0001443669FALSE00014436692023-08-042023-08-04

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): August 4, 2023
Proto Labs, Inc.
(Exact name of registrant as specified in its charter)
Minnesota001-3543541-1939628
(State or other jurisdiction
of incorporation)		(Commission File Number)(IRS Employer
Identification Number)
5540 Pioneer Creek Drive
Maple Plain, Minnesota
55359
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code:
(763) 479-3680
Not Applicable
(Former name or former address, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, Par Value $0.001 Per SharePRLBNew York Stock Exchange
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02.Results of Operations and Financial Condition.
On August 4, 2023, Proto Labs, Inc. issued a press release announcing its second quarter 2023 financial results. A copy of the press release is furnished as Exhibit 99.1 to this report and incorporated herein by reference.
Item 9.01.Financial Statements and Exhibits.
(d)Exhibits
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Proto Labs, Inc.
Date:August 4, 2023By:/s/ Daniel Schumacher
Daniel Schumacher
Chief Financial Officer


Exhibit 99.1
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logo1.jpg
Protolabs Reports Financial Results for the Second Quarter of 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. – August 4, 2023 – 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.
Source: Proto Labs, Inc.
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


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 securities19,945 23,568 
Accounts receivable, net75,034 76,225 
Inventory14,311 13,578 
Income taxes receivable868 4,042 
Prepaid expenses and other current assets8,501 12,597 
Total current assets185,152 186,568 
Property and equipment, net248,614 257,785 
Goodwill273,991 273,991 
Other intangible assets, net28,353 31,250 
Long-term marketable securities16,344 26,419 
Operating lease assets3,084 3,844 
Finance lease assets16,934 17,532 
Other long-term assets4,738 4,779 
Total assets$777,210 $802,168 
Liabilities and shareholders' equity  
Current liabilities  
Accounts payable$16,474 $17,356 
Accrued compensation12,486 12,743 
Accrued liabilities and other19,155 22,384 
Current operating lease liabilities1,209 1,561 
Current finance lease liabilities16,549 17,537 
Income taxes payable348 — 
Total current liabilities66,221 71,581 
Long-term operating lease liabilities1,833 2,255 
Long-term finance lease liabilities745 — 
Long-term deferred tax liabilities20,790 26,322 
Other long-term liabilities4,936 4,362 
Shareholders' equity682,685 697,648 
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,
2023202220232022
Revenue
Injection Molding$48,819 $53,355 $100,767 $106,753 
CNC Machining48,297 48,222 96,401 94,320 
3D Printing21,005 19,963 42,330 39,635 
Sheet Metal3,939 5,160 8,187 9,847 
Other Revenue205 202 439 515 
Total Revenue122,265 126,902 248,124 251,070 
Cost of revenue69,142 69,480 141,225 137,844 
Gross profit53,123 57,422 106,899 113,226 
Operating expenses
Marketing and sales21,730 21,055 44,181 41,641 
Research and development9,865 9,450 20,542 20,007 
General and administrative15,822 16,522 32,655 33,293 
Closure of Japan business98 5,194 164 5,194 
Total operating expenses47,515 52,221 97,542 100,135 
Income from operations5,608 5,201 9,357 13,091 
Other (loss) income, net(3,368)1 (2,078)(299)
Income before income taxes2,240 5,202 7,279 12,792 
Provision for income taxes2,623 2,645 5,003 5,140 
Net (loss) income$(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:
Basic26,210,47827,530,73926,414,46727,515,583
Diluted26,210,47827,536,82326,445,42727,524,019


Proto Labs, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Six Months Ended
June 30,
20232022
Operating activities
Net income$2,276 $7,652 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization18,883 20,274 
Stock-based compensation expense7,370 8,428 
Deferred taxes(5,605)(5,653)
Interest on finance lease obligations568 - 
Loss on foreign currency translation3,906 - 
Impairments related to closure of Japan business- 1,792 
Gain on disposal of property and equipment(428)- 
Other215 32 
Changes in operating assets and liabilities:4,682 (1,485)
Net cash provided by operating activities31,867 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 assets623 - 
Purchases of marketable securities- (38,882)
Proceeds from sales of marketable securities— 1,000 
Proceeds from call redemptions and maturities of marketable securities14,020 7,396 
Net cash provided by (used in) investing activities7,814 (36,516)
Financing activities
Proceeds from exercises of stock options1,986 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 equivalents9,935 (11,263)
Cash and cash equivalents, beginning of period56,558 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,
2023202220232022
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 expense3,675 4,031 7,370 8,428 
Amortization expense1,484 1,527 3,010 3,072 
Unrealized (gain) loss on foreign currency187 271 115 360 
Costs related to Japan closure activities4,004 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:
Basic26,210,47827,530,73926,414,46727,515,583
Diluted26,224,56227,536,82326,445,42727,524,019
1Stock-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,
2023202220232022
Cost of revenue$803 $870 $1,611 $1,799 
Marketing and sales855 813 1,547 1,550 
Research and development641 471 1,212 1,100 
General and administrative2,861 3,404 6,010 7,051 
Closure of Japan business98 5,194 164 5,194 
Total operating expenses4,455 9,882 8,933 14,895 
Other income (loss), net4,092 271 4,021 360 
Total adjustments$9,350 $11,023 $14,565 $17,054 
2For 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,
2023202220232022
Revenue$122,265 $126,902 $248,124 $251,070 
Gross profit53,123 57,422 106,899 113,226 
GAAP gross margin43.4 %45.2 %43.1 %45.1 %
Add back:  
Stock-based compensation expense461 528 927 1,115 
Amortization expense342 342 684 684 
Total adjustments803 870 1,611 1,799 
Non-GAAP gross profit$53,926 $58,292 $108,510 $115,025 
Non-GAAP gross margin44.1 %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,
2023202220232022
Revenue$122,265 $126,902 $248,124 $251,070 
Revenue excluding Japan$122,265 $124,046 $248,124 $244,128 
Gross profit53,123 57,422 106,899 113,226 
GAAP gross margin43.4 %45.2 %43.1 %45.1 %
Less: Japan gross profit- 1,063 - 3,102 
Gross Profit excluding Japan53,123 56,359 106,899 110,124 
GAAP gross margin excluding Japan43.4 %45.4 %43.1 %45.1 %
Add back:
Stock-based compensation expense461 528 927 1,115 
Amortization expense342 342 684 684 
Less:
Japan stock-based compensation expense- 22 - 47 
Japan amortization expense- - - - 
Total adjustments803 848 1,611 1,752 
Non-GAAP gross profit excluding Japan$53,926 $57,207 $108,510 $111,876 
Non-GAAP gross margin excluding Japan44.1 %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,
2023202220232022
Revenue$122,265 $126,902 $248,124 $251,070 
Income from operations5,608 5,201 9,357 13,091 
GAAP operating margin4.6 %4.1 %3.8 %5.2 %
Add back:
Stock-based compensation expense3,675 4,031 7,370 8,428 
Amortization expense1,484 1,527 3,010 3,072 
Costs related to Japan closure activities98 5,194 164 5,194 
Total adjustments5,257 10,752 10,544 16,694 
Non-GAAP income from operations$10,865 $15,953 $19,901 $29,785 
Non-GAAP operating margin8.9 %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,
2023202220232022
Revenue$122,265 $126,902 $248,124 $251,070 
Revenue excluding Japan$122,265 $124,046 $248,124 $244,128 
Income from operations5,608 5,201 9,357 13,091 
GAAP operating margin4.6 %4.1 %3.8 %5.2 %
Less: Japan (loss) income from operations(128)(542)(474)4 
Income from operations excluding Japan5,736 5,743 9,831 13,087 
GAAP operating margin excluding Japan4.7 %4.6 %4.0 %5.4 %
Add back:
Stock-based compensation expense3,675 4,031 7,370 8,428 
Amortization expense1,484 1,527 3,010 3,072 
Costs related to Japan closure activities98 5,194 164 5,194 
Less:
Japan stock-based compensation expense7 147 17 297 
Japan amortization expense- - - - 
Total adjustments5,250 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 Japan9.0 %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,
2023202220232022
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 expense8,011 8,515 15,873 17,202 
Interest income, net(372)(149)(722)(194)
Provision for income taxes2,623 2,645 5,003 5,140 
EBITDA11,363 15,095 25,440 32,872 
EBITDA Margin9.3 %11.9 %10.3 %13.1 %
Add back:
Stock-based compensation expense3,675 4,031 7,370 8,428 
Unrealized (gain) loss on foreign currency187 271 115 360 
Costs related to Japan closure activities4,004 5,194 4,070 5,194 
Total adjustments7,866 9,496 11,555 13,982 
Adjusted EBITDA$19,229 $24,591 $36,995 $46,854 
Adjusted EBITDA Margin15.7 %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-GAAPGAAP
Revenues
United States$96,321 $- $96,321 $100,655 (4.3 %)(4.3 %)
Europe25,944 512 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-GAAPGAAP
Revenues
United States$194,067 $- $194,067 $196,151 (1.1 %)(1.1 %)
Europe54,057 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 %)— %

1Revenue 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.
2This 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.
3This 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-GAAPGAAP
Revenues
Injection Molding$48,819 $257 $49,076 $53,355 (8.5)%(8.0)%
CNC Machining48,297 125 48,422 48,222 0.2 0.4 
3D Printing21,005 131 21,136 19,963 5.2 5.9 
Sheet Metal3,939 1 3,940 5,160 (23.7)(23.6)
Other Revenue205 (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-GAAPGAAP
Revenues
Injection Molding$100,767 $1,436 $102,203 $106,753 (5.6)%(4.3)%
CNC Machining96,401 860 97,261 94,320 2.2 3.1 
3D Printing42,330 667 42,997 39,635 6.8 8.5 
Sheet Metal8,187 11 8,198 9,847 (16.9)(16.7)
Other Revenue439 3 442 515 (14.8)(14.2)
Total Revenue$248,124 $2,977 $251,101 $251,070 (1.2 %)— %
1Revenue 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.
2This 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.
3This 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,
2023202220232022
Unique product developers and engineers served23,37724,05835,74336,878

v3.23.2
Cover
Aug. 04, 2023
Cover [Abstract]  
Document Type 8-K
Document Period End Date Aug. 04, 2023
Entity Registrant Name Proto Labs, Inc.
Entity Incorporation, State or Country Code MN
Entity File Number 001-35435
Entity Tax Identification Number 41-1939628
Entity Address, Address Line One 5540 Pioneer Creek Drive
Entity Address, City or Town Maple Plain
Entity Address, State or Province MN
Entity Address, Postal Zip Code 55359
City Area Code (763)
Local Phone Number 479-3680
Title of 12(b) Security Common Stock, Par Value $0.001 Per Share
Trading Symbol PRLB
Security Exchange Name NYSE
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001443669
Amendment Flag false
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