Proto Labs, Inc. (NYSE: PRLB), provider of digital manufacturing services, announced that on November 17, 2022 its board of directors approved a $50 million increase in its authorized stock repurchase program currently in effect, and extended the expiration date to December 31, 2024.
This increase expands the existing stock repurchase program to $200 million. As of November 21, 2022, Protolabs had repurchased an aggregate dollar value of $111 million since the program was initiated in 2017. The company now has $89 million remaining available to repurchase shares under the expanded repurchase program.
Under the current authorization, Protolabs is not required to purchase shares, but may choose to do so in the open market or through private transactions at times and amounts determined by the company based on its evaluation of market conditions and other factors.
Protolabs’ capital allocation strategy remains unchanged. The company prioritizes organic investment to drive revenue and enhance its platform of customer offerings. Next, Protolabs analyzes potential strategic acquisition opportunities that could further the company’s growth strategy. Finally, the company returns capital to its shareholders through repurchases of its common stock.
Find out more about Protolabs at protolabs.com.
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