LEUVEN, Belgium — (BUSINESS WIRE) — February 19, 2025 — Materialise NV (NASDAQ: MTLS), a leading provider of additive manufacturing and medical software solutions and of sophisticated 3D printing services, today announced its financial results for the fourth quarter and full year ended December 31, 2024.

Highlights – Fourth Quarter 2024

• Total revenue increased 0.6% to 65,680 kEUR for the fourth quarter of 2024 from 65,295 kEUR for the corresponding 2023 period boosted by 14.3% growth in our Materialise Medical segment.
• Total deferred revenues from software maintenance and license fees increased by 5,878 kEUR this quarter to 46,948 kEUR.
• Adjusted EBITDA amounted to 4,306 kEUR for the fourth quarter of 2024 compared to 8,474 kEUR for the corresponding 2023 period. Adjusted EBIT amounted to (1,195) kEUR for the fourth quarter of 2024 compared to 3,154 kEUR for the 2023 period.
• Net result for the fourth quarter of 2024 was 2,907 kEUR, or 0.05 EUR per diluted share, compared to a net result of (539) kEUR, or (0.01) EUR per diluted share for the corresponding 2023 period.

Highlights – Full Year 2024

• Total revenue increased 4.2% to 266,765 kEUR for 2024 from 256,127 kEUR for 2023 boosted by 14.8% growth in our Materialise Medical segment.
• Gross profit as a percentage of revenue for 2024 remained stable at 56.5%, compared to 56.7% for 2023.
• Adjusted EBITDA was 31,484 kEUR for 2024 compared to 31,397 kEUR for 2023. Adjusted EBIT decreased slightly to 9,741 kEUR for 2024 from 9,886 kEUR for 2023.
• Net profit for 2024 was 13,406 kEUR, or 0.23 EUR per diluted share, compared to a net profit of 6,695 kEUR, or 0.11 EUR per diluted share, for 2023.
• Total cash reserves amounted to 102,304 kEUR at the end of 2024.

CEO Brigitte de Vet-Veithen commented, “In the final quarter of 2024 our Materialise Medical segment continued on its growth path, again posting record-high revenues. At the same time, global macro-economic headwinds persisted particularly in the European industrial sector, impacting Materialise Manufacturing segment’s performance. Our Materialise Software segment continued to make good progress in its conversion to a recurring revenue business model and delivered results in line with our expectations. Continued high R&D expenditures especially in our Materialise Medical and Software segments combined with integration and restructuring costs in our Materialise Manufacturing segment and in our corporate support departments impacted Adjusted EBIT in the fourth quarter of 2024. Over the full year 2024 we delivered a positive net result of 0.23 EUR per diluted share and increased our operational cash flow by 56% to 31.5 million EUR.”

Fourth Quarter 2024 Results

Total revenue for the fourth quarter of 2024 increased 0.6% to 65,680 kEUR from 65,295 kEUR for the fourth quarter of 2023. Adjusted EBITDA decreased to 4,306 kEUR for the fourth quarter of 2024 from 8,474 kEUR for the 2023 period. Adjusted EBIT amounted to (1,195) kEUR, compared to 3,154 kEUR for the same period in 2023.

Revenue from our Materialise Medical segment increased 14.3% to 31,837 kEUR for the fourth quarter of 2024, compared to 27,848 kEUR for the same period in 2023. Adjusted EBITDA for the segment was 9,547 kEUR compared to 9,365 kEUR, while the Adjusted EBITDA margin for the segment was 30.0%, compared to 33.6% for the prior-year period.

Revenue from our Materialise Software segment decreased 1.1% to 11,124 kEUR from 11,250 kEUR for the same quarter last year. Adjusted EBITDA for the segment amounted to 1,123 kEUR compared to 1,259 kEUR, while the Adjusted EBITDA margin for the segment was 10.1%, compared to 11.2% for the prior-year period.

Revenue from our Materialise Manufacturing segment decreased 13.3% to 22,719 kEUR from 26,198 kEUR for the fourth quarter of 2023. Adjusted EBITDA for the segment decreased to (2,989) kEUR compared to 557 kEUR, while the Adjusted EBITDA margin for the segment was (13.2)%, compared to 2.1% for the prior-year period.

Gross profit decreased 3.2% to 36,365 kEUR for the fourth quarter of 2024 from 37,548 kEUR for the same period last year. Gross profit as a percentage of revenue was 55.4%, compared to 57.5%.

Research and development (“R&D”), sales and marketing (“S&M”) and general and administrative (“G&A”) expenses increased, in the aggregate, 10.2% to 38,990 kEUR for the fourth quarter of 2024 from 35,375 kEUR for the fourth quarter of 2023 mainly driven by a 19.6% increase in R&D spend.

Net other operating income was 1,357 kEUR compared to (3,287) kEUR for the fourth quarter of 2023, whereas the last quarter of 2023 included non-recurring charges from the impairment of goodwill, tangible and intangible assets of 4,228 kEUR.

The operating result was (1,268) kEUR, compared to (1,113) kEUR for the fourth quarter of 2023.

Net financial result for the fourth quarter of 2024 was 3,301 kEUR, compared to (234) kEUR for the corresponding period of 2023 reflecting favorable effects from exchange rate fluctuations.

The fourth quarter of 2024 contained net tax income of 874 kEUR, compared to net tax income of 809 kEUR for the fourth quarter of 2023.

As a result of the above, net profit for the fourth quarter of 2024 was 2,907 kEUR, compared to a net loss of (539) kEUR for the same period in 2023. Total comprehensive income for the fourth quarter of 2024 was 1,432 kEUR, compared to (112) kEUR for the 2023 period.

Cash flow from operating activities for the fourth quarter of the year 2024 was 6,218 kEUR, compared to 195 kEUR for the same period in 2023. Total capital expenditures for the fourth quarter of the year 2024 amounted to 7,760 kEUR.

Full Year 2024 Results

Total revenues for the year ended December 31, 2024 increased 4.2% to 266,765 kEUR from 256,127 kEUR for the year ended December 31, 2023. Adjusted EBITDA for 2024 amounted to 31,484 kEUR compared to 31,397 kEUR for 2023. The Adjusted EBITDA margin was 11.8% in 2024, compared to 12.3% in 2023. Adjusted EBIT for 2024 amounted to 9,741 kEUR compared to 9,886 kEUR for 2023. The Adjusted EBIT margin for 2024 was 3.7%, compared to 3.9% for 2023.

Revenues from our Materialise Medical segment grew by 14.8% for the year ended December 31, 2024 to 116,358 kEUR from 101,376 kEUR for the year ended December 31, 2023. The segment’s Adjusted EBITDA increased to 35,562 kEUR from 26,544 kEUR. The segment’s Adjusted EBITDA margin was 30.6% in 2024, compared to 26.2% in 2023.

Revenues from our Materialise Software segment decreased 1.2% to 43,899 kEUR for the year ended December 31, 2024 compared to 44,442 kEUR for the year ended December 31, 2023. The segment’s Adjusted EBITDA decreased to 5,562 kEUR from 7,450 kEUR in 2023. The segment’s Adjusted EBITDA margin was 12.7% in 2024, compared to 16.8% in 2023.

Revenues from our Materialise Manufacturing segment decreased 3.4% to 106,508 kEUR for the year ended December 31, 2024 from 110,310 kEUR for the year ended December 31, 2023. The segment’s Adjusted EBITDA amounted to 1,660 kEUR compared to 7,537 kEUR. The segment’s Adjusted EBITDA margin was 1.6% in 2024, compared to 6.8% in 2023.

Gross profit increased 3.9% to 150,826 kEUR from 145,131 kEUR last year. Gross profit as a percentage of revenue was 56.5%, compared to 56.7% in 2023.

Net other operating income was 4,223 kEUR compared to (6,524) kEUR for 2023, whereas 2023 included non-recurring charges from the impairment of goodwill, tangible and intangible assets of 4,228 kEUR.

Operating result amounted to 9,432 kEUR for the year ended December 31, 2024 compared to 5,619 kEUR in the prior year.

Net financial result amounted to 4,707 kEUR, compared to net financial result of 1,154 kEUR for the year ended December 31, 2023. Income taxes amounted to (733) kEUR compared to (78) kEUR for the year ended December 31, 2023. As a result, net profit was 13,406 kEUR for 2024 compared to a net profit of 6,695 kEUR in 2023.