Materialise NV (MTLS) 2024 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q2 2024 Materialise financial results conference call. (Operators instructions) I would now like to hand the conference over to your first speaker today, Harriet Fried of LHA. Harriet?

美好的一天，感謝您的支持。歡迎參加 2024 年第二季 Materialise 財務業績電話會議。（操作員指示）我現在想將會議交給今天的第一位發言人，LHA 的 Harriet Fried。哈麗特？

Good morning, and thank you for joining us today for Materialise's quarterly conference call. With us on the call are Brigitte De Vet, Chief Executive Officer and Koen Berges, Chief Financial Officer.

早安，感謝您今天參加我們的 Materialise 季度電話會議。與我們一起參加電話會議的還有執行長 Brigitte De Vet 和財務長 Koen Berges。

Today's call and webcast are being accompanied by a slide presentation that reviews Materialise's strategic, financial, and operational performance for the second quarter of 2024. To access the slides if you've not already done so, please go to the Investor Relations section of the company's website at www.materialise.com. The earnings press release that was issued earlier today can also be found on that page.

今天的電話會議和網路廣播還附有幻燈片演示，回顧了 Materialise 2024 年第二季度的策略、財務和營運業績。如果您尚未存取這些投影片，請造訪該公司網站 www.materialise.com 的投資者關係部分。今天早些時候發布的收益新聞稿也可以在該頁面上找到。

Before we begin, I'd like to remind you that management may make forward-looking statements regarding the company's plans, expectations, and growth prospects among other things. These forward-looking statements are subject to known and unknown uncertainties and risks that could cause actual results to differ materially from the expectations expressed, including competitive dynamics and industry change.

在開始之前，我想提醒您，管理層可能會對公司的計劃、期望和成長前景等做出前瞻性陳述。這些前瞻性陳述受到已知和未知的不確定性和風險的影響，可能導致實際結果與所表達的預期有重大差異，包括競爭動態和產業變化。

Any forward-looking statements, including those related to the company's future results and activities represent management's estimates as of today and should not be relied upon as representing their estimates as of any subsequent date. Management disclaims any duty to update or revise any forward-looking statements to reflect future events or changes in expectations. A more detailed description of the risks and uncertainties and other factors that could impact the company's future business or financial results can be found in the company's most recent annual report on Form 20-F filed with the SEC.

任何前瞻性陳述，包括與公司未來業績和活動相關的陳述，均代表管理層截至目前的估計，不應被視為代表其截至任何後續日期的估計。管理階層不承擔更新或修改任何前瞻性陳述以反映未來事件或預期變化的責任。有關風險和不確定性以及可能影響公司未來業務或財務表現的其他因素的更詳細描述，請參閱公司向 SEC 提交的 20-F 表格中的最新年度報告。

Finally, management will discuss certain non-IFRS measures on today's call. A reconciliation table is contained in the earnings release and at the end of the slide presentation. With that introduction, I'd like to turn the call over to Brigitte De Vet. Go ahead, please, Brigitte.

最後，管理階層將在今天的電話會議上討論某些非國際財務報告準則措施。收益報告和投影片簡報末尾包含調節表。介紹完畢後，我想將電話轉給 Brigitte De Vet。請繼續，布麗吉特。

Thank you, Harriet. Good morning and good afternoon, and thank you all for joining us today. You can find the agenda for our call on slide 3. First, I will summarize the highlights of our financial results for the second quarter of 2024. Then I will take you through some of the progress we've made in realizing our strategic priorities over the last couple of months. And after that, I will pass the floor to Koen, who will go into our second quarter numbers in more detail.

謝謝你，哈麗特。早安，下午好，感謝大家今天加入我們。您可以在投影片 3 上找到我們電話會議的議程。首先，我將總結我們 2024 年第二季財務表現的亮點。然後我將向您介紹過去幾個月我們在實現策略重點方面取得的一些進展。之後，我將把發言權交給科恩，他將更詳細地介紹我們第二季的數據。

Finally, I will come back and explain what we expect the remaining months of 2024 to bring. When we've completed our prepared remarks, we'll be happy to respond to questions. Now looking at our key results for the second quarter 2024, summarized on page 4. I'm very pleased to announce that we performed strongly in all of our business segments and once again delivered profitable results this quarter.

最後，我將回過頭來解釋我們對 2024 年剩餘幾個月的預期。當我們完成準備好的發言後，我們將很樂意回答問題。現在來看看我們 2024 年第二季的主要業績，總結在第 4 頁。我很高興地宣布，我們在所有業務領域都表現強勁，並在本季度再次實現了盈利。

Looking at this quarter's results, we realized record quarterly revenue of EUR68.8 million, growing more than 6% compared to the already strong second quarter of 2023 and with growth in all segments. We realized a gross margin of 57% in the second quarter, which is up from the first quarter of this year and in line with the comparable period of 2023.

從本季的業績來看，我們實現了創紀錄的季度收入 6880 萬歐元，與本已強勁的 2023 年第二季度相比增長了 6% 以上，並且所有細分市場均實現了增長。我們第二季的毛利率為 57%，高於今年第一季，與 2023 年可比同期持平。

And this solid performance enabled us to increase our adjusted EBITDA to EUR3.9 million, representing 5.6% of revenue, while intensifying our investments in particular in R&D we generated a net profit of EUR3.9 million or EUR0.07 per share. Our net cash position at the end of the second quarter evolved to EUR67.5 million, up by EUR4.3 million from the beginning of this year. Koen will elaborate further on these results in his remarks later in this call.

這一穩健的業績使我們能夠將調整後的EBITDA 增加到390 萬歐元，佔收入的5.6%，同時加強我們的投資，特別是在研發方面的投資，我們實現了390 萬歐元或每股0.07 歐元的淨利潤。第二季末我們的淨現金部位增至 6,750 萬歐元，比今年年初增加了 430 萬歐元。科恩將在本次電話會議稍後的演講中進一步詳細闡述這些結果。

Moving now to slide 5, I am very pleased that again, we made progress in our strategic priorities and achieved critical milestones, including the expansion in new market segments and the introduction of new technologies. First of all, we announced the acquisition of FEops, a company specializing in the AI-driven simulation technology, structural heart intervention.

現在轉到投影片 5，我很高興我們再次在策略重點方面取得了進展，並實現了重要的里程碑，包括新細分市場的擴張和新技術的引入。首先，我們宣布收購FEops，專門從事人工智慧驅動模擬技術、結構心臟介入的公司。

This acquisition will create growth opportunities in the medical segment and is an important milestone in our journey towards mass personalization. The cardiovascular market and the structural heart market in particular, is one of the markets we'd be targeting with our personalized solutions, subsidizing these such types of diseases for the substantial medical and economic change as they are the leading cause of cardiovascular illness and death worldwide.

此次收購將為醫療領域創造成長機會，是我們邁向大規模個人化旅程的重要里程碑。心血管市場，特別是結構性心臟市場，是我們個人化解決方案的目標市場之一，為此類疾病提供補貼，以實現重大的醫療和經濟變革，因為它們是心血管疾病和死亡的主要原因全世界。

Presently, 47 million people are affected by heart-felt diseases, and this number continues to rise by 2030. The global annual costs linked to the adverse outcomes are expected to reach USD70 billion. In the last two decades, interventions and structural heart has moved from open surgery to minimally invasive approaches repairing or replacing heart valves via catheters. This created the need for better visualization and planning of the interventions.

目前，有 4700 萬人受到心臟病的影響，到 2030 年這數字將繼續上升。與不利後果相關的全球年度成本預計將達到 700 億美元。在過去的二十年中，介入和結構性心臟已經從開放式手術轉向透過導管修復或更換心臟瓣膜的微創方法。這就需要更好地視覺化和規劃幹預措施。

Based on our 3D modeling and design capabilities we developed and launched our mix planner for structural heart interventions in 2019. This tool offers clinicians an interactive solution to plan and prepare the opportune results. For example, by taking certain measurements to choose the right size of the device and plan how to best access the valve that needs to be replaced without blocking any important structures.

基於我們的 3D 建模和設計能力，我們於 2019 年開發並推出了用於結構性心臟介入的混合規劃器。該工具為臨床醫生提供了一個互動式解決方案來規劃和準備適當的結果。例如，透過進行某些測量來選擇正確的設備尺寸，並規劃如何在不阻塞任何重要結構的情況下最好地接近需要更換的閥門。

This makes the procedure more precise and efficient while ultimately ensuring better outcomes and safety for patients. Thanks to this personalized approach, the integration of FEops into our family of cardiovascular solutions is a natural progression of our mission in the structural heart space.

這使得手術更加精確和高效，同時最終確保患者獲得更好的結果和安全性。由於這種個人化方法，將 FEops 整合到我們的心血管解決方案系列中是我們在結構心臟領域使命的自然進展。

FEops' predictive simulation technology complements our mimics planer, adding advanced simulations that predicts how medical devices by heart valves will interact with an individual patient's unique anatomy. Integrating the FEops' technology and the mimics planner, will enable clinicians to plan by taking anatomical measurements and to simulate the impact of the placement of the device, thereby enhancing the outcome of the procedure. I expect this acquisition to accelerate our strategy in the cardiovascular space, and we will certainly continue to update you on further progress in this space.

FEops 的預測模擬技術補充了我們的模擬刨床，添加了先進的模擬功能，可以預測心臟瓣膜的醫療設備將如何與個別患者的獨特解剖結構相互作用。FEops 技術和模擬規劃器的整合將使臨床醫生能夠透過進行解剖測量來進行規劃，並模擬設備放置的影響，從而提高手術結果。我預期此次收購將加速我們在心血管領域的策略，我們一定會繼續向您通報該領域的進一步進展。

The second highlight I'd next like to spend some time on is the partnership with nTop that we announced in records in June. This partnership will create opportunities for us to tap into the market operating serial nTop parts. nTop has developed a powerful new implicit modeling kernel and corresponding file format that can characterize highly complex, high-performance geometries at a fraction of the size of traditional cut format based-models.

接下來我想花一些時間討論的第二個亮點是我們在 6 月在記錄中宣布的與 nTop 的合作夥伴關係。這種合作關係將為我們創造機會，進入經營系列 nTop 零件的市場。 nTop 開發了一種強大的新型隱式建模核心和相應的檔案格式，可表徵高度複雜、高性能的幾何形狀，而其大小僅為傳統切割格式模型的一小部分。

Until now high-performance product designs created in nTop requires time-consuming translations for build preparation and production. Materialise's next-gen build processor is a configurable software that translates large and complex 3D design files into 3D principal instructions, optimizing and managing the 3D printing process from start to finish. By integrating nTop's design software, which materializes metrics and next-generation build processes, these designs can be easily transferred natively to Materialises' metrics for fast, high quality, build preparation and slicing, thereby allowing manufacturers to accelerate the entire design for manufacturing process and enable the production of complex parts that were previously impossible to print.

到目前為止，在 nTop 中創建的高性能產品設計需要耗時的翻譯來進行建造準備和生產。Materialise 的下一代建置處理器是一款可設定軟體，可將大型且複雜的 3D 設計檔案轉換為 3D 主要指令，從而從頭到尾優化和管理 3D 列印流程。透過整合nTop 的設計軟體（實現指標和下一代建置流程），這些設計可以輕鬆地本地轉移到Materialises 的指標，以實現快速、高品質的建置準備和切片，從而使製造商能夠加速製造流程的整個設計和能夠生產以前無法列印的複雜零件。

This is a significant development because the current trends towards more complex and larger 3D printing files is posing challenges in terms of our size and processing time. This in essence, created a barrier for our industry and limited further growth. The calibration between Materialise's and nTop's smashes this area by enabling the processing of complex and large design files.

這是一項重大進展，因為目前 3D 列印檔案越來越複雜、越來越大的趨勢對我們的尺寸和處理時間提出了挑戰。這本質上為我們的行業製造了障礙並限制了進一步的成長。Materialise 和 nTop 之間的校準透過支援處理複雜且大型的設計文件來突破這一領域。

At record, as an example, we showed the 3D-printed cylinder produced for Wärtsilä, the global leader in innovative technologies and lifecycle solutions in the marine and energy markets. On its journey to enable carbon-neutral shipping and energy production, Wärtsilä explored innovative design to optimize the cooling performance of the cylinder head achieving a 60% weight reduction compared to the original design. This new design also allows the integration of up to 10 subsystems into the final component, reducing assembly complexity and improving cooling performance.

例如，我們展示了為瓦錫蘭生產的 3D 列印氣缸，瓦錫蘭是海洋和能源市場創新技術和生命週期解決方案的全球領導者。在實現碳中和運輸和能源生產的過程中，瓦錫蘭探索創新設計來優化汽缸蓋的冷卻性能，與原始設計相比，重量減輕了 60%。這種新設計還允許將多達 10 個子系統整合到最終組件中，從而降低組裝複雜性並提高冷卻性能。

Previously, the design complexity and far side of this innovative design made it impossible to 3D-printed part using conventional large-scale AM technology. However, by combining nTop's design software with Materialise's metrics and extra build processor based on implicit modeling, it has become possible to 3D printer part. We will now start onboarding customers in an early access program with Nikon SLM Solutions being the first early access partner in this program. And this partnership is an example of the type of collaboration our industry needs to unlock its full potential in the coming years.

先前，這種創新設計的設計複雜性和遠側性使得無法使用傳統的大規模積層製造技術來 3D 列印零件。然而，透過將 nTop 的設計軟體與 Materialise 的指標以及基於隱式建模的額外構建處理器相結合，3D 列印機零件已成為可能。我們現在將開始讓客戶參與早期訪問計劃，Nikon SLM 解決方案將成為該計劃的第一個早期訪問合作夥伴。這種合作關係是我們行業在未來幾年釋放其全部潛力所需的合作類型的一個例子。

And this brings me to the third highlight, which is an initiative to enhance industry-wide collaboration. In my first six months as CEO, I have urged the industry to unite in removing the remaining obstacles to 3D printing adoption. Advancing our industry is possible, but to unlock the full potential, we need collaboration. The collaboration with nTop that I just talked about is one example of how together we can enable industry growth. And there are many other ways to collaborate.

這讓我想到了第三個亮點，那就是加強全產業協作的舉措。在擔任執行長的頭六個月裡，我敦促整個行業團結起來，消除 3D 列印採用的剩餘障礙。推動我們的產業發展是可能的，但為了釋放全部潛力，我們需要合作。我剛才談到的與 nTop 的合作就是我們如何共同推動產業發展的一個例子。還有許多其他協作方式。

In April, we brought a large group of industry stakeholders and customers together at our headquarters to discuss specific collaboration ideas. Their response was overwhelmingly positive, and I was very encouraged to push ahead with the various initiatives that we will undoubtedly talk more about later this year.

4月份，我們在總部召集了一大批行業利益相關者和客戶，討論具體的合作想法。他們的反應非常積極，我很受鼓舞去推進各種舉措，毫無疑問，我們將在今年稍後更多地討論這些舉措。

Now Koen will take you through the detailed financial results by segment.

現在科恩將帶您了解各部門的詳細財務表現。

Thank you, Brigitte De Vet. Good morning or good afternoon to all of you on this call. I'll begin with a brief review of our consolidated revenue on Slide 6. As a reminder, please note that unless stated otherwise, all comparisons in this call are against our results for the second quarter of 2023. In this year's second quarter, total revenue increased 6.2% to EUR68.8 million, which is as Brigitte already indicated, the highest quarterly revenue we have ever realized.

謝謝你，布麗吉特·德·獸醫。各位參加這次電話會議的人早安或下午好。我將首先在投影片 6 上簡要回顧我們的合併收入。請注意，除非另有說明，本次電話會議中的所有比較均與我們 2023 年第二季的業績進行比較。今年第二季度，總收入成長了 6.2%，達到 6,880 萬歐元，正如 Brigitte 已經指出的那樣，這是我們實現的最高季度收入。

We can report growth in all three of our business segments. Our medical segment turned in another very strong performance and increased its revenue by 13%, in spite of continued challenging market conditions, impacting manufacturing and further conversion of our software business model. Also, our manufacturing and software segments each grew by 2% in the second quarter.

我們可以報告所有三個業務部門的成長。儘管市場條件持續充滿挑戰，影響了製造和我們軟體業務模式的進一步轉變，但我們的醫療部門再次取得了非常強勁的業績，收入成長了 13%。此外，我們的製造和軟體部門在第二季度各成長了 2%。

As you can see in the graph on the right side of the page, Materialise manufacturing accounted for 43%, Materialise medical for 41%, and Materialise software for 16% of our total revenue during the second quarter of 2024. Over the first half of 2024, we generated over EUR132 million of revenue, which is 1.3% above the strong first half of 2023.

正如您在頁面右側的圖表中看到的，2024 年第二季度，Materialize 製造占我們總收入的 43%，Materialize 醫療佔 41%，Materialize 軟體佔 16%。2024 年上半年，我們的營收超過 1.32 億歐元，比 2023 年上半年的強勁收入成長 1.3%。

While we were still behind last year after the first quarter, the amount of deferred revenue on our balance sheet coming from software license and maintenance fees amounted to almost EUR44 million at the end of June 2024. On slide 7, you'll see our consolidated adjusted EBIT and EBITDA numbers for the second quarter of this year.

儘管第一季後我們仍落後於去年，但截至 2024 年 6 月，我們資產負債表上來自軟體授權和維護費用的遞延收入金額已達近 4,400 萬歐元。在投影片 7 上，您將看到今年第二季的綜合調整後 EBIT 和 EBITDA 數字。

Consolidated adjusted EBIT increased to EUR3.9 million compared to minus EUR0.6 million for the corresponding period of 2023. In spite of significantly increased R&D investments this year, mainly in our medical and software segments, our adjusted EBIT margin was 5.6% compared to minus 0.9% last year. Consolidated adjusted EBITDA for the second quarter amounted to EUR9.2 million, increasing from EUR4.8 million in 2023.

合併調整後息稅前利潤增至 390 萬歐元，而 2023 年同期為負 60 萬歐元。儘管今年研發投資大幅增加（主要是在醫療和軟體領域），但我們調整後的息稅前利潤率為 5.6%，而去年為負 0.9%。第二季合併調整後 EBITDA 達 920 萬歐元，高於 2023 年的 480 萬歐元。

The adjusted EBITDA margin reached now 13.4% compared to 7.3% the prior year. It should be noted, however, that the second quarter of last year included the effect from an adverse arbitration awards, which amounted to minus EUR5.2 million, which was not adjusted in the reported numbers at the time. Over the first half of 2024, we have generated EUR6.5 million of adjusted EBIT and EUR17.3 million of adjusted EBITDA.

調整後的 EBITDA 利潤率目前達到 13.4%，而前一年為 7.3%。但值得注意的是，去年第二季包括不利仲裁裁決的影響，金額為負520萬歐元，當時的報告數字並未對此進行調整。2024 年上半年，我們實現了 650 萬歐元的調整後 EBIT 和 1,730 萬歐元的調整後 EBITDA。

Moving on to slide 8, you will notice that the quarter's total revenue in our Materialise's Medical segment increased asset almost 13%, building further on an already strong revenue in 2023. This continued solid growth was generated by increased revenue coming from medical devices and services sales and by higher recurring revenue from medical software, which grew respectively by 19% and 7%. Within our medical devices & services activity, we grew both in direct and partner sales.

繼續看投影片 8，您會注意到，Materialise 醫療部門本季的總收入資產增加了近 13%，在 2023 年本已強勁的收入基礎上進一步發展。這種持續穩健的成長得益於醫療設備和服務銷售收入的增加以及醫療軟體經常性收入的增加，分別成長了 19% 和 7%。在我們的醫療設備和服務活動中，我們的直接銷售和合作夥伴銷售均實現成長。

As a result of top line growth and of cost discipline, the adjusted EBITDA of the medical segment grew to EUR8.2 million with an adjusted EBITDA margin that increased further to 29.1%. Over the first half of this year, our medical segment realized revenue of EUR54.3 million, up by 10% from last year with an adjusted EBITDA of EUR16.1 million, representing 29.7% of adjusted EBITDA margin.

由於收入成長和成本控制，醫療部門調整後 EBITDA 成長至 820 萬歐元，調整後 EBITDA 利潤率進一步增至 29.1%。今年上半年，我們的醫療部門營收5,430萬歐元，比去年成長10%，調整後EBITDA為1,610萬歐元，佔調整後EBITDA利潤率的29.7%。

Slide 9 summarizes the results of our Materialise's software segment. In the second quarter, software revenue grew by almost 2%. The impact of our further transition to a cloud and subscription based business model was more than offset by tailwinds in our preprint segments. Recurring revenue from software maintenance and license sales, including CO-AM increased by 5%.

投影片 9 總結了 Materialise 軟體部門的成果。第二季度，軟體收入成長了近2%。我們進一步過渡到基於雲端和訂閱的業務模式的影響被預印本領域的順風所抵消。來自軟體維護和許可證銷售（包括 CO-AM）的經常性收入增加了 5%。

On the other hand, non-recurring revenue decreased by 6%. Over 70% of the revenue in our software segment is now considered to be recurring. This year is expected to grow further over the coming quarters with the new version of Magics V28, which was released at rapid in June, being available on subscription basis only. After the launch of metal in Q1 of this year, the first sales were already registered in Q2 and the new QVC partnership agreement with EOS was signed.

另一方面，非經常性收入下降了6%。我們軟體部門超過 70% 的收入現在被認為是經常性的。隨著新版本 Magics V28 於 6 月快速發布且僅以訂閱形式提供，今年預計在未來幾季將進一步成長。繼今年第一季推出 Metal 後，第二季已實現第一筆銷售，並與 EOS 簽署了新的 QVC 合作協議。

In addition to the nTop partnership that Brigitte referred to earlier, also important next-gen bought partnerships with FEops and Renishaw were recently announced. In spite of the top line growth, the adjusted EBITDA in our software segment decreased to EUR1.4 million, representing an adjusted EBITDA margin of 12.2%, as we further intensified our R&D development efforts on our factory management platform CO-AM.

除了 Brigitte 之前提到的 nTop 合作夥伴關係之外，最近還宣布了與 FEops 和雷尼紹的重要下一代購買合作夥伴關係。儘管營收有所成長，但隨著我們進一步增加工廠管理平台 CO-AM 的研發力度，軟體業務的調整後 EBITDA 下降至 140 萬歐元，調整後 EBITDA 利潤率為 12.2%。

Over the first half of this year, our software segment realized revenue of EUR21.7 million and an adjusted EBITDA of EUR2.5 million, representing an 11.4% adjusted EBITDA margin.

今年上半年，我們的軟體部門營收 2,170 萬歐元，調整後 EBITDA 為 250 萬歐元，調整後 EBITDA 利潤率為 11.4%。

Now let's turn to slide 10 for an overview of the performance of our Materialise's manufacturing segments. Also in the second quarter, manufacturing operated in a challenging market environment, which was mainly reflected in continued low prototyping demands. Nevertheless, we managed to grow revenue by 2% compared to the second quarter of last year, fueled by strong growth in ACTech and certified manufacturing.

現在讓我們轉向投影片 10，概述 Materialise 製造部門的績效。同樣在第二季度，製造業在充滿挑戰的市場環境中運營，這主要體現在原型需求持續較低。儘管如此，在 ACTech 和認證製造的強勁成長推動下，我們的營收與去年第二季相比成長了 2%。

Here, we posted stronger growth in our aerospace and MedTech strategic focus areas. In spite of the top-line growth and further realization of operational efficiencies, cost pressure and less consulting income due to lower adjusted EBITDA of EUR2.4 million, representing an adjusted EBITDA margin of 8.2%. Over the first half of this year, our manufacturing segment realized a revenue of EUR56.4 million with an adjusted EBITDA of EUR4 million, representing 7% adjusted EBITDA margin.

在這裡，我們在航空航太和醫療技術戰略重點領域實現了更強勁的成長。儘管收入成長並進一步實現了營運效率，但由於調整後 EBITDA 降低至 240 萬歐元，導致成本壓力和諮詢收入減少，調整後 EBITDA 利潤率為 8.2%。今年上半年，我們的製造部門營收 5,640 萬歐元，調整後 EBITDA 為 400 萬歐元，調整後 EBITDA 利潤率為 7%。

Slide 11 provides the highlights of our consolidated income statement for the second quarter of this year. Our gross profit increased to EUR39.2 million, representing a gross profit margin of 57%, which is stable compared to the 57.2% realized in Q2 of last year. Direct cost increases were offset by efficiency gains and mix effects.

投影片 11 提供了我們今年第二季合併損益表的要點。我們的毛利增加至3,920萬歐元，毛利率為57%，與去年第二季實現的57.2%相比保持穩定。直接成本的增加被效率提升和混合效應所抵消。

Our operating expenses in the quarter increased by EUR2.5 million or 10% in aggregate, with the largest increase coming from higher R&D spend, which grew by 17% compared to last year. R&D investments were mainly focused on mimics platform developments in our medical segment and on CO-AM in our software segments.

本季我們的營運支出增加了 250 萬歐元，總計增加了 10%，其中最大的增幅來自於研發支出的增加，與去年相比成長了 17%。研發投資主要集中在醫療領域的模擬平台開發和軟體領域的 CO-AM 開發。

Net operating income in the quarter was positive at EUR1.2 million compared to a negative minus EUR4.5 million last year, where as I mentioned previously, last year included the impact of an adverse arbitration awards. As a result of all of these elements, the group's operating result in the quarter was positive at EUR3.8 million compared to the minus of EUR0.6 million in last year's periods.

本季的淨營業收入為正數，為 120 萬歐元，而去年為負數-450 萬歐元，正如我之前提到的，去年包括了不利仲裁裁決的影響。由於所有這些因素，該集團本季的經營業績為正，達 380 萬歐元，而去年同期為負 60 萬歐元。

In Q2, our net financial income amounted to EUR1 million, including a positive currency exchange result of EUR4.3 million, interest income of EUR1.2 million from our cash reserves more than offset the interest expense on our gradually decreasing financial debt.

第二季度，我們的淨財務收入達到 100 萬歐元，其中包括 430 萬歐元的正匯率結果，現金儲備利息收入 120 萬歐元，足以抵消我們逐漸減少的金融債務的利息支出。

Income tax expense in the quarter amounted to roughly minus EUR1 million and offset to financially. All of this results once more in net profit for the quarter equaling EUR3.9 million, representing EUR0.07 per share compared to a net loss of minus EUR0.5 million or minus EUR0.01 per share for the corresponding 2023 period.

本季的所得稅費用約為負 100 萬歐元，並在財務上抵消了。所有這些使得本季淨利潤再次達到 390 萬歐元，相當於每股 0.07 歐元，而 2023 年同期淨虧損為負 50 萬歐元，即每股負 0.01 歐元。

Now please turn to slide 12 for a recap of balance sheet and cash flow highlights. In the second quarter of 2024, our balance sheet remains strong. Our cash reserve at the end of the quarter amounted to EUR125.5 million. Loan and release repayments reduced our gross debt to below EUR58 million. The resulting net cash position at the end of the quarter was EUR67.5 million, up by more than EUR4 million compared to the position at the beginning of this year.

現在請翻到投影片 12，回顧一下資產負債表和現金流的亮點。2024 年第二季度，我們的資產負債表依然強勁。截至本季末，我們的現金儲備為 1.255 億歐元。貸款和釋放還款將我們的總債務減少至 5,800 萬歐元以下。本季末的淨現金部位為 6,750 萬歐元，比今年年初增加了 400 萬歐元以上。

Compared to the end of last year, our net working capital was reduced by EUR4.8 million, mainly as a result of reduced trade receivables and slightly higher trade payables, the latter partly being impacted by the recent CapEx investment that we made on the new active plants.

與去年底相比，我們的淨營運資本減少了 480 萬歐元，主要是由於應收帳款減少和應付帳款略有增加，後者部分受到我們最近對新公司進行的資本支出投資的影響。活性植物。

Total deferred income position amounted to around EUR50 million out of which almost EUR44 million was related to deferred revenue from software license and maintenance contracts, as already mentioned. As you can see from the graph on the right of the page, cash flow from operating activities for the second quarter was strong amounting to EUR8.4 million. Capital expenditures for the quarter on the other hand, amounted to EUR8.5 million, mainly as a result of the big investments in the new active plants that will start operating in coming weeks in line with the earlier announced project plan.

如前所述，遞延收入總額約為 5,000 萬歐元，其中近 4,400 萬歐元與軟體授權和維護合約的遞延收入有關。從頁面右側的圖表可以看出，第二季經營活動產生的現金流量強勁，達 840 萬歐元。另一方面，本季的資本支出達到 850 萬歐元，主要是由於對新的活躍工廠進行了大量投資，這些工廠將按照先前宣布的項目計劃在未來幾週內開始運作。

Even with these high CapEx investments, our free cash flow this quarter remained close to breakeven. Investments in new active plants will continue over the coming months as we gradually increase throughput capacity to additional machinery.

即使有這些高資本支出投資，我們本季的自由現金流仍接近收支平衡。隨著我們逐步提高額外機械的吞吐能力，未來幾個月將繼續對新的活躍工廠進行投資。

And with that, I'd like to hand the call back to Brigitte.

說到這裡，我想把電話轉給布麗吉特。

Thank you, Koen. Let's now turn to page 13. I'll conclude my remarks with a discussion of our full year 2024 guidance. Given the strength of our operational performance halfway through 2024, we believe that we are well on track to deliver the growth targets we set at the beginning of this year.

謝謝你，科恩。現在讓我們翻到第13頁。我將透過討論 2024 年全年指導來結束我的演講。鑑於 2024 年中期我們的營運表現強勁，我們相信我們有望實現今年年初設定的成長目標。

So accordingly, we continue to expect to report consolidated revenue for the full fiscal year 2024 within the EUR265 million to EUR275 million range we communicated earlier. We are also maintaining our adjusted EBIT guidance of EUR11 million to EUR14 million for 2024, in spite of the recent FEops acquisition that will weigh on OpEx in 2024 and into 2025, given the integration costs and further investments in its product portfolio.

因此，我們繼續預期 2024 年整個財年的合併收入將在我們先前通報的 2.65 億歐元至 2.75 億歐元範圍內。儘管考慮到整合成本和對其產品組合的進一步投資，最近的FEops 收購將對2024 年和2025 年的營運支出造成壓力，但我們仍維持2024 年調整後1,100 萬至1,400 萬歐元的息稅前利潤指引。

This concludes our prepared remarks. Operator, we're now ready to open the call for questions.

我們準備好的演講到此結束。接線員，我們現在準備開始提問。

Thank you. At this time we will conduct the question-and-answer session. (Operators instructions).

謝謝。這時我們將進行問答環節。（操作員說明）。

Troy Jensen, Cantor Fitzgerald.

特洛伊·詹森，坎托·菲茨杰拉德。

Yes, hi, thank you. Congrats on the nice results here.

是的，嗨，謝謝。恭喜這裡取得的好成績。

Thank you, Troy.

謝謝你，特洛伊。

So a couple of questions, if you don't mind. So I want to start with the acquisition. I guess at this week, I'm curious on the size of the organization, I'm assuming that's pre revenues right now, but down this OpEx increases potentially because of the new head count or it's more insight, would be helpful.

如果您不介意的話，有幾個問題。所以我想從收購開始。我想在本週，我對組織的規模感到好奇，我假設現在是預收入，但由於新的員工人數或更多的洞察力，營運支出可能會有所增加，這會有所幫助。

Okay. Let me first from my end, Troy, try to answer on the financial side of the acquisition. As you know, we have not disclosed the purchase price as we also agreed that with the sellers. But I can confirm that the transaction will have no material impact on our net cash position. Nevertheless, as we have explained in coming months, we'll require further cash outs from our sites as we will be accompanying FEops, its further growth.

好的。特洛伊，首先讓我試著回答收購的財務方面的問題。如您所知，我們尚未透露購買價格，因為我們也與賣家達成了一致。但我可以確認，這筆交易不會對我們的淨現金部位產生重大影響。儘管如此，正如我們在未來幾個月所解釋的那樣，我們將需要從我們的網站中獲得更多現金，因為我們將伴隨 FEops 的進一步成長。

And as such, we will support the further R&D investments and working capital needs, they will have. The integration of FEops will initially have a limited negative impact on our EBIT, which we expect to gradually decrease in the coming months and over through 2025 by further growing its revenue and by further implementing cost synergies. But at least on the coming quarters, that will still have an impact. And as we have said that we at least in this year, be able I think we can absorb within the guidance that we communicated earlier.

因此，我們將支持他們進一步的研發投資和營運資金需求。FEops 的整合最初將對我們的息稅前利潤產生有限的負面影響，我們預計透過進一步增加收入和進一步實施成本協同效應，息稅前利潤將在未來幾個月和到 2025 年逐漸減少。但至少在未來幾個季度，這仍然會產生影響。正如我們所說，至少在今年，我認為我們可以吸收我們之前傳達的指導意見。

Yes. Maybe I'll add one other element that might help you work through this. FEops is a growth company. So as Koen says, further investments required and as such, is a small addition to our family, but an important one in terms of the strategic importance in this market.

是的。也許我會添加另一個元素來幫助您解決這個問題。FEops 是一家成長型公司。正如科恩所說，需要進一步的投資，因此，這對我們的家族來說是一個小小的補充，但就這個市場的戰略重要性而言卻是一個重要的補充。

Understood. When does it start to revenue, that's going to go into the medical business or this be 3D software.

明白了。它什麼時候開始盈利，將進入醫療業務或 3D 軟體。

Yes, absolutely.

是的，絕對是。

It goes into medical use only?

它只用於醫療用途嗎？

Yeah (multiple speakers).

是的（多個發言者）。

Okay. And then can you remind me of questions on the software side? Can you remind me how much of the medical business now is software. So every dollar rate if we look at the -- (multiple speakers)?

好的。然後可以提醒我軟體方面的問題嗎？你能提醒我現在的醫療業務中有多少是軟體嗎？所以如果我們看一下每一美元的匯率--（多個發言者）？

It is around 30% of the total medical revenue that is related to software.

醫療總收入的 30% 左右與軟體相關。

Okay. Perfect. And then also on the 3D, it's nice to see it grow. It still kind of stuck to me in that EUR10 million to EUR12 million range, but I think you said 70% of revenues now are recurring. I'm just curious, has that been growing current and do you feel like we're at a stage now at a point where can actually start to see growth in terms of the business?

好的。完美的。然後在 3D 方面，很高興看到它的成長。我仍然對 1000 萬歐元到 1200 萬歐元的範圍感到困惑，但我想你說過現在 70% 的收入是經常性的。我只是很好奇，這種情況是否一直在成長？

That is indeed going up quarter after quarter step-by-step. I don't think we are at the end of the journey there. So we will continue to see that conversion to the recurring business model continue for at least couple of quarters. Until we've reached the end, that will probably never get to 100%, but it will be a gradual journey that is going to continue and that will continue to impact our top line in the coming quarters, couple of years in that time frame, I think we need to, hopefully.

這確實在逐季逐季上升。我認為我們的旅程還沒結束。因此，我們將繼續看到向經常性業務模式的轉變至少會持續數個季度。在我們到達終點之前，這可能永遠不會達到 100%，但這將是一個漸進的旅程，並將持續下去，並將在未來幾個季度、幾年內繼續影響我們的營收，我認為我們需要這樣做，希望如此。

Understood so it's flow hearing on the others ask questions, but congrats on the nice results.

明白了，所以這是在聽其他人提出問題，但祝賀你取得了很好的結果。

Thank you, Troy.

謝謝你，特洛伊。

Thank you. (Operator instructions). Jacob Stephan, Lake Street Capital Markets.

謝謝。（操作員說明）。雅各史蒂芬，湖街資本市場。

Hey, guys. Thanks for taking my questions. I'll add my congratulations as well on the solid quarter.

嘿，夥計們。感謝您回答我的問題。我還要對這個季度的穩健表現表示祝賀。

Thank you, Jacob.

謝謝你，雅各。

I guess, first starting off here in the large kind of year-over-year improvement in medical segment EBITDA, can you just remind us, Q2 of 2023, why EBITDA margins were down to just 11%?

我想，首先從醫療領域 EBITDA 年比大幅改善開始，您能否提醒我們，2023 年第二季度，為什麼 EBITDA 利潤率降至僅 11%？

On the medical segment specifically?

具體是在醫療領域嗎？

Yes.

是的。

That is the impact of the arbitration award that was granted against us. I think in the course of May of last year, and that was processed in the medical results and then also in our consolidated numbers in the second quarter of last year.

這就是針對我們的仲裁裁決的影響。我想是在去年五月份，這在醫療結果中得到了處理，然後也在我們去年第二季度的合併數據中得到了處理。

Okay, got it. Thank you. And then next question, manufacturing returned to growth here this quarter, but prototyping demands, it's kind of been the weak spot in that segment. I'm just wondering kind of what you're seeing in the prototyping segment after month of Q3 here? And maybe how we can think about the ACTech utilization here?

好的，明白了。謝謝。下一個問題是，製造業本季恢復成長，但原型設計需求是該領域的弱點。我只是想知道在第三季之後的原型製作部分您看到了什麼？也許我們可以如何考慮 ACTech 的利用率？

Yes. So maybe just a comment on the prototyping side. Maybe less specifically to the quarter three numbers specifically, but more so, how you need to look at that, including the third quarter, the prototyping market, which sees a structural weakness which I don't expect to disappear quickly. So we'll continue to see that as an industry and therefore also recognize Materialise in our results. So that's one.

是的。所以也許只是對原型設計的評論。也許不太具體到第三季的數字，但更重要的是，你需要如何看待這個問題，包括第三季的原型市場，我認為結構性弱點不會很快消失。因此，我們將繼續將其視為一個行業，因此在我們的結果中也認可了 Materialise。這就是其中之一。

So and then the second one is related to ACTech. Can you just repeat your question and make it specific on the ACTech side?

那麼第二個與 ACTech 有關。您能重複一下您的問題並在 ACTech 方面具體說明嗎？

Yes, I was just curious about capacity utilization with ACTech. How more to get a sense on how you're filling out the additional capacity that you guys have been building there?

是的，我只是對 ACTech 的產能利用率感到好奇。如何進一步了解你們如何填補你們在那裡建立的額外能力？

Yes. So one thing to understand is that the opening of our additional plan is in September. So in our results so far year to date, obviously that additional plant hasn't had an impact yet. Now we will expect to see. So we do expect to start seeing that impact as of the opening of the facility, but it's going to be a very gradual impact as always, when you open a new facility, as a startup phase.

是的。因此需要了解的一件事是，我們的附加計劃將於 9 月開始實施。因此，從我們今年迄今為止的結果來看，顯然額外的工廠還沒有產生影響。現在我們期待看到。因此，我們確實希望在設施開業時開始看到這種影響，但當您開設新設施時，作為啟動階段，這將是一個非常漸進的影響。

So first of all and the second is that we do expect the fitting of the capacity, but also adding further capacity to continue over the next couple of months, quarters and years. There is a gradual process during which we will continue to act in the new building further machinery. So it's not a one step immediate impact that you will see. It's a gradual increase over the coming months and a period of one or two years.

因此，首先和第二點是，我們確實期望產能的調整，但也希望在未來幾個月、幾季和幾年內繼續增加更多產能。這是一個漸進的過程，在此期間我們將繼續在新的建設進一步的機制中採取行動。因此，您將不會看到一步一步的直接影響。在接下來的幾個月和一兩年內，它會逐漸增加。

Okay. Very helpful. I'll hop back in the queue. But congrats.

好的。非常有幫助。我會跳回到隊列中。但恭喜。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you. I'm showing no further questions at this time. I would now like to turn it back to Brigitte de Vet, CEO.

謝謝。我目前沒有提出任何進一步的問題。現在我想把它轉回給執行長 Brigitte de Vet。

Thank you. I thank you all for joining us today. We look obviously forward to continuing to dialogue with you as always through our investor conference, our one-on-one meetings over the various calls. And certainly, please reach out to us if you have any further questions. Thank you and goodbye to you all.

謝謝。我感謝大家今天加入我們。我們顯然期待著一如既往地透過我們的投資者會議、透過各種電話會議進行的一對一會議繼續與您對話。當然，如果您有任何其他問題，請與我們聯絡。謝謝大家，再見。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。