0001443669FALSE00014436692024-02-092024-02-09

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 9, 2024
Proto Labs, Inc.
(Exact name of registrant as specified in its charter)
Minnesota001-3543541-1939628
(State or other jurisdiction
of incorporation)		(Commission File Number)(IRS Employer
Identification Number)
5540 Pioneer Creek Drive
Maple Plain, Minnesota
55359
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code:
(763) 479-3680
Not Applicable
(Former name or former address, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, Par Value $0.001 Per SharePRLBNew York Stock Exchange
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02.Results of Operations and Financial Condition.
On February 9, 2024, Proto Labs, Inc. issued a press release announcing its fourth quarter and full year 2023 financial results. A copy of the press release is furnished as Exhibit 99.1 to this report and incorporated herein by reference.
Item 9.01.Financial Statements and Exhibits.
(d)Exhibits
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Proto Labs, Inc.
Date:
February 9, 2024
By:/s/ Daniel Schumacher
Daniel Schumacher
Chief Financial Officer


Exhibit 99.1
logo1a.jpg
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Protolabs Reports Financial Results for the Fourth Quarter and Full Year 2023
Revenue of $125 Million in the Fourth Quarter of 2023
Record Annual Revenue of $504 Million in 2023
MINNEAPOLIS, Minn. – February 9, 2024 – Proto Labs, Inc. ("Protolabs" or the "Company") (NYSE: PRLB), the world’s leading provider of digital manufacturing services, today announced financial results for the fourth quarter and full year ended December 31, 2023.
Fourth Quarter 2023 Financial Highlights:
•Revenue was $125.0 million, an 8.2% increase compared to the fourth quarter of 2022.
•Revenue generated from Protolabs Network was $22.5 million, a 52.0% increase compared to the fourth quarter of 2022.
•Net income was $7.0 million, or $0.27 per diluted share, compared to a net loss of $4.24 per diluted share in the fourth quarter of 2022.
•Non-GAAP net income was $11.8 million, or $0.46 per diluted share, compared to $7.0 million, or $0.26 per diluted share, in the fourth quarter of 2022. See “Non-GAAP Financial Measures” below.
•EBITDA was $18.3 million, or 14.6% of revenue. See “Non-GAAP Financial Measures” below.
•Adjusted EBITDA was $22.3 million, or 17.8% of revenue, compared to $14.5 million, or 12.5% of revenue, in the fourth quarter of 2022. See “Non-GAAP Financial Measures” below.
Full Year 2023 Financial Highlights:
•Revenue was a record $503.9 million, representing a 3.2% increase over 2022.
•Revenue generated from Protolabs Network was $82.6 million in 2023, representing growth of 70.4% over the prior year.
•Net income was $17.2 million, or $0.66 per diluted share, compared to a net loss of $3.77 per diluted share in 2022.
•Non-GAAP net income was $41.6 million, or $1.59 per diluted share, compared to $41.1 million, or $1.50 per diluted share, in 2022. See “Non-GAAP Financial Measures” below.
•EBITDA was $63.2 million, or 12.6% of revenue, in 2023. See “Non-GAAP Financial Measures” below.
•Adjusted EBITDA was $83.2 million, or 16.5% of revenue, in 2023. See “Non-GAAP Financial Measures” below.
•Cash flow from operations was $73.3 million in 2023, compared to $62.1 million in 2022.
•The Company repurchased $44.0 million in common shares during the year.
•Protolabs served 53,464 customer contacts during the year.

"We capped off a record year with strong fourth quarter results, driven by consistent execution against our priorities,” said Rob Bodor, President and Chief Executive Officer. “For the full year, we generated revenue above $500 million for the first time in our 25-year history, while delivering improved earnings, robust cash flow, and substantial capital returned to shareholders. We are encouraged by our strong finish to 2023, and we believe we have the right strategy and priorities in place to continue our momentum throughout 2024. We remain focused on driving positive global impact, maintaining our industry-leading financial model, and increasing value for our shareholders."



Dan Schumacher, Chief Financial Officer, commented, "Along with record revenue in 2023, we significantly improved profitability in both the digital factory and the digital network. We generated an industry-leading $73 million in cash from operations, and we paid 97% of our free cash flows to shareholders through share repurchases."

First Quarter 2024 Outlook

The Company will continue to provide financial guidance on a quarterly basis due to the quick-turn nature of the business and continued uncertainty in global manufacturing.

For the first quarter of 2024, the Company expects to generate revenue between $120 million and $128 million. This guidance reflects a softer start to 2024, due to December 2023 and early January 2024 order levels being lower than historical periods. However, recent performance has been more in line with historical trends, and our guidance assumes that will continue through the end of March.

The Company expects first quarter 2024 diluted net income per share between $0.09 and $0.17, and non-GAAP diluted net income per share between $0.26 and $0.34. See "Non-GAAP Financial Measures" below.
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 (collectively, “non-GAAP revenue growth”). Management believes these metrics, when viewed in conjunction with the comparable GAAP 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, goodwill impairment and costs related to the Japan closure activities (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, goodwill impairment and costs related to the Japan closure activities (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, goodwill impairment and costs related to the closure of Japan (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, goodwill impairment and costs related to the Japan closure activities (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, goodwill impairment and costs related to the closure of Japan (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 fourth quarter and full year 2023 financial results and first quarter 2024 outlook today, February 9, 2024 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/vyeizwtx/. 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 fastest and most comprehensive digital manufacturing service in the world. Our digital factories produce low-volume parts in days while Protolabs Network unlocks advanced capabilities and volume pricing through its highly vetted manufacturing partners. The result? One manufacturing source—from prototyping to production—for product developers, engineers, and supply chain teams across the globe. See what's next at 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 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 Contacts
Protolabs
Ryan Johnsrud, 612-225-4873
Manager – Investor Relations and FP&A
ryan.johnsrud@protolabs.com

Gateway Group, Inc.
949-574-3860
PRLB@gateway-grp.com
Media Contact
Protolabs
Brent Renneke, 763-479-7704
Marketing Communications Manager
brent.renneke@protolabs.com


Proto Labs, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
December 31,
2023		December 31,
2022
(Unaudited)
Assets
Current assets
Cash and cash equivalents$83,790 $56,558 
Short-term marketable securities19,013 23,568 
Accounts receivable, net72,848 76,225 
Inventory13,657 13,578 
Income taxes receivable2,228 4,042 
Prepaid expenses and other current assets9,124 12,597 
Total current assets200,660 186,568 
Property and equipment, net253,655 257,785 
Goodwill273,991 273,991 
Other intangible assets, net25,584 31,250 
Long-term marketable securities8,019 26,419 
Operating lease assets4,628 3,844 
Finance lease assets960 17,532 
Other long-term assets4,856 4,779 
Total assets$772,353 $802,168 
Liabilities and shareholders' equity  
Current liabilities  
Accounts payable$15,636 $17,356 
Accrued compensation15,292 12,743 
Accrued liabilities and other16,872 22,384 
Current operating lease liabilities1,585 1,561 
Current finance lease liabilities296 17,537 
Total current liabilities49,681 71,581 
Long-term operating lease liabilities3,008 2,255 
Long-term finance lease liabilities595 — 
Long-term deferred tax liabilities18,742 26,322 
Other long-term liabilities5,032 4,362 
Shareholders' equity695,295 697,648 
Total liabilities and shareholders' equity$772,353 $802,168 


Proto Labs, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except share and per share amounts)
(Unaudited)
Three Months Ended
December 31,		Twelve Months Ended
December 31,
2023202220232022
Revenue
Injection Molding$51,486 $44,885 $203,941 $200,578 
CNC Machining48,905 46,563 198,222 188,372 
3D Printing20,339 19,530 84,291 78,988 
Sheet Metal4,062 4,432 16,540 19,498 
Other Revenue256 197 883 962 
Total Revenue125,048 115,607 503,877 488,398 
Cost of revenue69,236 67,000 281,884 272,933 
Gross profit55,812 48,607 221,993 215,465 
Operating expenses
Marketing and sales21,825 20,517 87,688 82,752 
Research and development9,488 8,906 40,135 38,222 
General and administrative16,075 17,774 65,788 67,544 
Goodwill impairment— 118,008 — 118,008 
Closure of Japan business29 534 215 6,922 
Total operating expenses47,417 165,739 193,826 313,448 
Income (loss) from operations8,395 (117,132)28,167 (97,983)
Other income (loss), net1,543 429 (215)106 
Income (loss) before income taxes9,938 (116,703)27,952 (97,877)
Provision for income taxes2,948 (1,638)10,732 5,585 
Net income (loss)$6,990 $(115,065)$17,220 $(103,462)
Net income (loss) per share:
Basic$0.27 $(4.24)$0.66 $(3.77)
Diluted$0.27 $(4.24)$0.66 $(3.77)
Shares used to compute net income (loss) per share:
Basic25,820,80227,136,82126,186,53327,409,838
Diluted25,889,00427,136,82126,223,49827,409,838


Proto Labs, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Twelve Months Ended
December 31,
20232022
Operating activities
Net income (loss)$17,220 $(103,462)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization37,528 39,425 
Stock-based compensation expense15,989 17,545 
Deferred taxes(7,656)(9,499)
Interest on finance lease obligations1,055 — 
Loss on impairment of goodwill— 118,008 
Loss on foreign currency translation3,906 — 
Impairments related to closure of Japan business— 2,842 
Gain on disposal of property and equipment(498)(1,211)
Other154 35 
Changes in operating assets and liabilities5,576 (1,604)
Net cash provided by operating activities73,274 62,079 
Investing activities
Purchases of property, equipment and other capital assets(28,116)(21,686)
Proceeds from sales of property, equipment and other capital assets699 4,108 
Purchases of marketable securities— (46,872)
Purchases of other assets and investments(1,000)— 
Proceeds from sales of marketable securities— 1,998 
Proceeds from call redemptions and maturities of marketable securities23,865 19,360 
Net cash used in investing activities(4,552)(43,092)
Financing activities
Proceeds from exercises of stock options3,835 3,950 
Purchases of shares withheld for tax obligations(1,436)(1,682)
Repurchases of common stock(43,951)(29,659)
Principal repayments of finance lease obligations(306)(531)
Net cash used in financing activities(41,858)(27,922)
Effect of exchange rate changes on cash and cash equivalents368 (436)
Net increase (decrease) in cash and cash equivalents27,232 (9,371)
Cash and cash equivalents, beginning of period56,558 65,929 
Cash and cash equivalents, end of period$83,790 $56,558 


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
December 31,		Twelve Months Ended
December 31,
2023202220232022
Non-GAAP net income (loss), adjusted for stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency, goodwill impairment and costs related to Japan closure activities
GAAP net income (loss)$6,990 $(115,065)$17,220 $(103,462)
Add back:
Stock-based compensation expense4,178 4,210 15,989 17,545 
Amortization expense1,457 1,514 5,928 6,096 
Unrealized (gain) loss on foreign currency(211)(490)(125)252 
Goodwill impairment— 118,008 — 118,008 
Costs related to Japan closure activities29 534 4,122 6,922 
Total adjustments 1
5,453 123,776 25,914 148,823 
Income tax benefits on adjustments 2
(609)(1,753)(1,540)(4,271)
Non-GAAP net income$11,834 $6,958 $41,594 $41,090 
Non-GAAP net income per share:
Basic$0.46 $0.26 $1.59 $1.50 
Diluted$0.46 $0.26 $1.59 $1.50 
Shares used to compute non-GAAP net income per share:
Basic25,820,80227,136,82126,186,53327,409,838
Diluted25,889,00427,151,99126,223,49827,433,257
1Stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency, goodwill impairment and costs related to Japan closure activities were included in the following GAAP consolidated statement of operations categories:
Three Months Ended
December 31,		Twelve Months Ended
December 31,
2023202220232022
Cost of revenue$794 $840 $3,210 $3,541 
Marketing and sales916 816 3,424 3,295 
Research and development669 488 2,557 2,190 
General and administrative3,256 3,580 12,727 14,615 
Goodwill impairment- 118,008 - 118,008 
Closure of Japan business29 534 215 6,922 
Total operating expenses4,870 123,426 18,923 145,030 
Other income (loss), net(211)(490)3,781 252 
Total adjustments$5,453 $123,776 $25,914 $148,823 
2For the three and twelve months ended December 31, 2023 and 2022, 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
December 31,		Twelve Months Ended
December 31,
2023202220232022
Revenue$125,048 $115,607 $503,877 $488,398 
Gross profit55,812 48,607 221,993 215,465 
GAAP gross margin44.6 %42.0 %44.1 %44.1 %
Add back:  
Stock-based compensation expense452 498 1,840 2,172 
Amortization expense342 342 1,370 1,369 
Total adjustments794 840 3,210 3,541 
Non-GAAP gross profit$56,606 $49,447 $225,203 $219,006 
Non-GAAP gross margin45.3 %42.8 %44.7 %44.8 %
Proto Labs, Inc.
Reconciliation of GAAP to Non-GAAP Gross Margin Excluding Japan
(In thousands)
(Unaudited)
Three Months Ended
December 31,		Twelve Months Ended
December 31,
2023202220232022
Revenue$125,048 $115,607 $503,877 $488,398 
Revenue excluding Japan$125,048 $115,607 $503,877 $480,169 
Gross profit55,812 48,607 221,993 215,465 
GAAP gross margin44.6 %42.0 %44.1 %44.1 %
Less: Japan gross profit— (93)— 3,057 
Gross Profit excluding Japan55,812 48,700 221,993 212,408 
GAAP gross margin excluding Japan44.6 %42.1 %44.1 %44.2 %
Add back:
Stock-based compensation expense452 498 1,840 2,172 
Amortization expense342 342 1,370 1,369 
Less:
Japan stock-based compensation expense— — — 61 
Japan amortization expense— — — — 
Total adjustments794 840 3,210 3,480 
Non-GAAP gross profit excluding Japan$56,606 $49,540 $225,203 $215,888 
Non-GAAP gross margin excluding Japan45.3 %42.9 %44.7 %45.0 %


Proto Labs, Inc.
Reconciliation of GAAP to Non-GAAP Operating Margin
(In thousands)
(Unaudited)
Three Months Ended
December 31,		Twelve Months Ended
December 31,
2023202220232022
Revenue$125,048 $115,607 $503,877 $488,398 
Income (loss) from operations8,395 (117,132)28,167 (97,983)
GAAP operating margin6.7 %(101.3 %)5.6 %(20.1 %)
Add back:
Stock-based compensation expense4,178 4,210 15,989 17,545 
Amortization expense1,457 1,514 5,928 6,096 
Goodwill impairment— 118,008 — 118,008 
Costs related to Japan closure activities29 534 215 6,922 
Total adjustments5,664 124,266 22,132 148,571 
Non-GAAP income from operations$14,059 $7,134 $50,299 $50,588 
Non-GAAP operating margin11.2 %6.2 %10.0 %10.4 %


Proto Labs, Inc.
Reconciliation of GAAP to Non-GAAP Operating Margin Excluding Japan
(In thousands)
(Unaudited)
Three Months Ended
December 31,		Twelve Months Ended
December 31,
2023202220232022
Revenue$125,048 $115,607 $503,877 $488,398 
Revenue excluding Japan$125,048 $115,607 $503,877 $480,169 
Income (loss) from operations8,395 (117,132)28,167 (97,983)
GAAP operating margin6.7 %(101.3 %)5.6 %(20.1 %)
Less: Japan (loss) income from operations(18)(594)(499)(1,424)
Income from operations excluding Japan8,413 (116,538)28,666 (96,559)
GAAP operating margin excluding Japan6.7 %(100.8 %)5.7 %(20.1 %)
Add back:
Stock-based compensation expense4,178 4,210 15,989 17,545 
Amortization expense1,457 1,514 5,928 6,096 
Goodwill impairment— 118,008 — 118,008 
Costs related to Japan closure activities29 534 215 6,922 
Less:
Japan stock-based compensation expense— 20 17 406 
Japan amortization expense— — — — 
Total adjustments5,664 124,246 22,115 148,165 
Non-GAAP income from operations excluding Japan$14,077 $7,708 $50,781 $51,606 
Non-GAAP operating margin excluding Japan11.3 %6.7 %10.1 %10.7 %


Proto Labs, Inc.
Reconciliation of GAAP Net Income (Loss) to EBITDA and Adjusted EBITDA
(In thousands)
(Unaudited)
Three Months Ended
December 31,		Twelve Months Ended
December 31,
2023202220232022
Revenue$125,048 $115,607 $503,877 $488,398 
GAAP net income (loss)6,990 (115,065)17,220 (103,462)
GAAP net income margin5.6 %(99.5 %)3.4 %(21.2 %)
Add back:
Amortization expense$1,457 $1,514 $5,928 $6,096 
Depreciation expense7,858 7,930 31,600 33,329 
Interest income, net(951)(509)(2,234)(968)
Provision for income taxes2,948 (1,638)10,732 5,585 
EBITDA18,302 (107,768)63,246 (59,420)
EBITDA Margin14.6 %(93.2 %)12.6 %(12.2 %)
Add back:
Stock-based compensation expense4,178 4,210 15,989 17,545 
Unrealized (gain) loss on foreign currency(211)(490)(125)252 
Goodwill impairment— 118,008 — 118,008 
Costs related to Japan closure activities29 534 4,122 6,922 
Total adjustments3,996 122,262 19,986 142,727 
Adjusted EBITDA$22,298 $14,494 $83,232 $83,307 
Adjusted EBITDA Margin17.8 %12.5 %16.5 %17.1 %


Proto Labs, Inc.
Comparison of GAAP to Non-GAAP Revenue Growth by Region
(In thousands)
(Unaudited)
Three Months Ended
December 31, 2023		Three Months Ended December 31, 2022
%
Change2
% Change
Organic3
GAAP
Foreign
Currency1
Non-GAAPGAAP
Revenues
United States$98,814 $— $98,814 $92,278 7.1 %7.1 %
Europe26,234 (1,144)25,090 23,329 12.5 %7.5 %
Total revenue$125,048 $(1,144)$123,904 $115,607 8.2 %7.2 %
Twelve Months Ended
December 31, 2023		Twelve Months Ended December 31, 2022
%
Change2
% Change
Organic3
GAAP
Foreign
Currency1
Non-GAAPGAAP
Revenues
United States$396,821 $— $396,821 $387,399 2.4 %2.4 %
Europe107,056 167 107,223 92,770 15.4 %15.6 %
Japan— — — 8,229 (100.0 %)(100.0 %)
Total revenue$503,877 $167 $504,044 $488,398 3.2 %3.2 %

1Revenue for the three and twelve months ended December 31, 2023 has been recalculated using 2022 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.
2This column presents the percentage change from GAAP revenue for the three and twelve months ended December 31, 2022 to GAAP revenue for the twelve months ended months ended December 31, 2023.
3This column presents the percentage change from GAAP revenue for the three and twelve months ended December 31, 2022 to non-GAAP revenue for the three and twelve months ended December 31, 2023 (as recalculated using the foreign currency exchange rates in effect during the three and twelve months ended December 31, 2022) 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
December 31, 2023		Three Months Ended December 31, 2022
%
Change2
% Change
Organic3
GAAP
Foreign
Currency1
Non-GAAPGAAP
Revenues
Injection Molding$51,486 $(453)$51,033 $44,885 14.7 %13.7 %
CNC Machining48,905 (395)48,510 46,563 5.0 4.2 
3D Printing20,339 (268)20,071 19,530 4.1 2.8 
Sheet Metal4,062 (1)4,061 4,432 (8.3)(8.4)
Other Revenue256 (27)229 197 29.9 16.2 
Total Revenue$125,048 $(1,144)$123,904 $115,607 8.2 %7.2 %

Twelve Months Ended
December 31, 2023		Twelve Months Ended December 31, 2022
%
Change2
% Change
Organic3
GAAP
Foreign
Currency1
Non-GAAPGAAP
Revenues
Injection Molding$203,941 $328 $204,269 $200,578 1.7 %1.8 %
CNC Machining198,222 (243)197,979 188,372 5.2 5.1 
3D Printing84,291 9 84,300 78,988 6.7 6.7 
Sheet Metal16,540 (10)16,530 19,498 (15.2)(15.2)
Other Revenue883 83 966 962 (8.2)0.4 
Total Revenue$503,877 $167 $504,044 $488,398 3.2 %3.2 %
1Revenue for the three and twelve months ended December 31, 2023 has been recalculated using 2022 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.
2This column presents the percentage change from GAAP revenue for the three and twelve months ended December 31, 2022 to GAAP revenue for the three and twelve months ended December 31, 2023.
3This column presents the percentage change from GAAP revenue for the three and twelve months ended December 31, 2022 to non-GAAP revenue for the three and twelve months ended December 31, 2023 (as recalculated using the foreign currency exchange rates in effect during the three and twelve months ended December 31, 2022) in order to provide a constant-currency comparison.


Proto Labs, Inc.
Customer Contact Information
(Unaudited)
Three Months Ended
December 31,		Twelve Months Ended
December 31,
2023202220232022
Customer contacts21,87922,20553,46456,333
Revenue per customer contact$5,715 $5,206 $9,425 $8,670 
Proto Labs, Inc.
Reconciliation of GAAP to Non-GAAP Guidance
(In thousands, except per share and per share amounts)
(Unaudited)

Q1 2024 Outlook
LowHigh
GAAP diluted net income per share$0.09 0.17 
Add back:
Stock-based compensation expense0.14 0.14 
Amortization expense0.03 0.03 
Unrealized (gain) loss on foreign currency0.00 0.00 
Total adjustments0.18 0.18 
Non-GAAP diluted net income per share$0.26 $0.34 

v3.24.0.1
Cover
Feb. 09, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 09, 2024
Entity Registrant Name Proto Labs, Inc.
Entity Incorporation, State or Country Code MN
Entity File Number 001-35435
Entity Tax Identification Number 41-1939628
Entity Address, Address Line One 5540 Pioneer Creek Drive
Entity Address, City or Town Maple Plain
Entity Address, State or Province MN
Entity Address, Postal Zip Code 55359
City Area Code (763)
Local Phone Number 479-3680
Title of 12(b) Security Common Stock, Par Value $0.001 Per Share
Trading Symbol PRLB
Security Exchange Name NYSE
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001443669
Amendment Flag false
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