On August 2, 2024, Proto Labs Inc (PRLB, Financial) released its 8-K filing for the second quarter of 2024. Proto Labs Inc is an on-demand manufacturer of custom parts for prototyping and short-run production, utilizing injection molding, CNC machining, and 3-D printing to serve its clients' needs.
Performance Overview
Proto Labs Inc (PRLB, Financial) reported a total revenue of $125.6 million for Q2 2024, a 2.8% increase compared to the same period in 2023. The company's GAAP earnings per share (EPS) stood at $0.18, aligning with the analyst estimate of $0.18. Non-GAAP EPS was reported at $0.38, surpassing the previous year's $0.33.
Key Financial Achievements
The company achieved a net income of $4.5 million, or $0.18 per diluted share, compared to a net loss of $0.4 million, or $0.01 per diluted share, in Q2 2023. Non-GAAP net income was $9.5 million, or $0.38 per diluted share, up from $8.7 million, or $0.33 per diluted share, in the same period last year.
Revenue Breakdown
| Service | Q2 2024 Revenue ($ million) | Q2 2023 Revenue ($ million) |
|---|---|---|
| Injection Molding | 49.08 | 48.82 |
| CNC Machining | 51.24 | 48.30 |
| 3D Printing | 21.28 | 21.01 |
| Sheet Metal | 3.92 | 3.94 |
| Other Revenue | 0.11 | 0.21 |
Financial Metrics and Analysis
Proto Labs Inc (PRLB, Financial) reported a gross margin of 45.0%, up from 43.4% in Q2 2023. Non-GAAP gross margin was 45.7%, compared to 44.1% in the previous year. The company's EBITDA was $15.2 million, or 12.1% of revenue, while adjusted EBITDA was $19.3 million, or 15.4% of revenue.
We executed well through the first half of 2024 despite operating in a challenging macroeconomic environment," said Rob Bodor, President and Chief Executive Officer. "We continue to make progress on driving customer adoption of our combined offer fulfilled through both Factory and Network, while also increasing our revenue per customer."
Balance Sheet and Cash Flow
As of June 30, 2024, Proto Labs Inc (PRLB, Financial) had a cash and investments balance of $112.9 million. The company generated $14.4 million in cash flow from operations during the quarter. Total assets stood at $758.2 million, with total liabilities and shareholders' equity also at $758.2 million.
Outlook
For Q3 2024, Proto Labs Inc (PRLB, Financial) expects to generate revenue between $117 million and $125 million. The company anticipates diluted net income per share between $0.10 and $0.18, and non-GAAP diluted net income per share between $0.29 and $0.37.
Proto Labs Inc (PRLB, Financial) continues to demonstrate resilience and growth in a challenging economic environment, driven by strong performance in its Network business and improvements in gross margin. Investors and stakeholders can access the full details of the earnings report in the 8-K filing.
Explore the complete 8-K earnings release (here) from Proto Labs Inc for further details.
