Protolabs Reports Financial Results for the Third Quarter of 2023
Proto Labs, Inc. (NYSE: PRLB) reported record revenue of $130.7 million in the third quarter, a 7.4% increase YoY. Network revenue reached $22.6 million, up 86.9% YoY. GAAP earnings per share were $0.31, while non-GAAP earnings per share were $0.51.
Positive
Proto Labs achieved record revenue in the third quarter, demonstrating the success of its hybrid model combining the digital factory and the digital network.
Revenue for the quarter increased by 7.4% compared to the same period last year, reaching $130.7 million.
The digital network, powered by Hubs, experienced significant growth, with revenue of $22.6 million, up 86.9% YoY.
Gross margin improved to 45.4% in Q3 2023, compared to 43.4% in Q2 2023.
EBITDA increased to $19.5 million, representing 14.9% of revenue, compared to $11.4 million in Q2 2023.
Cash flow from operations was $24.2 million in Q3 2023, compared to $9.3 million in Q2 2023.
The company repurchased $9.0 million of shares during the quarter, and cash and investments balance was $114.9 million as of September 30, 2023.
11/03/2023 - 06:00 AM
Record Revenue of $130.7 million in the Third Quarter
Record Network Revenue of $22.6 million ; an 87% YoY increase
GAAP Earnings Per Share of $0.31 ; Non-GAAP Earnings Per Share of $0.51
MAPLE PLAIN, Minn. --(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 third quarter ended September 30, 2023.
Third Quarter 2023 Highlights :
Revenue for the third quarter of 2023 was a record $130.7 million , representing a 7.4% increase over the third quarter of 2022.
Revenue generated from the digital network, powered by Hubs, was $22.6 million in the third quarter, representing growth of 86.9% over the third quarter of the prior year.
Net income for the third quarter of 2023 was $8.0 million , or $0.31 per diluted share.
Non-GAAP net income was $13.2 million , or $0.51 per diluted share. See “Non-GAAP Financial Measures” below.
"Protolabs produced third quarter financial results that surpassed our expectations on the top and bottom line. We generated record revenue, improved profitability, generated substantial cash flow, and returned capital to shareholders." said Rob Bodor, President and Chief Executive Officer. "This excellent financial performance demonstrates the success of our strategy; Protolabs' unique hybrid model combining the digital factory and the digital network is the best way to grow profitably in our industry. We experienced increased demand for our comprehensive digitally-enabled manufacturing capabilities in the quarter. The model is winning and customers are delighted."
Additional Third Quarter 2023 Highlights :
Protolabs served 23,080 unique product developers during the quarter.
Gross margin was 45.4% in the third quarter of 2023, up sequentially from 43.4% in the second quarter of 2023.
Non-GAAP gross margin was 46.0% in the third quarter of 2023, representing a sequential increase of 190 basis points. See “Non-GAAP Financial Measures” below.
EBITDA was $19.5 million , or 14.9% of revenue, in the third quarter of 2023, compared to $11.4 million , or 9.3% of revenue, in the second quarter of 2023. See “Non-GAAP Financial Measures” below.
Adjusted EBITDA was $23.9 million , or 18.3% of revenue, in the third quarter of 2023, compared to $19.2 million , or 15.7% of revenue, in the second quarter of 2023. See “Non-GAAP Financial Measures” below.
Cash flow from operations was $24.2 million in the third quarter of 2023, compared to $9.3 million in the second quarter of 2023.
The Company repurchased $9.0 million of shares during the quarter.
Cash and investments balance was $114.9 million as of September 30, 2023.
"Along with record revenue in the third quarter, we made substantial progress on our priority to improve profitability in both the digital factory and the digital network," said Dan Schumacher, Chief Financial Officer. "Through a challenging macro environment, Protolabs has demonstrated the industry-leading earnings power and cash flow generation of our business model, enabling us to continue to invest in future growth and return capital to shareholders."
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 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 excluding Japan”), 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 third quarter 2023 financial results and fourth quarter 2023 outlook today, November 3, 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/ic4eziw6 . 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)
September 30,
2023
December 31,
2022
(Unaudited)
Assets
Current assets
Cash and cash equivalents
$
83,496
$
56,558
Short-term marketable securities
19,204
23,568
Accounts receivable, net
78,395
76,225
Inventory
13,803
13,578
Income taxes receivable
891
4,042
Prepaid expenses and other current assets
8,722
12,597
Total current assets
204,511
186,568
Property and equipment, net
243,022
257,785
Goodwill
273,991
273,991
Other intangible assets, net
26,668
31,250
Long-term marketable securities
12,212
26,419
Operating lease assets
2,737
3,844
Finance lease assets
16,763
17,532
Other long-term assets
4,341
4,779
Total assets
$
784,245
$
802,168
Liabilities and shareholders' equity
Current liabilities
Accounts payable
$
17,922
$
17,356
Accrued compensation
16,337
12,743
Accrued liabilities and other
21,027
22,384
Current operating lease liabilities
1,568
1,561
Current finance lease liabilities
16,630
17,537
Income taxes payable
1,144
—
Total current liabilities
74,628
71,581
Long-term operating lease liabilities
1,545
2,255
Long-term finance lease liabilities
671
—
Long-term deferred tax liabilities
17,138
26,322
Other long-term liabilities
5,341
4,362
Shareholders' equity
684,922
697,648
Total liabilities and shareholders' equity
$
784,245
$
802,168
Proto Labs, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except share and per share amounts)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Revenue
Injection Molding
$
51,688
$
48,940
$
152,455
$
155,693
CNC Machining
52,916
47,489
149,317
141,809
3D Printing
21,622
19,823
63,952
59,458
Sheet Metal
4,291
5,219
12,478
15,066
Other Revenue
188
250
627
765
Total Revenue
130,705
121,721
378,829
372,791
Cost of revenue
71,423
68,089
212,648
205,933
Gross profit
59,282
53,632
166,181
166,858
Operating expenses
Marketing and sales
21,682
20,594
65,863
62,235
Research and development
10,105
9,309
30,647
29,316
General and administrative
17,058
16,477
49,713
49,770
Closure of Japan business
22
1,194
186
6,388
Total operating expenses
48,867
47,574
146,409
147,709
Income from operations
10,415
6,058
19,772
19,149
Other income (loss), net
320
(24
)
(1,758
)
(323
)
Income before income taxes
10,735
6,034
18,014
18,826
Provision for income taxes
2,781
2,083
7,784
7,223
Net income
$
7,954
$
3,951
$
10,230
$
11,603
Net income per share:
Basic
$
0.31
$
0.14
$
0.39
$
0.42
Diluted
$
0.31
$
0.14
$
0.39
$
0.42
Shares used to compute net income per share:
Basic
26,023,830
27,505,097
26,296,304
27,512,057
Diluted
26,028,456
27,508,217
26,327,606
27,522,734
Proto Labs, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Nine Months Ended
September 30,
2023
2022
Operating activities
Net income
$
10,230
$
11,603
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
28,213
29,981
Stock-based compensation expense
11,811
13,335
Deferred taxes
(9,197
)
(8,920
)
Interest on finance lease obligations
859
-
Loss on foreign currency translation
3,906
-
Impairments related to closure of Japan business
-
2,842
Gain on disposal of property and equipment
(498
)
(1,174
)
Other
122
11
Changes in operating assets and liabilities:
10,600
3,886
Net cash provided by operating activities
56,046
51,564
Investing activities
Purchases of property, equipment and other capital assets
(9,935
)
(16,414
)
Proceeds from sales of property, equipment and other capital assets
693
3,227
Purchases of marketable securities
-
(45,872
)
Proceeds from sales of marketable securities
-
1,998
Proceeds from call redemptions and maturities of marketable securities
19,115
13,696
Net cash provided by (used in) investing activities
9,873
(43,365
)
Financing activities
Proceeds from exercises of stock options
1,986
2,311
Purchases of shares withheld for tax obligations
(1,436
)
(1,615
)
Repurchases of common stock
(39,053
)
(13,074
)
Principal repayments of finance lease obligations
(234
)
(417
)
Net cash used in financing activities
(38,737
)
(12,795
)
Effect of exchange rate changes on cash and cash equivalents
(244
)
(1,972
)
Net increase (decrease) in cash and cash equivalents
26,938
(6,568
)
Cash and cash equivalents, beginning of period
56,558
65,929
Cash and cash equivalents, end of period
$
83,496
$
59,361
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
September 30,
Nine Months Ended
September 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 income
$
7,954
$
3,951
$
10,230
$
11,603
Add back:
Stock-based compensation expense
4,441
4,907
11,811
13,335
Amortization expense
1,461
1,510
4,471
4,582
Unrealized (gain) loss on foreign currency
(29
)
382
86
742
Costs related to Japan closure activities
22
1,194
4,093
6,388
Total adjustments 1
5,895
7,993
20,461
25,047
Income tax benefits on adjustments 2
(633
)
(1,060
)
(931
)
(2,518
)
Non-GAAP net income
$
13,216
$
10,884
$
29,760
$
34,132
Non-GAAP net income per share:
Basic
$
0.51
$
0.40
$
1.13
$
1.24
Diluted
$
0.51
$
0.40
$
1.13
$
1.24
Shares used to compute non-GAAP net income per share:
Basic
26,023,830
27,505,097
26,296,304
27,512,057
Diluted
26,028,456
27,508,217
26,327,606
27,522,734
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
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Cost of revenue
$
805
$
902
$
2,416
$
2,701
Marketing and sales
961
929
2,508
2,479
Research and development
675
602
1,888
1,702
General and administrative
3,461
3,984
9,471
11,035
Closure of Japan business
22
1,194
186
6,388
Total operating expenses
5,119
6,709
14,053
21,604
Other income (loss), net
(29
)
382
3,992
742
Total adjustments
$
5,895
$
7,993
$
20,461
$
25,047
2
For the three and nine months ended September 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
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Revenue
$
130,705
$
121,721
$
378,829
$
372,791
Gross profit
59,282
53,632
166,181
166,858
GAAP gross margin
45.4
%
44.1
%
43.9
%
44.8
%
Add back:
Stock-based compensation expense
462
560
1,388
1,674
Amortization expense
343
342
1,028
1,027
Total adjustments
805
902
2,416
2,701
Non-GAAP gross profit
$
60,087
$
54,534
$
168,597
$
169,559
Non-GAAP gross margin
46.0
%
44.8
%
44.5
%
45.5
%
Proto Labs, Inc.
Reconciliation of GAAP to Non-GAAP Gross Margin Excluding Japan
(In thousands)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Revenue
$
130,705
$
121,721
$
378,829
$
372,791
Revenue excluding Japan
$
130,705
$
120,434
$
378,829
$
364,562
Gross profit
59,282
53,632
166,181
166,858
GAAP gross margin
45.4
%
44.1
%
43.9
%
44.8
%
Less: Japan gross profit
-
47
-
3,150
Gross Profit excluding Japan
59,282
53,585
166,181
163,708
GAAP gross margin excluding Japan
45.4
%
44.5
%
43.9
%
44.9
%
Add back:
Stock-based compensation expense
462
560
1,388
1,674
Amortization expense
343
342
1,028
1,027
Less:
Japan stock-based compensation expense
-
13
-
61
Japan amortization expense
-
-
-
-
Total adjustments
805
889
2,416
2,640
Non-GAAP gross profit excluding Japan
$
60,087
$
54,474
$
168,597
$
166,348
Non-GAAP gross margin excluding Japan
46.0
%
45.2
%
44.5
%
45.6
%
Proto Labs, Inc.
Reconciliation of GAAP to Non-GAAP Operating Margin
(In thousands)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Revenue
$
130,705
$
121,721
$
378,829
$
372,791
Income from operations
10,415
6,058
19,772
19,149
GAAP operating margin
8.0
%
5.0
%
5.2
%
5.1
%
Add back:
Stock-based compensation expense
4,441
4,907
11,811
13,335
Amortization expense
1,461
1,510
4,471
4,582
Costs related to Japan closure activities
22
1,194
186
6,388
Total adjustments
5,924
7,611
16,468
24,305
Non-GAAP income from operations
$
16,339
$
13,669
$
36,240
$
43,454
Non-GAAP operating margin
12.5
%
11.2
%
9.6
%
11.7
%
Proto Labs, Inc.
Reconciliation of GAAP to Non-GAAP Operating Margin Excluding Japan
(In thousands)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Revenue
$
130,705
$
121,721
$
378,829
$
372,791
Revenue excluding Japan
$
130,705
$
120,434
$
378,829
$
364,562
Income from operations
10,415
6,058
19,772
19,149
GAAP operating margin
8.0
%
5.0
%
5.2
%
5.1
%
Less: Japan (loss) income from operations
(7
)
(724
)
(481
)
(720
)
Income from operations excluding Japan
10,422
6,782
20,253
19,869
GAAP operating margin excluding Japan
8.0
%
5.6
%
5.3
%
5.5
%
Add back:
Stock-based compensation expense
4,441
4,907
11,811
13,335
Amortization expense
1,461
1,510
4,471
4,582
Costs related to Japan closure activities
22
1,194
186
6,388
Less:
Japan stock-based compensation expense
-
89
17
386
Japan amortization expense
-
-
-
-
Total adjustments
5,924
7,522
16,451
23,919
Non-GAAP income from operations excluding Japan
$
16,346
$
14,304
$
36,704
$
43,788
Non-GAAP operating margin excluding Japan
12.5
%
11.9
%
9.7
%
12.0
%
Proto Labs, Inc.
Reconciliation of GAAP Net Income to EBITDA and Adjusted EBITDA
(In thousands)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Revenue
$
130,705
$
121,721
$
378,829
$
372,791
GAAP net income
7,954
3,951
10,230
11,603
GAAP net income margin
6.1
%
3.2
%
2.7
%
3.1
%
Add back:
Amortization expense
$
1,461
$
1,510
$
4,471
$
4,582
Depreciation expense
7,869
8,197
23,742
25,399
Interest income, net
(561
)
(265
)
(1,283
)
(459
)
Provision for income taxes
2,781
2,083
7,784
7,223
EBITDA
19,504
15,476
44,944
48,348
EBITDA Margin
14.9
%
12.7
%
11.9
%
13.0
%
Add back:
Stock-based compensation expense
4,441
4,907
11,811
13,335
Unrealized (gain) loss on foreign currency
(29
)
382
86
742
Costs related to Japan closure activities
22
1,194
4,093
6,388
Total adjustments
4,434
6,483
15,990
20,465
Adjusted EBITDA
$
23,938
$
21,959
$
60,934
$
68,813
Adjusted EBITDA Margin
18.3
%
18.0
%
16.1
%
18.5
%
Proto Labs, Inc.
Comparison of GAAP to Non-GAAP Revenue Growth by Region
(In thousands)
(Unaudited)
Three Months Ended
September 30, 2023
Three Months Ended
September 30, 2022
%
Change2
% Change
Organic3
GAAP
Foreign
Currency1
Non-GAAP
GAAP
Revenues
United States
$
103,940
$
-
$
103,940
$
98,970
5.0
%
5.0
%
Europe
26,765
(1,666
)
25,099
21,464
24.7
%
16.9
%
Japan
-
-
-
1,287
(100.0
%)
(100.0
%)
Total revenue
$
130,705
$
(1,666
)
$
129,039
$
121,721
7.4
%
6.0
%
Nine Months Ended
September 30, 2023
Nine Months Ended
September 30, 2022
%
Change2
% Change
Organic3
GAAP
Foreign
Currency1
Non-GAAP
GAAP
Revenues
United States
$
298,007
$
-
$
298,007
$
295,121
1.0
%
1.0
%
Europe
80,822
1,311
82,133
69,441
16.4
%
18.3
%
Japan
-
-
-
8,229
(100.0
%)
(100.0
%)
Total revenue
$
378,829
$
1,311
$
380,140
$
372,791
1.6
%
2.0
%
1
Revenue for the three and nine months ended September 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 nine months ended September 30, 2022 to GAAP revenue for the three and nine months ended September 30, 2023.
3
This column presents the percentage change from GAAP revenue for the three and nine months ended September 30, 2022 to non-GAAP revenue for the three and nine months ended September 30, 2023 (as recalculated using the foreign currency exchange rates in effect during the three and nine months ended September 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
September 30, 2023
Three Months Ended
September 30, 2022
%
Change2
% Change
Organic3
GAAP
Foreign
Currency1
Non-GAAP
GAAP
Revenues
Injection Molding
$
51,688
$
(655
)
$
51,033
$
48,940
5.6
%
4.3
%
CNC Machining
52,916
(708
)
52,208
47,489
11.4
9.9
3D Printing
21,622
(390
)
21,232
19,823
9.1
7.1
Sheet Metal
4,291
(20
)
4,271
5,219
(17.8
)
(18.2
)
Other Revenue
188
107
295
250
(24.8
)
18.0
Total Revenue
$
130,705
$
(1,666
)
$
129,039
$
121,721
7.4
%
6.0
%
Nine Months Ended
September 30, 2023
Nine Months Ended
September 30, 2022
%
Change2
% Change
Organic3
GAAP
Foreign
Currency1
Non-GAAP
GAAP
Revenues
Injection Molding
$
152,455
$
781
$
153,236
$
155,693
(2.1
)%
(1.6
)%
CNC Machining
149,317
152
149,469
141,809
5.3
5.4
3D Printing
63,952
277
64,229
59,458
7.6
8.0
Sheet Metal
12,478
(9
)
12,469
15,066
(17.2
)
(17.2
)
Other Revenue
627
110
737
765
(18.0
)
(3.7
)
Total Revenue
$
378,829
$
1,311
$
380,140
$
372,791
1.6
%
2.0
%
1
Revenue for the three and nine months ended September 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 nine months ended September 30, 2022 to GAAP revenue for the three and nine months ended September 30, 2023.
3
This column presents the percentage change from GAAP revenue for the three and nine months ended September 30, 2022 to non-GAAP revenue for the three and nine months ended September 30, 2023 (as recalculated using the foreign currency exchange rates in effect during the three and nine months ended September 30, 2022) in order to provide a constant-currency comparison.
Proto Labs, Inc.
Product Developer Information
(Unaudited)
Three months ended September 30,
Nine months ended September 30,
2023
2022
2023
2022
Unique product developers and engineers served
23,080
23,816
45,668
47,793
View source version on businesswire.com: https://www.businesswire.com/news/home/20231103037185/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.
What is the stock symbol of Proto Labs, Inc.?
The stock symbol of Proto Labs, Inc. is PRLB.
What was the revenue in the third quarter of 2023?
The revenue in the third quarter of 2023 was $130.7 million.
What was the YoY increase in network revenue?
The YoY increase in network revenue was 86.9%.
What were the GAAP and non-GAAP earnings per share?
The GAAP earnings per share were $0.31, while the non-GAAP earnings per share were $0.51.
What was the gross margin in the third quarter of 2023?
The gross margin in the third quarter of 2023 was 45.4%.
What was the EBITDA in the third quarter of 2023?
The EBITDA in the third quarter of 2023 was $19.5 million.
What was the cash flow from operations in the third quarter of 2023?
The cash flow from operations in the third quarter of 2023 was $24.2 million.
Did the company repurchase any shares during the quarter?
Yes, the company repurchased $9.0 million of shares during the quarter.