PRLB Proto Labs Inc

Total Revenue of $126 Million

GAAP Earnings Per Share of $0.18, Non-GAAP Earnings Per Share of $0.38

Proto Labs, Inc. ("Protolabs" or the "Company") (NYSE: PRLB), the world’s leading provider of digital manufacturing services, today announced financial results for the second quarter ended June 30, 2024.

Second Quarter 2024 Financial Highlights:

• Revenue was $125.6 million, a 2.8% increase compared to the second quarter of 2023.
• Revenue generated from Protolabs Network was $24.7 million, a 22.0% increase compared to the second quarter of 2023.
• Net income was $4.5 million, or $0.18 per diluted share, compared to net loss of $0.4 million, or $0.01 per diluted share, in the second quarter of 2023.
• Non-GAAP net income was $9.5 million, or $0.38 per diluted share, compared to $8.7 million, or $0.33 per diluted share, in the second quarter of 2023. See “Non-GAAP Financial Measures” below.
• EBITDA was $15.2 million, or 12.1% of revenue. See “Non-GAAP Financial Measures” below.
• Adjusted EBITDA was $19.3 million, or 15.4% of revenue, compared to $19.2 million, or 15.7% of revenue, in the second quarter of 2023. See “Non-GAAP Financial Measures” below.

"We executed well through the first half of 2024 despite operating in a challenging macroeconomic environment,” said Rob Bodor, President and Chief Executive Officer. "We continue to make progress on driving customer adoption of our combined offer fulfilled through both Factory and Network, while also increasing our revenue per customer. We have aligned our organization to support our initiatives, accelerate our next phase of growth, and improve our efficiency."

Dan Schumacher, Chief Financial Officer, commented, "Our results were driven by strong performance in our Network business and gross margin improvement across both Factory and Network. We remain committed to returning capital to shareholders as we repurchased $10.9 million of common stock in the quarter."

Additional Second Quarter 2024 Highlights:

• Customer contact information
  • Protolabs served 22,456 customer contacts during the quarter.
  • Revenue per customer contact increased 7.0% year-over-year to $5,595.
• Gross margin was 45.0% of revenue, compared to 43.4% of revenue in the second quarter of 2023.
• Non-GAAP gross margin was 45.7% of revenue, compared to 44.1% of revenue in the second quarter of 2023. See "Non-GAAP Financial Measures" below.
• Cash flow from operations was $14.4 million in the second quarter of 2024.
• Cash and investments balance was $112.9 million as of June 30, 2024.

Third Quarter 2024 Outlook

For the third quarter of 2024, the Company expects to generate revenue between $117 million and $125 million.

The Company expects third quarter 2024 diluted net income per share between $0.10 and $0.18, and non-GAAP diluted net income per share between $0.29 and $0.37. See "Non-GAAP Financial Measures" below.

Non-GAAP Financial Measures

The Company has included non-GAAP revenue growth by region and by service line that excludes the impact of changes in foreign currency exchange rates (collectively, “non-GAAP revenue growth”). Management believes these metrics, when viewed in conjunction with the comparable GAAP metrics, are useful in evaluating the underlying business trends and ongoing operating performance of the Company.

The Company has included earnings before interest, taxes, depreciation and amortization (“EBITDA”) and EBITDA, adjusted for stock-based compensation expense, unrealized (gain) loss on foreign currency and costs related to the Japan closure activities (collectively, “Adjusted EBITDA”), in this press release to provide investors with additional information regarding the Company’s financial results. The Company has also included earnings before interest, taxes, depreciation and amortization margin (“EBITDA margin”) and EBITDA margin, adjusted for stock-based compensation expense, unrealized (gain) loss on foreign currency and costs related to the Japan closure activities (collectively, “Adjusted EBITDA margin”), in this press release to provide investors with additional information regarding the Company’s financial results.

The Company has included non-GAAP gross margin, adjusted for stock-based compensation expense and amortization expense in this press release to provide investors with additional information regarding the Company’s financial results.

The Company has included non-GAAP operating margin, adjusted for stock-based compensation expense, amortization expense and costs related to the closure of Japan (collectively, “non-GAAP operating margin”), in this press release to provide investors with additional information regarding the Company’s financial results.

The Company has included non-GAAP net income, adjusted for stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency and costs related to the closure of Japan (collectively, “non-GAAP net income”), in this press release to provide investors with additional information regarding the Company’s financial results.

The Company has provided below reconciliations of GAAP to non-GAAP net income, non-GAAP gross margin, non-GAAP operating margin, non-GAAP revenue growth by region and by service, and Adjusted EBITDA and Adjusted EBITDA margin, the most directly comparable measures calculated and presented in accordance with GAAP. These non-GAAP measures are used by the Company’s management and board of directors to understand and evaluate operating performance and trends and provide useful measures for period-to-period comparisons of the Company’s business. Accordingly, the Company believes that these non-GAAP measures provide useful information to investors and others in understanding and evaluating operating results in the same manner as our management and board of directors.

Conference Call

The Company has scheduled a conference call to discuss its second quarter 2024 financial results and third quarter 2024 outlook today, August 2, 2024 at 8:30 a.m. EDT. To access the call in the U.S. please dial 877-709-8150 or outside the U.S. dial 201-689-8354 at least five minutes prior to the 8:30 a.m. EDT start time. No participant code is required. A simultaneous webcast of the call and accompanying presentation will be available via the investor relations section of the Protolabs website and the following link: https://edge.media-server.com/mmc/p/b94yu8yp/. A replay will be available for 14 days following the call on the investor relations section of the Protolabs website.

About Protolabs

Protolabs is the fastest and most comprehensive digital manufacturing service in the world. Our digital factories produce low-volume parts in days while Protolabs Network unlocks advanced capabilities and volume pricing through its highly vetted manufacturing partners. The result? One manufacturing source—from prototyping to production—for product developers, engineers, and supply chain teams across the globe. See what's next at protolabs.com.

Forward-Looking Statements

Statements contained in this press release regarding matters that are not historical or current facts are “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors which may cause the results of Protolabs to be materially different than those expressed or implied in such statements. Certain of these risk factors and others are described in the “Risk Factors” section within reports filed with the SEC. Other unknown or unpredictable factors also could have material adverse effects on Protolabs’ future results. The forward-looking statements included in this press release are made only as of the date hereof. Protolabs cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Protolabs expressly disclaims any intent or obligation to update any forward-looking statements to reflect subsequent events or circumstances.

Proto Labs, Inc.

Condensed Consolidated Balance Sheets

(In thousands)

 

 

 

 

 

 

June 30, 2024

 

December 31, 2023

 

(Unaudited)

 

 

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

96,149

 

$

83,790

Short-term marketable securities

 

16,792

 

 

19,013

Accounts receivable, net

 

70,891

 

 

72,848

Inventory

 

12,357

 

 

13,657

Income taxes receivable

 

1,400

 

 

2,228

Prepaid expenses and other current assets

 

10,034

 

 

9,124

Total current assets

 

207,623

 

 

200,660

 

 

 

 

Property and equipment, net

 

243,710

 

 

253,655

Goodwill

 

273,991

 

 

273,991

Other intangible assets, net

 

23,427

 

 

25,584

Long-term marketable securities

 

—

 

 

8,019

Operating lease assets

 

3,790

 

 

4,628

Finance lease assets

 

826

 

 

960

Other long-term assets

 

4,839

 

 

4,856

Total assets

$

758,206

 

$

772,353

 

 

 

 

Liabilities and shareholders' equity

 

 

 

Current liabilities

 

 

 

Accounts payable

$

15,910

 

$

15,636

Accrued compensation

 

15,544

 

 

15,292

Accrued liabilities and other

 

17,656

 

 

16,872

Current operating lease liabilities

 

1,534

 

 

1,585

Current finance lease liabilities

 

302

 

 

296

Total current liabilities

 

50,946

 

 

49,681

 

 

 

 

Long-term operating lease liabilities

 

2,203

 

 

3,008

Long-term finance lease liabilities

 

443

 

 

595

Long-term deferred tax liabilities

 

14,588

 

 

18,742

Other long-term liabilities

 

4,790

 

 

5,032

 

 

 

 

Shareholders' equity

 

685,236

 

 

695,295

Total liabilities and shareholders' equity

$

758,206

 

$

772,353

 

 

 

 

 

 

 

 

Proto Labs, Inc.

Condensed Consolidated Statements of Operations

(In thousands, except share and per share amounts)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2024

 

 

2023

 

 

 

2024

 

 

2023

 

Revenue

 

 

 

 

 

 

 

Injection Molding

$

49,080

 

$

48,819

 

 

$

101,743

 

$

100,767

 

CNC Machining

 

51,239

 

 

48,297

 

 

 

101,171

 

 

96,401

 

3D Printing

 

21,281

 

 

21,005

 

 

 

42,863

 

 

42,330

 

Sheet Metal

 

3,922

 

 

3,939

 

 

 

7,475

 

 

8,187

 

Other Revenue

 

109

 

 

205

 

 

 

269

 

 

439

 

Total Revenue

 

125,631

 

 

122,265

 

 

 

253,521

 

 

248,124

 

 

 

 

 

 

 

 

 

Cost of revenue

 

69,085

 

 

69,142

 

 

 

139,508

 

 

141,225

 

Gross profit

 

56,546

 

 

53,123

 

 

 

114,013

 

 

106,899

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

Marketing and sales

 

23,291

 

 

21,730

 

 

 

46,451

 

 

44,181

 

Research and development

 

10,661

 

 

9,865

 

 

 

21,828

 

 

20,542

 

General and administrative

 

16,595

 

 

15,822

 

 

 

32,908

 

 

32,655

 

Closure of Japan business

 

—

 

 

98

 

 

 

—

 

 

164

 

Total operating expenses

 

50,547

 

 

47,515

 

 

 

101,187

 

 

97,542

 

Income from operations

 

5,999

 

 

5,608

 

 

 

12,826

 

 

9,357

 

Other income (loss), net

 

1,361

 

 

(3,368

)

 

 

2,260

 

 

(2,078

)

Income before income taxes

 

7,360

 

 

2,240

 

 

 

15,086

 

 

7,279

 

Provision for income taxes

 

2,820

 

 

2,623

 

 

 

5,278

 

 

5,003

 

Net income (loss)

$

4,540

 

$

(383

)

 

$

9,808

 

$

2,276

 

 

 

 

 

 

 

 

 

Net income (loss) per share:

 

 

 

 

 

 

 

Basic

$

0.18

 

$

(0.01

)

 

$

0.39

 

$

0.09

 

Diluted

$

0.18

 

$

(0.01

)

 

$

0.38

 

$

0.09

 

 

 

 

 

 

 

 

 

Shares used to compute net income (loss) per share:

 

 

 

 

 

 

 

Basic

 

25,313,036

 

 

26,210,478

 

 

 

25,473,937

 

 

26,414,467

 

Diluted

 

25,372,972

 

 

26,210,478

 

 

 

25,573,344

 

 

26,445,427

 

 

 

 

 

 

 

 

 

Proto Labs, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

 

 

 

 

Six Months Ended June 30,

 

 

2024

 

 

 

2023

 

Operating activities

 

 

 

Net income

$

9,808

 

 

$

2,276

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

Depreciation and amortization

 

18,075

 

 

 

18,883

 

Stock-based compensation expense

 

8,520

 

 

 

7,370

 

Deferred taxes

 

(4,144

)

 

 

(5,605

)

Interest on finance lease obligations

 

18

 

 

 

568

 

Loss on foreign currency translation

 

—

 

 

 

3,906

 

Gain on disposal of property and equipment

 

(20

)

 

 

(428

)

Other

 

64

 

 

 

215

 

Changes in operating assets and liabilities

 

3,460

 

 

 

4,682

 

Net cash provided by operating activities

 

35,781

 

 

 

31,867

 

 

 

 

 

Investing activities

 

 

 

Purchases of property, equipment and other capital assets

 

(6,784

)

 

 

(6,829

)

Proceeds from sales of property, equipment and other capital assets

 

30

 

 

 

623

 

Proceeds from call redemptions and maturities of marketable securities

 

10,419

 

 

 

14,020

 

Net cash provided by investing activities

 

3,665

 

 

 

7,814

 

 

 

 

 

Financing activities

 

 

 

Proceeds from exercises of stock options

 

2,094

 

 

 

1,986

 

Purchases of shares withheld for tax obligations

 

(1,920

)

 

 

(1,425

)

Repurchases of common stock

 

(26,940

)

 

 

(30,064

)

Principal repayments of finance lease obligations

 

(146

)

 

 

(163

)

Net cash used in financing activities

 

(26,912

)

 

 

(29,666

)

Effect of exchange rate changes on cash and cash equivalents

 

(175

)

 

 

(80

)

Net increase in cash and cash equivalents

 

12,359

 

 

 

9,935

 

Cash and cash equivalents, beginning of period

 

83,790

 

 

 

56,558

 

Cash and cash equivalents, end of period

$

96,149

 

 

$

66,493

 

 

 

 

 

Proto Labs, Inc.

Reconciliation of GAAP to Non-GAAP Net Income (Loss) per Share

(In thousands, except share and per share amounts)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Non-GAAP net income, adjusted for stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency and costs related to Japan closure activities

 

 

 

 

 

 

 

GAAP net income (loss)

$

4,540

 

 

$

(383

)

 

$

9,808

 

 

$

2,276

 

Add back:

 

 

 

 

 

 

 

Stock-based compensation expense

 

4,244

 

 

 

3,675

 

 

 

8,520

 

 

 

7,370

 

Amortization expense

 

921

 

 

 

1,484

 

 

 

1,908

 

 

 

3,010

 

Unrealized (gain) loss on foreign currency

 

(88

)

 

 

187

 

 

 

149

 

 

 

115

 

Costs related to Japan closure activities

 

—

 

 

 

4,004

 

 

 

—

 

 

 

4,070

 

Total adjustments 1

 

5,077

 

 

 

9,350

 

 

 

10,577

 

 

 

14,565

 

Income tax benefits on adjustments 2

 

(85

)

 

 

(296

)

 

 

(439

)

 

 

(298

)

Non-GAAP net income

$

9,532

 

 

$

8,671

 

 

$

19,946

 

 

$

16,543

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP net income per share:

 

 

 

 

 

 

 

Basic

$

0.38

 

 

$

0.33

 

 

$

0.78

 

 

$

0.63

 

Diluted

$

0.38

 

 

$

0.33

 

 

$

0.78

 

 

$

0.63

 

 

 

 

 

 

 

 

 

Shares used to compute non-GAAP net income per share:

 

 

 

 

 

 

 

Basic

 

25,313,036

 

 

 

26,210,478

 

 

 

25,473,937

 

 

 

26,414,467

 

Diluted

 

25,372,972

 

 

 

26,224,562

 

 

 

25,573,344

 

 

 

26,445,427

 

 

 

 

 

 

 

 

 

1

Stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency and costs related to Japan closure activities were included in the following GAAP consolidated statement of operations categories:

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2024

 

2023

 

2024

 

2023

 

 

 

 

 

 

 

 

Cost of revenue

$

810

 

 

$

803

 

$

1,611

 

$

1,611

 

 

 

 

 

 

 

 

Marketing and sales

 

819

 

 

 

855

 

 

1,652

 

 

1,547

Research and development

 

667

 

 

 

641

 

 

1,359

 

 

1,212

General and administrative

 

2,869

 

 

 

2,861

 

 

5,806

 

 

6,010

Closure of Japan business

 

—

 

 

 

98

 

 

—

 

 

164

Total operating expenses

 

4,355

 

 

 

4,455

 

 

8,817

 

 

8,933

 

 

 

 

 

 

 

 

Other income (loss), net

 

(88

)

 

 

4,092

 

 

149

 

 

4,021

Total adjustments

$

5,077

 

 

$

9,350

 

$

10,577

 

$

14,565

 

 

 

 

 

 

 

 

2

For the three and six months ended June 30, 2024 and 2023, income tax effects were calculated using the effective tax rate for the relevant jurisdictions. The Company's non-GAAP tax rates differ from its GAAP tax rates due primarily to the mix of activity incurred in domestic and foreign tax jurisdictions and removing effective tax rate benefits from stock-based compensation activity in the quarter.

Proto Labs, Inc.

Reconciliation of GAAP to Non-GAAP Gross Margin

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Revenue

$

125,631

 

 

$

122,265

 

 

$

253,521

 

 

$

248,124

 

Gross profit

 

56,546

 

 

 

53,123

 

 

 

114,013

 

 

 

106,899

 

GAAP gross margin

 

45.0

%

 

 

43.4

%

 

 

45.0

%

 

 

43.1

%

Add back:

 

 

 

 

 

 

 

Stock-based compensation expense

 

468

 

 

 

461

 

 

 

927

 

 

 

927

 

Amortization expense

 

342

 

 

 

342

 

 

 

684

 

 

 

684

 

Total adjustments

 

810

 

 

 

803

 

 

 

1,611

 

 

 

1,611

 

Non-GAAP gross profit

$

57,356

 

 

$

53,926

 

 

$

115,624

 

 

$

108,510

 

Non-GAAP gross margin

 

45.7

%

 

 

44.1

%

 

 

45.6

%

 

 

43.7

%

 

 

 

 

 

 

 

 

Proto Labs, Inc.

Reconciliation of GAAP to Non-GAAP Operating Margin

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Revenue

$

125,631

 

 

$

122,265

 

 

$

253,521

 

 

$

248,124

 

Income from operations

 

5,999

 

 

 

5,608

 

 

 

12,826

 

 

 

9,357

 

GAAP operating margin

 

4.8

%

 

 

4.6

%

 

 

5.1

%

 

 

3.8

%

Add back:

 

 

 

 

 

 

 

Stock-based compensation expense

 

4,244

 

 

 

3,675

 

 

 

8,520

 

 

 

7,370

 

Amortization expense

 

921

 

 

 

1,484

 

 

 

1,908

 

 

 

3,010

 

Costs related to Japan closure activities

 

—

 

 

 

98

 

 

 

—

 

 

 

164

 

Total adjustments

 

5,165

 

 

 

5,257

 

 

 

10,428

 

 

 

10,544

 

Non-GAAP income from operations

$

11,164

 

 

$

10,865

 

 

$

23,254

 

 

$

19,901

 

Non-GAAP operating margin

 

8.9

%

 

 

8.9

%

 

 

9.2

%

 

 

8.0

%

 

 

 

 

 

 

 

 

Proto Labs, Inc.

Reconciliation of GAAP Net Income (Loss) to EBITDA and Adjusted EBITDA

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Revenue

$

125,631

 

 

$

122,265

 

 

$

253,521

 

 

$

248,124

 

GAAP net income (loss)

 

4,540

 

 

 

(383

)

 

 

9,808

 

 

 

2,276

 

GAAP net income (loss) margin

 

3.6

%

 

 

(0.3

%)

 

 

3.9

%

 

 

0.9

%

Add back:

 

 

 

 

 

 

 

Amortization expense

$

921

 

 

$

1,484

 

 

$

1,908

 

 

$

3,010

 

Depreciation expense

 

8,051

 

 

 

8,011

 

 

 

16,167

 

 

 

15,873

 

Interest income, net

 

(1,149

)

 

 

(372

)

 

 

(2,261

)

 

 

(722

)

Provision for income taxes

 

2,820

 

 

 

2,623

 

 

 

5,278

 

 

 

5,003

 

EBITDA

 

15,183

 

 

 

11,363

 

 

 

30,900

 

 

 

25,440

 

EBITDA Margin

 

12.1

%

 

 

9.3

%

 

 

12.2

%

 

 

10.3

%

Add back:

 

 

 

 

 

 

 

Stock-based compensation expense

 

4,244

 

 

 

3,675

 

 

 

8,520

 

 

 

7,370

 

Unrealized (gain) loss on foreign currency

 

(88

)

 

 

187

 

 

 

149

 

 

 

115

 

Costs related to Japan closure activities

 

—

 

 

 

4,004

 

 

 

—

 

 

 

4,070

 

Total adjustments

 

4,156

 

 

 

7,866

 

 

 

8,669

 

 

 

11,555

 

Adjusted EBITDA

$

19,339

 

 

$

19,229

 

 

$

39,569

 

 

$

36,995

 

Adjusted EBITDA Margin

 

15.4

%

 

 

15.7

%

 

 

15.6

%

 

 

14.9

%

 

 

 

 

 

 

 

 

Proto Labs, Inc.

Comparison of GAAP to Non-GAAP Revenue Growth by Region

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2024

 

Three Months

Ended June 30, 2023

 

%

Change2

 

% Change

Organic3

 

GAAP

 

Foreign

Currency1

 

Non-GAAP

 

GAAP

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

United States

$

98,541

 

$

—

 

 

$

98,541

 

$

96,321

 

2.3

%

 

2.3

%

Europe

 

27,090

 

 

24

 

 

 

27,114

 

 

25,944

 

4.4

%

 

4.5

%

Total revenue

$

125,631

 

$

24

 

 

$

125,655

 

$

122,265

 

2.8

%

 

2.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2024

 

Six Months Ended

June 30, 2023

 

%

Change2

 

% Change

Organic3

 

GAAP

 

Foreign

Currency1

 

Non-GAAP

 

GAAP

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

United States

$

200,022

 

$

—

 

 

$

200,022

 

$

194,067

 

3.1

%

 

3.1

%

Europe

 

53,499

 

 

(883

)

 

 

52,616

 

 

54,057

 

(1.0

%)

 

(2.7

%)

Total revenue

$

253,521

 

$

(883

)

 

$

252,638

 

$

248,124

 

2.2

%

 

1.8

%

 

 

 

 

 

 

 

 

 

 

 

 

1

Revenue for the three and six months ended June 30, 2024 has been recalculated using 2023 foreign currency exchange rates in effect during comparable periods to provide information useful in evaluating the underlying business trends excluding the impact of changes in foreign currency exchange rates.

2

This column presents the percentage change from GAAP revenue for the three and six months ended June 30, 2023 to GAAP revenue for the three and six months ended June 30, 2024.

3

This column presents the percentage change from GAAP revenue for the three and six months ended June 30, 2023 to non-GAAP revenue for the three and six months ended June 30, 2024 (as recalculated using the foreign currency exchange rates in effect during the three and six months ended June 30, 2023) in order to provide a constant-currency comparison.

Proto Labs, Inc.

Comparison of GAAP to Non-GAAP Revenue Growth by Service Line

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2024

 

Three Months Ended June 30, 2023

 

%

Change2

 

% Change

Organic3

 

GAAP

 

Foreign

Currency1

 

Non-GAAP

 

GAAP

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

Injection Molding

$

49,080

 

$

(60

)

 

$

49,020

 

$

48,819

 

0.5

%

 

0.4

%

CNC Machining

 

51,239

 

 

90

 

 

 

51,329

 

 

48,297

 

6.1

 

 

6.3

 

3D Printing

 

21,281

 

 

(20

)

 

 

21,261

 

 

21,005

 

1.3

 

 

1.2

 

Sheet Metal

 

3,922

 

 

17

 

 

 

3,939

 

 

3,939

 

(0.4

)

 

—

 

Other Revenue

 

109

 

 

(3

)

 

 

106

 

 

205

 

(46.8

)

 

(48.3

)

Total Revenue

$

125,631

 

$

24

 

 

$

125,655

 

$

122,265

 

2.8

%

 

2.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2024

 

Six Months Ended June 30, 2023

 

%

Change2

 

% Change

Organic3

 

GAAP

 

Foreign

Currency1

 

Non-GAAP

 

GAAP

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

Injection Molding

$

101,743

 

$

(468

)

 

$

101,275

 

$

100,767

 

1.0

%

 

0.5

%

CNC Machining

 

101,171

 

 

(218

)

 

 

100,953

 

 

96,401

 

4.9

 

 

4.7

 

3D Printing

 

42,863

 

 

(207

)

 

 

42,656

 

 

42,330

 

1.3

 

 

0.8

 

Sheet Metal

 

7,475

 

 

13

 

 

 

7,488

 

 

8,187

 

(8.7

)

 

(8.5

)

Other Revenue

 

269

 

 

(3

)

 

 

266

 

 

439

 

(38.7

)

 

(39.4

)

Total Revenue

$

253,521

 

$

(883

)

 

$

252,638

 

$

248,124

 

2.2

%

 

1.8

%

 

 

 

 

 

 

 

 

 

 

 

 

1

Revenue for the three and six months ended June 30, 2024 has been recalculated using 2023 foreign currency exchange rates in effect during comparable periods to provide information useful in evaluating the underlying business trends excluding the impact of changes in foreign currency exchange rates.

2

This column presents the percentage change from GAAP revenue for the three and six months ended June 30, 2023 to GAAP revenue for the three and six months ended June 30, 2024.

3

This column presents the percentage change from GAAP revenue for the three and six months ended June 30, 2023 to non-GAAP revenue for the three and six months ended June 30, 2024 (as recalculated using the foreign currency exchange rates in effect during the three and six months ended June 30, 2023) in order to provide a constant-currency comparison.

Proto Labs, Inc.

Customer Contact Information

(Unaudited)

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

Customer contacts

 

22,456

 

 

23,377

 

 

34,338

 

 

35,743

Revenue per customer contact

$

5,595

 

$

5,230

 

$

7,383

 

$

6,942

 

 

 

 

 

 

 

 

Proto Labs, Inc.

Reconciliation of GAAP to Non-GAAP Guidance

(In thousands, except per share and per share amounts)

(Unaudited)

 

 

 

 

 

 

Q3 2024 Outlook

 

Low

 

High

GAAP diluted net income per share

$

0.10

 

$

0.18

Add back:

 

 

 

Stock-based compensation expense

 

0.16

 

 

0.16

Amortization expense

 

0.03

 

 

0.03

Unrealized (gain) loss on foreign currency

 

0.00

 

 

0.00

Total adjustments

 

0.19

 

 

0.19

Non-GAAP diluted net income per share

$

0.29

 

$

0.37

 

 

 

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240802687424/en/

Investor Relations Contacts: Protolabs Ryan Johnsrud, 612-225-4873 Manager – Investor Relations and FP&A ryan.johnsrud@protolabs.com

Gateway Group, Inc. 949-574-3860 PRLB@gateway-grp.com

Media Contact: Protolabs Brent Renneke, 763-479-7704 Marketing Communications Manager brent.renneke@protolabs.com