Protolabs Reports Financial Results for the Second Quarter of 2023

Rhea-AI Summary

Proto Labs, Inc. reported a revenue of $122.3 million in the second quarter of 2023, a 3.7% decrease compared to the same period last year. However, revenue generated from the digital network powered by Hubs saw a significant growth of 79.3% year-over-year and 17.6% sequentially. The company had a net loss of $0.4 million in Q2 2023, resulting in a loss per share of $0.01. On a non-GAAP basis, the company reported a net income of $8.7 million, or $0.33 per diluted share. Gross margin was 43.4% of revenue, and non-GAAP gross margin was 44.1% of revenue. The company served 23,377 unique product developers during the quarter and repurchased $9.0 million of shares. Cash and investments balance stood at $102.8 million as of June 30, 2023.

Revenue of $122.3 million in the Second Quarter of 2023

Network revenue of $20.2 million; a 79.3% YoY increase

GAAP Loss Per Share of $0.01; Non-GAAP Earnings Per Share of $0.33

MAPLE PLAIN, Minn.--(BUSINESS WIRE)-- Proto Labs, Inc. (the "Company" or "Protolabs") (NYSE: PRLB), the world’s leading provider of digital manufacturing services, today announced financial results for the second quarter ended June 30, 2023.

Second Quarter 2023 Highlights:

• Revenue for the second quarter of 2023 was $122.3 million, representing a 3.7 percent decrease compared to revenue of $126.9 million in the second quarter of 2022.
• Revenue generated from our digital network powered by Hubs was $20.2 million in the second quarter, representing growth of 79.3 percent over the second quarter of 2022 and 17.6 percent sequential growth compared to the first quarter of 2023.
• Net loss for the second quarter of 2023 was $0.4 million, or $0.01 per diluted share.
• Non-GAAP net income was $8.7 million, or $0.33 per diluted share. See “Non-GAAP Financial Measures” below.

“Our broad customer offer, powered by internal digital factories and network manufacturing partners, allows us to offer customers a differentiated value proposition and serve their varying needs in any economic climate,” said Rob Bodor, President and Chief Executive Officer. “Amidst the continued contraction of manufacturing, Protolabs improved gross and operating margins sequentially while continuing to delight our customers and advance our 2023 strategic initiatives.”

Additional Second Quarter 2023 Highlights:

• Protolabs served 23,377 unique product developers during the quarter.
• The Company repurchased $9.0 million of shares during the quarter.
• Gross margin was 43.4 percent of revenue in the second quarter of 2023.
• Non-GAAP gross margin was 44.1 percent of revenue in the second quarter of 2023, representing a sequential increase of 70 basis points. See “Non-GAAP Financial Measures” below.
• EBITDA was $11.4 million, or 9.3 percent of revenue, in the second quarter of 2023, compared to $15.1 million, or 11.9 percent of revenue, in the second quarter of 2022. See “Non-GAAP Financial Measures” below.
• Adjusted EBITDA was $19.2 million, or 15.7% of revenue, in the second quarter of 2023, compared to $24.6 million, or 19.4% of revenue, in the second quarter of 2022. See “Non-GAAP Financial Measures” below.
• Cash and investments balance was $102.8 million as of June 30, 2023.

“Driven by the current economic climate, through the first half of 2023 demand for our longer lead times and lower-priced offerings has outpaced demand for our quick-turn offer, and we will continue to adapt our operations to align with demand,” said Dan Schumacher, Chief Financial Officer. “We are among the most profitable and positive cash generating digital manufacturers, enabling us to continue to invest in future growth among economic volatility and dynamic customer preferences.”

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 GAP 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 gross margin excluding Japan, 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 excluding Japan, adjusted for stock-based compensation expense, amortization expense, and costs related to the Japan closure activities (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 gross margin excluding Japan, non-GAAP operating margin, non-GAAP operating margin excluding Japan, 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 2023 financial results and third quarter 2023 outlook today, August 4, 2023 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/ik5odgi6. 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 our digital network of manufacturing partners powered by Hubs unlocks advanced capabilities and volume pricing at higher quantities. 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, 2023			December 31, 2022
	(Unaudited)
Assets
Current assets
Cash and cash equivalents	$	66,493		$	56,558
Short-term marketable securities		19,945			23,568
Accounts receivable, net		75,034			76,225
Inventory		14,311			13,578
Income taxes receivable		868			4,042
Prepaid expenses and other current assets		8,501			12,597
Total current assets		185,152			186,568
Property and equipment, net		248,614			257,785
Goodwill		273,991			273,991
Other intangible assets, net		28,353			31,250
Long-term marketable securities		16,344			26,419
Operating lease assets		3,084			3,844
Finance lease assets		16,934			17,532
Other long-term assets		4,738			4,779
Total assets	$	777,210		$	802,168
Liabilities and shareholders' equity
Current liabilities
Accounts payable	$	16,474		$	17,356
Accrued compensation		12,486			12,743
Accrued liabilities and other		19,155			22,384
Current operating lease liabilities		1,209			1,561
Current finance lease liabilities		16,549			17,537
Income taxes payable		348			—
Total current liabilities		66,221			71,581
Long-term operating lease liabilities		1,833			2,255
Long-term finance lease liabilities		745			—
Long-term deferred tax liabilities		20,790			26,322
Other long-term liabilities		4,936			4,362
Shareholders' equity		682,685			697,648
Total liabilities and shareholders' equity	$	777,210		$	802,168

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,
	2023				2022			2023				2022
Revenue
Injection Molding	$	48,819			$	53,355		$	100,767			$	106,753
CNC Machining		48,297				48,222			96,401				94,320
3D Printing		21,005				19,963			42,330				39,635
Sheet Metal		3,939				5,160			8,187				9,847
Other Revenue		205				202			439				515
Total Revenue		122,265				126,902			248,124				251,070
Cost of revenue		69,142				69,480			141,225				137,844
Gross profit		53,123				57,422			106,899				113,226
Operating expenses
Marketing and sales		21,730				21,055			44,181				41,641
Research and development		9,865				9,450			20,542				20,007
General and administrative		15,822				16,522			32,655				33,293
Closure of Japan business		98				5,194			164				5,194
Total operating expenses		47,515				52,221			97,542				100,135
Income from operations		5,608				5,201			9,357				13,091
Other (loss) income, net		(3,368	)			1			(2,078	)			(299	)
Income before income taxes		2,240				5,202			7,279				12,792
Provision for income taxes		2,623				2,645			5,003				5,140
Net (loss) income	$	(383	)		$	2,557		$	2,276			$	7,652
Net (loss) income per share:
Basic	$	(0.01	)		$	0.09		$	0.09			$	0.28
Diluted	$	(0.01	)		$	0.09		$	0.09			$	0.28
Shares used to compute net (loss) income per share:
Basic		26,210,478				27,530,739			26,414,467				27,515,583
Diluted		26,210,478				27,536,823			26,445,427				27,524,019

Proto Labs, Inc. Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited)
	Six Months Ended June 30,
	2023				2022
Operating activities
Net income	$	2,276			$	7,652
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		18,883				20,274
Stock-based compensation expense		7,370				8,428
Deferred taxes		(5,605	)			(5,653	)
Interest on finance lease obligations		568				-
Loss on foreign currency translation		3,906				-
Impairments related to closure of Japan business		-				1,792
Gain on disposal of property and equipment		(428	)			-
Other		215				32
Changes in operating assets and liabilities:		4,682				(1,485	)
Net cash provided by operating activities		31,867				31,040
Investing activities
Purchases of property, equipment and other capital assets		(6,829	)			(6,030	)
Proceeds from sales of property, equipment and other capital assets		623				-
Purchases of marketable securities		-				(38,882	)
Proceeds from sales of marketable securities		—				1,000
Proceeds from call redemptions and maturities of marketable securities		14,020				7,396
Net cash provided by (used in) investing activities		7,814				(36,516	)
Financing activities
Proceeds from exercises of stock options		1,986				2,311
Purchases of shares withheld for tax obligations		(1,425	)			(1,615	)
Repurchases of common stock		(30,064	)			(5,239	)
Principal repayments of finance lease obligations		(163	)			(278	)
Net cash used in financing activities		(29,666	)			(4,821	)
Effect of exchange rate changes on cash and cash equivalents		(80	)			(966	)
Net increase (decrease) in cash and cash equivalents		9,935				(11,263	)
Cash and cash equivalents, beginning of period		56,558				65,929
Cash and cash equivalents, end of period	$	66,493			$	54,666

Proto Labs, Inc. Reconciliation of GAAP to Non-GAAP Net Income per Share (In thousands, except share and per share amounts) (Unaudited)
	Three Months Ended June 30,								Six Months Ended June 30,
	2023				2022				2023				2022
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 (loss) income	$	(383	)		$	2,557			$	2,276			$	7,652
Add back:
Stock-based compensation expense		3,675				4,031				7,370				8,428
Amortization expense		1,484				1,527				3,010				3,072
Unrealized (gain) loss on foreign currency		187				271				115				360
Costs related to Japan closure activities		4,004				5,194				4,070				5,194
Total adjustments 1		9,350				11,023				14,565				17,054
Income tax benefits on adjustments 2		(296	)			(776	)			(298	)			(1,458	)
Non-GAAP net income	$	8,671			$	12,804			$	16,543			$	23,248
Non-GAAP net income per share:
Basic	$	0.33			$	0.47			$	0.63			$	0.84
Diluted	$	0.33			$	0.46			$	0.63			$	0.84
Shares used to compute non-GAAP net income per share:
Basic		26,210,478				27,530,739				26,414,467				27,515,583
Diluted		26,224,562				27,536,823				26,445,427				27,524,019

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,
	2023			2022			2023			2022
Cost of revenue	$	803		$	870		$	1,611		$	1,799
Marketing and sales		855			813			1,547			1,550
Research and development		641			471			1,212			1,100
General and administrative		2,861			3,404			6,010			7,051
Closure of Japan business		98			5,194			164			5,194
Total operating expenses		4,455			9,882			8,933			14,895
Other income (loss), net		4,092			271			4,021			360
Total adjustments	$	9,350		$	11,023		$	14,565		$	17,054

2 For the three and six months ended June 30, 2023 and 2022, 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,
	2023				2022				2023				2022
Revenue	$	122,265			$	126,902			$	248,124			$	251,070
Gross profit		53,123				57,422				106,899				113,226
GAAP gross margin		43.4	%			45.2	%			43.1	%			45.1	%
Add back:
Stock-based compensation expense		461				528				927				1,115
Amortization expense		342				342				684				684
Total adjustments		803				870				1,611				1,799
Non-GAAP gross profit	$	53,926			$	58,292			$	108,510			$	115,025
Non-GAAP gross margin		44.1	%			45.9	%			43.7	%			45.8	%

Proto Labs, Inc. Reconciliation of GAAP to Non-GAAP Gross Margin Excluding Japan (In thousands) (Unaudited)
	Three Months Ended June 30,								Six Months Ended June 30,
	2023				2022				2023				2022
Revenue	$	122,265			$	126,902			$	248,124			$	251,070
Revenue excluding Japan	$	122,265			$	124,046			$	248,124			$	244,128
Gross profit		53,123				57,422				106,899				113,226
GAAP gross margin		43.4	%			45.2	%			43.1	%			45.1	%
Less: Japan gross profit		-				1,063				-				3,102
Gross Profit excluding Japan		53,123				56,359				106,899				110,124
GAAP gross margin excluding Japan		43.4	%			45.4	%			43.1	%			45.1	%
Add back:
Stock-based compensation expense		461				528				927				1,115
Amortization expense		342				342				684				684
Less:
Japan stock-based compensation expense		-				22				-				47
Japan amortization expense		-				-				-				-
Total adjustments		803				848				1,611				1,752
Non-GAAP gross profit excluding Japan	$	53,926			$	57,207			$	108,510			$	111,876
Non-GAAP gross margin excluding Japan		44.1	%			46.1	%			43.7	%			45.8	%

Proto Labs, Inc. Reconciliation of GAAP to Non-GAAP Operating Margin (In thousands) (Unaudited)
	Three Months Ended June 30,								Six Months Ended June 30,
	2023				2022				2023				2022
Revenue	$	122,265			$	126,902			$	248,124			$	251,070
Income from operations		5,608				5,201				9,357				13,091
GAAP operating margin		4.6	%			4.1	%			3.8	%			5.2	%
Add back:
Stock-based compensation expense		3,675				4,031				7,370				8,428
Amortization expense		1,484				1,527				3,010				3,072
Costs related to Japan closure activities		98				5,194				164				5,194
Total adjustments		5,257				10,752				10,544				16,694
Non-GAAP income from operations	$	10,865			$	15,953			$	19,901			$	29,785
Non-GAAP operating margin		8.9	%			12.6	%			8.0	%			11.9	%

Proto Labs, Inc. Reconciliation of GAAP to Non-GAAP Operating Margin Excluding Japan (In thousands) (Unaudited)
	Three Months Ended June 30,								Six Months Ended June 30,
	2023				2022				2023				2022
Revenue	$	122,265			$	126,902			$	248,124			$	251,070
Revenue excluding Japan	$	122,265			$	124,046			$	248,124			$	244,128
Income from operations		5,608				5,201				9,357				13,091
GAAP operating margin		4.6	%			4.1	%			3.8	%			5.2	%
Less: Japan (loss) income from operations		(128	)			(542	)			(474	)			4
Income from operations excluding Japan		5,736				5,743				9,831				13,087
GAAP operating margin excluding Japan		4.7	%			4.6	%			4.0	%			5.4	%
Add back:
Stock-based compensation expense		3,675				4,031				7,370				8,428
Amortization expense		1,484				1,527				3,010				3,072
Costs related to Japan closure activities		98				5,194				164				5,194
Less:
Japan stock-based compensation expense		7				147				17				297
Japan amortization expense		-				-				-				-
Total adjustments		5,250				10,605				10,527				16,397
Non-GAAP income from operations excluding Japan	$	10,986			$	16,348			$	20,358			$	29,484
Non-GAAP operating margin excluding Japan		9.0	%			13.2	%			8.2	%			12.1	%

Proto Labs, Inc. Reconciliation of GAAP Net Income to EBITDA and Adjusted EBITDA (In thousands) (Unaudited)
	Three Months Ended June 30,								Six Months Ended June 30,
	2023				2022				2023				2022
Revenue	$	122,265			$	126,902			$	248,124			$	251,070
GAAP net (loss) income		(383	)			2,557				2,276				7,652
GAAP net (loss) income margin		(0.3	%)			2.0	%			0.9	%			3.0	%
Add back:
Amortization expense	$	1,484			$	1,527			$	3,010			$	3,072
Depreciation expense		8,011				8,515				15,873				17,202
Interest income, net		(372	)			(149	)			(722	)			(194	)
Provision for income taxes		2,623				2,645				5,003				5,140
EBITDA		11,363				15,095				25,440				32,872
EBITDA Margin		9.3	%			11.9	%			10.3	%			13.1	%
Add back:
Stock-based compensation expense		3,675				4,031				7,370				8,428
Unrealized (gain) loss on foreign currency		187				271				115				360
Costs related to Japan closure activities		4,004				5,194				4,070				5,194
Total adjustments		7,866				9,496				11,555				13,982
Adjusted EBITDA	$	19,229			$	24,591			$	36,995			$	46,854
Adjusted EBITDA Margin		15.7	%			19.4	%			14.9	%			18.7	%

Proto Labs, Inc. Comparison of GAAP to Non-GAAP Revenue Growth by Region (In thousands) (Unaudited)
	Three Months Ended June 30, 2023									Three Months Ended June 30, 2022			% Change2			% Change Organic3
	GAAP			Foreign Currency1			Non-GAAP			GAAP
Revenues
United States	$	96,321		$	-		$	96,321		$	100,655		(4.3	%)		(4.3	%)
Europe		25,944			512			26,456			23,391		10.9	%		13.1	%
Japan		-			-			-			2,856		(100.0	%)		(100.0	%)
Total revenue	$	122,265		$	512		$	122,777		$	126,902		(3.7	%)		(3.3	%)

	Six Months Ended June 30, 2023									Six Months Ended June 30, 2022			% Change2			% Change Organic3
	GAAP			Foreign Currency1			Non-GAAP			GAAP
Revenues
United States	$	194,067		$	-		$	194,067		$	196,151		(1.1	%)		(1.1	%)
Europe		54,057			2,977			57,034			47,977		12.7	%		18.9	%
Japan		-			-			-			6,942		(100.0	%)		(100.0	%)
Total revenue	$	248,124		$	2,977		$	251,101		$	251,070		(1.2	%)		—	%

1 Revenue for the three and six months ended June 30, 2023 has been recalculated using 2022 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, 2022 to GAAP revenue for the three and six months ended June 30, 2023.

3 This column presents the percentage change from GAAP revenue for the three and six months ended June 30, 2022 to non-GAAP revenue for the three and six months ended June 30, 2023 (as recalculated using the foreign currency exchange rates in effect during the three and six months ended June 30, 2022) 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, 2023										Three Months Ended June 30, 2022			% Change2			% Change Organic3
	GAAP			Foreign Currency1				Non-GAAP			GAAP
Revenues
Injection Molding	$	48,819		$	257			$	49,076		$	53,355		(8.5	)%		(8.0	)%
CNC Machining		48,297			125				48,422			48,222		0.2			0.4
3D Printing		21,005			131				21,136			19,963		5.2			5.9
Sheet Metal		3,939			1				3,940			5,160		(23.7	)		(23.6	)
Other Revenue		205			(2	)			203			202		1.5			0.5
Total Revenue	$	122,265		$	512			$	122,777		$	126,902		(3.7	%)		(3.3	%)

	Six Months Ended June 30, 2023									Six Months Ended June 30, 2022			% Change2			% Change Organic3
	GAAP			Foreign Currency1			Non-GAAP			GAAP
Revenues
Injection Molding	$	100,767		$	1,436		$	102,203		$	106,753		(5.6	)%		(4.3	)%
CNC Machining		96,401			860			97,261			94,320		2.2			3.1
3D Printing		42,330			667			42,997			39,635		6.8			8.5
Sheet Metal		8,187			11			8,198			9,847		(16.9	)		(16.7	)
Other Revenue		439			3			442			515		(14.8	)		(14.2	)
Total Revenue	$	248,124		$	2,977		$	251,101		$	251,070		(1.2	%)		—	%

1 Revenue for the three and six months ended June 30, 2023 has been recalculated using 2022 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, 2022 to GAAP revenue for the three and six months ended June 30, 2023.

3 This column presents the percentage change from GAAP revenue for the three and six months ended June 30, 2022 to non-GAAP revenue for the three and six months ended June 30, 2023 (as recalculated using the foreign currency exchange rates in effect during the three and six months ended June 30, 2022) in order to provide a constant-currency comparison.

Proto Labs, Inc. Product Developer Information (Unaudited)
	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Unique product developers and engineers served	23,377		24,058		35,743		36,878

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20230804386438/en/

Investor Relations Contact

Protolabs

Ryan Johnsrud, 612-225-4873

Manager – Investor Relations and FP&A

ryan.johnsrud@protolabs.com

Media Contact

Protolabs

Brent Renneke, 763-479-7704

PR & Media Strategist

brent.renneke@protolabs.com

Source: Proto Labs, Inc.

FAQ

What was Proto Labs, Inc.'s revenue in the second quarter of 2023?

Proto Labs, Inc. reported a revenue of $122.3 million in the second quarter of 2023.

What was the growth rate of revenue generated from the digital network powered by Hubs?

Revenue generated from the digital network powered by Hubs grew by 79.3% compared to the second quarter of 2022.

What was the net loss and non-GAAP net income in the second quarter of 2023?

Proto Labs, Inc. had a net loss of $0.4 million in the second quarter of 2023, resulting in a loss per share of $0.01. On a non-GAAP basis, the company reported a net income of $8.7 million, or $0.33 per diluted share.

What were the gross margin and non-GAAP gross margin in the second quarter of 2023?

The gross margin was 43.4% of revenue, and the non-GAAP gross margin was 44.1% of revenue in the second quarter of 2023.

How many unique product developers did Proto Labs, Inc. serve during the quarter?

Proto Labs, Inc. served 23,377 unique product developers during the quarter.

What was the cash and investments balance as of June 30, 2023?

The cash and investments balance of Proto Labs, Inc. was $102.8 million as of June 30, 2023.