Prodways beats targets with 120% growth in 3D printing for FY2018

French industrial 3D printer provider Prodways Group has reported its financial earnings for fourth quarter and full year 2018.

Exceeding objectives, FY2018 revenue was reported at €60.9 million, up 75% on FY2017 which was €34.8 million. Of this total, the Systems division, which includes all Prodways 3D printers, 3D software and materials, experienced a significant rise year-over-year with a 120% growth to €38.4 million in revenue for 2018.

Within parent company Groupe Gorgé, Prodways’ strong performance constituted the strongest growth of all divisions for 2018. Combined with Smart Safety systems (down 10.1% on 2017 to €102.1 million) and Protection of High-Risk Installations (up 2.1% on 2017 to €134.3 million) Prodways 3D printing contributed to a total year on year revenue growth of 6.4% to €296 million in 2018, compared to €278.2 million for 2017.

Full year annual results for Prodways Group will be discussed by Executive Chairman Chairman Raphaël Gorgé and Group CFO Pierre-Olivier Gisserot in an earnings call on April 3, 2019. The Groupe Gorgé conference call, held by Gorgé and Loïc Le Berre, Deputy CEO and Group CFO, is scheduled to follow.

Raphaël Gorgé, Executive Chairman Prodways Group and Chairman and CEO of Groupe Gorgé. Photo via Groupe Gorgé
Raphaël Gorgé, Executive Chairman Prodways Group and Chairman and CEO of Groupe Gorgé. Photo via Groupe Gorgé

Prodways Systems and Services

Prodways Group revenue is represented in two divisions: the aforementioned Systems division, and Products, which accounts for all the company’s on-demand part manufacturing and medical modelling. For Q4 2018 Systems reported revenue of €13.6 million, up 85.5% on the same period in 2017 which was €7.3 million. Throughout the year, Systems revenue at the company was reportedly bolstered by the company’s acquisiton of wax 3D printer producer Solidscape, a deal completed in July 2018.

On the other hand, Prodways 3D printed Products reported a Q4 2018 revenue of €5.9 million, up 2.9% on the same period in 2017 which was €5.7 million. For the full year 2018, Products revenue was reported at €22.9 million, compared to 2017’s €17.8 million. This figure is representative of more than 1 million 3D printed parts throughout the year, supported by part production at service bureau subsidiary Varia 3D. In light of recent business deals made by the company it also seems that the Products division is in line for a boost in 2019.

(in € millions) FY2018 FY2017 Change Q4 2018 Q4 2017 Change
Systems 38.4 17.4 120.69% 13.6 7.3 85.5%
Products 22.9 17.8 28.65% 5.9 5.7 2.9%
Structure & disposals -0.4 -0.4 0.00% -0.1 0 n/a
Consolidated revenue 60.9 34.8 75.00% 19.4 13 49.2%

Prodways’ 2019 objectives

Sharing objectives for the year ahead, Prodways Group focuses on its recent acquisition of hearing aid manufacturer Surdifuse-L’Embout Français which was completed post-year end in January 2019. Surdifuse-L’Embout adds to Prodway’s previous acquisition of Interson-Protac, another audiology expert and further part of its Products division, and drives toward the company’s ambition of becoming “the French leader and one of the European leaders in customized hearing aid eartips.” According to a Prodways spokesperson, “This acquisition is expected to generate more than €3 million in revenue in 2019 and to have a positive impact on the Group’s income.”

“In the Products division, the Group continues to implement the digital transition of its medical activities, which should bear fruit in the medium term.”

Interson-Protac's Pianissimo - custom made ear protection for musicians. Photo via Interson-Protac
Interson-Protac’s Pianissimo – custom made ear protection for musicians. Photo via Interson-Protac

In addition, the Group is expecting 2019’s revenue growth to be above 15%: “driven by the launch of new machines: ProMaker V10, ProMaker LD-20 and Solidscape DL.”

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Featured image shows a closeup of a Prodways 3D printer. Photo via Prodways