Prodways Group reports financial results for FY 2019 and Q4 2019

French 3D printer manufacturer and service provider Prodways Group has reported its financial earnings for fourth quarter and full year 2019. 

FY 2019 revenue was reported at €71.3 million, representing a growth of 17.1% from FY 2018, which was €60.9 million. Prodways’ Products division, comprising the design and manufacture of on-demand parts and medical applications, experienced the most growth out of the company’s divisions at 17.9%, contributing €27 million in revenue for 2019, up from €22.9 for FY 2018. 

3D printed products made with Prodways technologies. Image via Prodways.
3D printed products made with Prodways technologies. Image via Prodways.

Growth led by Surdifuse-L’Embout Français

Represented in two divisions, Products makes up half of Prodways’ source of revenue. The other division comprises Systems, which accounts for 3D software, 3D printers and related materials and services. For FY 2019, Systems contributed €44.9 million to the total €71.3 million for Prodways. This figure represents a 16.8% increase from 2018.

The Q4 2019, revenue figures were up 3.1% from the same period in 2018, coming in at €20 million. For FY 2018, this number was at €19.4 million. The Products division is the main cause of the rise, contributing €6.7 million in revenue. This is a 13.7% growth from Q4 2018 Products revenue. Systems on the other hand experienced a growth of 0.5% between Q4 2018 and Q4 2019, remaining at €13.6 million. 

Revenues (in millions of euros) FY2019 FY2018 Change in % Q4 2019 Q4 2018 Change in %
Systems 44.9 38.4 16.8% 13.6 13.6 0.5%
Products 27 22.9 17.9% 6.7 5.9 13.7%
Structure & eliminations -0.5 -0.4 n.s. -0.3 -0.1 n.s.
Consolidated revenue 71.3 60.9 17.1% 20 19.4 3.1%

Prodways attributes its Products division performance to the contribution of Surdifuse-L’Embout Français, a hearing aid manufacturer that Prodways acquired in Q1 2019. This falls in line with the objectives for 2019 that Prodways identified for its FY 2018 report. A company spokesperson at the time explained that the acquisition was “expected to generate more than €3 million in revenue in 2019 and to have a positive impact on the Group’s income.” As a result, of Prodways’ 17.1% growth for FY 2019, 6.3% has been organic. For Q4 2019, a majority of the 3.1% growth is listed as inorganic. 

The ProMaker P1000 X. Image via Prodways.
The ProMaker P1000 X. Image via Prodways.

Prodways 2020 objectives

Looking back on 2019, Prodways explains that the company is “well positioned to be a leading player in the digital transformation of the industry.” With mass production materializing at a slow pace, Prodways is “ready to seize market opportunities,” according to a company statement.

For 2020, the company is hoping for a first order of its machines geared towards production applications like its P1000 X system, a new SLS 3D printer that Prodways launched in late 2019. It has set a revenue growth target of around 5%.

Full year annual results for Prodways Group will be published on Monday, 23 March 2020, where it will also be discussed by Executive Chairman Chairman Raphaël Gorgé and Group CFO Pierre-Olivier Gisserot in a conference call the next day.

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Featured image shows 3D printed products from Prodways. Image via Prodways.