Q2 2024 Proto Labs Inc Earnings Call Transcript
Key Points
- Proto Labs Inc (PRLB) achieved a 2% year-over-year revenue growth in the first half of 2024 despite a challenging macro environment.
- Non-GAAP earnings per share increased by 25% year-over-year in the first half of 2024.
- The company has improved the efficiency of its AI-enabled pricing algorithms and increased automation in its digital factories.
- Proto Labs Inc (PRLB) has seen a 50% year-over-year increase in the number of customers using its combined factory and network offer.
- The company maintains a strong balance sheet with $112.9 million in cash and investments and zero debt as of June 30, 2024.
- The manufacturing activity in the US and Europe has contracted, impacting Proto Labs Inc (PRLB)'s growth potential.
- Large one-time orders decreased slightly compared to the first quarter of 2024.
- Customer ordering patterns softened in June and continued into July, reflecting a more pronounced challenging operating environment.
- The company expects to incur $500,000 of one-time costs associated with its reorganization.
- Proto Labs Inc (PRLB) anticipates a slight decline in gross margins and operating expenses in the third quarter of 2024 due to lower volume.
Greetings. Welcome to Proto Labs Second Quarter 2024 Earnings Call. (Operator Instructions) Please note that this conference is being recorded.
At this time, I'll now turn the conference over to Jason Frankman, Vice President and Corporate Controller. Jason, you may now begin your presentation.
Thank you, and welcome, everyone, to Proto Labs' Second Quarter 2024 Earnings Conference Call. I'm joined today by Rob Bodor, President and Chief Executive Officer; and Dan Schumacher, Chief Financial Officer.
This morning, Proto Labs issued a press release announcing its financial results for the second quarter ended June 30, 2024. The release is available on the company's website. In addition, a prepared slide presentation is available online at the web address provided in our press release.
Our discussion today will include statements relating to future performance and expectations that are or may be considered forward-looking statements and subject to many risks and
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