First quarter 2019 revenue
Prodways Group (Euronext Paris: PWG) today reports its first quarter 2019 revenue.
|(€ million)||Q1 2019||Q1 2018||Change|
|Structure & disposals||(0.1)||(0.1)||n.s.|
Consolidated revenue for first quarter 2019 was €17.4 million, up by 28.9% compared to first quarter 2018. This momentum is due to solid organic growth, particularly in sales of materials, software distribution and parts manufacturing, boosted by the contribution from acquisitions completed in 2018 and early 2019.
In first quarter 2019, the Systems division - including 3D software, 3D printers and related materials - reported revenue of €10.5 million, a 35.2% increase year-on-year. The division benefited from sales momentum for materials and the software distribution businesses. This momentum was further strengthened by the €1.8 million contribution from the US machine maker Solidscape, acquired in third quarter 2018.
During the quarter, the division announced the sale of a large metal parts 3D printer to a research institute. The Group pursued the launches of innovative products, in particular the introduction the Solidscape DL, Solidscape first DLP® printer designed for the jewelry market, or its first automated 3D printing modular system for the dental industry.
The Products division, including the design and manufacturing of on-demand parts and medical applications, achieved revenue of €7.0 million in first quarter 2019. This 21.6% increase benefited from growing demand for parts production, from sales in the podiatry sector, and from acquisitions that contributed €0.9 million to this quarter's revenue. In January, Prodways Group completed the acquisition of Surdifuse-L'Embout Français, a major French player in audiology. Through the merger of Surdifuse-L'Embout Français with Interson-Protac, acquired in 2017, the Group aims to create the leading French operator and one of the European leaders in customized hearing aid ear tips through 3D printing.
In the current scope and excluding new acquisitions, the Group confirms its 2019 objective of full-year revenue growth above 15%. This increase will be especially pronounced in the Systems division, driven by the launch of new machines: ProMaker V10, ProMaker LD-20 and Solidscape DL. In the Products division, the Group continues to implement the digital transition of its medical activities, which should bear fruit in the medium term.
For 2019, the R&D effort will remain at a sustained level, albeit relatively down in relation to revenue. The Group will continue its investments in the applications of the future in 3D printing (Rapid Additive Forging technology, digitalization of processes in the medical sector…). These investments - creating value for the future - will continue to weigh on the Group's income statement. It will be increasingly offset by the already profitable businesses where growth is strong.
Publication of second quarter 2019 revenue on 25 July 2019, after stock market close.
About Prodways Group
Prodways Group is a specialist in industrial and professional 3D printing with a unique positioning as an integrated European player. The Group has developed right across the 3D printing value chain (software, machines, materials, parts & services) with a high value added technological industrial solution. Prodways Group offers a wide range of 3D printing systems and premium composite, hybrid and powder materials (SYSTEMS division). The company also manufactures and markets parts on demand, prototypes and small production run 3D printed items in plastic and metal (PRODUCTS division). The Group targets a significant number of sectors, from aeronautics to healthcare.
Listed on Euronext Paris, the Group reported in 2018 revenue of €61 million.
Prodways Group is a Groupe Gorgé company.
For further information: www.prodways-group.com
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Releases from the Prodways Group may contain forward-looking declarations with statements of objectives. These forward-looking statements reflect the current expectations of Prodways Group. Their realization, however, depends on known or unknown risks, uncertainties and other factors that may cause actual results, performance or events to differ significantly from those previously anticipated. The risks and uncertainties that might affect the Group's future ability to achieve its targets are reiterated and presented in detail in our Annual financial report on Prodways Group's website (www.prodways-group.com). This list of risks, uncertainties and other factors is not exhaustive. Other unanticipated, unknown or unpredictable factors may also have significant negative effects on the achievement of our objectives. The current release and the information contained therein do not constitute an offer to sell or to subscribe, nor a solicitation for an order to purchase or subscribe to shares in Prodways Group or in any subsidiaries thereof listed in whatsoever country.
 Unaudited figures