Belgian 3D printing specialist Materialise has presented its financial results for the first quarter of 2024 (Q1’24). The company reported a 3.4% year-on-year decline in revenue to 63.6 million euros.
As CEO Brigitte de Vet-Veithen explained, revenue in the first quarter of 2023 was exceptionally high due to strong demand. This time, turnover fell, particularly in the areas of manufacturing and software, due to weaker market conditions.
The Medical segment once again recorded the highest growth with an increase in turnover of 7.7% to EUR 26.2 million. The adjusted EBITDA margin in this segment remained stable at 30.3%.
The software segment lost 8.0% to sales of 10.4 million euros, with the EBITDA margin falling to 10.4%. The sharpest decline was in manufacturing sales, which fell by 10.6% to EUR 27.0 million and the EBITDA margin was 5.7%.
High investments for sustainable growth and the expansion of the recurring revenue model put pressure on operating profitability. Nevertheless, Materialise generated a net profit of EUR 3.6 million or EUR 0.06 per diluted share.
The net cash position increased by EUR 6 million year-on-year to EUR 69.2 million as at March 31, 2024. The operating cash flow fell slightly to EUR 10.0 million.
De Vet-Veithen confirmed the annual targets: For 2024, Materialise continues to expect consolidated sales of EUR 265 to 275 million and an adjusted EBIT range of EUR 11 to 14 million. The fundamentals in all three business divisions are intact, meaning that the company is well positioned for further growth.
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