Materialise (MTLS) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue reached €68.7M, up 14.2% year-over-year, with growth across all business segments, led by the Medical segment.

• Adjusted EBIT rose 89.2% to €4.4M (6.4% of revenue), and net profit was €3.0M (€0.05 per share), impacted by unfavorable currency exchange effects.

• Gross margin improved to 57.2% from 56% last year; adjusted EBITDA increased to €9.9M (margin 14.4%).

• Net cash position at quarter-end was €63.1M; cash and equivalents stood at €116.2M.

• Medical segment became the largest revenue generator, accounting for 44% of total revenue.

Financial highlights

• Total Q3 revenue: €68.7M (+14.2% YoY); all segments grew, with medical up 24.5%, software up 2.8%, and manufacturing up 9.1%.

• Adjusted EBIT: €4.4M (+89% YoY); adjusted EBITDA: €9.9M (margin 14.4%).

• Gross profit: €39.3M (margin 57.2%, up 120 bps YoY).

• Net financial result: -€1.1M, mainly due to unfavorable FX; net profit: €3M (€0.05/share), down from €4M last year.

• Cash reserve: €116M; gross debt: €53M; free cash flow for Q3: -€3.1M due to CapEx and acquisition.

Outlook and guidance

• Full-year 2024 revenue expected within €265–275M; adjusted EBIT guidance maintained at €11–14M.

• Conservative Q4 outlook due to weak prototyping demand, FEops integration costs, and ACTech plant startup.