Home Industry Prodways 2021 results: Strong revenue growth and structural improvement in profitability

Prodways 2021 results: Strong revenue growth and structural improvement in profitability

Prodways announced its financial results for 2021 with strong revenue growth of +23% and +20% on an organic basis, exceeding the 2021 guidance.

The current EBITDA is up by +163% to €8.8 million, bringing the margin to 12.5%, a result of the implementation of synergies within the Group since 2020 and the favorable mix of activities. The cash flow from operations is +€5.9 million, which is an evidence of the streamlined structure and good management of Prodways Group.

A strengthened structure supporting improved extra-financial performance

  • Significant improvement in ESG performance, awarded in the Gaïa rating with a grade of 62/100, an improvement of +7 points thanks to an increase in all aspects of the rating.
  • The arrival of a new CEO, Michaël Ohana, who joined Prodways Group on 1 March 2022.
  • Major changes in Prodways Group’s shareholding structure, with free float increasing significantly from 34% to 62% and share liquidity doubling following the distribution of the bulk of the stake held by Groupe Gorgé to its shareholders.

Positive outlook

  • 2022 revenue growth target of around +10%, revised upwards thanks to the good start to 2022.
  • Revenue growth and continued cost control should lead to improved results.
(in millions of euros)FY 2020FY 2021Change
FY 2021
vs. FY 2020
Current EBITDA23,38,8+5,5+163%
Current EBITDA margin5,8%12,5%+6,6 pts
Income from ordinary activities2-3,84,3+8,1
Operating income-14,81,8+16,5
Cost of financial debt, taxes & non-controlling interests0,8-1,2-2,0
Net income-13,90,6+14,6

Revenue up by +23% in 2021

Prodways Group recorded consolidated revenue of €71 million in 2021, up by 23%, and +20% on an organic basis. This performance is the combined result of:

  • good momentum in sales of Machines & Materials, particularly in the dental sector: +24% in 2021;
  • the strong performance of the on-demand 3D printing service: growth of 29%, of which 10% on an organic basis;
  • an increase of 25% in the medical activities of the Products division driven in particular by audiology which is experiencing good momentum despite medical appointments disrupted by the health context.
  • Further details are available in the dedicated press release of 16 February 2022 (link).

Current EBITDA up by +163%

As a direct result of the operational transformation plan and consolidation of acquired companies, Prodways’ profit margin profile has improved significantly. Current EBITDA was up by 163%, with a margin of 12.5%, a level never reached before, making Prodways Group one of the most profitable listed companies in the 3D printing sector worldwide.

This significant improvement is mainly due to the significant reduction in the operating cost base, reflected in several ways in the two divisions, SYSTEMS and PRODUCTS:

  • the volume effect, with a strong increase in revenue;
  • an improvement in the business margin supported by a favorable mix of activities;
  • limited indirect costs, in particular thanks to the reorganization carried out at the end of 2020 and finalized in 2021.

US subsidies of €0.9 million were received at the beginning of 2021.

For the first time in its history, PRODWAYS GROUP has achieved a positive operating result, with income from ordinary activities of €4.3 million in 2021 (compared to -€3.8 million in 2020 and -€1.5 million in 2019). This change in the profit margin profile confirms the success of the Group’s transformation and testifies to the operational efficiency achieved by the company.

Income from ordinary activities also stood at a record level of €1.8 million, despite the exceptional costs amounting to €2.6 million this year, mainly related to restructuring costs resulting from the plan implemented since 2020 and exceptional depreciation and provisions.

The consolidated financial statements and results by division may be found in the appendix at the end of this press release.

Sound balance sheet backed by a disciplined financial policy

Prodways is one of the few companies already profitable in the 3D printing sector and has consolidated its balance sheet in order to fortify the foundations of its sustainable growth. Cash flow from operationsreached +€5.9 million in 2021, compared to -€0.2 million in 2020 and representing an increase of 29% compared to 2019.

In addition, Prodways has adopted a disciplined investment policy while maintaining focused efforts in R&D. R&D represents approximately 14% of the revenue generated by sales of Machines and Materials, the only activities requiring R&D. Overall investments (R&D and capex) represented €3 million in 2021 and are financed in part by subsidies and tax credits.

Prodways has re-launched in 2021 its external growth dynamic with the acquisition of Creabis, a German specialist in 3D printing services for plastics. The group now has one of the largest printing facilities in Europe, offering its customers increased production capacity, a wide range of technologies and greater responsiveness.

At the end of December 2021, Prodways Group was still in a positive net cash position, at €1.3 million, and had nearly €17 million in cash to finance external growth operations.

Significant improvement in ESG performance

In addition to the structurally positive impact of 3D printing as a responsible and local production method, Prodways Group has made significant progress on all three aspects of its ESG policy: Environment, Social and Governance.

This material progress was rewarded with an improvement of +7 points in the Gaïa Rating with a score of 62/100 at the end of the last assessment of the company. This increase is expected to continue in the coming years thanks to the setting of targets and the growing involvement of Prodways’ management, supported by the Board of Directors.

Appointment of a new Chief Executive Officer

Michaël Ohana joined Prodways group as Chief Executive Officer on 1 March 2022, replacing Raphaël Gorgé who had held the position since the departure of the previous CEO. He brings to the company his rich experience in digital transformation, both within diversified industrial activities and also in the dental field, the most important application sector of 3D printing today and one of the growth drivers of Prodways Group. His contribution will enable the Group to continue its development as a leading player in Industry 4.0.

Major changes in Prodways Group’s shareholding structure

On December 22, 2021, Groupe Gorgé, the majority shareholder of Prodways Group until the end of 2021, distributed most of its Prodways Group shares to its shareholders in kind, representing 50.6% of the company’s capital.

This operation has significantly improved the stock market profile of Prodways Group, whose free float has increased from 34% to 62%. The Gorgé family remains the company’s largest shareholder with 28% of the capital4. Prodways Group thus benefits from increased liquidity, with daily trading volume doubling since the distribution (to nearly €400k per day), and a strengthened ability to raise capital to seize growth opportunities and forge development partnerships in France and abroad

Outlook and guidance for 2022

Thanks to the good performance of all its activities, Prodways Group intends to continue to grow its revenue in the coming years. In the short term, for the year 2022, the Group has set itself the target of an increase in revenue of around +10%. This objective have been revised upwards following a good start of the year 2022 for Prodways. The first quarter of 2022 should be particularly strong.

The growth is expected be amplified by external growth transactions. The increase in revenues and continued cost control should also lead to an improvement in results.


PRODWAYS GROUP is a specialist in industrial and professional 3D printing with a unique positioning as an integrated European player. The Group has developed right across the 3D printing value chain (software, machines, materials, parts & services) with a high value added technological industrial solution. PRODWAYS GROUP offers a wide range of 3D printing systems and premium composite, hybrid and powder materials (SYSTEMS division). The company also manufactures and markets parts on demand, prototypes and small production run 3D printed items in plastic and metal (PRODUCTS division). The Group targets a significant number of sectors, from aeronautics to healthcare.

Listed on Euronext Paris (FR0012613610 – PWG), the Group generated revenue of €71 million in 2021.

For further information: www.prodways-group.com/en/

Link to the full report 

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