Materialise NV, Leuven, Belgium, has announced its financial results for the second quarter ended June 30, 2021. Total revenue for the second quarter of 2021 increased 33% to €50.7 million compared to €38.1 million for the second quarter of 2020. Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) more than doubled, increasing from €3.3 million in the previous period to €6.9 million. The adjusted EBITDA margin (adjusted EBITDA divided by total revenue) for the second quarter of 2021 increased to 13.7% from 8.9% for the second quarter of 2020.
“Our strong second quarter results reflect our swift recovery from the COVID-19 crisis: on a sequential basis, our revenues grew by 11.3% compared to the first quarter of 2021 and our Adjusted EBITDA grew by almost 30% compared to the same quarter,” stated Peter Leys, executive chairman. “More importantly, in addition to a solid recovery, our second quarter 2021 results also show effective growth relative to our pre-pandemic results; compared to the same period in 2019, our revenues grew by 5% and our adjusted EBITDA grew by 37%.”
“We are well positioned and determined to accelerate that growth, including through the use of the proceeds from the public offering of new shares we recently completed (generating US$110.4 million in total gross cash proceeds, including US$14.4 million from the sale of 600,000 additional shares in connection with the underwriters’ exercise of their option to purchase such shares in July).”
Revenue from the software segment increased 5.2% to €10 million for the second quarter of 2021 from €9.5 million for the same quarter last year. Segment EBITDA was €3.1 million compared to €3.7 million while the segment EBITDA margin was 31.2% compared to 39.4% in the prior-year period.
Revenue from the company’s medical segment increased 49.5% to €17 million for the second quarter of 2021 compared to €11.7 million for the same period in 2020. Segment EBITDA increased to €4.5 million compared to €1.1 million while the segment EBITDA margin increased to 25.8% from 9.7% for the same period in the previous year.
The manufacturing segment’s revenue increased 38.7% to €23.2 million from €16.7 million for the second quarter of 2020. Segment EBITDA increased to €1.8 million from €650,000 while the segment EBITDA margin increased to 7.9% from 3.9% for the second quarter of 2020.
Research & development, sales & marketing and general & administrative expenses increased, in the aggregate, 18.3% to €26.8 million for the second quarter of 2021 from €22.7 million the same quarter of 2020.
Leys concluded, “Assuming that the current positive, albeit fragile and fairly diverse, global trend of businesses gradually recovering from the COVID-19 pandemic continues, we currently expect our consolidated revenues for 2021 to exceed their pre-pandemic level during 2019 (€197 million), with the likelihood of coming close to €200 million. As is traditionally the case for our business, we expect a particularly strong fourth quarter. As our revenues grow, we intend to increase our operational expenses accordingly, with a view to supporting and accelerating our growth in the near future. Currently, we believe that adjusted EBITDA for 2021 will reach up to €25 million.”