Materialise sees record highs in 2021 results
March 17, 2022
Materialise, Leuven, Belgium, has reported all time highs in terms of revenue, adjusted EBITDA and net profit for the 2021 full year.
“The strategic positioning of our solutions and the technological innovation of our products were key drivers of our success, paving the way for very solid double-digit growth in each of our business units in the fourth quarter,” stated Peter Leys, executive chairman. “Simultaneously, throughout the pandemic, our team members tenaciously pushed forward with the development of our software cloud platform and the roll out of our new business application infrastructure, positioning Materialise well to continue executing our long-term growth strategy.”
Total revenues for the year ended December 31, 2021 increased 20.5% to €205.5 million from €170.4 million for the year ended December 31, 2020. Adjusted EBITDA for 2021 increased 59.5% to €32.5 million from €20.4 million for 2020. Net financial income amounted to €1.5 million, compared to net financial expenses of (€3.5 million) for the year ended December 31, 2020.
Revenues from the Software segment increased 9.9% to €42.9 million for the year ended December 31, 2021 compared to €39 million for the year ended December 31, 2020. Medical segment revenue increased by 18.9% for the year ended December 31, 2021 to €73.4 million from €61.7 million for the year ended December 31, 2020..
Revenues from the Manufacturing segment increased 28.3% to €89.3 million for the year ended December 31, 2021 from €69.6 million for the year ended December 31, 2020. The segment’s Adjusted EBITDA increased 152.5% to €6.4 million from €2.5 million.
Operating profit increased to €12,217 kEUR for the year ended December 31, 2021 compared to a loss of (€4.6 million) in the prior year.
“After our record performance in 2021, we believe our more mature lines of business, in particular in our Materialise Software and Materialise Medical segments, have the potential to continue to grow solidly with a healthy margin, and we plan to support these businesses accordingly,” Leys added. “Simultaneously, we plan to increase our spending significantly, especially in R&D and in S&M, to accelerate the development of our new growth businesses – in particular our software cloud platform and our medical and wearable verticals.”
“We expect our annual revenue for 2022 (including the results of Link3D) to grow by at least 10% compared to 2021. As we will be allocating significant portions of the expanding EBITDA margins of some of our more mature business lines to investments in our newer growth businesses (in particular the Link3D product portfolio), we expect our consolidated Adjusted EBITDA to decrease by approximately 10%.”
Leys concluded, “The recent onset of hostilities in Ukraine is adding complexity to our outlook for 2022 as we currently cannot assess how the global economy will react to the sanctions that are being imposed on Russia. We hope to have more visibility on these events and their potential short-term impact on our business when we release our first-quarter results.”