ex_440181.htm

Proto Labs, Inc.

Condensed Consolidated Balance Sheets

(In thousands)

EX-99.1 2 ex_440181.htm EXHIBIT 99.1 ex_440181.htm

Exhibit 99.1

Protolabs Reports Financial Results for the Third Quarter of 2022

Revenue of $121.7 million in the Third Quarter of 2022;

GAAP Earnings Per Share of $0.14, Non-GAAP Earnings Per Share of $0.40

MAPLE PLAIN, Minn. – November 4, 2022 – Proto Labs, Inc. (NYSE: PRLB), the world’s leading provider of digital manufacturing services, today announced financial results for the third quarter ended September 30, 2022.

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.”

Non-GAAP Financial Measures

The company has included non-GAAP revenue growth by region and by service line that excludes the impact of changes in foreign currency exchange rates and revenue earned from our acquisition of Hubs (collectively, “non-GAAP revenue growth”). Management believes these metrics are useful in evaluating the underlying business trends and ongoing operating performance of the company.

The company has included earnings before interest, taxes, depreciation and amortization (“EBITDA”) and EBITDA, adjusted for stock-based compensation expense, unrealized (gain) loss on foreign currency, costs related to the Japan closure activities and transaction costs (collectively, “Adjusted EBITDA”), in this press release to provide investors with additional information regarding the company’s financial results. The company has also included earnings before interest, taxes, depreciation and amortization margin (“EBITDA margin”) and EBITDA margin, adjusted for stock-based compensation expense, unrealized (gain) loss on foreign currency, costs related to the Japan closure activities and transaction costs (collectively, “Adjusted EBITDA margin”), in this press release to provide investors with additional information regarding the company’s financial results.

The company has included non-GAAP gross margin, adjusted for stock-based compensation expense and amortization expense in this press release to provide investors with additional information regarding the company’s financial results.

The company has included non-GAAP operating margin, adjusted for stock-based compensation expense, amortization expense, costs related to the Japan closure activities and transaction costs (collectively, “non-GAAP operating margin”), in this press release to provide investors with additional information regarding the company’s financial results.

The company has included non-GAAP gross margin excluding Japan, adjusted for stock-based compensation expense and amortization expense in this press release to provide investors with additional information regarding the company’s financial results. The company has included non-GAAP operating margin excluding Japan, adjusted for stock-based compensation expense, amortization expense, costs related to the Japan closure activities and transaction costs (collectively, “non-GAAP operating margin excluding Japan”), in this press release to provide investors with additional information regarding the company’s financial results.

The company has included non-GAAP net income, adjusted for stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency, costs related to Japan closure activities and transaction costs (collectively, “non-GAAP net income”), in this press release to provide investors with additional information regarding the company’s financial results.

The company has provided below reconciliations of GAAP to non-GAAP net income, non-GAAP gross margin, non-GAAP gross margin excluding Japan, non-GAAP operating margin, non-GAAP operating margin excluding Japan, non-GAAP revenue growth by region and by service, and Adjusted EBITDA and Adjusted EBITDA margin, the most directly comparable measures calculated and presented in accordance with GAAP. These non-GAAP measures are used by the company’s management and board of directors to understand and evaluate operating performance and trends and provide useful measures for period-to-period comparisons of the company’s business. Accordingly, the company believes that these non-GAAP measures provide useful information to investors and others in understanding and evaluating operating results in the same manner as our management and board of directors.

Conference Call

The company has scheduled a conference call to discuss its third quarter 2022 financial results and fourth quarter 2022 outlook today, November 4, 2022 at 8:30 a.m. EST. To access the call in the U.S. please dial 877-709-8150 or outside the U.S. dial 201-689-8354 at least five minutes prior to the 8:30 a.m. EST start time. No participant code is required. A simultaneous webcast of the call and accompanying presentation will be available via the investor relations section of the Protolabs website and the following link: https://edge.media-server.com/mmc/p/gfmzxbyg. A replay will be available for 14 days following the call on the investor relations section of the Protolabs website.

About Protolabs

Protolabs is the world’s leading provider of digital manufacturing services. The e-commerce-based company offers injection molding, CNC machining, 3D printing, and sheet metal fabrication to product developers, engineers, and supply chain teams across the globe. Protolabs serves customers using in-house production capabilities that bring unprecedented speed in tandem with Hubs, a Protolabs Company, which serves customers through its network of premium manufacturing partners. Together, they help companies bring new ideas to market with the fastest and most comprehensive digital manufacturing service in the world. Visit protolabs.com for more information.

Forward-Looking Statements

Statements contained in this press release regarding matters that are not historical or current facts are “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors which may cause the results of Protolabs to be materially different than those expressed or implied in such statements. Certain of these risk factors and others are described in the “Risk Factors” section within reports filed with the SEC. Other unknown or unpredictable factors also could have material adverse effects on Protolabs’ future results. The forward-looking statements included in this press release are made only as of the date hereof. Protolabs cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Protolabs expressly disclaims any intent or obligation to update any forward-looking statements to reflect subsequent events or circumstances.

Source: Proto Labs, Inc.

Investor Relations Contact

Protolabs

Ryan Johnsrud, 612-225-4873

Manager – Investor Relations and FP&A

ryan.johnsrud@protolabs.com

Media Contact

Protolabs

Brent Renneke, 763-479-7704

PR & Media Strategist

brent.renneke@protolabs.com

	September 30,		December 31,
	2022		2021
	(Unaudited)
Assets
Current assets
Cash and cash equivalents	$	59,361	$	65,929
Short-term marketable securities		25,253		11,580
Accounts receivable, net		80,611		80,051
Inventory		14,617		13,161
Income taxes receivable		763		1,321
Prepaid expenses and other current assets		11,752		11,450
Total current assets		192,357		183,492

Property and equipment, net		259,856		280,346
Goodwill		383,558		400,610
Other intangible assets, net		31,907		37,998
Long-term marketable securities		29,257		14,340
Operating lease assets		4,293		5,578
Finance lease assets		1,524		1,898
Other long-term assets		4,186		4,320
Total assets	$	906,938	$	928,582

Liabilities and shareholders' equity
Current liabilities
Accounts payable	$	16,893	$	25,364
Accrued compensation		15,087		13,704
Accrued liabilities and other		25,478		11,980
Current operating lease liabilities		1,773		3,298
Current finance lease liabilities		1,484		550
Income taxes payable		5		-
Total current liabilities		60,720		54,896

Long-term operating lease liabilities		2,477		2,245
Long-term finance lease liabilities		-		1,351
Long-term deferred tax liabilities		26,864		35,892
Other long-term liabilities		6,031		5,705

Shareholders' equity		810,846		828,493
Total liabilities and shareholders' equity	$	906,938	$	928,582

Proto Labs, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except share and per share amounts)
(Unaudited)

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2022			2021		2022			2021
Revenue
Injection Molding	$	48,940		$	57,685	$	155,693		$	172,212
CNC Machining		47,489			43,658		141,809			121,953
3D Printing		19,823			18,589		59,458			53,994
Sheet Metal		5,219			4,854		15,066			14,790
Other		250			556		765			1,567
Total revenue		121,721			125,342		372,791			364,516

Cost of revenue		68,089			70,018		205,933			197,237
Gross profit		53,632			55,324		166,858			167,279

Operating expenses
Marketing and sales		20,594			21,422		62,235			61,946
Research and development		9,309			10,614		29,316			33,855
General and administrative		16,477			16,361		49,770			44,186
Closure of Japan business		1,194			-		6,388			-
Total operating expenses		47,574			48,397		147,709			139,987
Income from operations		6,058			6,927		19,149			27,292
Other income (loss), net		(24	)		136		(323	)		(40	)
Income before income taxes		6,034			7,063		18,826			27,252
Provision for income taxes		2,083			2,228		7,223			5,790
Net income	$	3,951		$	4,835	$	11,603		$	21,462

Net income per share:
Basic	$	0.14		$	0.17	$	0.42		$	0.78
Diluted	$	0.14		$	0.17	$	0.42		$	0.77

Shares used to compute net income per share:
Basic		27,505,097			27,713,229		27,512,057			27,638,611
Diluted		27,508,217			27,730,105		27,522,734			27,707,784

Proto Labs, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)

	Nine Months Ended
	September 30,
	2022			2021
Operating activities
Net income	$	11,603		$	21,462
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		29,981			30,231
Stock-based compensation expense		13,335			15,539
Deferred taxes		(8,920	)		(139	)
Changes in fair value of contingent consideration		-			(8,513	)
Impairments related to closure of Japan business		2,842			-
Gain on disposal of property and equipment		(1,174	)		-
Other		11			442
Changes in operating assets and liabilities		3,886			(26,797	)
Net cash provided by operating activities		51,564			32,225

Investing activities
Purchases of property, equipment and other capital assets		(16,414	)		(27,956	)
Proceeds from sales of property, equipment and other capital assets		3,227			-
Cash used for acquisitions, net of cash acquired		-			(127,413	)
Purchases of marketable securities		(45,872	)		(15,159	)
Proceeds from sales of marketable securities		1,998			57,089
Proceeds from call redemptions and maturities of marketable securities		13,696			15,114
Net cash used in investing activities		(43,365	)		(98,325	)

Financing activities
Proceeds from exercises of stock options and other		2,311			3,838
Purchases of shares withheld for tax obligations		(1,615	)		(4,209	)
Repurchases of common stock		(13,074	)		(13,036	)
Principal repayments of finance lease obligations		(417	)		(413	)
Net cash used in financing activities		(12,795	)		(13,820	)
Effect of exchange rate changes on cash and cash equivalents		(1,972	)		119
Net decrease in cash and cash equivalents		(6,568	)		(79,801	)
Cash and cash equivalents, beginning of period		65,929			127,603
Cash and cash equivalents, end of period	$	59,361		$	47,802

Proto Labs, Inc.
Reconciliation of GAAP to Non-GAAP Net Income per Share
(In thousands, except share and per share amounts)
(Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2022			2021			2022			2021
Non-GAAP net income, adjusted for stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency, costs related to Japan closure activities and transaction costs
GAAP net income	$	3,951		$	4,835		$	11,603		$	21,462
Add back:
Stock-based compensation expense		4,907			4,978			13,335			15,539
Amortization expense		1,510			1,568			4,582			4,601
Unrealized (gain) loss on foreign currency		382			121			742			341
Costs related to Japan closure activities		1,194			-			6,388			-
Transaction costs ¹		-			(730	)		-			(5,870	)
Total adjustments ²		7,993			5,937			25,047			14,611
Income tax benefits on adjustments ³		(1,060	)		(1,063	)		(2,518	)		(4,639	)
Non-GAAP net income	$	10,884		$	9,709		$	34,132		$	31,434


Non-GAAP net income per share:
Basic	$	0.40		$	0.35		$	1.24		$	1.14
Diluted	$	0.40		$	0.35		$	1.24		$	1.13

Shares used to compute non-GAAP net income per share:
Basic		27,505,097			27,713,229			27,512,057			27,638,611
Diluted		27,508,217			27,730,105			27,522,734			27,707,784

	¹Transaction costs include direct costs incurred in the Company's acquisition of Hubs, Inc. and the impact of changes in the fair value of acquisition-related contingent consideration obligations.

	²Stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency, costs related to Japan closure activities and transaction costs were included in the following GAAP consolidated statement of operations categories:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021

Cost of revenue	$	902	$	986	$	2,701	$	2,974

Marketing and sales		929		1,059		2,479		2,841
Research and development		602		776		1,702		2,144
General and administrative		3,984		2,995		11,035		6,311
Closure of Japan business		1,194		-		6,388		-
Total operating expenses		6,709		4,830		21,604		11,296

Other (income) expense, net		382		121		742		341
Total adjustments	$	7,993	$	5,937	$	25,047	$	14,611

	³For the three- and nine-month periods ended September 30, 2022 and 2021, income tax effects were calculated using the effective tax rate for the relevant jurisdictions. The Company's non-GAAP tax rates differ from its GAAP tax rates due primarily to the mix of activity incurred in domestic and foreign tax jurisdictions and removing effective tax rate benefits from stock-based compensation activity in the quarter.

Proto Labs, Inc.
Reconciliation of GAAP to Non-GAAP Gross Margin
(In thousands)
(Unaudited)

	Three Months Ended						Nine Months Ended						Three Months Ended
	September 30,						September 30,						June 30,
	2022			2021			2022			2021			2022			2021
Revenue	$	121,721		$	125,342		$	372,791		$	364,516		$	126,902		$	123,048
Gross Profit		53,632			55,324			166,858			167,279			57,422			56,625
GAAP gross margin		44.1	%		44.1	%		44.8	%		45.9	%		45.2	%		46.0	%
Add back:
Stock-based compensation expense		560			644			1,674			1,947			528			668
Amortization expense		342			342			1,027			1,027			342			343
Total adjustments		902			986			2,701			2,974			870			1,011
Non-GAAP gross profit	$	54,534		$	56,310		$	169,559		$	170,253		$	58,292		$	57,636
Non-GAAP gross margin		44.8	%		44.9	%		45.5	%		46.7	%		45.9	%		46.8	%

Proto Labs, Inc.

Reconciliation of GAAP to Non-GAAP Gross Margin Excluding Japan

(In thousands)

(Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2022			2021			2022			2021
Revenue	$	121,721		$	125,342		$	372,791		$	364,516
Revenue excluding Japan	$	120,434		$	122,282		$	364,562		$	354,783
Gross Profit		53,632			55,324			166,858			167,279
GAAP gross margin		44.1	%		44.1	%		44.8	%		45.9	%
Less: Japan gross profit		47			1,151			3,150			3,845
Gross Profit excluding Japan		53,585			54,173			163,708			163,434
GAAP gross margin excluding Japan		44.5	%		44.3	%		44.9	%		46.1	%
Add back:
Stock-based compensation expense		560			644			1,674			1,947
Amortization expense		342			342			1,027			1,027
Less:
Japan stock-based compensation expense		13			26			61			70
Japan amortization expense		-			-			-			-
Total adjustments		889			960			2,640			2,904
Non-GAAP gross profit excluding Japan	$	54,474		$	55,133		$	166,348		$	166,338
Non-GAAP gross margin excluding Japan		45.2	%		45.1	%		45.6	%		46.9	%

Proto Labs, Inc.
Reconciliation of GAAP to Non-GAAP Operating Margin
(In thousands)
(Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2022			2021			2022			2021
Revenue	$	121,721		$	125,342		$	372,791		$	364,516
Income from operations		6,058			6,927			19,149			27,292
GAAP operating margin		5.0	%		5.5	%		5.1	%		7.5	%
Add back:
Stock-based compensation expense		4,907			4,978			13,335			15,539
Amortization expense		1,510			1,568			4,582			4,601
Transaction costs¹		-			(730	)		-			(5,870	)
Costs related to Japan closure activities		1,194			-			6,388			-
Total adjustments		7,611			5,816			24,305			14,270
Non-GAAP income from operations	$	13,669		$	12,743		$	43,454		$	41,562
Non-GAAP operating margin		11.2	%		10.2	%		11.7	%		11.4	%

	¹Transaction costs include direct costs incurred in the Company's acquisition of Hubs, Inc. and the impact of changes in the fair value of acquisition-related contingent consideration obligations.

Proto Labs, Inc.
Reconciliation of GAAP to Non-GAAP Operating Margin Excluding Japan
(In thousands)
(Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2022			2021			2022			2021
Revenue	$	121,721		$	125,342		$	372,791		$	364,516
Revenue excluding Japan	$	120,434		$	122,282		$	364,562		$	354,783
Income from operations		6,058			6,927			19,149			27,292
GAAP operating margin		5.0	%		5.5	%		5.1	%		7.5	%
Less: Japan income from operations		(724	)		(521	)		(720	)		(1,174	)
Income from operations excluding Japan		6,782			7,448			19,869			28,466
GAAP operating margin excluding Japan		5.6	%		6.1	%		5.5	%		8.0	%
Add back:
Stock-based compensation expense		4,907			4,978			13,335			15,539
Amortization expense		1,510			1,568			4,582			4,601
Transaction costs¹		-			(730	)		-			(5,870	)
Costs related to Japan closure activities		1,194			-			6,388			-
Less:
Japan stock-based compensation expense		89			160			386			464
Japan amortization expense		-			-			-			-
Total adjustments		7,522			5,656			23,919			13,806
Non-GAAP income from operations excluding Japan	$	14,304		$	13,104		$	43,788		$	42,272
Non-GAAP operating margin excluding Japan		11.9	%		10.7	%		12.0	%		11.9	%


	¹Transaction costs include direct costs incurred in the Company's acquisition of Hubs, Inc. and the impact of changes in the fair value of acquisition-related contingent consideration obligations.

Proto Labs, Inc.
Reconciliation of GAAP Net Income to EBITDA and Adjusted EBITDA
(In thousands)
(Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2022			2021			2022			2021
Revenue	$	121,721		$	125,342		$	372,791		$	364,516
GAAP net income		3,951			4,835			11,603			21,462
GAAP net income margin		3.2	%		3.9	%		3.1	%		5.9	%
Add back:
Amortization expense	$	1,510		$	1,568		$	4,582		$	4,601
Depreciation expense		8,197			8,536			25,399			25,630
Interest income, net		(265	)		(55	)		(459	)		(207	)
Tax expense		2,083			2,228			7,223			5,790
EBITDA		15,476			17,112			48,348			57,276
EBITDA Margin		12.7	%		13.7	%		13.0	%		15.7	%
Add back:
Stock-based compensation expense		4,907			4,978			13,335			15,539
Unrealized (gain) loss on foreign currency		382			121			742			341
Costs related to Japan closure activities		1,194			-			6,388			-
Transaction costs¹		-			(730	)		-			(5,870	)
Total adjustments		6,483			4,369			20,465			10,010
Adjusted EBITDA	$	21,959		$	21,481		$	68,813		$	67,286
Adjusted EBITDA Margin		18.0	%		17.1	%		18.5	%		18.5	%



	¹Transaction costs include direct costs incurred in the Company's acquisition of Hubs, Inc. and the impact of changes in the fair value of acquisition-related contingent consideration obligations.

Proto Labs, Inc.

Comparison of GAAP to Non-GAAP Revenue Growth by Region

(In thousands)

(Unaudited)

	Three Months Ended September 30, 2022								Three Months Ended September 30, 2021		%			%
	GAAP		Foreign Currency¹		Hubs Acquisition		Non-GAAP		GAAP		Change³			Change Organic⁴
Revenues
United States	$	98,970	$	-	$	-	$	98,970	$	100,127		(1.2	)%		(1.2	)%
Europe		21,464		3,789		-		25,253		22,155		(3.1	)		14.0
Japan		1,287		310		-		1,597		3,060		(57.9	)		(47.8	)
Total Revenue	$	121,721	$	4,099	$	-	$	125,820	$	125,342		(2.9	)%		0.4	%

	Nine Months Ended September 30, 2022									Nine Months Ended September 30, 2021		%			%
	GAAP		Foreign Currency¹		Hubs Acquisition²			Non-GAAP		GAAP		Change³			Change Organic⁴
Revenues
United States	$	295,121	$	-	$	(1,049	)	$	294,072	$	286,524		3.0	%		2.6	%
Europe		69,441		7,165		(1,279	)		75,327		68,259		1.7			10.4
Japan		8,229		1,226		-			9,455		9,733		(15.5	)		(2.9	)
Total Revenue	$	372,791	$	8,391	$	(2,328	)	$	378,854	$	364,516		2.3	%		3.9	%

¹ Revenue for the three- and nine-month periods ended September 30, 2022 has been recalculated using 2021 foreign currency exchange rates in effect during comparable periods to provide information useful in evaluating the underlying business trends excluding the impact of changes in foreign currency exchange rates.

² Revenue for the nine-month period ended September 30, 2022 has been recalculated to exclude revenue earned from the Company's acquisition of Hubs, Inc. for the period from January 1, 2022 to January 21, 2022 to provide information useful in evaluating the underlying business trends excluding the impact of acquisitions. The Hubs, Inc. acquisition occurred on January 22, 2021 and was included in 2021 revenue after that date.

³ This column presents the percentage change from GAAP revenue for the three- and nine-month periods ended September 30, 2021 to GAAP revenue for the three- and nine-month periods ended September 30, 2022.

⁴ This column presents the percentage change from GAAP revenue for the three- and nine-month periods ended September 30, 2021 to non-GAAP revenue for the three- and nine-month periods ended September 30, 2022 (as recalculated using the foreign currency exchange rates in effect during the three- and nine-month periods ended September 30, 2021, excluding the impact of Hubs, Inc. acquisition) in order to provide a constant-currency comparison.

Proto Labs, Inc.

Comparison of GAAP to Non-GAAP Revenue Growth by Service Line

(In thousands)

(Unaudited)

	Three Months Ended September 30, 2022								Three Months Ended September 30, 2021		%			%
	GAAP		Foreign Currency¹		Hubs Acquisition		Non-GAAP		GAAP		Change³			Change Organic⁴
Revenues
Injection Molding	$	48,940	$	1,677	$	-	$	50,617	$	57,685		(15.2	)%		(12.3	)%
CNC Machining		47,489		1,580		-		49,069		43,658		8.8			12.4
3D Printing		19,823		803		-		20,626		18,589		6.6			11.0
Sheet Metal		5,219		39		-		5,258		4,854		7.5			8.3
Other		250		-		-		250		556		(55.0	)		(55.0	)
Total Revenue	$	121,721	$	4,099	$	-	$	125,820	$	125,342		(2.9	)%		0.4	%

	Nine Months Ended September 30, 2022									Nine Months Ended September 30, 2021		%			%
	GAAP		Foreign Currency¹		Hubs Acquisition²			Non-GAAP		GAAP		Change³			Change Organic⁴
Revenues
Injection Molding	$	155,693	$	4,102	$	(189	)	$	159,606	$	172,212		(9.6	)%		(7.3	)%
CNC Machining		141,809		2,693		(1,637	)		142,865		121,953		16.3			17.1
3D Printing		59,458		1,553		(408	)		60,603		53,994		10.1			12.2
Sheet Metal		15,066		39		(84	)		15,021		14,790		1.9			1.6
Other		765		4		(10	)		759		1,567		(51.2	)		(51.6	)
Total Revenue	$	372,791	$	8,391	$	(2,328	)	$	378,854	$	364,516		2.3	%		3.9	%

Proto Labs, Inc.
Product Developer Information
(Unaudited)

Three Months Ended

Nine Months Ended

September 30,

2022

2021

2022

2021

Unique product developers and engineers served

23,816

23,457

47,793

46,687