Digital manufacturing services provider Protolabs has published its quarterly figures. These show that in the third quarter of 2022, revenue fell slightly year-on-year to $121.7m. A decline in revenue of 2.9% was recorded.
Third Quarter 2022 Highlights include:
- Revenue for the third quarter of 2022 was $121.7 million, representing a 2.9 percent decrease compared to revenue of $125.3 million in the third quarter of 2021.
- Hubs generated $12.1 million of revenue in the third quarter, representing year-over-year growth of 38.5 percent.
- On a GAAP basis, costs related to the closure of Japan operations were $1.2 million in the quarter. Total costs year to date are $6.4 million. These costs have been excluded from our Non-GAAP results. See “Non-GAAP Financial Measures” below.
- Net income was $4.0 million, or $0.14 per diluted share.
- Non-GAAP net income was $10.9 million, or $0.40 per diluted share.
“We experienced continued softening of our Injection Molding business, however, we are pleased with the continued growth of our other digital manufacturing services and Hubs business,” said Rob Bodor, President and Chief Executive Officer. “As we face an uncertain economic environment ahead, I am confident in our strategy and the value we bring to market, and the ability of our team to deliver long term revenue growth and profitability.”
Additional Third Quarter 2022 Highlights include:
- Protolabs served 23,816 unique product developers during the third quarter of 2022.
- Gross margin was 44.1 percent of revenue, compared to 45.2 percent of revenue in the second quarter of 2022.
- Non-GAAP gross margin was 44.8 percent of revenue, compared to 45.9 percent of revenue in the second quarter of 2022.
- EBITDA was $15.5 million, or 12.7 percent of revenue.
- Adjusted EBITDA was $22.0 million, or 18.0 percent of revenue.
- Cash and investments balance was $113.9 million as of September 30, 2022.
“Our financial position remains strong as we produced $20.5 million in cash from operations in the quarter,” said Dan Schumacher, Chief Financial Officer. “As we monitor the economy, we are tightening our cost controls and will continue to focus investments to fuel the execution of our strategy.”
The company has held a conference call to discuss its third quarter 2022 financial results and fourth quarter 2022 outlook on November 4, 2022 at 8:30 a.m. EST. A replay will be available for 14 days following the call on the investor relations section of the Protolabs website.
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