Melexis Q3 2023 results – Third quarter sales of 248.6 million EUR

Press release - Regulated Information

Intermediate declaration by the Board of Directors
Ieper, Belgium – October 25th, 2023, 07.00 hrs CET

Sales for the third quarter of 2023 were 248.6 million EUR, an increase of 13% compared to the same quarter of the previous year and an increase of 5% compared to the previous quarter. The EUR/USD exchange rate evolution had a negative impact of 3% on sales compared to the same quarter of last year and no impact on sales compared to the previous quarter. The gross result was 114.5 million EUR or 46.1% of sales, an increase of 16% compared to the same quarter of last year and an increase of 3% compared to the previous quarter. R&D expenses were 10.7% of sales, G&A was at 4.8% of sales and Selling was at 2.0% of sales. The operating result was 71.1 million EUR or 28.6% of sales, an increase of 16% compared to the same quarter of last year and an increase of 5% compared to the previous quarter. The net result was 56.8 million EUR or 1.41 EUR per share, an increase of 16% compared to 48.8 million EUR or 1.21 EUR per share in the third quarter of 2022 and an increase of 9% compared to the previous quarter.

Sales for the first nine months of 2023 were 713.8 million EUR, an increase of 17% compared to the first nine months of 2022. The EUR/USD exchange rate evolution had a negative impact of 1% on sales compared to the first nine months of 2022. The gross result was 328.6 million EUR or 46.0% of sales, an increase of 19% compared to the same period last year. R&D expenses were 10.8% of sales, G&A was at 5.1% of sales and Selling was at 2.2% of sales. The operating result was 199.7 million EUR or 28.0% of sales, an increase of 18% compared to 168.7 million EUR in the same nine months of 2022. The net result was 159.6 million EUR or 3.95 EUR per share, an increase of 10% compared to 145.0 million EUR or 3.59 EUR per share in the first nine months of 2022.

Outlook

Melexis expects sales in the fourth quarter of 2023 in the range of 247 to 251 million EUR. For the full year, Melexis expects sales to increase around 15%, a gross profit margin above 45% and an operating margin above 27% (previously around 27%), all taking into account a EUR/USD exchange rate of 1.05 for the remainder of the year.

Business comment – Marc Biron, CEO:

“We reached sales of 248.6 million euro in the third quarter of 2023, an increase of 5% compared to the previous quarter. Despite geopolitical challenges and softer electric vehicles (EV) demand, we continue our growth path.

In the third quarter, the outperforming product lines were our embedded motor drivers, pressure sensors and magnetic position sensors supported by the electrification trend and supply chain improvements.

Sales to adjacent customers represented 11% of total sales in the third quarter of 2023, an increase compared to the previous quarter, thanks to the ramp up of our temperature sensor in new wearable applications such as smartwatches and smartphones.

The portion of standard product (ASSPs) sales represented 75% of total sales in the third quarter of 2023.”

Financial Calendar

• Capital Markets Day: November 14, 2023
• Publication FY 2023 Results: February 7, 2024 (at 7 hrs CET)
• Publication Q1 Results 2024: April 24, 2024 (at 7 hrs CET)
• Publication Q2 Results 2024: July 31, 2024 (at 7 hrs CET)
• Publication Q3 Results 2024: October 30, 2024 (at 7 hrs CET)
• Publication FY 2024 Results: February 5, 2025 (at 7 hrs CET)

For more information:
Investor Relations
Email: investor@melexis.com

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