Protolabs Reports First Quarter 2019 Financial Results

Revenue of $113.5 million, an increase of 5% over Q1 2018

Unique Product Developers served increased 9% over Q1 2018

MAPLE PLAIN, Minn. — (BUSINESS WIRE) — April 25, 2019 — Proto Labs, Inc. (NYSE: PRLB), a leading online and technology-enabled, quick-turn, on-demand manufacturer, today announced financial results for the first quarter ended March 31, 2019.

First Quarter 2019 Highlights include:

  • Revenue for the first quarter of 2019 was $113.5 million, representing a 5.3 percent increase over revenue of $107.7 million for the first quarter of 2018.
  • The number of unique product developers and engineers served through our web-based customer interface totaled 20,573 in the first quarter of 2019, an increase of 9.3 percent over the first quarter of 2018.
  • Net income for the first quarter of 2019 was $15.5 million, or $0.57 per diluted share.
  • Non-GAAP net income was $18.8 million, or $0.69 per diluted share. See “Non-GAAP Financial Measures” below.

“Protolabs reported another quarter of top-line growth with record revenue in our 3D printing and injection molding services,” said Vicki Holt, President and Chief Executive Officer. “We had strong growth in Europe and Japan; however, we had some challenges with our sheet metal service and expanded CNC offering acquired with the Rapid Manufacturing transaction.”

Additional First Quarter 2019 highlights include:

  • Gross margin was 51.9 percent of revenue for the first quarter of 2019, compared with 53.7 percent for the first quarter of 2018.
  • GAAP operating margin was 17.1 percent of revenue for the first quarter of 2019, compared to 20.2 percent for the first quarter of 2018.
  • Non-GAAP operating margin was 20.6 percent of revenue for the first quarter of 2019, compared to 23.0 percent for the first quarter of 2018. See “Non-GAAP Financial Measures” below.
  • Adjusted EBITDA was $29.8 million, or 26.3% of revenue, for the first quarter of 2019.
  • The Company repurchased $17.3 million, or 157,716 shares, of common stock.
  • Cash and investments balance was $138.7 million at March 31, 2019.
  • Recognized by the National Association of Manufacturers for outstanding achievement in engineering and production technology.
  • Announced partnership with Wohlers and Associates to offer a new immersive course on Design for Additive Manufacturing.

“In the first quarter of 2019, the headwinds described in our Q1 outlook were greater than anticipated, including a decline in our acquired services,” said John Way, Chief Financial Officer. “The organization is focused on actions to improve the performance of this business, delivering differentiated services to our customers.”

Non-GAAP Financial Measures

The company has included non-GAAP revenue growth that excludes the impact of changes in foreign currency exchange rates. Management believes these 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 and unrealized loss on foreign currency (collectively, “EBITDA and Adjusted EBITDA”), 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 and amortization expense (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, and unrealized loss on foreign currency (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, operating margin, revenue growth and EBITDA, 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.

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