Proto Labs, Inc. (PRLB) Bundle
A Brief History of Proto Labs
Proto Labs, Inc. (NYSE: PRLB) is a pioneer in digital manufacturing services, particularly known for its rapid prototyping capabilities. As of 2024, the company has maintained its position as a leader in the industry, focusing on providing low-volume production services through advanced digital manufacturing technologies.
Company Overview
Founded in 1999, Proto Labs has evolved significantly, leveraging technology to streamline the manufacturing process. It specializes in rapid prototyping and on-demand production, serving various sectors including aerospace, automotive, and consumer products.
Financial Performance
As reported for the third quarter of 2024, Proto Labs generated total revenue of $125.6 million, representing a decrease of 3.9% from $130.7 million in the same quarter of the previous year. The company reported a net income of $7.2 million, or $0.29 per diluted share, compared to $8.0 million, or $0.31 per diluted share in Q3 2023.
| Financial Metrics | Q3 2024 | Q3 2023 |
|---|---|---|
| Total Revenue | $125.6 million | $130.7 million |
| Net Income | $7.2 million | $8.0 million |
| Net Income per Diluted Share | $0.29 | $0.31 |
| EBITDA | $17.5 million | $19.5 million |
| Adjusted EBITDA | $21.9 million | $23.9 million |
| Gross Margin | 45.6% | 45.4% |
| Non-GAAP Gross Margin | 46.2% | 46.0% |
Operational Highlights
In Q3 2024, Proto Labs served 22,511 customer contacts, a slight decrease from 23,080 in Q3 2023. The revenue per customer contact for the quarter was $5,580, down from $5,663 year-over-year. The company reported cash flow from operations of $24.8 million, showcasing strong operational performance despite market challenges.
Market Position and Strategy
Proto Labs continues to adapt its business model in response to evolving market demands. The company is focused on enhancing its digital manufacturing capabilities and expanding its Protolabs Network, which allows for greater flexibility and efficiency in production.
Future Outlook
For the fourth quarter of 2024, Proto Labs anticipates revenue between $115 million and $123 million. The company expects diluted net income per share to range from $0.10 to $0.18, with non-GAAP diluted net income per share projected between $0.28 and $0.36 .
Balance Sheet Overview
As of September 30, 2024, Proto Labs reported total assets of $753.8 million, with cash and cash equivalents amounting to $87.9 million. The company’s liabilities included $53.8 million in current liabilities and long-term liabilities totaling $20.0 million .
| Balance Sheet Items | Amount (in thousands) |
|---|---|
| Total Assets | $753,786 |
| Cash and Cash Equivalents | $87,873 |
| Total Current Liabilities | $53,758 |
| Long-term Liabilities | $20,000 |
| Shareholders' Equity | $679,993 |
Proto Labs remains committed to its growth strategy, focusing on technological advancements and operational efficiency to enhance shareholder value and meet the needs of its diverse customer base.
A Who Owns Proto Labs, Inc. (PRLB)
Shareholder Composition
As of 2024, Proto Labs, Inc. (PRLB) has a diverse shareholder composition, including institutional investors, mutual funds, and individual shareholders. The following table summarizes the ownership distribution:
| Shareholder Type | Percentage Ownership | Number of Shares Owned |
|---|---|---|
| Institutional Investors | 82.7% | 20,000,000 |
| Mutual Funds | 12.5% | 3,000,000 |
| Individual Investors | 4.8% | 1,200,000 |
| Insider Ownership | 0.1% | 25,000 |
Top Institutional Shareholders
The following table lists the top institutional shareholders of Proto Labs, Inc. as of 2024:
| Institution | Percentage of Shares Owned | Number of Shares |
|---|---|---|
| The Vanguard Group, Inc. | 15.3% | 3,700,000 |
| BlackRock, Inc. | 12.1% | 2,900,000 |
| State Street Corporation | 10.5% | 2,500,000 |
| T. Rowe Price Associates, Inc. | 8.9% | 2,100,000 |
| Invesco Ltd. | 7.4% | 1,800,000 |
Performance Metrics
Proto Labs, Inc. has shown a steady performance in terms of revenue and earnings per share (EPS). Below are some key financial metrics as of the third quarter of 2024:
| Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Total Revenue | $125.6 million | $130.7 million |
| Net Income | $7.2 million | $8.0 million |
| GAAP EPS | $0.29 | $0.31 |
| Non-GAAP EPS | $0.47 | $0.51 |
| Operating Cash Flow | $24.8 million | $26.0 million |
Recent Developments
Proto Labs is actively restructuring to improve operational efficiency and shareholder value. The company reported a cash and investments balance of $117.6 million as of September 30, 2024. The fourth quarter outlook anticipates revenue between $115 million and $123 million, with diluted net income per share expected between $0.10 and $0.18.
Proto Labs, Inc. (PRLB) Mission Statement
Proto Labs, Inc. is committed to providing the fastest and most comprehensive digital manufacturing services in the world. The company aims to produce low-volume parts in days, leveraging its digital factories and a robust network of vetted manufacturing partners. This approach allows Proto Labs to serve product developers, engineers, and supply chain teams globally, offering a unified manufacturing source from prototyping to production.
Current Financial Performance
As of the third quarter of 2024, Proto Labs reported the following key financial metrics:
| Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Total Revenue | $125.6 million | $130.7 million | (3.9%) |
| Net Income | $7.2 million | $8.0 million | (9.6%) |
| GAAP Earnings Per Share | $0.29 | $0.31 | (6.5%) |
| Non-GAAP Earnings Per Share | $0.47 | $0.51 | (7.8%) |
| Gross Margin | 45.6% | 45.4% | 0.4% |
| Adjusted EBITDA | $21.9 million | $23.9 million | (8.4%) |
Revenue Breakdown by Service Line
The following table outlines the revenue by service line for the three months ended September 30, 2024:
| Service Line | Revenue (Q3 2024) | Revenue (Q3 2023) | Change (%) |
|---|---|---|---|
| Injection Molding | $46.8 million | $51.7 million | (9.4%) |
| CNC Machining | $53.3 million | $52.9 million | 0.8% |
| 3D Printing | $21.4 million | $21.6 million | (0.9%) |
| Sheet Metal | $3.7 million | $4.3 million | (12.8%) |
| Other Revenue | $0.3 million | $0.2 million | 49.5% |
Customer Engagement Metrics
Proto Labs served 22,511 customer contacts during the third quarter of 2024, with a year-to-date average revenue per customer contact of $8,682, reflecting an increase of 4.7% compared to the same period in the previous year.
| Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Customer Contacts | 22,511 | 23,080 | (2.5%) |
| Revenue per Customer Contact | $5,580 | $5,663 | (1.5%) |
Financial Outlook
For the fourth quarter of 2024, Proto Labs anticipates revenue between $115 million and $123 million, with diluted net income per share expected to range from $0.10 to $0.18. Non-GAAP diluted net income per share is projected to be between $0.28 and $0.36.
Balance Sheet Highlights
As of September 30, 2024, Proto Labs reported the following balance sheet figures:
| Metric | Value (in thousands) |
|---|---|
| Total Assets | $753,786 |
| Total Liabilities | $73,793 |
| Shareholders' Equity | $679,993 |
| Cash and Cash Equivalents | $87,873 |
Proto Labs continues to emphasize innovation and efficiency in digital manufacturing, positioning itself as a leader in the industry while committing to enhancing shareholder value and operational excellence.
How Proto Labs, Inc. (PRLB) Works
Business Model
Proto Labs, Inc. operates as a leading provider of digital manufacturing services, focusing on rapid prototyping and low-volume production. The company utilizes advanced manufacturing technologies to produce parts in days, catering primarily to product developers, engineers, and supply chain teams globally.
Financial Overview
As of the third quarter of 2024, Proto Labs reported the following financial results:
| Financial Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Total Revenue | $125.6 million | $130.7 million | -3.9% |
| Net Income | $7.2 million | $8.0 million | -10.0% |
| GAAP EPS | $0.29 | $0.31 | -6.5% |
| Non-GAAP EPS | $0.47 | $0.51 | -7.8% |
| Gross Margin | 45.6% | 45.4% | +0.4% |
| Adjusted EBITDA | $21.9 million | $23.9 million | -8.4% |
Revenue Breakdown
The company's revenue is segmented by service lines, with the following contributions for Q3 2024:
| Service Line | Revenue ($ millions) | Q3 2023 Revenue ($ millions) | Change (%) |
|---|---|---|---|
| Injection Molding | $46.8 | $51.7 | -9.4% |
| CNC Machining | $53.3 | $52.9 | +0.8% |
| 3D Printing | $21.4 | $21.6 | -0.9% |
| Sheet Metal | $3.7 | $4.3 | -12.8% |
| Other Revenue | $0.3 | $0.2 | +49.5% |
Operational Efficiency
Proto Labs' operational metrics reflect its efficiency and productivity:
| Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Customer Contacts | 22,511 | 23,080 |
| Revenue per Customer Contact | $5,580 | $5,663 |
| Operating Cash Flow | $24.8 million | $23.0 million |
Cash Flow and Balance Sheet
As of September 30, 2024, Proto Labs' balance sheet highlights include:
| Balance Sheet Item | Amount ($ thousands) |
|---|---|
| Cash and Cash Equivalents | $87,873 |
| Accounts Receivable | $69,464 |
| Inventory | $12,415 |
| Total Assets | $753,786 |
| Total Liabilities | $73,793 |
| Shareholders' Equity | $679,993 |
Future Outlook
For the fourth quarter of 2024, Proto Labs anticipates:
- Revenue between $115 million and $123 million.
- Diluted net income per share between $0.10 and $0.18.
- Non-GAAP diluted net income per share between $0.28 and $0.36.
The company continues to focus on enhancing its manufacturing capabilities and operational efficiencies, positioning itself for long-term growth and resilience in the digital manufacturing sector.
How Proto Labs, Inc. (PRLB) Makes Money
Overview of Revenue Streams
Proto Labs, Inc. generates revenue primarily through digital manufacturing services, including:
- Injection Molding
- CNC Machining
- 3D Printing
- Sheet Metal Fabrication
- Other services
Financial Performance in 2024
For the nine months ended September 30, 2024, Proto Labs reported total revenue of $379.14 million, a slight increase from $378.83 million in the same period in 2023.
| Revenue Source | Q3 2024 Revenue (in thousands) | Q3 2023 Revenue (in thousands) | % Change |
|---|---|---|---|
| Injection Molding | $46,831 | $51,688 | (9.4%) |
| CNC Machining | $53,327 | $52,916 | 0.8% |
| 3D Printing | $21,437 | $21,622 | (0.9%) |
| Sheet Metal | $3,743 | $4,291 | (12.8%) |
| Other Revenue | $281 | $188 | 49.5% |
| Total Revenue | $125,619 | $130,705 | (3.9%) |
Gross Profit and Margins
Proto Labs reported a gross profit of $57.23 million for Q3 2024, resulting in a gross margin of 45.6%, up from 45.4% in Q3 2023.
| Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Gross Profit (in thousands) | $57,230 | $59,282 |
| Gross Margin | 45.6% | 45.4% |
Operating Income and Expenses
Operating income for Q3 2024 was reported at $8.58 million, with total operating expenses amounting to $48.65 million.
| Operating Expense Category | Q3 2024 (in thousands) | Q3 2023 (in thousands) |
|---|---|---|
| Marketing and Sales | $22,619 | $21,682 |
| Research and Development | $9,772 | $10,105 |
| General and Administrative | $16,259 | $17,058 |
| Total Operating Expenses | $48,650 | $48,867 |
Net Income
For Q3 2024, Proto Labs reported a net income of $7.19 million, compared to $7.95 million in Q3 2023, reflecting a decrease in profitability.
| Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Net Income (in thousands) | $7,189 | $7,954 | Net Income per Diluted Share | $0.29 | $0.31 |
Cash Flow and Investments
Cash provided by operating activities for the nine months ended September 30, 2024, was $60.54 million, an increase from $56.05 million in 2023.
| Cash Flow Category | 2024 (in thousands) | 2023 (in thousands) |
|---|---|---|
| Net Cash Provided by Operating Activities | $60,535 | $56,046 |
| Purchases of Property and Equipment | $8,339 | $9,935 |
| Net Cash Used in Investing Activities | $(10,683) | $9,873 |
| Net Cash Used in Financing Activities | $(46,004) | $(38,737) |
Future Outlook
For Q4 2024, Proto Labs expects revenue between $115 million and $123 million, with diluted net income per share projected between $0.10 and $0.18.
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Article updated on 8 Nov 2024
Resources:
- Proto Labs, Inc. (PRLB) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Proto Labs, Inc. (PRLB)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Proto Labs, Inc. (PRLB)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.