MTLS - Earnings call transcript Q3 2021

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Operator

Good day. Thank you for standing by. And welcome to the Q3 2021 Materialise Financial Results Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session [Operator Instructions]. to conference like speaker to now Ms. today, would hand over the your I LHA. of Fried Harriet The is floor yours.

Harriet Fried

are and access for by being Materialise's Peter Financial With reviews call Officer. quarterly that you Leys, a conference Vancraen, Thank joining Johan and call. slide us us Executive Chairman; Today's on presentation Albrecht, of call Executive accompanied Officer Chief today and for Fried Materialise; Founder Chief the the strategic, are webcast to quarter be To release Materialise's also of found can and of already site not earnings for operational the Web earlier www.materialise.com. at section go if second the slides there. done financial performance Relations the please have company's today issued The you XXXX. so, Investor

future with in factors and reflect most the and filed and results risks of remind cause results other events today those the detailed that their to forward-looking or you company's impact update unknown These to related be on risks in including found known of uncertainties the like and I'd or materially company's may report uncertainties and that regarding may including to Management statements, competitive as forward-looking Form to disclaims forward-looking duty recent among started, to estimates activity, upon from future get its expectations description expressed, financial the of statements changes any we that the expectations plans, other estimates A can make SEC. the be future annual representing XX-F actual change. and and forward-looking not company's business growth should statements and as management's prospects, relied as any day. dynamics things. any subject management results are more could industry subsequent Any Before represent or statements expectations. to revise differ

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

Peter Leys

are Harriet, Harriet. have. we as a the our to small today’s of agenda great Then, in questions that read both And of one always, language you at bring. quarter, eloquently. to currently believe you today’s I Johan have have I as quarter through in so to our you, pleasure will finally, first numbers completed of the plus The value, Johan quarter. paragraph for for they ones Thank little XXXX for will creating will we additional our remarks, And messengers the the and provide have the this more of that top and third we how them Fried the this the the that who are myself honor floor and the the to today. for have heroes our the responsible excellent of walk message, I now for would today open before some every what for during to give of only line call, Safe to we just the add to observations you when that the as call of for Fried, we prepared we thank then detail. back will the come you, like our like insights the which with And of call. three, results always at that, company will some report course manufacturing. and third each may quarter. at about into will congratulate third customers our rest true addressing the pass rest After results, Harbor results, just item, you With achieved much additional to call, both as the and summarize the would bottom will Slide that always, record of would turn collaborators, financial I I fun highlights the X,XXX are our like of risk holds any spoiling agenda and the Materialise to results

our Slide highlights. and a with time start in in let's driven by So of each of In records, four, of posted double quarter growth the third in Materialise terms revenues both quarterly earnings, all segments. the of XXXX, digit terms

XX% Our to of strong our realized consolidated segments a margins. quarterly by EURXX,XXX,XXX. very Each record revenues EBITDA increased of

their As margin a internal exceeded our met of matter of segments or in each EBITDA quarter, benchmarks. term third long the fact,

of close came an more manufacturing realized margin And than XX%. an Medical margin Software XX%. EBITDA to more posted than EBITDA XX%.

that people, continuing our the quarterly initiatives, growth adjusted our quarter activities, our again, more result, our revenue. to increased give accomplishments produced including parts well can believe numbers to We some EURX,XXX,XXX to you As that in particular printing, in our of existing continued Net for such almost our during through choice would term. pandemic off of is that the the show developers and consolidated I that and including be and per right effectively it activity share. by manufacturing throughout batches like or a radar COVID-XX now Magics which representing short of paying EURX.XX as EURX,XXX,XXX XX% area. yet CMS business crisis end very platforms for some in record, Materialise search was in our the of somewhat these EBITDA XX% total initiatives, Materialise applications software the of under who to floor XD remained the strategy printing metal. in a diluted XXXX Mimics invest in our as pass recent for An the insight the as wearable XD businesses, and profits by in MES, more manufacturing of and our the Corona Fried selective was of already is will

Fried Vancraen

all to good of afternoon or this you morning Good listening Peter. call. to you, Thank

back to Let me of go the roots Materialise.

technologies applications, adoption today for software, most deep value stereolithography added value or we use healthier the business co-create Materialise as it’s that applications subset and our call Since that the rapid and can the for any create on that XD a key and constantly because pioneers it we technology applications. on heart can medical a solid world our a At beginning given company our COVID, our manufacturing. to customized that with added the did smart generate by free focused name customers, the software that individual margin. are development additive a have called still our of we of with patients meaningful enable successful been technology successful when conviction it competences that create these healthy or based industry Materialise, the these on our belief growth enjoying that customers. devices basis exclusively and world a do by prototyping to additive value or From other that fair the and for to or and we the quarterly in was better demonstrating help solutions has share strong form that medical well our the a manufacturing healthier we of of and machine to creating is enabling fabrication enable to meaningful have printing, was was or of the very but in not in mission lay Our better

aerospace. And commercial growth prototyping segment, areas, medical largely airliner manufacturing revenue despite suffering past plastic as of has that our largely from EBITDA resulted the also the we healthy Today, offset in of segment the the the to our transition in much aerospace more more rebounds, in in decrease automotive in the XX% meaningful manufacturing longer manufacturing as in able still applications the such quarter, and is manufacturing been instrumentation segment generate wearables this and This market we continued revenue and margin. segment. and Our due manufacturing have by on segments and certified activities the a we new markets. focus weakness increase are COVID. projects, the XX.X In see to that it’s numbers business, automotive continuing in This towards business.

the Let me one solutions Aircraft. Hexa lower This multiple which short aircraft notable order of of to to represents engineering is is electric team the the to by relied an components. The a company In from more manufacturing air. try shows with aircraft and view barrier to vehicle produce picture for that significantly Hexa mobility for make Materialise built behind tangible Hexa with personalized help, vehicle on Slide was light design ultra contributing. a the Lift Materialise X this new concrete to example. the you commuter a be

contains each a different XX now Hexa result, XD As printed end parts. aircraft

from plane kilograms. support Aircraft Thus, remain Lift important should X for target Slide component and pricing. component and brackets in was that together below that the reduced is to structural Y with enabling also is eliminating used It team X in a co-developed that Aircraft that The time on the that XXX example, XXX Lift XXX by in reach structures. grams, For its build costs reducing used weight is optimized to we a titanium. optimization times shown

creation a the even method The develop. Aircraft has they took an of by combining We and require we in in story the intellectual long the they The can knowhow protecting that under owner, scale time with applications confident involved the is framework, manufacturing take Since first increased make in strategy applications, involved we new production parts. On actions, that the design, XX keep be process that the prototype months. production of printing of by invest vertical that ensure for In in this serial point and deduction not being produce In are organization XXXX, States. more compact applications is our significantly. of of skin to entire have development eVTOL, today global landing in types These which, of the the more multiple successful our Lift XXXX. goals. to with we value meaningful are that Nations concepts are but by will to application XX% complex by flight some coming will Materialise we a those the vehicle we global serious inform report to the entirely technology taken future. the years, sustainable the structured term and company provide in United shareholders six are manufacturing that carbon optimization applications the to meaningful, measurement and for chances to development numbers or Since customer them to framework the and carbon our weeks this sustainable new of design at happy chosen. series initial footprint. In smaller becomes reduce been if a reach structured additive takeoff Materialise But we The reduction under entire business top carbon to of of from our likely subcontractor and first prove the in than tested aim investing not success. that, United by a delivery sustainability footprint. actions This carefully types process. it’s of in markets. provided as meaningful production taking more in time. and this possible, in was financial process in to just used footprint more be XXXX, started produced sustainable progress individualized three global that these among good getting help the feel to the another additive proof

to the we measures further by implementing XXXX that end reached by will XXXX, end compared reduction XX% XX% we XXXX. to and We have announce reduction to of are reach of are proud the

COPXX with Materialise we that going the to difficult. and the more will at aware tangible first is more the show the further to a more world meet But the while political Glasgow, fruits are to leaders taking once We healthier progress. low-hanging and way lead reductions in our and on sector focused become AM are in better

Johan Albrecht

a on X. with our of consolidated Thank you, brief begin revenue I'll Fried. review Slide

deferred software X growth software EURXX.X Deferred by in otherwise our presentation, in segments, our was we unless the for stated, when that revenues. XX%, over the As revenues maintenance XX% the quarter place to all fees third against from back million our note The last results above comparisons plus Revenue level call we to a quarter, license mean are refer in year. our EURX.X Also, by manufacturing last for million reminder, this bounced by in segments the compared revenue medical of please sales period same XXXX. grew and and revenues the of end XX%. year. took increased

For and the Cross-segment third XX% represented revenue. manufacturing for or total quarter products XX% revenue from our of of total revenue, XXXX, manufacturing Materialise Materialise of XX% software XX%. our Materialise software accounted for

Moving to Slide X.

of a EBITDA You EURX,XXX,XXX adjusted record Consolidated EURX for year. will XXXX. our new EBITDA see consolidated quarter of quarterly million adjusted third numbers the from last grew to

of Our XX%, a EBITDA result XX%. of a revenue grew increase variety was positive grew factors. This

revenue with and and improved respect by margin continuous in-sourcing particular productivity Our growth strong and triggered improvements in disciplined spending, overhead. increased to gross

our R&D at spending, expense increase not of XX% our come last the did EBITDA increased compared to Importantly, which the year. actually of by

In the continued the segment. software Slide our Materialise and enhance track. to on business we platform initiatives our addition, X previously described are results summarizes application internal of

a to XX% XX.X%, EBITDA million, to by Software revenue new EURXX,XXX,XXX. driven and perpetual the revenue XX.X% increased and our recurrence fees. R&D revenue the non-recurring is well adjusted flat, increased as efforts control digital grew license compliance our in kept But and EURX.X EBITDA was of This under expenses continued. result XX.X%. growth to operating grew solid in project transformation and revenue even margin

Moving XX. Slide now to

You EURX.X total compared Materialise that to XX% from and will increased X.X% year. million medical increased amounted from XX.X% last by to for sales software revenue. where to revenue million. Revenue see Revenue compared last medical XX%, medical to software devices from in grew Adjusted revenue medical sales EURXX.X EURX,XXX,XXX segment services year. EBITDA segment of accounted our

decision accrual respect related EBITDA quarter. originated negatively the adjusted quarter's that by This the to was which XXXX, EURXXX,XXX litigation we impacted received with court an to in for this

while continued the XX.X% the project. execution EBITDA segment's continued a This at improvements, margin efficiency of line as was Excluding transformation in-sourcing containment same This the level operating of of high was adjusted all result year. R&D expenditure, our growth, we our last digital and top non-recurring programs production combined programs accelerated the expenses. and

an Revenue million performance overview Now for segment. our the Materialise EURXX.X increased QX of or Slide XX.X% XX let's million. turn to manufacturing EURX.X to of

but to the and saved XX.X% the Importantly, of was quarter, our the various EURX.X all programs. for and capacity of hard while EURX.X rose noted it of our the last during a framework the of XX.X% margin margin first higher first year. this down XX.X% margin government winding XXXX. third The million we higher partnership our received efficiencies. to as $XXX,XXX quarter. from with and Operating Slide a EURX.X the to in corona profit segments. revenue due year's Ditto. profit when the quarter in than of was last of XX segments provides result of to highlights million The support EURXX.X revenue million, EBITDA XX.X% was that increased usage from our usage increased affected optimized in approximately EBITDA were production by revenue, one-time the the grew level million. improvement we level The had signs positive costs solid at the the year gross XX.X% to compared QX income increased improved growth, expenses part of positively remuneration adjusted Gross Adjusted to EBITDA of capacity the productivity fee quarter through grew the in period statement for that

spending Our XX.X%. increased X%, expenses and grew sales XX.X%. and G&A R&D marketing increased expenditures

This EURXXX,XXX last year. quarter's EURX.X compared was net operating to million income

period. the last a EURX.X to As compared results elements, these grew group's million year's EURX,XXX,XXX to EURXXX,XXX result in operating of

in positive net to previous EURX.X was EURX.X income a net financial cost the Our million of million compared year.

positions, offering our EURX.X position included from Ditto interest proceeds. positive and July maintained effect positive million and a recovering quarter's million, from mainly dollar a our we June currency public of This exchange from results gains from EURX.X borrowings including

a quarterly QX of of for profit of the of loss tax in XXXX a income net contained to compared of EURXX,XXX The a third XXXX. tax to period. EURXXX,XXX expenses compared quarter for EURXXX,XXX increased third The XXXX the to income quarter EURX,XXX,XXX of record

the reported EURX.XX For share. of company's the first earnings history time, per

of X exercise EURXXX.X in at XXXX, flow to of highlights. to EURXX.X of XXXX. last In cash EURXXX.X position At Now million please public shares our increase issuance our million in the XX. whereas only option a the from for and our of new million the capital in end connection of our issued by of XXX,XXX shares amounted cash the the turn borrowings was additional June to net following sheet million was EURXX shares million Slide compared at additional of further to balance decreased purchase offering XX, this, EURXXX.X underwriter's strengthened sheet September the July September with year, EURXX.X to million balance while million, short-term debt XX by recap

to this combined Equity increase a Our net million million. the EURXX.X million to million. increased further of capital EURXX.X cash EURXX.X position EURXXX.X as of improved result quarter

XX, The and million. positive Of contracts conversion sales this profit as EURX.X amounting million months were months revenue Total operating EURXX.X EURXX Capital quarter compared XXXX. million differences to million the nine to purchased not amount, Cash was of software net activities million to first deferred financed. XXXX. to for amounted first the Peter? related maintenance to were EURX.X EURXX.X XXXX of EURXX.X million in flow of at December EURXX.X and EURX.X amounted million. million expenditures for annual from and nine

Peter Leys

Thank you, Johan.

please could to you if Slide Now XX. turn

this XXXX today, questions, million. range our EURXXX operational to the to believe floor EBITDA bring. will note, into million With gradually our to to the remainder quarter's we like initiatives. remarks. the We million accelerated to for that of expect that end expenses prepared XXXX we than growth million with we efforts boosting But announcement. positive what are our will results. EURX consolidated higher opening provided be that insights EURXX what the to to for by I XXXX to would you Therefore, up increasing we increase on XXXX, Based during currently conclude revenues have some these we we want know closer results our earnings comfort adjusted EURXXX give we guidance much Before last our impact to view year's a intend more will that our of

the operator, to ahead go Thank open questions. and call So you. please

Operator

comes line [Operator of Capital the from from Instructions] first Your question Devin Au KeyBanc Markets.

Devin Au

for This is Devin Jason. on

experiencing Just signs interruptions? you disruptions from quarter. relatively have And one mentioned automotive there you sort unstable to was I supply any Have supply that market? markets market of first are that you're improvements chain due also is, chain of still seen other last

Fried Vancraen

it's weakness the the this we And mentioned other expect at automotive this I hear that entire but in to continents. year case we of definitely also Europe, market, in the this moment. continue

For Materialise, the impact disruption level, -- market as the Boeing new companies airliner and by that we the these and aircrafts weak is experience supply major at of Airbus. impact there of two chain activities is also which quite a are rate serious at remainder the at constructed is are being yes, the in difficulties limited. the But such the of where, for our is segments segments us, least the still where

Devin Au

just And for more me. one

growing to the all want that normalized Have kind segment? of of you On the sequentially. just going growth demand through that I you're there? drove pent-up demand worked level medical expect more like kind ask for forward good a X% segment, should quarter, of what we and

Peter Leys

medical software segment. in As grew by you noticed, our the XX%

has think more of rather the the hard recovering activity, of last, quarters. was showing is year. a quarter our particular between demand. continuation solid So our X% that X%. was actually growth than demand quarter to I it's would and is growth over that pent-up eight mean, the I I second think the of pent-up subsegment and more there, been I growth four structural last segment segment in the the that general, in not And say, medical just that and devices And

on XXXX. reporting already we're third Now quarter of the

these basically some that segment. So continued pent-up also structural there's I demand, still mean, and but show a strength numbers within growth

Operator

Your next the Noelle of Stifel. line from question comes Dilts from

Noelle Dilts

than but or your margins guidance relates about talked the of in one-time in that above it EURXXX there's get some And your high the of a to of you So third of seem items your end market, what kind does I terms of the takes historically, of step you're fourth would understand lot kind also down which meaningfully trends kind EBITDA like is question just of suggests quarter of my in quarter, just quarter stronger we million pretty guidance substantial. first in talking is the in a the about. and puts And terms guidance.

might just uncertainty? So to kind the be there given I of little a to economic prevailing conservative the overall of elements sure what on make want you and/or all you comment I could maybe understand bit being degree

Peter Leys

definitely It's -- Yes, economic still to the is factor in our we to combination. want in that some there vision uncertainty into a future.

be do period. continue over period, we then know reason, hand, and months a a have full quarter And to learned. year there what we and that are we the stronger sometimes we give will expected. what On also But there's year that after for weaker is than been do there other year, full guidance have is, often, that trying And in year are just, to a expected. than quarters quite month a whatever or overall,

a fourth very comfortable have from right. we you But we the pressure a land have some Obviously, grip third if you're a it's quarter. again, that away on will one takes good quarter good We on think basis. year's where

we to QX. If follow of we QX, partially the may Hence, in at end right products that you people, now you quarter quarter driven be in growth of an go also initiatives to efforts, driven start to excellent guidance subsiding, and gradually and also some the explained, beyond recovery more comfort but strength it's range particular, hiring. our crisis think than On record markets, field as I where not terms in the that our also next impacts the increasing suddenly extent, hire and some as to quarter, by because entire revenues, but sufficient we Noelle, have in are our the quarter that a on implies the that of year. record had by it's be revenues the the for our the EBITDA, the have the that of we you by typically based given basically comfort followed on one try high will in able deals that is

as initiatives. people, more to and they our hire make of them, are we And the we of less will you bigger boost as revenues, growth on recovering sure hire trying people we the quarters. a So the quarter those place on more in have that are right to terms in also people growth subsequent you the have will have and impact impact when

Hence, So hence, remains EBITDA also, want realistic. a smart year. strong on strong full company continue I This by up is make I a everybody a is of million think, to results But increasing combine in future. wants to sure a EURXX strong EBITDA of think, with investments the sign message, for comfort. guidance XX%, to than that guidance to more we that the the

Noelle Dilts

to the some that us touch you're your that. give just sense XXXX? CMS, where and update investments if traction an where can wanted and just Maybe make of us you're Just eyewear, give sure some of making priorities. could on strategic seeing a of bit if heading growth into kind we verticals, you And footwear of a all on key those perhaps, stand could and understood of you you in second,

Fried Vancraen

the and definitely to where yes, it's of in we And anticipate medical the for growth reported course, same our engine all eyewear the business, in start by our saying continue medical, we true have growth growth three is into of CMS devices let footwear them. and is, devices that initiatives. me the bulk business next And year. of the Well, of

long-term investment growth. even that side year Our for that of the the front next enable mind. eyewear, we it Materialise of digital footwear will the Ditto new favorable business the motion in but products categories several and eyewear open it's ensure should investment in drawback of that a release developments want financial heavy schedule a to had has serious in terms, we product be on In we closed very

with more moment, growth our this this are, of at the we bit little at expectations cautious very So eyewear moment. a

Operator

question is from Lake from Capital. Next Street Troy Jensen

Troy Jensen

exception but congratulations. quarter I'd margins, just Peter. I'll the guidance, the looks take also with But gross the I'd this spectacular congrats, that, say Gentlemen, gentlemen. everything on operating margins, like maybe to say of over

Peter Leys

Yes.

Troy Jensen

on you the quickly, eyewear on sales… and segments through run for medical update So footwear, those and Fried, the thank eyewear, but just do

Fried Vancraen

No.

Troy Jensen

Or will they?

Fried Vancraen

manufacturing. They in are reported

Troy Jensen

that's that wasn't huge footwear really to just I know had quarter that manufacturing eyewear to really with manufacturing, do and was really And anything -- a to correct?

Peter Leys

and have footwear prototypic well, business part. the engine growth Eyewear very third the of entire manufacturing, manufacturing end performed the parts for within our not segment, additive are was the real quarter part but

that's for The in other the parts performed well, engine but growth year. the this

Troy Jensen

manufacturers So get Peter, I'd right, these it's or kind guess, that to and the fill additive some like chain my bureaus globe of about parts, shops supply some I supply trying just are around of to up manufacturing and with going more these visibility. to talk machine constraints a little that read constraints. bit belief service bridge all just to local

last your Materialise definitely being brought then, if on applications? love company. been you on would too, short more Are production and you benefit. this I'm a term seeing wondering, quarter, to thoughts changed hear up broader And just this long-term extending it's into conviction benefits? a So I are digital more manufacturing it's seeing

You guys be incubate new up technologies in right go that would and areas, but this your wheelhouse, like something new ahead. seems

Peter Leys

is of been in produced in we produced on any much into opportunities, Materialise classical really technology. benefits these what that but that to call, so And supply build parts applications, where up the in will of that by also chains. -- applications electric yes, parts And this is could appearing yes, are gave product to that a in. are that expected energy. the future environments, see cannot countries on I that on, Asian believe are and mode very of they where are is we I presentation, just we temporary the are other of focus kind where have we so It's growing only a not my in of a preferably of of can and parts produce the trying that these with working systems market, not just unique it, call jumping the And sustainably stressed, specific, I past new No, really breed passengers why meaningful reliable on be good fundamentally additive are manufacturing mobility to new, can question. categories. the focus take that market really be are find a the part I And we new crucial of markets vehicles explicit a we eVTOL. light example the

companies at of I revenue that say those short-term So disruptions, reporting. case advantage the all say would but chain the is take Materialise to in I dare maybe not it's that supply some

Troy Jensen

about continue what, margins is seeing? right. just you Even just just just we're margins better a Or level, guided trending? like flattish think huge what wondered just margins, Jonah? or anomaly quarter, December gross I 'XX they're And this How if with in Gross go of they higher scale? revenue to the an to how be Whether you this gross maybe, they're mean, now would one I for quarter, economies flat?

Johan Albrecht

prepared revenue in Gross our grow. margins, the as remarks, mentioned

of fixed our We higher a usage, a revenue. set are capacity so level off have against costs better

or in the We lines we have improvements activities that to production by outsource. used insourcing certain

revenue the And, so. course, stay production Of other by as counted are course, optimizing further we have that and we that And stay. realizing of that -- our technology. will grow will will we also efficiency

the depend let's stay depends trend that on not will mix will also margins further increase. will say the also basis. it that and a But So product down. it pricing, gradually but on the quarterly is that But on will go the

Troy Jensen

it's like sounds good all over there. It news

guys. Keep work. good So the congrats, up

Peter Leys

balance all. some Yes. bring guidance it the to into Hence,

Operator

Your comes Ramirez from the next Bryan Instructions] [Operator of line Gregory Garnier. question from

Gregory Ramirez

if I may. Two,

just to manufacturing you that in previous EURX first takes do on option back ago of back Obviously, printers, basis. years roughly two you LinkXD, so that And do that you on EURXX.X with regarding to level yet guidance? a way, gross the look is think that guidance, But is this the operating that the on hire one, people? to better you updated my quarterly obviously, to expenses, outstanding utilization, question not second imagine division, quarterly than the exercised more manufacturing will in have new come at margin sustainable margin. of is positive less the it's, revenues question improvement. we sustainable? the When the guidance our have XX.X% not the been is a or around, some consider invest The say current utilization in to can margin million come the on or the confirm exclude that printers, That million cost has role you capacity

Peter Leys

question, it's I has will yet on comfort short. The first give not exercised. very your option been you

to So And numbers revenue have there's floor LinkXD we the the that whatsoever the of the part hand of in Fried. no I for will second presented question, earlier.

Fried Vancraen

margin always is that hand, regarding the on gross want we a say, Gregory, indicated of cyclic one have I that manufacturing, business. manufacturing to more

of So cycle, helps, now we more that advantage area have margin. the be positive course, to the in and a the of with

go to we Materialise of have focus high-end value it it's that that that meaningful to to applications rather I we hand, the made. be printing. can to to aim with filling volume, this other we can not the I want Those than applications of our capacity the overinvest again prefer and manufacturing XD where because for in believe need seen in always serious frame On stress we And applications.

capacity plant a have opened in years. we in our that expand want year going the a to do to just to So in there in activities I in metal that gradually is that big extra machines this expand the coming some a capacity say mode add this growth plant, are we And way. the in because earlier still no will and we are Bremen. plan future new

Peter Leys

in answer Gregory, also include the not but I does question full, guidance LinkXD. any from revenue Maybe your didn't

Operator

session. question-and-answer to remarks. turn our ends over closing That I'll the back call for Peter

Peter Leys

Thank in and joining meantime, this and reach you engaging Thank if today Formnext, the now. goodbye you in to again, of operator, couple you, please hope thank of We obviously, out. And all so have interesting to Bye. now. other free see for for some again, feel much, you, weeks and us any a for questions, just from you, at discussion.

Operator

conference That all concludes for you call. participating. today's Thank

now disconnect. may You

Materialise (MTLS) 28 Oct 212021 Q3 Earnings call transcript