PRLB Proto Labs Inc

2024 Revenue of $501 Million

2024 GAAP Earnings Per Share of $0.66, Non-GAAP Earnings Per Share of $1.63

Proto Labs, Inc. ("Protolabs" or the "Company") (NYSE: PRLB), the world’s leading provider of digital manufacturing services, today announced financial results for the fourth quarter and full year ended December 31, 2024.

Fourth Quarter 2024 Financial Highlights:

• Revenue was $121.8 million, a 2.6% decrease compared to revenue of $125.0 million in the fourth quarter of 2023.
• Revenue fulfilled through the Protolabs Network was $26.5 million, a 17.9% increase compared to the fourth quarter of 2023.
• Net loss was $(0.4) million, or $(0.02) per diluted share, compared to $7.0 million, or $0.27 per diluted share, in the fourth quarter of 2023.
• Non-GAAP net income was $9.4 million, or $0.38 per diluted share, compared to $11.8 million, or $0.46 per diluted share, in the fourth quarter of 2023. See “Non-GAAP Financial Measures” below.

Full Year 2024 Financial Highlights:

• Revenue was $500.9 million, a 0.6% decrease compared to revenue of $503.9 million in 2023.
• Revenue fulfilled through the Protolabs Network was $100.4 million, a 21.6% increase compared to 2023.
• Net income was $16.6 million, or $0.66 per diluted share, compared to $17.2 million, or $0.66 per diluted share, in 2023.
• Non-GAAP net income was $41.2 million, or $1.63 per diluted share, compared to $41.6 million, or $1.59 per diluted share, in 2023. See “Non-GAAP Financial Measures” below.
• Gross margin was 44.6% of revenue, compared to 44.1% of revenue in 2023.
• Non-GAAP gross margin was 45.2% of revenue, compared to 44.7% of revenue in 2023. See "Non-GAAP Financial Measures" below.
• Cash flow from operations was $77.8 million in 2024, up from $73.3 million in 2023.

“2024 was a transformational year for Protolabs, and we delivered strong financial results, including expanded gross margins, increased earnings per share, and grew our industry-leading cash flow,” said Rob Bodor, President and Chief Executive Officer. “During 2024, we continued the evolution of Protolabs beyond prototyping into production, and we reorganized our internal structure, creating regional go-to-market teams and a new global operations organization. Go-to-market teams are refocused to ensure the best possible customer experience from prototype to production, while the operations organization efficiently brings our global fulfillment capabilities to every customer.”

“Our transformation is gaining traction. In 2024, the number of customers using our combined Factory and Network offer grew by 50% and revenue per customer increased over 2023,” continued Bodor. “In 2025, our objective is to deliver revenue growth. We are making pointed investments to drive growth, including: additional marketing to build our brand as a production manufacturer, allocating resources to improve our sales enablement tools and processes, and continuing to expand our production manufacturing capabilities.”

Dan Schumacher, Chief Financial Officer, commented: “We delivered solid fourth quarter and fiscal year 2024 cash flow and returned capital to shareholders while transforming the Company for future growth. The margin profile of Protolabs’ combined Factory and Network model is unparalleled in the digital manufacturing services space, and we will continue to invest across the business which we believe will drive growth in 2025 and sustain our industry-leading cash flow and profitability advantages.”

Additional Full Year 2024 Highlights:

• Customer contact information
  • Protolabs served 51,552 customer contacts during the year.
  • Revenue per customer contact increased 3.1% year-over-year to $9,716.
• EBITDA was $55.7 million. See “Non-GAAP Financial Measures” below.
• Adjusted EBITDA was $78.3 million, or 15.6% of revenue, compared to $83.2 million, or 16.5% of revenue, in 2023. See “Non-GAAP Financial Measures” below.
• Cash and investments balance was $120.9 million as of December 31, 2024.

First Quarter 2025 Outlook

In the first quarter of 2025, the Company expects to generate revenue between $120 million and $128 million.

The Company expects first quarter 2025 diluted net income per share between $0.08 and $0.16, and non-GAAP diluted net income per share between $0.26 and $0.34. See "Non-GAAP Financial Measures" below.

New Stock Repurchase Program

On February 4, 2025, Protolabs' board of directors approved a new $100 million stock repurchase program.

Under the stock repurchase program, shares of the Company’s common stock may be repurchased periodically, including in the open market or privately negotiated transactions. The actual timing, manner, number, and value of shares repurchased under the program will be determined by management at its discretion and will depend on several factors, including the market price of Protolabs’ common stock, general market and economic conditions, applicable requirements, and other business considerations. The stock repurchase program does not obligate the Company to acquire any particular amount of shares of the Company’s common stock. The new program is open-ended and remains in effect until the total authorized amount is expended or until further action by the board of directors.

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 exit and disposal 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 exit and disposal 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 exit and disposal 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 exit and disposal activities (collectively, “non-GAAP net income”), in this press release to provide investors with additional information regarding the Company’s financial results.

The Company has provided below reconciliations of GAAP to non-GAAP net income, non-GAAP gross margin, non-GAAP operating margin, non-GAAP revenue growth by region and by service, and Adjusted EBITDA and Adjusted EBITDA margin, the most directly comparable measures calculated and presented in accordance with GAAP. These non-GAAP measures are used by the Company’s management and board of directors to understand and evaluate operating performance and trends, provide useful measures for period-to-period comparisons of the Company’s business, and in determining executive and senior management incentive compensation. 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. These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. These non-GAAP financial measures exclude significant expenses and income that are required by GAAP to be recorded in our condensed consolidated financial statements and are subject to inherent limitations. Investors should review the reconciliations of non-GAAP financial measures to the comparable GAAP financial measures that are included in this press release.

Conference Call

The Company has scheduled a conference call to discuss its fourth quarter and full year 2024 financial results and first quarter 2025 outlook today, February 7, 2025 at 8:30 a.m. EST. 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. EST start time. No participant code is required. A simultaneous webcast of the call and accompanying presentation will be available via the investor relations section of the Protolabs website and the following link: https://edge.media-server.com/mmc/p/b94yu8yp/. A replay will be available for 14 days following the call on the investor relations section of the Protolabs website.

About Protolabs

Protolabs is the fastest and most comprehensive manufacturing service from prototyping to production. Our digital factories produce low-volume parts in days while Protolabs Network unlocks advanced capabilities and volume pricing through its highly vetted manufacturing partners. The result? One digital manufacturing source 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)

 

 

 

 

 

 

December 31, 2024

 

December 31, 2023

 

(Unaudited)

 

 

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

89,071

 

$

83,790

Short-term marketable securities

 

14,019

 

 

19,013

Accounts receivable, net

 

66,504

 

 

72,848

Inventory

 

12,305

 

 

13,657

Income taxes receivable

 

2,906

 

 

2,228

Prepaid expenses and other current assets

 

10,049

 

 

9,124

Total current assets

 

194,854

 

 

200,660

 

 

 

 

Property and equipment, net

 

227,263

 

 

253,655

Goodwill

 

273,991

 

 

273,991

Other intangible assets, net

 

21,422

 

 

25,584

Long-term marketable securities

 

17,773

 

 

8,019

Operating lease assets

 

2,993

 

 

4,628

Finance lease assets

 

692

 

 

960

Other long-term assets

 

4,524

 

 

4,856

Total assets

$

743,512

 

$

772,353

 

 

 

 

Liabilities and shareholders' equity

 

 

 

Current liabilities

 

 

 

Accounts payable

$

15,504

 

$

15,636

Accrued compensation

 

16,550

 

 

15,292

Accrued liabilities and other

 

19,621

 

 

16,872

Current operating lease liabilities

 

1,287

 

 

1,585

Current finance lease liabilities

 

309

 

 

296

Total current liabilities

 

53,271

 

 

49,681

 

 

 

 

Long-term operating lease liabilities

 

1,633

 

 

3,008

Long-term finance lease liabilities

 

287

 

 

595

Long-term deferred tax liabilities

 

13,565

 

 

18,742

Other long-term liabilities

 

4,605

 

 

5,032

 

 

 

 

Shareholders' equity

 

670,151

 

 

695,295

Total liabilities and shareholders' equity

$

743,512

 

$

772,353

 

 

 

 

Proto Labs, Inc.

Condensed Consolidated Statements of Operations

(In thousands, except share and per share amounts)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

2024

 

2023

 

2024

 

2023

Revenue

 

 

 

 

 

 

 

Injection Molding

$

45,641

 

 

$

51,486

 

$

194,215

 

$

203,941

 

CNC Machining

 

52,389

 

 

 

48,905

 

 

206,887

 

 

198,222

 

3D Printing

 

19,467

 

 

 

20,339

 

 

83,767

 

 

84,291

 

Sheet Metal

 

4,047

 

 

 

4,062

 

 

15,265

 

 

16,540

 

Other Revenue

 

206

 

 

 

256

 

 

756

 

 

883

 

Total Revenue

 

121,750

 

 

 

125,048

 

 

500,890

 

 

503,877

 

 

 

 

 

 

 

 

 

Cost of revenue

 

69,793

 

 

 

69,236

 

 

277,690

 

 

281,884

 

Gross profit

 

51,957

 

 

 

55,812

 

 

223,200

 

 

221,993

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

Marketing and sales

 

23,003

 

 

 

21,825

 

 

92,073

 

 

87,688

 

Research and development

 

9,698

 

 

 

9,488

 

 

41,298

 

 

40,135

 

General and administrative

 

15,166

 

 

 

16,075

 

 

64,333

 

 

65,788

 

Costs related to exit and disposal activities

 

5,585

 

 

 

29

 

 

5,585

 

 

215

 

Total operating expenses

 

53,452

 

 

 

47,417

 

 

203,289

 

 

193,826

 

(Loss) income from operations

 

(1,495

)

 

 

8,395

 

 

19,911

 

 

28,167

 

Other income (loss), net

 

1,213

 

 

 

1,543

 

 

4,761

 

 

(215

)

(Loss) income before income taxes

 

(282

)

 

 

9,938

 

 

24,672

 

 

27,952

 

Provision for income taxes

 

122

 

 

 

2,948

 

 

8,079

 

 

10,732

 

Net (loss) income

$

(404

)

 

$

6,990

 

$

16,593

 

$

17,220

 

 

 

 

 

 

 

 

 

Net (loss) income per share:

 

 

 

 

 

 

 

Basic

$

(0.02

)

 

$

0.27

 

$

0.66

 

$

0.66

 

Diluted

$

(0.02

)

 

$

0.27

 

$

0.66

 

$

0.66

 

 

 

 

 

 

 

 

 

Shares used to compute net income per share:

 

 

 

 

 

 

 

Basic

 

24,474,051

 

 

 

25,820,802

 

 

25,096,117

 

 

26,186,533

 

Diluted

 

24,474,051

 

 

 

25,889,004

 

 

25,212,178

 

 

26,223,498

 

 

 

 

 

 

 

 

 

Proto Labs, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

 

 

 

 

Twelve Months Ended December 31,

 

2024

 

2023

Operating activities

 

 

 

Net income

$

16,593

 

 

$

17,220

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

Depreciation and amortization

 

35,808

 

 

 

37,528

 

Stock-based compensation expense

 

16,999

 

 

 

15,989

 

Deferred taxes

 

(5,153

)

 

 

(7,656

)

Interest on finance lease obligations

 

33

 

 

 

1,055

 

Loss on impairment of equipment

 

256

 

 

 

—

 

Loss on foreign currency translation

 

—

 

 

 

3,906

 

Impairments related to exit and closure of Germany and Japan businesses

 

2,333

 

 

 

—

 

Gain on disposal of property and equipment

 

(13

)

 

 

(498

)

Other

 

1

 

 

 

154

 

Changes in operating assets and liabilities

 

10,972

 

 

 

5,576

 

Net cash provided by operating activities

 

77,829

 

 

 

73,274

 

 

 

 

 

Investing activities

 

 

 

Purchases of property, equipment and other capital assets

 

(9,169

)

 

 

(28,116

)

Proceeds from sales of property, equipment and other capital assets

 

34

 

 

 

699

 

Purchases of marketable securities

 

(25,070

)

 

 

—

 

Purchases of other assets and investments

 

—

 

 

 

(1,000

)

Proceeds from sales of marketable securities

 

1,416

 

 

 

—

 

Proceeds from call redemptions and maturities of marketable securities

 

19,209

 

 

 

23,865

 

Net cash used in investing activities

 

(13,580

)

 

 

(4,552

)

 

 

 

 

Financing activities

 

 

 

Proceeds from exercises of stock options and employee stock purchases

 

4,019

 

 

 

3,835

 

Purchases of shares withheld for tax obligations

 

(1,995

)

 

 

(1,436

)

Repurchases of common stock

 

(60,278

)

 

 

(43,951

)

Principal repayments of finance lease obligations

 

(296

)

 

 

(306

)

Net cash used in financing activities

 

(58,550

)

 

 

(41,858

)

Effect of exchange rate changes on cash and cash equivalents

 

(418

)

 

 

368

 

Net increase in cash and cash equivalents

 

5,281

 

 

 

27,232

 

Cash and cash equivalents, beginning of period

 

83,790

 

 

 

56,558

 

Cash and cash equivalents, end of period

$

89,071

 

 

$

83,790

 

 

 

 

 

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 December 31,

 

Twelve Months Ended December 31,

 

2024

 

2023

 

2024

 

2023

Non-GAAP net income, adjusted for stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency and costs related to exit and disposal activities

 

 

 

 

 

 

 

GAAP net (loss) income

$

(404

)

 

$

6,990

 

 

$

16,593

 

 

$

17,220

 

Add back:

 

 

 

 

 

 

 

Stock-based compensation expense

 

4,283

 

 

 

4,178

 

 

 

16,999

 

 

 

15,989

 

Amortization expense

 

911

 

 

 

1,457

 

 

 

3,707

 

 

 

5,928

 

Unrealized (gain) loss on foreign currency

 

(324

)

 

 

(211

)

 

 

(1

)

 

 

(125

)

Costs related to exit and disposal activities

 

5,585

 

 

 

29

 

 

 

5,585

 

 

 

4,122

 

Total adjustments 1

 

10,455

 

 

 

5,453

 

 

 

26,290

 

 

 

25,914

 

Income tax benefits on adjustments 2

 

(649

)

 

 

(609

)

 

 

(1,715

)

 

 

(1,540

)

Non-GAAP net income

$

9,402

 

 

$

11,834

 

 

$

41,168

 

 

$

41,594

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP net income per share:

 

 

 

 

 

 

 

Basic

$

0.38

 

 

$

0.46

 

 

$

1.64

 

 

$

1.59

 

Diluted

$

0.38

 

 

$

0.46

 

 

$

1.63

 

 

$

1.59

 

 

 

 

 

 

 

 

 

Shares used to compute non-GAAP net income per share:

 

 

 

 

 

 

 

Basic

 

24,474,051

 

 

 

25,820,802

 

 

 

25,096,117

 

 

 

26,186,533

 

Diluted

 

24,689,181

 

 

 

25,889,004

 

 

 

25,212,178

 

 

 

26,223,498

 

1

Stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency and costs related to exit and disposal activities were included in the following GAAP consolidated statement of operations categories:

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

2024

 

2023

 

2024

 

2023

 

 

 

 

 

 

 

 

 

Cost of revenue

$

876

 

 

$

794

 

 

$

3,304

 

 

$

3,210

 

 

 

 

 

 

 

 

 

 

Marketing and sales

 

734

 

 

 

916

 

 

 

3,112

 

 

 

3,424

 

Research and development

 

690

 

 

 

669

 

 

 

2,721

 

 

 

2,557

 

General and administrative

 

2,894

 

 

 

3,256

 

 

 

11,569

 

 

 

12,727

 

Costs related to exit and disposal activities

 

5,585

 

 

 

29

 

 

 

5,585

 

 

 

215

 

Total operating expenses

 

9,903

 

 

 

4,870

 

 

 

22,987

 

 

 

18,923

 

 

 

 

 

 

 

 

 

 

Other income (loss), net

 

(324

)

 

 

(211

)

 

 

(1

)

 

 

3,781

 

Total adjustments

$

10,455

 

 

$

5,453

 

 

$

26,290

 

 

$

25,914

 

2

For the three and twelve months ended December 31, 2024 and 2023, income tax effects were calculated using the effective tax rate for the relevant jurisdictions. The Company's non-GAAP tax rates differ from its GAAP tax rates due primarily to the mix of activity incurred in domestic and foreign tax jurisdictions and removing effective tax rate benefits from stock-based compensation activity in the quarter.

 

Proto Labs, Inc.

Reconciliation of GAAP to Non-GAAP Gross Margin

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

2024

 

2023

 

2024

 

2023

Revenue

$

121,750

 

 

$

125,048

 

 

$

500,890

 

 

$

503,877

 

Gross profit

 

51,957

 

 

 

55,812

 

 

 

223,200

 

 

 

221,993

 

GAAP gross margin

 

42.7

%

 

 

44.6

%

 

 

44.6

%

 

 

44.1

%

Add back:

 

 

 

 

 

 

 

Stock-based compensation expense

 

534

 

 

 

452

 

 

 

1,935

 

 

 

1,840

 

Amortization expense

 

342

 

 

 

342

 

 

 

1,369

 

 

 

1,370

 

Total adjustments

 

876

 

 

 

794

 

 

 

3,304

 

 

 

3,210

 

Non-GAAP gross profit

$

52,833

 

 

$

56,606

 

 

$

226,504

 

 

$

225,203

 

Non-GAAP gross margin

 

43.4

%

 

 

45.3

%

 

 

45.2

%

 

 

44.7

%

 

 

 

 

 

 

 

 

Proto Labs, Inc.

Reconciliation of GAAP to Non-GAAP Operating Margin

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

2024

 

2023

 

2024

 

2023

Revenue

$

121,750

 

 

$

125,048

 

 

$

500,890

 

 

$

503,877

 

(Loss) income from operations

 

(1,495

)

 

 

8,395

 

 

 

19,911

 

 

 

28,167

 

GAAP operating margin

 

(1.2

%)

 

 

6.7

%

 

 

4.0

%

 

 

5.6

%

Add back:

 

 

 

 

 

 

 

Stock-based compensation expense

 

4,283

 

 

 

4,178

 

 

 

16,999

 

 

 

15,989

 

Amortization expense

 

911

 

 

 

1,457

 

 

 

3,707

 

 

 

5,928

 

Costs related to exit and disposal activities

 

5,585

 

 

 

29

 

 

 

5,585

 

 

 

215

 

Total adjustments

 

10,779

 

 

 

5,664

 

 

 

26,291

 

 

 

22,132

 

Non-GAAP income from operations

$

9,284

 

 

$

14,059

 

 

$

46,202

 

 

$

50,299

 

Non-GAAP operating margin

 

7.6

%

 

 

11.2

%

 

 

9.2

%

 

 

10.0

%

 

 

 

 

 

 

 

 

Proto Labs, Inc.

Reconciliation of GAAP Net (Loss) Income to EBITDA and Adjusted EBITDA

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

2024

 

2023

 

2024

 

2023

Revenue

$

121,750

 

 

$

125,048

 

 

$

500,890

 

 

$

503,877

 

GAAP net (loss) income

 

(404

)

 

 

6,990

 

 

 

16,593

 

 

 

17,220

 

GAAP net (loss) income margin

 

(0.3

%)

 

 

5.6

%

 

 

3.3

%

 

 

3.4

%

Add back:

 

 

 

 

 

 

 

Amortization expense

$

911

 

 

$

1,457

 

 

$

3,707

 

 

$

5,928

 

Depreciation expense

 

7,913

 

 

 

7,858

 

 

 

32,101

 

 

 

31,600

 

Interest income, net

 

(1,225

)

 

 

(951

)

 

 

(4,749

)

 

 

(2,234

)

Provision for income taxes

 

122

 

 

 

2,948

 

 

 

8,079

 

 

 

10,732

 

EBITDA

 

7,317

 

 

 

18,302

 

 

 

55,731

 

 

 

63,246

 

EBITDA Margin

 

6.0

%

 

 

14.6

%

 

 

11.1

%

 

 

12.6

%

Add back:

 

 

 

 

 

 

 

Stock-based compensation expense

 

4,283

 

 

 

4,178

 

 

 

16,999

 

 

 

15,989

 

Unrealized (gain) loss on foreign currency

 

(324

)

 

 

(211

)

 

 

(1

)

 

 

(125

)

Costs related to exit and disposal activities

 

5,585

 

 

 

29

 

 

 

5,585

 

 

 

4,122

 

Total adjustments

 

9,544

 

 

 

3,996

 

 

 

22,583

 

 

 

19,986

 

Adjusted EBITDA

$

16,861

 

 

$

22,298

 

 

$

78,314

 

 

$

83,232

 

Adjusted EBITDA Margin

 

13.8

%

 

 

17.8

%

 

 

15.6

%

 

 

16.5

%

 

 

 

 

 

 

 

 

Proto Labs, Inc.

Comparison of GAAP to Non-GAAP Revenue Growth by Region

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31, 2024

 

Three Months Ended December 31, 2023

 

%

Change2

 

% Change

Organic3

 

GAAP

 

Foreign

Currency1

 

Non-GAAP

 

GAAP

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

United States

$

96,599

 

$

—

 

 

$

96,599

 

$

98,814

 

(2.2

%)

 

(2.2

%)

Europe

 

25,151

 

 

(519

)

 

 

24,632

 

 

26,234

 

(4.1

%)

 

(6.1

%)

Total revenue

$

121,750

 

$

(519

)

 

$

121,231

 

$

125,048

 

(2.6

%)

 

(3.1

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve Months Ended December 31, 2024

 

Twelve Months Ended December 31, 2023

 

%

Change2

 

% Change

Organic3

 

GAAP

 

Foreign

Currency1

 

Non-GAAP

 

GAAP

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

United States

$

396,192

 

$

—

 

 

$

396,192

 

$

396,821

 

(0.2

%)

 

(0.2

%)

Europe

 

104,698

 

 

(1,876

)

 

 

102,822

 

 

107,056

 

(2.2

%)

 

(4.0

%)

Total revenue

$

500,890

 

$

(1,876

)

 

$

499,014

 

$

503,877

 

(0.6

%)

 

(1.0

%)

 

 

 

 

 

 

 

 

 

 

 

 

1

Revenue for the three and twelve months ended December 31, 2024 has been recalculated using 2023 foreign currency exchange rates in effect during comparable periods to provide information useful in evaluating the underlying business trends excluding the impact of changes in foreign currency exchange rates.

2

This column presents the percentage change from GAAP revenue for the three and twelve months ended December 31, 2023 to GAAP revenue for the three and twelve months ended December 31, 2024.

3

This column presents the percentage change from GAAP revenue for the three and twelve months ended December 31, 2023 to non-GAAP revenue for the three and twelve months ended December 31, 2024 (as recalculated using the foreign currency exchange rates in effect during the three and twelve months ended December 31, 2023) in order to provide a constant-currency comparison.

 

Proto Labs, Inc.

Comparison of GAAP to Non-GAAP Revenue Growth by Service Line

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31, 2024

 

Three Months Ended December 31, 2023

 

%

Change2

 

% Change

Organic3

 

GAAP

 

Foreign

Currency1

 

Non-GAAP

 

GAAP

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

Injection Molding

$

45,641

 

$

(265

)

 

$

45,376

 

$

51,486

 

(11.4

)%

 

(11.9

)%

CNC Machining

 

52,389

 

 

(140

)

 

 

52,249

 

 

48,905

 

7.1

 

 

6.8

 

3D Printing

 

19,467

 

 

(112

)

 

 

19,355

 

 

20,339

 

(4.3

)

 

(4.8

)

Sheet Metal

 

4,047

 

 

(1

)

 

 

4,046

 

 

4,062

 

(0.4

)

 

(0.4

)

Other Revenue

 

206

 

 

(1

)

 

 

205

 

 

256

 

(19.5

)

 

(19.9

)

Total Revenue

$

121,750

 

$

(519

)

 

$

121,231

 

$

125,048

 

(2.6

%)

 

(3.1

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve Months Ended December 31, 2024

 

Twelve Months Ended December 31, 2023

 

%

Change2

 

% Change

Organic3

 

GAAP

 

Foreign

Currency1

 

Non-GAAP

 

GAAP

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

Injection Molding

$

194,215

 

$

(931

)

 

$

193,284

 

$

203,941

 

(4.8

)%

 

(5.2

)%

CNC Machining

 

206,887

 

 

(518

)

 

 

206,369

 

 

198,222

 

4.4

 

 

4.1

 

3D Printing

 

83,767

 

 

(427

)

 

 

83,340

 

 

84,291

 

(0.6

)

 

(1.1

)

Sheet Metal

 

15,265

 

 

8

 

 

 

15,273

 

 

16,540

 

(7.7

)

 

(7.7

)

Other Revenue

 

756

 

 

(8

)

 

 

748

 

 

883

 

(14.4

)

 

(15.3

)

Total Revenue

$

500,890

 

$

(1,876

)

 

$

499,014

 

$

503,877

 

(0.6

%)

 

(1.0

%)

 

 

 

 

 

 

 

 

 

 

 

 

1

Revenue for the three and twelve months ended December 31, 2024 has been recalculated using 2023 foreign currency exchange rates in effect during comparable periods to provide information useful in evaluating the underlying business trends excluding the impact of changes in foreign currency exchange rates.

2

This column presents the percentage change from GAAP revenue for the three and twelve months ended December 31, 2023 to GAAP revenue for the three and twelve months ended December 31, 2024.

3

This column presents the percentage change from GAAP revenue for the three and twelve months ended December 31, 2023 to non-GAAP revenue for the three and twelve months ended December 31, 2024 (as recalculated using the foreign currency exchange rates in effect during the three and twelve months ended December 31, 2023) in order to provide a constant-currency comparison.

 

Proto Labs, Inc.

Customer Contact Information

(In thousands, except customer contacts and per customer contact amounts)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

2024

 

2023

 

2024

 

2023

Revenue

$

121,750

 

$

125,048

 

$

500,890

 

$

503,877

Customer contacts

 

21,558

 

 

21,879

 

 

51,552

 

 

53,464

Revenue per customer contact1

$

5,648

 

$

5,715

 

$

9,716

 

$

9,425

 

 

 

 

 

 

 

 

1

Revenue per customer contact is calculated using the revenue recognized during the respective period divided by the actual number of customer contacts served during the same period. Customer contacts are product developers, engineers, procurement and supply chain professionals and other individuals who place an order, and that order is shipped and invoiced during the period. The Company believes revenue per customer contact is useful to investors in evaluating the underlying business trends and ongoing operating performance of the Company.

 

Proto Labs, Inc.

Reconciliation of GAAP to Non-GAAP Guidance

(In thousands, except per share and per share amounts)

(Unaudited)

 

 

 

 

 

 

Q1 2025 Outlook

 

Low

 

High

GAAP diluted net income per share

$

0.08

 

$

0.16

Add back:

 

 

 

Stock-based compensation expense

 

0.15

 

 

0.15

Amortization expense

 

0.03

 

 

0.03

Unrealized (gain) loss on foreign currency

 

0.00

 

 

0.00

Total adjustments

 

0.18

 

 

0.18

Non-GAAP diluted net income per share

$

0.26

 

$

0.34

 

 

 

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250207157663/en/

Investor Relations Contacts: Protolabs Ryan Johnsrud, 612-225-4873 Manager – Investor Relations and FP&A ryan.johnsrud@protolabs.com

Gateway Group, Inc. 949-574-3860 PRLB@gateway-grp.com

Media Contact: Protolabs Brent Renneke, 763-479-7704 Marketing Communications Manager brent.renneke@protolabs.com