Materialise is a Belgium-based company that provides 3D printing (additive manufacturing) software and services, operating across three segments: Medical, Manufacturing, and Software. The Medical segment, roughly half of revenue, is the core growth engine. Materialise designs and prints patient-specific surgical devices — primarily surgical guides, anatomical models, and implants — custom-made from each patient's CT or MRI scan data, serving orthopedic, craniomaxillofacial, and cardiovascular surgical markets. Materialise also sells its Mimics medical imaging and surgical planning software directly to hospitals, research institutions, and device companies. Medical devices are distributed through partnerships with major orthopedic OEMs — DePuy Synthes, Zimmer Biomet, Smith & Nephew, and Stryker — who sell the guides and plans under their own brands. The Software segment sells industrial 3D printing software, primarily Magics (data preparation) and the CO-AM cloud platform (workflow management), to manufacturers running multi-vendor AM operations. The Manufacturing segment provides 3D printing services to industrial customers in Europe across automotive, aerospace, and consumer markets, though this segment is under pressure from weak European industrial demand and is being restructured around higher-margin specialty verticals like aerospace certified parts, precision metal casting via ACTech, and consumer wearables. Materialise generates Medical revenue on a per-case and software subscription basis, with profitability scaling as case volumes grow. The Software segment is transitioning from perpetual licenses to cloud subscriptions, with recurring revenue reaching roughly 82% of segment revenue.