Protolabs Reports Financial Results for the Second Quarter of 2024

Rhea-AI Summary

Protolabs (NYSE: PRLB) reported financial results for Q2 2024, showing revenue of $125.6 million, a 2.8% increase year-over-year. The company's Network business grew 22% to $24.7 million. GAAP earnings per share were $0.18, while non-GAAP EPS reached $0.38. Protolabs served 22,456 customer contacts, with revenue per customer increasing 7% to $5,595. Gross margin improved to 45.0%, up from 43.4% in Q2 2023.

For Q3 2024, Protolabs expects revenue between $117-125 million and GAAP EPS of $0.10-0.18. The company maintains a strong financial position with $112.9 million in cash and investments. Despite challenging macroeconomic conditions, Protolabs continues to focus on customer adoption and efficiency improvements.

Positive

• Revenue increased 2.8% year-over-year to $125.6 million
• Network business revenue grew 22% to $24.7 million
• Non-GAAP EPS improved to $0.38 from $0.33 in Q2 2023
• Revenue per customer contact increased 7% to $5,595
• Gross margin improved to 45.0% from 43.4% in Q2 2023
• Strong cash position with $112.9 million in cash and investments

Negative

• Expected Q3 2024 revenue of $117-125 million suggests potential decline from Q2
• Adjusted EBITDA margin slightly decreased to 15.4% from 15.7% in Q2 2023
• Challenging macroeconomic environment impacting business performance

Financial Analyst

Protolabs' Q2 2024 results demonstrate a mixed performance in a challenging macroeconomic environment. The company reported a 2.8% year-over-year revenue increase to $125.6 million, with its Network business showing strong growth of 22%. This suggests that Protolabs' strategy to drive customer adoption of its combined Factory and Network offer is gaining traction.

The company's profitability metrics show improvement, with GAAP EPS of $0.18 compared to a loss in Q2 2023 and non-GAAP EPS increasing from $0.33 to $0.38. Gross margin expanded by 160 basis points to 45%, indicating better operational efficiency.

However, the outlook for Q3 2024 suggests some caution, with expected revenue between $117 million and $125 million, potentially lower than Q2's results. This could indicate ongoing macroeconomic pressures or seasonal factors affecting demand.

The company's focus on capital return to shareholders, evidenced by $10.9 million in stock repurchases, demonstrates confidence in its financial position. With a cash and investments balance of $112.9 million, Protolabs maintains a strong liquidity position to navigate market uncertainties and invest in growth initiatives.

Overall, while Protolabs shows resilience in a challenging environment, investors should monitor the company's ability to sustain growth and profitability improvements in the face of potential economic headwinds.

Market Research Analyst

Protolabs' Q2 2024 results offer intriguing insights into the digital manufacturing sector's dynamics. The 7% increase in revenue per customer to $5,595 suggests successful upselling and cross-selling strategies, potentially indicating a trend towards more complex or higher-value projects in the industry.

The standout performance of the Protolabs Network, growing 22% year-over-year, highlights a shift in customer preferences towards more flexible, distributed manufacturing solutions. This aligns with broader industry trends of supply chain diversification and on-demand production.

However, the total customer contacts served (22,456) isn't explicitly compared to the previous year, leaving questions about customer acquisition and retention rates in a competitive market. The company's ability to expand its customer base while increasing revenue per customer will be important for long-term growth.

The projected Q3 revenue range of $117 million to $125 million suggests potential seasonal fluctuations or cautious outlook, which is worth monitoring as an indicator of broader industry trends. As Protolabs serves as a barometer for the prototyping and low-volume production market, this could signal a potential slowdown or increased uncertainty in product development cycles across various industries.

In conclusion, while Protolabs demonstrates resilience and adaptation to market demands, the digital manufacturing sector appears to be navigating a complex landscape of evolving customer needs and economic uncertainties.

Total Revenue of $126 Million

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

MINNEAPOLIS--(BUSINESS WIRE)-- 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

Source: Proto Labs, Inc.

FAQ

What was Protolabs' (PRLB) revenue for Q2 2024?

Protolabs reported revenue of $125.6 million for Q2 2024, representing a 2.8% increase compared to Q2 2023.

How much did Protolabs' (PRLB) Network business grow in Q2 2024?

Protolabs' Network business grew by 22% year-over-year, generating revenue of $24.7 million in Q2 2024.

What is Protolabs' (PRLB) earnings per share guidance for Q3 2024?

Protolabs expects Q3 2024 GAAP earnings per share between $0.10 and $0.18, and non-GAAP earnings per share between $0.29 and $0.37.

How much cash and investments did Protolabs (PRLB) have as of June 30, 2024?

Protolabs reported a cash and investments balance of $112.9 million as of June 30, 2024.