Materialise reports growth amid turbulent conditions
March 13, 2024
Materialise NV, headquartered in Leuven, Belgium, has announced its financial results for the fourth quarter and full year ended December 31, 2023. The company reported that total fourth quarter revenue increased 4.1% to €65.3 million, helping the full year 2023 revenue improve by 10.4% to €256.1 million.
“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,” stated CEO Brigitte de Vet-Veithen. “Despite the challenging business climate, we grew our total revenue by 4% and doubled our adjusted EBITDA compared to last year’s same period. With €128 million 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.”
Fourth Quarter
Adjusted EBITDA for Q4 amounted to €8.5 million, compared to €4.2 million for the same period in 2022. The adjusted EBITDA margin (adjusted EBITDA divided by total revenue) for the fourth quarter of 2023 was 13.0%, compared to 6.8% for the fourth quarter of 2022.
Gross profit increased 5.2% to €37.5 million for the fourth quarter of 2023 from €35.6 million for the same period of 2022. Gross profit as a percentage of revenue was 57.5%, compared to 56.9%.
Full Year results
For the full year, adjusted EBITDA was €31.40 million compared to €19.01 million for 2022, representing an increase of 65%. Gross profit increased 12.7% to €145.1 million from €128.8 million last year. Gross profit as a percentage of revenue was 56.7%, compared to 55.5%. Net profit for 2023 was €6.70 million, compared to a net loss of €2.15 million for 2022.
Revenues from the Materialise Software segment increased 1.7% to €44.4 million for the year, compared to €43.7 million for the previous year. The segment’s adjusted EBITDA increased to €7.45 million from €1.51 million, with an adjusted EBITDA margin of 16.8% in 2023, compared to 3.5% in 2022.
Materialise’s Manufacturing segment revenue increased 6.6% to €110.3 million for the year ended December 31, 2023, up from €103.5 million for 2022. The segment’s adjusted EBITDA amounted to €7.5 million compared to €8.2 million. The segment’s adjusted EBITDA margin decreased to 6.8% in 2023 from 8.0% in 2022.
The net financial result amounted to €1.2 million, compared to the net financial result of €1.7 million for the year ended December 31, 2022. Income taxes amounted to (€78,000) compared to (€975,000). The company reported net profit of €6.7 million for 2023 compared to a net loss of (€2.2 million) in 2022.
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