Materialise reports positive second quarter 2021 results

August 10, 2021

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.”

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