Protolabs Reports Record Revenue and Net Income for First Quarter 2018

Record Quarterly Revenue of $107.7 million, an increase of 34% over 2017

Record Quarterly Net Income of $18.1 million, an increase of 48% over 2017

MAPLE PLAIN, Minn. — (BUSINESS WIRE) — April 26, 2018 — 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, 2018.

First Quarter 2018 Highlights include:

  • Revenue for the first quarter of 2018 was a record $107.7 million, representing a 34.4 percent increase over revenue of $80.2 million in the first quarter of 2017.
  • The number of unique product developers and engineers served through our web-based customer interface totaled 18,057 in the first quarter of 2018, an increase of 22.0 percent over the first quarter of 2017.
  • Net income for the first quarter of 2018 was a record $18.1 million, or $0.66 per diluted share.
  • Non-GAAP net income was $19.2 million, or $0.71 per diluted share. See “Non-GAAP Financial Measures” below.

“We are excited to start 2018 with the largest quarter in Protolabs’ history, with quarterly revenue topping the $100 million mark for the first time at $107.7 million,” said Vicki Holt, President and Chief Executive Officer. “This quarter is the first full quarter including the results of the Rapid Manufacturing acquisition, which added sheet metal to our product portfolio and expanded our CNC machining capabilities. The continued expansion of our services increases our value to our customers and allows us to serve more product developers and engineers each quarter.”

Additional First Quarter 2018 highlights include:

  • Gross margin was 53.7 percent of revenue for the first quarter of 2018, compared with 56.5 percent for the first quarter of 2017.
  • GAAP operating margin was 20.2 percent of revenue during the first quarter of 2018, compared to 22.1 percent for the first quarter of 2017.
  • Non-GAAP operating margin was 23.0 percent of revenue during the first quarter of 2018, compared to 24.4 percent for the first quarter of 2017. See “Non-GAAP Financial Measures” below.
  • The company generated $26.1 million in cash from operations during the first quarter of 2018.
  • Cash and investments balance was $130.2 million at March 31, 2018.

“Our strong business performance combined with the results of the Rapid acquisition and benefits from the recent tax law changes are reflected in our financial results, with our GAAP EPS up 43 percent and our Non-GAAP EPS up 39 percent compared to last year,” said John Way, Chief Financial Officer. “We continued to generate strong cash flow from operations, allowing us to invest in new services and continue to scale our operations in the form of additional facilities and equipment to support our increased customer demand.”

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 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 foreign currency activity (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 and revenues, 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 first quarter 2018 financial results today, April 26, 2018 at 8:30 a.m. ET. 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. start time. No participant code is required. A simultaneous webcast of the call will be available via the investor relations section of the Protolabs website and the following link: https://edge.media-server.com/m6/p/obx9hij8 . A replay will be available for 14 days following the call on the investor relations section of the Protolabs website.

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