0001443669FALSE00014436692023-11-032023-11-03

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): November 3, 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 November 3, 2023, Proto Labs, Inc. issued a press release announcing its third 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:
November 3, 2023
By:/s/ Daniel Schumacher
Daniel Schumacher
Chief Financial Officer


Exhibit 99.1
logoa.jpg
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Protolabs Reports Financial Results for the Third Quarter of 2023
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. – November 3, 2023 – 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.
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)
September 30,
2023		December 31,
2022
(Unaudited)
Assets
Current assets
Cash and cash equivalents$83,496 $56,558 
Short-term marketable securities19,204 23,568 
Accounts receivable, net78,395 76,225 
Inventory13,803 13,578 
Income taxes receivable891 4,042 
Prepaid expenses and other current assets8,722 12,597 
Total current assets204,511 186,568 
Property and equipment, net243,022 257,785 
Goodwill273,991 273,991 
Other intangible assets, net26,668 31,250 
Long-term marketable securities12,212 26,419 
Operating lease assets2,737 3,844 
Finance lease assets16,763 17,532 
Other long-term assets4,341 4,779 
Total assets$784,245 $802,168 
Liabilities and shareholders' equity  
Current liabilities  
Accounts payable$17,922 $17,356 
Accrued compensation16,337 12,743 
Accrued liabilities and other21,027 22,384 
Current operating lease liabilities1,568 1,561 
Current finance lease liabilities16,630 17,537 
Income taxes payable1,144 — 
Total current liabilities74,628 71,581 
Long-term operating lease liabilities1,545 2,255 
Long-term finance lease liabilities671 — 
Long-term deferred tax liabilities17,138 26,322 
Other long-term liabilities5,341 4,362 
Shareholders' equity684,922 697,648 
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,
2023202220232022
Revenue
Injection Molding$51,688 $48,940 $152,455 $155,693 
CNC Machining52,916 47,489 149,317 141,809 
3D Printing21,622 19,823 63,952 59,458 
Sheet Metal4,291 5,219 12,478 15,066 
Other Revenue188 250 627 765 
Total Revenue130,705 121,721 378,829 372,791 
Cost of revenue71,423 68,089 212,648 205,933 
Gross profit59,282 53,632 166,181 166,858 
Operating expenses
Marketing and sales21,682 20,594 65,863 62,235 
Research and development10,105 9,309 30,647 29,316 
General and administrative17,058 16,477 49,713 49,770 
Closure of Japan business22 1,194 186 6,388 
Total operating expenses48,867 47,574 146,409 147,709 
Income from operations10,415 6,058 19,772 19,149 
Other income (loss), net320 (24)(1,758)(323)
Income before income taxes10,735 6,034 18,014 18,826 
Provision for income taxes2,781 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:
Basic26,023,83027,505,09726,296,30427,512,057
Diluted26,028,45627,508,21726,327,60627,522,734


Proto Labs, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Nine Months Ended
September 30,
20232022
Operating activities
Net income$10,230 $11,603 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization28,213 29,981 
Stock-based compensation expense11,811 13,335 
Deferred taxes(9,197)(8,920)
Interest on finance lease obligations859 - 
Loss on foreign currency translation3,906 - 
Impairments related to closure of Japan business- 2,842 
Gain on disposal of property and equipment(498)(1,174)
Other122 11 
Changes in operating assets and liabilities:10,600 3,886 
Net cash provided by operating activities56,046 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 assets693 3,227 
Purchases of marketable securities- (45,872)
Proceeds from sales of marketable securities- 1,998 
Proceeds from call redemptions and maturities of marketable securities19,115 13,696 
Net cash provided by (used in) investing activities9,873 (43,365)
Financing activities
Proceeds from exercises of stock options1,986 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 equivalents26,938 (6,568)
Cash and cash equivalents, beginning of period56,558 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,
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 income$7,954 $3,951 $10,230 $11,603 
Add back:
Stock-based compensation expense4,441 4,907 11,811 13,335 
Amortization expense1,461 1,510 4,471 4,582 
Unrealized (gain) loss on foreign currency(29)382 86 742 
Costs related to Japan closure activities22 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:
Basic26,023,83027,505,09726,296,30427,512,057
Diluted26,028,45627,508,21726,327,60627,522,734
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
September 30,		Nine Months Ended
September 30,
2023202220232022
Cost of revenue$805 $902 $2,416 $2,701 
Marketing and sales961 929 2,508 2,479 
Research and development675 602 1,888 1,702 
General and administrative3,461 3,984 9,471 11,035 
Closure of Japan business22 1,194 186 6,388 
Total operating expenses5,119 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 
2For 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,
2023202220232022
Revenue$130,705 $121,721 $378,829 $372,791 
Gross profit59,282 53,632 166,181 166,858 
GAAP gross margin45.4 %44.1 %43.9 %44.8 %
Add back:  
Stock-based compensation expense462 560 1,388 1,674 
Amortization expense343 342 1,028 1,027 
Total adjustments805 902 2,416 2,701 
Non-GAAP gross profit$60,087 $54,534 $168,597 $169,559 
Non-GAAP gross margin46.0 %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,
2023202220232022
Revenue$130,705 $121,721 $378,829 $372,791 
Revenue excluding Japan$130,705 $120,434 $378,829 $364,562 
Gross profit59,282 53,632 166,181 166,858 
GAAP gross margin45.4 %44.1 %43.9 %44.8 %
Less: Japan gross profit- 47 - 3,150 
Gross Profit excluding Japan59,282 53,585 166,181 163,708 
GAAP gross margin excluding Japan45.4 %44.5 %43.9 %44.9 %
Add back:
Stock-based compensation expense462 560 1,388 1,674 
Amortization expense343 342 1,028 1,027 
Less:
Japan stock-based compensation expense- 13 - 61 
Japan amortization expense- - - - 
Total adjustments805 889 2,416 2,640 
Non-GAAP gross profit excluding Japan$60,087 $54,474 $168,597 $166,348 
Non-GAAP gross margin excluding Japan46.0 %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,
2023202220232022
Revenue$130,705 $121,721 $378,829 $372,791 
Income from operations10,415 6,058 19,772 19,149 
GAAP operating margin8.0 %5.0 %5.2 %5.1 %
Add back:
Stock-based compensation expense4,441 4,907 11,811 13,335 
Amortization expense1,461 1,510 4,471 4,582 
Costs related to Japan closure activities22 1,194 186 6,388 
Total adjustments5,924 7,611 16,468 24,305 
Non-GAAP income from operations$16,339 $13,669 $36,240 $43,454 
Non-GAAP operating margin12.5 %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,
2023202220232022
Revenue$130,705 $121,721 $378,829 $372,791 
Revenue excluding Japan$130,705 $120,434 $378,829 $364,562 
Income from operations10,415 6,058 19,772 19,149 
GAAP operating margin8.0 %5.0 %5.2 %5.1 %
Less: Japan (loss) income from operations(7)(724)(481)(720)
Income from operations excluding Japan10,422 6,782 20,253 19,869 
GAAP operating margin excluding Japan8.0 %5.6 %5.3 %5.5 %
Add back:
Stock-based compensation expense4,441 4,907 11,811 13,335 
Amortization expense1,461 1,510 4,471 4,582 
Costs related to Japan closure activities22 1,194 186 6,388 
Less:
Japan stock-based compensation expense- 89 17 386 
Japan amortization expense- - - - 
Total adjustments5,924 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 Japan12.5 %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,
2023202220232022
Revenue$130,705 $121,721 $378,829 $372,791 
GAAP net income7,954 3,951 10,230 11,603 
GAAP net income margin6.1 %3.2 %2.7 %3.1 %
Add back:
Amortization expense$1,461 $1,510 $4,471 $4,582 
Depreciation expense7,869 8,197 23,742 25,399 
Interest income, net(561)(265)(1,283)(459)
Provision for income taxes2,781 2,083 7,784 7,223 
EBITDA19,504 15,476 44,944 48,348 
EBITDA Margin14.9 %12.7 %11.9 %13.0 %
Add back:
Stock-based compensation expense4,441 4,907 11,811 13,335 
Unrealized (gain) loss on foreign currency(29)382 86 742 
Costs related to Japan closure activities22 1,194 4,093 6,388 
Total adjustments4,434 6,483 15,990 20,465 
Adjusted EBITDA$23,938 $21,959 $60,934 $68,813 
Adjusted EBITDA Margin18.3 %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-GAAPGAAP
Revenues
United States$103,940 $- $103,940 $98,970 5.0 %5.0 %
Europe26,765 (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-GAAPGAAP
Revenues
United States$298,007 $- $298,007 $295,121 1.0 %1.0 %
Europe80,822 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 %

1Revenue 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.
2This 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.
3This 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-GAAPGAAP
Revenues
Injection Molding$51,688 $(655)$51,033 $48,940 5.6 %4.3 %
CNC Machining52,916 (708)52,208 47,489 11.4 9.9 
3D Printing21,622 (390)21,232 19,823 9.1 7.1 
Sheet Metal4,291 (20)4,271 5,219 (17.8)(18.2)
Other Revenue188 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-GAAPGAAP
Revenues
Injection Molding$152,455 $781 $153,236 $155,693 (2.1)%(1.6)%
CNC Machining149,317 152 149,469 141,809 5.3 5.4 
3D Printing63,952 277 64,229 59,458 7.6 8.0 
Sheet Metal12,478 (9)12,469 15,066 (17.2)(17.2)
Other Revenue627 110 737 765 (18.0)(3.7)
Total Revenue$378,829 $1,311 $380,140 $372,791 1.6 %2.0 %
1Revenue 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.
2This 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.
3This 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,
2023202220232022
Unique product developers and engineers served23,08023,81645,66847,793

v3.23.3
Cover
Nov. 03, 2023
Cover [Abstract]  
Document Type 8-K
Document Period End Date Nov. 03, 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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