Materialise NV (NASDAQ:MTLS) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 08:30 am ET

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Materialise NV (NASDAQ:MTLS) Q2 2020 Earnings Conference Call - Final Transcript

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Executive
Peter Leys

million for the same period in 2019. At the end of the second quarter of 2020, we had cash and cash equivalents on our balance sheet for the total amount of EUR125.5 million with short-term debt as of June 30 of this year of EUR17.8 million only, and that's for the total gross debt of EUR121.5 million.

With those key numbers, I would now like to turn the call over to Fried. Fried?

Executive
Wilfried Vancraen

Good morning and good afternoon, everyone. Thank you for joining us today. In the last days of Q2 2020, Materialise celebrated its 30 anniversary, in a quarter where we face the most difficult economic conditions in our history. Even though the celebrations were very sober and mostly through online meetings, we are really very proud of our colleagues' achievements in such a difficult quarter, both with respect to the output they created and the savings they achieved.

As mentioned in our last call on April 30, despite being largely in lockdown, we delivered multiple COVID-19 initiatives. Starting with the preventive devices such as door openers that were printed in several tens of thousands by Materialise, and of which the files were downloaded over 100,000 from our room service alone by 3D printer users all around the world. Even more important, we can claim that the non-invasive passive PEEP masks that our engineering team in medical developed for those that are failing to breath because of the virus have been saving lives in multiple COVID-19 hotspots around the world, ranging from Guayaquil in Ecuador over Leuven [Phonetic] in Belgium to Chernivtsi in Ukraine. These masks have proven to be very efficient in increasing oxygen saturation levels of critical patients without ventilators that consume a lot of oxygen and by minimizing virus exposure to healthcare workers. So their use is currently increasing, particularly as the virus keeps on spreading in countries with less developed healthcare systems.

In addition to this exceptional projects in the COVID-19 contracts, our regular R&D efforts have continued. As we stated in our previous call and as our consistent R&D spending proofs, we have released a new version of Mimics Innovation Suite with the Version Mimics 23. This version is the first tool in the world that supports the new DICOM Encapsulated STL standards. The international standards for transmitting, storing, printing and displaying medical imaging information that is now extended to 3D models.

Mimics 23 contains many features to enhance the integration of 3D printed models in hospital, medical imaging and logistical workflows. It also supports improved scripting. And from this, for instance, features that enable easy production of medical models that consists of many separate parts. This particular development was building on initial request of Mayo Clinic that we have solved by scripting. After some presentations by Mayo collaborators at conferences, many other hospitals expressed their interest in this functionality. And in less than a year, we were able to make it part of the regulatory approved Mimics 23 version.

This example illustrates, as