Manufacturing services provider Protolabs increases revenue in second quarter of 2022

Proto Labs, Inc. (NYSE: PRLB), a provider of digital manufacturing services, announced its financial results for the second quarter ended June 30, 2022.

Second Quarter 2022 Highlights include:

• Revenue for the second quarter of 2022 was $126.9 million, representing a 3.1 percent increase compared to revenue of $123.0 million in the second quarter of 2021.
• Hubs generated $11.3 million of revenue in the second quarter, representing year-over-year growth of 26.3 percent.
• On a GAAP basis, costs related to the closure of Japan operations were $5.2 million in the quarter. These costs have been excluded from the Non-GAAP results.
• Net income was $2.6 million, or $0.09 per diluted share.
• Non-GAAP net income was $12.8 million, or $0.46 per diluted share.

“Protolabs performed well in the quarter amid continuing supply chain challenges in the broader manufacturing industry and macroeconomic growth concerns,” said Rob Bodor, President and Chief Executive Officer. “We continue to make progress on our 2022 strategic priorities and are focused to execute on the integration of Protolabs and Hubs, bringing together two leading digital manufacturing offers to create the most comprehensive digital manufacturing offer to serve our customers.”

Additional Second Quarter 2022 Highlights include:

• Protolabs served 24,058 unique product developers during the second quarter of 2022.
• Gross margin was 45.2 percent of revenue, compared to 44.9 percent of revenue in the first quarter of 2022.
• Non-GAAP gross margin was 45.9 percent of revenue, compared to 45.7 percent of revenue in the first quarter of 2022.
• EBITDA was $15.1 million, or 11.9 percent of revenue.
• Adjusted EBITDA was $24.6 million, or 19.4 percent of revenue.
• Cash and investments balance was $110.1 million as of June 30, 2022.

“We are pleased with the sequential improvements in our margins in the second quarter,” said Dan Schumacher, Chief Financial Officer. “We continue to focus on executing our strategy through disciplined investments and cost controls while delivering value to our customers and profitable growth to our shareholders.”

Conference Call

The company had a conference call to discuss its second quarter 2022 financial results and third quarter 2022 outlook on August 5, 2022, at 8:30 a.m. EDT. A replay will be available for 14 days following the call on the investor relations section of the Protolabs website.

For more information about Protolabs, please visit www.protolabs.com.