Quarterly Revenue Increases 27% Year over
Year to $58.5 Million
Proto Labs, Inc. (NYSE: PRLB), a leading online and
technology-enabled, quick-turn, on-demand manufacturer, today
announced financial results for the first quarter ended March 31,
2015.
Highlights include:
- Revenue for the first quarter of 2015
increased to a record $58.5 million, 27 percent above revenue of
$46.1 million in the first quarter of 2014, and an increase of 31
percent versus the prior year in constant currencies.
- Revenue from additive services (3D
printing) through the FineLine acquisition completed last April
totaled $4.5 million in the first quarter, a 79 percent increase
compared to FineLine’s first quarter of 2014.
- Revenue growth was driven by a 44
percent increase in the number of unique product developers and
engineers served over the prior year period.
- Net income for the first quarter of
2015 was $10.5 million, or $0.40 per diluted share. Non-GAAP net
income, excluding the after tax expense of stock compensation,
amortization of intangibles, and non-cash unrealized foreign
currency losses, was $11.9 million, or $0.45 per diluted share. See
“Non-GAAP Financial Measure” below.
“We generated strong revenue growth in the first quarter, with
growth on a constant currency basis in all three of our
geographies,” said Vicki Holt, President and Chief Executive
Officer. “Revenue in North America grew 36%, reflecting strong
demand across our product lines and a significant contribution from
the additive business. Japan continues to perform well with revenue
up 44% on a constant currency basis and 23% as reported. Revenue in
Europe grew 10% in constant currencies, reflecting an increase in
the volume of units sold, while declining 5% as reported. During
the quarter, we served 11,000 unique product developers and
engineers, a 44% increase over the prior year.”
Additional Highlights include:
- Gross margin was 60.2 percent of
revenue for the first quarter of 2015 compared with 63.0 percent
during the same quarter last year and 59.9 percent in the fourth
quarter of 2014. Contributing to the year over year decline was a
lower gross margin on the additive business, representing
approximately 110 basis points, and a 220 basis point impact from
foreign currency exchange rates.
- GAAP operating margin was 27.1 percent
of revenue during the first quarter of 2015 compared to 31.4
percent for the first quarter of 2014 and 26.2 percent in the
fourth quarter of 2014.
- Cash generated from operations during
the first quarter totaled $15.4 million. Cash, cash equivalents and
investments totaled $137.2 million at March 31, 2015.
“We remain focused on the growth initiatives we established for
2015. We continue to invest in sales and marketing efforts, adding
staff in select areas, installing new sales and marketing
automation software and pursuing new approaches to expand awareness
and drive sales. Expansion of new materials and processes is
proceeding on plan. We completed the full launch of lathe-turned
parts in North America and Europe in the first quarter and while
early, we are pleased with its reception in the market. We are
excited about the potential for Proto Labs and continue to be
confident in the successful execution of our growth strategies to
drive revenue and enhanced profitability in 2015 and beyond,”
concluded Ms. Holt.
Non-GAAP Financial Measures
The company has included non-GAAP adjusted revenue growth that
excludes the impact of changes in foreign currency exchange rates
from total revenues in this press release to provide investors with
additional information regarding the company’s financial results.
Management believes this metric is useful in evaluating the
underlying business trends and ongoing operating performance of the
company.
The company has also included non-GAAP net income, adjusted for
stock-based compensation expense, amortization expense, and
non-cash unrealized foreign currency activity (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 a reconciliation of
non-GAAP net income to net income, the most directly comparable
measure calculated and presented in accordance with GAAP. Non-GAAP
net income 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 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 first
quarter financial results today, April 23, 2015 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 be available via the investor
relations section of the Proto Labs website and the following link:
http://edge.media-server.com/m/p/j3cc47as/lan/en. An audio replay
will be available for 14 days following the call on the investor
relations section of Proto Labs’ website.
About Proto Labs, Inc.
Proto Labs is a leading online and technology-enabled,
quick-turn, on-demand manufacturer of custom parts for prototyping
and short-run production. Proto Labs provides “Real Parts, Really
Fast” to product developers and engineers 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)
March 31, December
31, 2015 2014
(Unaudited) Assets Current assets Cash
and cash equivalents $ 52,553 $ 43,329 Short-term marketable
securities 29,055 30,706 Accounts receivable, net 28,382 24,226
Inventory 6,386 6,194 Other current assets 4,836
3,889 Total current assets 121,212 108,344 Property and
equipment, net 94,028 91,626 Long-term marketable securities 55,594
54,318 Goodwill 28,916 28,916 Other intangible assets, net 3,896
4,083 Other long-term assets 226 227 Total assets $
303,872 $ 287,514
Liabilities and shareholders'
equity Current liabilities Accounts payable $ 8,566 $ 7,882
Accrued compensation 7,865 6,067 Accrued liabilities and other
2,048 2,718 Income taxes payable 3,958 1,953 Current portion of
long-term debt obligations 95 139 Total current
liabilities 22,532 18,759 Long-term deferred tax liabilities
2,170 1,846 Long-term debt obligations
-
10 Other long-term liabilities 1,522 1,360 Shareholders'
equity 277,648 265,539 Total liabilities and
shareholders' equity $ 303,872 $ 287,514
Proto
Labs, Inc. Condensed Consolidated Statements of
Operations (In thousands, except share and per share
amounts) (Unaudited)
Three Months Ended March 31,
2015
2014
Revenue Protomold $ 37,618 $ 32,694 Firstcut 16,370 13,380 Fineline
4,548 - Total
revenue 58,536 46,074 Cost of revenue
23,282 17,050 Gross profit
35,254 29,024 Operating expenses Marketing and sales 8,854
6,417 Research and development 4,314 3,456 General and
administrative
6,245
4,703 Total operating expenses
19,413 14,576 Income from
operations 15,841 14,448 Other income (expense), net
(457 ) 103 Income
before income taxes 15,384 14,551 Provision for income taxes
4,931 4,449 Net income
$ 10,453 $
10,102 Net income per share: Basic
$ 0.40 $
0.40 Diluted
$ 0.40
$ 0.39 Shares used to compute net
income per share: Basic 25,850,274 25,573,851 Diluted 26,214,204
26,091,069
Proto Labs, Inc. Condensed
Consolidated Statements of Cash Flows (In thousands)
(Unaudited) Three Months
Ended March 31, 2015 2014
Operating activities Net income $ 10,453 $ 10,102
Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation and amortization 3,399 2,106
Stock-based compensation expense 1,342 998 Deferred taxes 343 107
Excess tax benefit from stock-based compensation (510 ) (897 )
Amortization of held-to-maturity securities 305 482 Changes in
operating assets and liabilities
85
2,368 Net cash provided by operating
activities
15,417
15,266 Investing activities
Purchases of property and equipment (6,230 ) (9,892 ) Purchases of
marketable securities (11,575 ) (32,385 ) Proceeds from sales and
maturities of marketable securities
11,646
26,590 Net cash used in investing
activities
(6,159 )
(15,687 ) Financing
activities Payments on debt (49 ) (50 ) Acquisition-related
contingent consideration (1,000 ) - Proceeds from exercises of
stock options and other 878 665 Excess tax benefit from stock-based
compensation
510 897
Net cash provided by financing activities
339 1,512 Effect of
exchange rate changes on cash and cash equivalents
(373 ) 71
Net increase in cash and cash equivalents 9,224 1,162
Cash and cash equivalents, beginning of period
43,329 43,039
Cash and cash equivalents, end of period $
52,553 $ 44,201
Proto Labs, Inc. Reconciliation of
GAAP to Non-GAAP Financial Measure (In thousands, except
share and per share amounts) (Unaudited)
Three Months Ended March
31,
2015
2014
Non-GAAP net income, adjusted for stock-based compensation expense,
amortization expense and unrealized loss (gain) on foreign
currency: GAAP net income $ 10,453 $ 10,102 Add back: Stock-based
compensation expense Cost of revenue 111 82 Marketing and sales 236
195 Research and development 294 215 General and administrative
701 506
Total stock-based compensation expense
1,342 998 Income tax benefits on stock-based compensation expense
(406 ) (312
) Non-GAAP net income adjusted for stock-based
compensation expense
11,389
10,788 Add back: Amortization expense General
and administrative 186 - Income tax benefits on amortization
expense
(65 )
- Non-GAAP net income adjusted for stock-based
compensation and amortization expenses
11,510
10,788 Add back: Unrealized loss
(gain) on foreign currency Other income (expense), net 453 (13 )
Income tax benefits on unrealized loss (gain) on foreign currency
(97 ) 4
Non-GAAP net income adjusted for stock-based compensation expense,
amortization expense and unrealized loss (gain) on foreign currency
$ 11,866 $
10,779 Non-GAAP net income per
share: Basic
$ 0.46 $
0.42 Diluted
$ 0.45
$ 0.41 Shares used
to compute non-GAAP net income per share: Basic 25,850,274
25,573,851 Diluted 26,214,204 26,091,069
Proto
Labs, Inc. Comparison of GAAP to Non-GAAP Revenue Growth
(In thousands) (Unaudited)
Three Months Ended %
Change March 31, % Constant
2015
2014
Change
Currencies1 Revenues United
States $ 47,429 $ 34,984 35.6 % 35.6 % Europe 8,781 9,205 -4.6 %
10.3 % Japan
2,326 1,885
23.4 % 43.5 %
Total Revenue
$ 58,536 $
46,074 27.0 %
30.9 %
1 First quarter 2015 growth has been recalculated using first
quarter 2014 foreign currency exchange rates to provide information
useful in evaluating the underlying business trends excluding the
impact of changes in foreign currency exchange rates.
Proto Labs, Inc. Revenue by Geography - Based on
Shipping Location (In thousands) (Unaudited)
Three Months Ended
March 31,
2015
2014
Revenues Domestic United States $ 44,845 $ 33,022 International
Europe 8,781 9,205 Japan 2,326 1,885 United States
2,584 1,962 Total international
13,691 13,052 Total revenue
$ 58,536 $
46,074 Proto Labs, Inc.
Product Developer Information (Unaudited)
Three Months Ended March 31,
2015 2014 Unique product
developers and engineers served
11,009
7,669
For Proto Labs, Inc.Investor Relations:John Way,
763-479-7726john.way@protolabs.comorJenifer Kirtland,
408-656-9496jkirtland@evcgroup.comorMedia Relations:Bill Dietrick,
763-479-7664bill.dietrick@protolabs.com
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