Quarterly Revenue Increases 30% Year over
Year to $54.6 Million
Year-to-Date Revenue Increases 29% Year over
Year to $153.5 Million
Proto Labs, Inc. (NYSE:PRLB), a leading online and
technology-enabled quick-turn manufacturer, today announced
financial results for the third quarter ended September 30,
2014.
Highlights include:
- Revenue for the third quarter of 2014
increased to a record $54.6 million, 30 percent above revenue of
$42.0 million in the third quarter of 2013.
- Revenue for the third quarter of 2014
from additive services (3D printing) through the Fineline
acquisition completed last April increased to $3.4 million, a 38%
increase when compared to Fineline’s third quarter of 2013.
- The record quarterly revenue was
achieved through a 19 percent increase in the number of product
developers served combined with an increase of 3 percent in
spending per product developer.
- Net income for the third quarter of
2014 increased to $10.4 million, or $0.40 per diluted share.
Non-GAAP net income, excluding the after tax expense of stock
compensation and amortization of intangibles, was $11.4 million, or
$0.44 per diluted share. See “Non-GAAP Financial Measure”
below.
“We achieved strong revenue growth in the third quarter,
especially in light of the weakness we experienced in our European
markets. While our European business was flat compared to the
previous year, our North American business excluding our Fineline
operation grew 26 percent,” said Vicki Holt, President and Chief
Executive Officer of Proto Labs. “We continue to add to our sales
and marketing teams worldwide as we believe this will drive further
revenue growth. In addition, best practices developed by our US
marketing team are being incorporated throughout all our
international operations to ensure consistent lead generation and
customer awareness. We remain extremely optimistic about the
outlook for Proto Labs and continue to make investments in the
business to drive sustainable growth long term.”
Additional highlights include:
- Gross margin was 60.6 percent of
revenue during the third quarter of 2014 compared with 61.8 percent
during the same quarter in 2013.
- During the third quarter of 2014,
spending on research and development, including the Protoworks
initiatives and integration activities related to Fineline, totaled
$4.6 million, or 8.3 percent of revenue. This compares to $3.0
million, or 7.2 percent of revenue, during the third quarter of
2013.
- Operating margin was 28.3 percent of
revenue during the third quarter of 2014 compared to 31.9 percent
during the third quarter of 2013.
- As measured on a year-to-date basis,
cash generated from operations totaled $40 million. Cash, cash
equivalents and investments totaled $119 million as of September
30, 2014.
“We remain on track with our integration of Fineline and
continue to see the value of our additive offering combined with
our legacy services of injection molding and CNC machining,”
commented Ms. Holt. “The new services we have rolled out this year
through our Protoworks initiatives, LSR molding and metal injection
molding, have been well-received and remain on track to provide
more meaningful revenue in 2015. In summary, I continue to be
impressed with the high-level of accomplishments of all our teams
and am confident our activities will continue to support our
long-term target model.”
Non-GAAP Financial Measure
The company has included non-GAAP net income, 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 provided
below a reconciliation of non-GAAP net income, adjusted for
stock-based compensation expense and amortization expense, to net
income, the most directly comparable measure calculated and
presented in accordance with GAAP. Non-GAAP net income, adjusted
for stock-based compensation expense and amortization expense, is
used by the company’s management and board of directors to
understand and evaluate operating performance and trends and
provides a useful measure for period-to-period comparisons of the
company’s business. Accordingly, the company believes that non-GAAP
net income, adjusted for stock-based compensation expense and
amortization expense, provides 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 financial results today, October 23, 2014 at 8:30 a.m. ET.
To access the call in the U.S. please dial 877-709-8150. Outside
the U.S. please dial 201-689-8354. No participant code is required.
A simultaneous webcast of the call will also be available on the
investor relations section of the company’s website at
www.protolabs.com/investors. An audio replay will be available for
14 days following the call on the investor relations website of
Proto Lab’s website.
About Proto Labs, Inc.
Proto Labs is a leading online and technology-enabled quick-turn
manufacturer of custom parts for prototyping and short-run
production. Proto Labs provides “Real Parts, Really Fast” to
product developers worldwide. Proto Labs utilizes computer
numerical control (CNC) machining, injection molding, and additive
manufacturing (3D printing), to manufacture custom parts for our
customers. For more information, visit protolabs.com.
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 Proto Labs 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 Proto Labs’ future results.
The forward-looking statements included in this press release are
made only as of the date hereof. Proto Labs cannot guarantee future
results, levels of activity, performance or achievements.
Accordingly, you should not place undue reliance on these
forward-looking statements. Finally, Proto Labs expressly disclaims
any intent or obligation to update any forward-looking statements
to reflect subsequent events or circumstances.
Proto Labs, Inc. Condensed Consolidated Balance
Sheets (In thousands)
September 30, December 31, 2014
2013 (Unaudited)
Assets Current assets Cash and cash equivalents $ 34,268 $
43,039 Short-term marketable securities 24,212 36,339 Accounts
receivable, net 25,460 18,320 Inventory 5,705 5,166 Other current
assets 7,953 6,931 Total current assets 97,598
109,795 Property and equipment, net 87,962 56,101 Long-term
marketable securities 60,449 64,023 Goodwill 28,916 - Other
intangible assets, net 4,269 - Other long-term assets 232
256 Total assets $ 279,426 $ 230,175
Liabilities
and shareholders' equity Current liabilities Accounts payable $
7,973 $ 6,455 Accrued compensation 8,154 6,196 Accrued liabilities
and other 3,804 808 Current portion of long-term debt obligations
164 204
Total current liabilities
20,095 13,663 Long-term deferred tax liabilities 4,112 3,682
Long-term debt obligations 42 159 Other long-term liabilities 854
1,028 Shareholders' equity 254,323 211,643
Total liabilities and shareholders' equity $ 279,426 $ 230,175
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, 2014
2013 2014
2013 Revenue Protomold $ 35,655 $ 29,534 $
104,604 $ 84,338 Firstcut 15,549 12,474 43,407 34,732 Fineline
3,370 -
5,503 - Total revenue
54,574 42,008 153,514 119,070 Cost of revenue
21,492 16,053
58,725 44,983 Gross profit
33,082 25,955 94,789 74,087 Operating expenses Marketing and
sales 7,351 5,409 21,029 16,222 Research and development 4,555
3,026 11,925 8,405 General and administrative
5,733 4,118
15,970 12,035 Total
operating expenses
17,639
12,553 48,924
36,662 Income from operations 15,443 13,402 45,865
37,425 Other income (expense), net
(56
) 31 (19
) 149 Income before income taxes
15,387 13,433 45,846 37,574 Provision for income taxes
5,003 4,561
14,404 11,804 Net income
$ 10,384 $
8,872 $ 31,442
$ 25,770 Net income per share:
Basic
$ 0.40 $
0.35 $ 1.23
$ 1.03 Diluted
$
0.40 $ 0.34
$ 1.20 $
1.00 Shares used to compute net income per
share: Basic 25,757,593 25,384,940 25,651,156 25,121,941 Diluted
26,200,741 26,002,240 26,109,539 25,794,950
Proto Labs, Inc. Condensed Consolidated Statements of
Cash Flows (In thousands) (Unaudited)
Nine Months Ended September 30,
2014 2013 Operating activities Net
income $ 31,442 $ 25,770 Adjustments to reconcile net income to net
cash provided by operating activities: Depreciation and
amortization 7,696 5,528 Stock-based compensation expense 3,561
2,595 Deferred taxes 487 (61 ) Excess tax benefit from stock-based
compensation (4,383 ) (8,198 ) Amortization of held-to-maturity
securities 1,194 1,007 Loss on disposal of property and equipment -
111 Changes in operating assets and liabilities
7 8,148 Net cash
provided by operating activities
40,004
34,900 Investing
activities Purchases of property and equipment (35,928 )
(12,976 ) Acquisitions, net of cash acquired (33,864 ) - Purchases
of marketable securities (47,338 ) (82,657 ) Proceeds from sales
and maturities of marketable securities
61,896
50,663 Net cash used in investing
activities
(55,234 )
(44,970 ) Financing
activities Payments on debt (1,005 ) (211 ) Acquisition-related
contingent consideration (800 ) - Proceeds from exercises of stock
options and other 3,962 4,635 Excess tax benefit from stock-based
compensation
4,383
8,198 Net cash provided by financing activities
6,540 12,622
Effect of exchange rate changes on cash and cash equivalents
(81 ) 71
Net increase (decrease) in cash and cash equivalents (8,771
) 2,623
Cash and cash equivalents, beginning of period
43,039 36,759
Cash and cash equivalents, end of period $
34,268 $ 39,382
Proto Labs, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measure (In
thousands, except share and per share amounts)
(Unaudited) Three
Months Ended Nine Months Ended September 30,
2014 September 30, 2014
Non-GAAP net income, adjusted for
stock-based compensation and amortization expenses:
GAAP net income $ 10,384 $ 31,442 Add back: Stock-based
compensation expense Cost of revenue 103 282 Marketing and sales
250 685 Research and development 287 770 General and administrative
673 1,824
Total stock-based compensation expense 1,313 3,561 Income tax
benefits on stock-based compensation expense
(417 ) (1,128
) Non-GAAP net income adjusted for stock-based
compensation expense
11,280
33,875 Add back: Amortization expense General
and administrative 186 311 Income tax benefits on amortization
expense
(65 )
(109 )
Non-GAAP net income adjusted for
stock-based compensation and amortization expenses
$ 11,401 $
34,077 Non-GAAP net income per share:
Basic
$ 0.44 $
1.33 Diluted
$ 0.44
$ 1.31 Shares used
to compute non-GAAP net income per share: Basic 25,757,593
25,651,156 Diluted 26,200,741 26,109,539
Proto Labs, Inc. Revenue by Geography - Based on
Shipping Location (In thousands) (Unaudited)
Three Months Ended
Nine Months Ended September 30, 2014
September 30, 2014 Revenues Domestic United
States $ 40,822 $ 113,810 International Europe 9,333 27,523 Japan
1,878 5,210 United States
2,541
6,971 Total international
13,752
39,704 Total revenue
$
54,574 $ 153,514
Proto Labs, Inc. Customer Information (In
thousands, except customer amounts) (Unaudited)
Nine Months
Ended September 30, 2014 2013 Number of
Number of Customers Revenue ($)
Customers Revenue ($) New customers -
Protomold and Firscut 2,564 $ 16,054 2,261 $ 14,636 Existing
customers - Protomold and Firscut
6,154
131,957 5,315 104,434
Total
8,718 $ 148,011
7,576 $ 119,070
Note: the data above does not include
customers who purchased Fineline products during the periods
presented
Proto Labs, Inc. Product
Developer Information (Unaudited)
Three Months Ended
Nine Months Ended September 30, September 30,
2014 2013 2014 2013 Unique
product developers served - Protomold and Firscut
8,680 7,308 15,942
13,421
Note: the
data above does not include product developers who purchased
Fineline products during the periods presented
For Proto Labs, Inc.Investor Relations:Jack Judd,
763-479-7408jack.judd@protolabs.comorJenifer Kirtland,
408-656-9496jkirtland@evcgroup.comorMedia Relations:Bill
Dietrick, 763-479-7664bill.dietrick@protolabs.com
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