Materialise NV (MTLS)
Description
Materialise NV is a Belgian‐based leader in additive manufacturing, providing a comprehensive portfolio of software platforms and complex 3D printing services across medical, industrial and consumer markets.
Historical Reports
Financial Information
- Report Date
- 2025-04-30
- Report Period
- Fiscal Year 2024
- Debt
- €413 million
- Debt History
- Shrinking by 36% year-over-year
- Debt Trend
- Decreasing
Profit Information
- Profit
- €13.4 million
- Profit History
- Increasing by 100% year-over-year
- Profit Trend
- Increasing
Detailed Report
Materialise NV Financial Report
Report Date: 2025-04-30
Period Covered: Fiscal Year Ended December 31, 2024
1. Overview and Highlights
- Total revenue grew to €266.8 million, up 4.2% from €256.1 million in 2023.
- Net profit rose to €13.4 million (5.0% margin), compared with €6.7 million in 2023.
- EBITDA climbed to €31.2 million, up from €27.1 million a year earlier.
- Net debt fell to €41.3 million, down 36% from €64.4 million, driven by strong cash flow and disciplined capex.
2. Profit & Debt Analysis
- Revenue drivers: Medical segment (+14.8%), Software (–1.1%), Manufacturing (–3.5%).
- Profit jump: Higher gross margins (56.5% vs. 56.7%) and operating leverage lifted net income by 100%.
- Debt reduction: Ending net debt/EBITDA improved significantly, strengthening the balance sheet.
3. Reasons for Performance
Positive factors
- Rapid growth in personalized medical planning and devices
- Continued migration to cloud-based software licenses with recurring revenue
- Tight cost control and improved operating efficiency
Headwinds
- Slower industrial production amid macro uncertainty
- Inflationary cost pressure on materials and energy
- Ongoing R&D investment dampening near-term operating profit
4. Pros and Cons
Pros
- Diversified, synergistic software-and-services model
- Leading edge in medical additive manufacturing
- Strong cash generation and improving leverage metrics
Cons
- Exposure to cyclical industrial end markets
- High R&D spend in a competitive environment
- Currency and geopolitical risks in global operations
Statistics Breakdown
2024 Revenue Split by Segment:
- Medical: €116.4 M (43.6%)
- Software: €43.9 M (16.5%)
- Manufacturing: €106.5 M (39.9%)
2024 Revenue by Region:
- Americas: €108.6 M (40.7%)
- Europe & Africa: €133.6 M (50.1%)
- Asia-Pacific: €18.1 M (6.8%)
2024 EBITDA by Segment:
- Medical: €35.6 M (30.6% margin)
- Software: €5.6 M (12.7% margin)
- Manufacturing: €16.6 M (15.6% margin)
Company Direction Insights
Materialise NV is transitioning its software business to a subscription-based, cloud-native model (CO-AM platform) while scaling its medical and industrial printing services.
Growth trajectory: Software recurring revenue and personalized medical planning tools are poised for double-digit growth.
Financial health: Rapid debt paydown and expanding EBITDA margins provide a solid base for strategic M&A and continued R&D.
Future challenges: Navigating inflation, industrial demand swings, and intensifying competition in additive manufacturing software and services.