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Materialise Shares Print 27% Higher on Upward Trend in Q4 Revenue

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Shares of 3D printing firm Materialise NV traded higher after the company reported FY/20 financial results and indicated that sequential quarterly revenue rebounded, increasing by 11.1% in Q4/20.

Additive manufacturing and medical software and 3D printing services company Materialise NV (MTLS:NASDAQ) today reported financial results for the fourth quarter and full year of 2020 ended December 31, 2020.

Materialise stated that in Q4/20 total revenue decreased by 10.7% to 45.301 million euros, compared to 50.712 million euros in Q4/19. The firm noted, however, that total revenues in Q4/20 increased by 11.1% compared to Q3/20.

During the same corresponding period the firm advised that adjusted EBITDA decreased to 7.370 million euros compared to 7.749 million euros in the previous year's quarter, although the adjusted EBITDA margin improved to 16.3% in Q4/20 versus 15.3% in Q4/19.

The firm reported that for Q4/20 it posted a net loss of 2.118 million euros, or 0.04 euros per diluted share, compared to a net profit of 1.246 million euros, or 0.03 euros per diluted share in Q4/19.

For FY/20, the company reported total revenue decreased by 13.3% to 170.449 million euros, compared to 196.679 million euro on FY/19 and adjusted EBITDA of 20.378 million euros, versus 26.656 million euros in the same period.

The firm stated for FY/20 it posted a Net loss in the amount of 7.272 million euros, 0.13 euros per diluted share, compared to a Net profit of 1.644 million euros, 0.03 euros per diluted share in FY/19.

Materialise NV's Executive Chairman Peter Leys remarked "The COVID-19 pandemic made 2020 an incredibly challenging year for economies worldwide, our customers, our business and our employees. For the first time in Materialise's 30-year history, revenues decreased year over year. While uncertainty remains, we are encouraged by the fact that our Q4/20 revenues grew double digits sequentially and that, over the same period, our deferred revenues from software license and maintenance fees grew by 3.4 million euros...In spite of the pandemic headwinds, we believe our continued R&D efforts and strategic investments position us well to expand our existing business and capture new growth opportunities as our company enters its fourth decade and the additive manufacturing market continues to develop."

The company indicated that on November 9, 2020, it acquired the remaining 50% of shares that it did not own already in RS Print, which owns the Phits personalized insole product line and essentially 100% of the assets of RS Scan. The firm commented that RS Scan "is a market leader in the development and supply of intelligent foot measurement technology and systems."

The company provided some forward guidance and stated that for Q1/21 it expects that both the Software and Medical segments will continue to rebound steadily and may reach the same levels recorded in Q1/20 pre-pandemic. The firm advised that at present it does not anticipate that its Manufacturing segment will recover quite as quickly. Materialise stated that based upon those projections it expects that Q1/21 consolidated revenues will be 5-10% lower than Q1/20 revenues. The firm added that the outlook for the rest of FY/21 looks brighter after the COVID-19 crisis subsides when it expects that the entire group including its Manufacturing segment will perform strongly and grow sequentially.

Materialise NV is headquartered in Leuven, Belgium, and is a provider of additive manufacturing software and three dimensional (3D) printing services that together form a backbone for the 3D printing industry. The firm utilizes its 30 years of 3D printing experience to offer open and flexible solutions which allows companies in many different industries including aerospace, automotive, art and design, consumer goods and healthcare to create and build innovative 3D printing applications. The firm provides the tools to help customers transition toward a digital manufacturing process and speed innovation.

The company operates in Belgium and numerous other countries worldwide including Australia, Austria, Brazil, China, Colombia, France, Germany, Japan, Malaysia and Poland.

Materialise began the day with a market capitalization of around $1.6 billion with approximately 53.17 million shares outstanding and a short interest of about 1.0%. MTLS ADR shares opened 9% higher today at $33.00 (+$2.7, +9.09%) over yesterday's $30.25 closing price. The stock has traded today between $32.50 and $38.97 per share and is closed for trading at $38.38 (+$8.13, +26.88%).


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