Materialise Reports Third Quarter 2018 Results

Non-cash stock-based compensation expenses represent the cost of equity-settled and cash-settled share-based payments to employees.

Acquisition-related expenses of business combinations represent expenses incurred in connection with the ACTech acquisition.

Reconciliation of Net Profit (Loss) to EBITDA and Adjusted EBITDA (Unaudited)


	For the three months ended September 30,				For the nine months ended September 30,
(in 000)	2018		2017		2018		2017
	€		€		€		€

Net profit (loss) for the period	2,316		(1,413	)	2,502		(3,184	)

Income taxes	230		433		773		825
Financial expenses	1,039		1,058		3,556		3,294
Financial income	(1,308	)	(465	)	(2,739	)	(2,132	)
Share in loss of joint venture	47		165		291		596
Depreciation and amortization	4,519		2,918		12,534		8,142

EBITDA	6,843		2,696		16,917		7,541

Non-cash stock-based compensation expense (1)	191		297		557		997
Acquisition-related expenses (2)	−		266		−		266

ADJUSTED EBITDA	7,034		3,259		17,474		8,804


Segment P&L (Unaudited)

(in 000)	Materialise Software		Materialise Medical		Materialise Manufact- uring		Total segments		Unallocated(1)		Consoli- dated
	€		€		€		€		€		€

For the nine months ended September 30, 2018
Revenues	27,331		37,170		71,031		135,532		175		135,707
Segment EBITDA	8,567		6,659		8,802		24,028		(7,111	)	16,917

Segment EBITDA %	31.3	%	17.9	%	12.4	%	17.7	%			12.5	%

For the nine months ended September 30, 2017
Revenues	25,302		30,999		41,318		97,619		221		97,840
Segment EBITDA	9,307		2,242		3,062		14,611		(7,070	)	7,541

Segment EBITDA %	36.8	%	7.2	%	7.4	%	15.0	%			7.7	%

(1)		Unallocated Revenues consist of occasional one-off sales by our core competencies not allocated to any of our segments. Unallocated Segment EBITDA consists of corporate research and development, corporate headquarter costs and net other operating income (expense).

(in 000)	Materialise Software		Materialise Medical		Materialise Manufact- uring		Total segments		Unallocated(1)		Consoli- dated
	€		€		€		€		€		€

For the three months ended September 30, 2018
Revenues	9,874		12,824		24,012		46,710		22		46,732
Segment EBITDA	3,384		2,475		3,405		9,264		(2,420	)	6,844

Segment EBITDA %	34.3	%	19.3	%	14.2	%	19.8	%			14.6	%

For the three months ended September 30, 2017
Revenues	8,422		10,421		13,456		32,299		8		32,307
Segment EBITDA	3,362		1,170		499		5,031		(2,335	)	2,696

Segment EBITDA %	39.9	%	11.2	%	3.7	%	15.6	%			8.3	%

(1)		Unallocated Revenues consist of occasional one-off sales by our core competencies not allocated to any of our segments. Unallocated Segment EBITDA consists of corporate research and development, corporate headquarter costs and net other operating income (expense).

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