segments in the first and second quarters of this year strengthens our confidence that our full year 2022 revenues will be at least 10% higher than in 2021,” Leys continued. “While inflation and effects of the war for talent, which are higher and more persistent than anticipated in the beginning of this year, weigh on our results, we continue to invest in our growth businesses. As a result, we currently expect that our consolidated EBITDA for the full year 2022 will be in the range of €20 million to €25 million.”

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