0001443669FALSE00014436692025-02-072025-02-07

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 7, 2025
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)
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))
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
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 7, 2025, Proto Labs, Inc. (the "Company") issued a press release announcing its fourth quarter and full year 2024 financial results. A copy of the press release is furnished as Exhibit 99.1 to this report and incorporated herein by reference.
Item 7.01.Regulation FD Disclosure.
On February 7, 2025, the Company announced that its board of directors authorized the repurchase of shares of the Company's common stock from time to time on the open market or in privately negotiated purchases, at an aggregate purchase price of $100 million (the "Stock Repurchase Program").
The actual timing, manner, number, and value of shares repurchased under the Stock Repurchase Program will be determined by management at its discretion and will depend on several factors, including the market price of the Company's common stock, general market and economic conditions, applicable requirements, and other business considerations. The Stock Repurchase Program does not obligate the Company to acquire any particular amount of shares of the Company’s common stock and remains in effect until the total authorized amount is expended or until further action by the Company's board of directors.
The information in Item 2.02 and Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
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 7, 2025
By:/s/ Daniel Schumacher
Daniel Schumacher
Chief Financial Officer


Exhibit 99.1
logo.jpg
logo1.jpg
Protolabs Reports Financial Results for the Fourth Quarter and Full Year 2024
2024 Revenue of $501 Million
2024 GAAP Earnings Per Share of $0.66, Non-GAAP Earnings Per Share of $1.63
MINNEAPOLIS – February 7, 2025 – 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, 2024.
Fourth Quarter 2024 Financial Highlights:
•Revenue was $121.8 million, a 2.6% decrease compared to revenue of $125.0 million in the fourth quarter of 2023.
•Revenue fulfilled through the Protolabs Network was $26.5 million, a 17.9% increase compared to the fourth quarter of 2023.
•Net loss was $(0.4) million, or $(0.02) per diluted share, compared to $7.0 million, or $0.27 per diluted share, in the fourth quarter of 2023.
•Non-GAAP net income was $9.4 million, or $0.38 per diluted share, compared to $11.8 million, or $0.46 per diluted share, in the fourth quarter of 2023. See “Non-GAAP Financial Measures” below.
Full Year 2024 Financial Highlights:
•Revenue was $500.9 million, a 0.6% decrease compared to revenue of $503.9 million in 2023.
•Revenue fulfilled through the Protolabs Network was $100.4 million, a 21.6% increase compared to 2023.
•Net income was $16.6 million, or $0.66 per diluted share, compared to $17.2 million, or $0.66 per diluted share, in 2023.
•Non-GAAP net income was $41.2 million, or $1.63 per diluted share, compared to $41.6 million, or $1.59 per diluted share, in 2023. See “Non-GAAP Financial Measures” below.
•Gross margin was 44.6% of revenue, compared to 44.1% of revenue in 2023.
•Non-GAAP gross margin was 45.2% of revenue, compared to 44.7% of revenue in 2023. See "Non-GAAP Financial Measures" below.
•Cash flow from operations was $77.8 million in 2024, up from $73.3 million in 2023.

“2024 was a transformational year for Protolabs, and we delivered strong financial results, including expanded gross margins, increased earnings per share, and grew our industry-leading cash flow,” said Rob Bodor, President and Chief Executive Officer. “During 2024, we continued the evolution of Protolabs beyond prototyping into production, and we reorganized our internal structure, creating regional go-to-market teams and a new global operations organization. Go-to-market teams are refocused to ensure the best possible customer experience from prototype to production, while the operations organization efficiently brings our global fulfillment capabilities to every customer.”

“Our transformation is gaining traction. In 2024, the number of customers using our combined Factory and Network offer grew by 50% and revenue per customer increased over 2023,” continued Bodor. “In 2025, our objective is to deliver revenue growth. We are making pointed investments to drive growth, including: additional marketing to build our brand as a production manufacturer, allocating resources to improve our sales enablement tools and processes, and continuing to expand our production manufacturing capabilities.”



Dan Schumacher, Chief Financial Officer, commented: “We delivered solid fourth quarter and fiscal year 2024 cash flow and returned capital to shareholders while transforming the Company for future growth. The margin profile of Protolabs’ combined Factory and Network model is unparalleled in the digital manufacturing services space, and we will continue to invest across the business which we believe will drive growth in 2025 and sustain our industry-leading cash flow and profitability advantages.”

Additional Full Year 2024 Highlights:
•Customer contact information
◦Protolabs served 51,552 customer contacts during the year.
◦Revenue per customer contact increased 3.1% year-over-year to $9,716.
•EBITDA was $55.7 million. See “Non-GAAP Financial Measures” below.
•Adjusted EBITDA was $78.3 million, or 15.6% of revenue, compared to $83.2 million, or 16.5% of revenue, in 2023. See “Non-GAAP Financial Measures” below.
•Cash and investments balance was $120.9 million as of December 31, 2024.

First Quarter 2025 Outlook

In the first quarter of 2025, the Company expects to generate revenue between $120 million and $128 million.

The Company expects first quarter 2025 diluted net income per share between $0.08 and $0.16, and non-GAAP diluted net income per share between $0.26 and $0.34. See "Non-GAAP Financial Measures" below.
New Stock Repurchase Program

On February 4, 2025, Protolabs' board of directors approved a new $100 million stock repurchase program.

Under the stock repurchase program, shares of the Company’s common stock may be repurchased periodically, including in the open market or privately negotiated transactions. The actual timing, manner, number, and value of shares repurchased under the program will be determined by management at its discretion and will depend on several factors, including the market price of Protolabs’ common stock, general market and economic conditions, applicable requirements, and other business considerations. The stock repurchase program does not obligate the Company to acquire any particular amount of shares of the Company’s common stock. The new program is open-ended and remains in effect until the total authorized amount is expended or until further action by the board of directors.
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 and costs related to exit and disposal 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 and costs related to exit and disposal 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 and costs related to exit and disposal activities (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 net income, adjusted for stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency and costs related to exit and disposal activities (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 operating margin, 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, provide useful measures for period-to-period comparisons of the Company’s business, and in determining executive and senior management incentive compensation. 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. These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. These non-GAAP financial measures exclude significant expenses and income that are required by GAAP to be recorded in our condensed consolidated financial statements and are subject to inherent limitations. Investors should review the reconciliations of non-GAAP financial measures to the comparable GAAP financial measures that are included in this press release.
Conference Call
The Company has scheduled a conference call to discuss its fourth quarter and full year 2024 financial results and first quarter 2025 outlook today, February 7, 2025 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/b94yu8yp/. 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 manufacturing service from prototyping to production. 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 digital manufacturing source 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,
2024		December 31,
2023
(Unaudited)
Assets
Current assets
Cash and cash equivalents$89,071 $83,790 
Short-term marketable securities14,019 19,013 
Accounts receivable, net66,504 72,848 
Inventory12,305 13,657 
Income taxes receivable2,906 2,228 
Prepaid expenses and other current assets10,049 9,124 
Total current assets194,854 200,660 
Property and equipment, net227,263 253,655 
Goodwill273,991 273,991 
Other intangible assets, net21,422 25,584 
Long-term marketable securities17,773 8,019 
Operating lease assets2,993 4,628 
Finance lease assets692 960 
Other long-term assets4,524 4,856 
Total assets$743,512 $772,353 
Liabilities and shareholders' equity  
Current liabilities  
Accounts payable$15,504 $15,636 
Accrued compensation16,550 15,292 
Accrued liabilities and other19,621 16,872 
Current operating lease liabilities1,287 1,585 
Current finance lease liabilities309 296 
Total current liabilities53,271 49,681 
Long-term operating lease liabilities1,633 3,008 
Long-term finance lease liabilities287 595 
Long-term deferred tax liabilities13,565 18,742 
Other long-term liabilities4,605 5,032 
Shareholders' equity670,151 695,295 
Total liabilities and shareholders' equity$743,512 $772,353 


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,
2024202320242023
Revenue
Injection Molding$45,641 $51,486 $194,215 $203,941 
CNC Machining52,389 48,905 206,887 198,222 
3D Printing19,467 20,339 83,767 84,291 
Sheet Metal4,047 4,062 15,265 16,540 
Other Revenue206 256 756 883 
Total Revenue121,750 125,048 500,890 503,877 
Cost of revenue69,793 69,236 277,690 281,884 
Gross profit51,957 55,812 223,200 221,993 
Operating expenses
Marketing and sales23,003 21,825 92,073 87,688 
Research and development9,698 9,488 41,298 40,135 
General and administrative15,166 16,075 64,333 65,788 
Costs related to exit and disposal activities5,585 29 5,585 215 
Total operating expenses53,452 47,417 203,289 193,826 
(Loss) income from operations(1,495)8,395 19,911 28,167 
Other income (loss), net1,213 1,543 4,761 (215)
(Loss) income before income taxes(282)9,938 24,672 27,952 
Provision for income taxes122 2,948 8,079 10,732 
Net (loss) income$(404)$6,990 $16,593 $17,220 
Net (loss) income per share:
Basic$(0.02)$0.27 $0.66 $0.66 
Diluted$(0.02)$0.27 $0.66 $0.66 
Shares used to compute net income per share:
Basic24,474,05125,820,80225,096,11726,186,533
Diluted24,474,05125,889,00425,212,17826,223,498


Proto Labs, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Twelve Months Ended
December 31,
20242023
Operating activities
Net income$16,593 $17,220 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization35,808 37,528 
Stock-based compensation expense16,999 15,989 
Deferred taxes(5,153)(7,656)
Interest on finance lease obligations33 1,055 
Loss on impairment of equipment256 — 
Loss on foreign currency translation— 3,906 
Impairments related to exit and closure of Germany and Japan businesses2,333 — 
Gain on disposal of property and equipment(13)(498)
Other1 154 
Changes in operating assets and liabilities10,972 5,576 
Net cash provided by operating activities77,829 73,274 
Investing activities
Purchases of property, equipment and other capital assets(9,169)(28,116)
Proceeds from sales of property, equipment and other capital assets34 699 
Purchases of marketable securities(25,070)— 
Purchases of other assets and investments— (1,000)
Proceeds from sales of marketable securities1,416 — 
Proceeds from call redemptions and maturities of marketable securities19,209 23,865 
Net cash used in investing activities(13,580)(4,552)
Financing activities
Proceeds from exercises of stock options and employee stock purchases4,019 3,835 
Purchases of shares withheld for tax obligations(1,995)(1,436)
Repurchases of common stock(60,278)(43,951)
Principal repayments of finance lease obligations(296)(306)
Net cash used in financing activities(58,550)(41,858)
Effect of exchange rate changes on cash and cash equivalents(418)368 
Net increase in cash and cash equivalents5,281 27,232 
Cash and cash equivalents, beginning of period83,790 56,558 
Cash and cash equivalents, end of period$89,071 $83,790 


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,
2024202320242023
Non-GAAP net income, adjusted for stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency and costs related to exit and disposal activities
GAAP net (loss) income$(404)$6,990 $16,593 $17,220 
Add back:
Stock-based compensation expense4,283 4,178 16,999 15,989 
Amortization expense911 1,457 3,707 5,928 
Unrealized (gain) loss on foreign currency(324)(211)(1)(125)
Costs related to exit and disposal activities5,585 29 5,585 4,122 
Total adjustments 1
10,455 5,453 26,290 25,914 
Income tax benefits on adjustments 2
(649)(609)(1,715)(1,540)
Non-GAAP net income$9,402 $11,834 $41,168 $41,594 
Non-GAAP net income per share:
Basic$0.38 $0.46 $1.64 $1.59 
Diluted$0.38 $0.46 $1.63 $1.59 
Shares used to compute non-GAAP net income per share:
Basic24,474,05125,820,80225,096,11726,186,533
Diluted24,689,18125,889,00425,212,17826,223,498
1Stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency and costs related to exit and disposal activities were included in the following GAAP consolidated statement of operations categories:
Three Months Ended
December 31,		Twelve Months Ended
December 31,
2024202320242023
Cost of revenue$876 $794 $3,304 $3,210 
Marketing and sales734 916 3,112 3,424 
Research and development690 669 2,721 2,557 
General and administrative2,894 3,256 11,569 12,727 
Costs related to exit and disposal activities5,585 29 5,585 215 
Total operating expenses9,903 4,870 22,987 18,923 
Other income (loss), net(324)(211)(1)3,781 
Total adjustments$10,455 $5,453 $26,290 $25,914 
2For the three and twelve months ended December 31, 2024 and 2023, 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,
2024202320242023
Revenue$121,750 $125,048 $500,890 $503,877 
Gross profit51,957 55,812 223,200 221,993 
GAAP gross margin42.7 %44.6 %44.6 %44.1 %
Add back:  
Stock-based compensation expense534 452 1,935 1,840 
Amortization expense342 342 1,369 1,370 
Total adjustments876 794 3,304 3,210 
Non-GAAP gross profit$52,833 $56,606 $226,504 $225,203 
Non-GAAP gross margin43.4 %45.3 %45.2 %44.7 %


Proto Labs, Inc.
Reconciliation of GAAP to Non-GAAP Operating Margin
(In thousands)
(Unaudited)
Three Months Ended
December 31,		Twelve Months Ended
December 31,
2024202320242023
Revenue$121,750 $125,048 $500,890 $503,877 
(Loss) income from operations(1,495)8,395 19,911 28,167 
GAAP operating margin(1.2 %)6.7 %4.0 %5.6 %
Add back:
Stock-based compensation expense4,283 4,178 16,999 15,989 
Amortization expense911 1,457 3,707 5,928 
Costs related to exit and disposal activities5,585 29 5,585 215 
Total adjustments10,779 5,664 26,291 22,132 
Non-GAAP income from operations$9,284 $14,059 $46,202 $50,299 
Non-GAAP operating margin7.6 %11.2 %9.2 %10.0 %


Proto Labs, Inc.
Reconciliation of GAAP Net (Loss) Income to EBITDA and Adjusted EBITDA
(In thousands)
(Unaudited)
Three Months Ended
December 31,		Twelve Months Ended
December 31,
2024202320242023
Revenue$121,750 $125,048 $500,890 $503,877 
GAAP net (loss) income(404)6,990 16,593 17,220 
GAAP net (loss) income margin(0.3 %)5.6 %3.3 %3.4 %
Add back:
Amortization expense$911 $1,457 $3,707 $5,928 
Depreciation expense7,913 7,858 32,101 31,600 
Interest income, net(1,225)(951)(4,749)(2,234)
Provision for income taxes122 2,948 8,079 10,732 
EBITDA7,317 18,302 55,731 63,246 
EBITDA Margin6.0 %14.6 %11.1 %12.6 %
Add back:
Stock-based compensation expense4,283 4,178 16,999 15,989 
Unrealized (gain) loss on foreign currency(324)(211)(1)(125)
Costs related to exit and disposal activities5,585 29 5,585 4,122 
Total adjustments9,544 3,996 22,583 19,986 
Adjusted EBITDA$16,861 $22,298 $78,314 $83,232 
Adjusted EBITDA Margin13.8 %17.8 %15.6 %16.5 %


Proto Labs, Inc.
Comparison of GAAP to Non-GAAP Revenue Growth by Region
(In thousands)
(Unaudited)
Three Months Ended
December 31, 2024		Three Months Ended
December 31, 2023
%
Change2
% Change
Organic3
GAAP
Foreign
Currency1
Non-GAAPGAAP
Revenues
United States$96,599 $— $96,599 $98,814 (2.2 %)(2.2 %)
Europe25,151 (519)24,632 26,234 (4.1 %)(6.1 %)
Total revenue$121,750 $(519)$121,231 $125,048 (2.6 %)(3.1 %)
Twelve Months Ended
December 31, 2024		Twelve Months Ended
December 31, 2023
%
Change2
% Change
Organic3
GAAP
Foreign
Currency1
Non-GAAPGAAP
Revenues
United States$396,192 $— $396,192 $396,821 (0.2 %)(0.2 %)
Europe104,698 (1,876)102,822 107,056 (2.2 %)(4.0 %)
Total revenue$500,890 $(1,876)$499,014 $503,877 (0.6 %)(1.0 %)

1Revenue for the three and twelve months ended December 31, 2024 has been recalculated using 2023 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, 2023 to GAAP revenue for the three and twelve months ended December 31, 2024.
3This column presents the percentage change from GAAP revenue for the three and twelve months ended December 31, 2023 to non-GAAP revenue for the three and twelve months ended December 31, 2024 (as recalculated using the foreign currency exchange rates in effect during the three and twelve months ended December 31, 2023) 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, 2024		Three Months Ended
December 31, 2023
%
Change2
% Change
Organic3
GAAP
Foreign
Currency1
Non-GAAPGAAP
Revenues
Injection Molding$45,641 $(265)$45,376 $51,486 (11.4)%(11.9)%
CNC Machining52,389 (140)52,249 48,905 7.1 6.8 
3D Printing19,467 (112)19,355 20,339 (4.3)(4.8)
Sheet Metal4,047 (1)4,046 4,062 (0.4)(0.4)
Other Revenue206 (1)205 256 (19.5)(19.9)
Total Revenue$121,750 $(519)$121,231 $125,048 (2.6 %)(3.1 %)
Twelve Months Ended
December 31, 2024		Twelve Months Ended
December 31, 2023
%
Change2
% Change
Organic3
GAAP
Foreign
Currency1
Non-GAAPGAAP
Revenues
Injection Molding$194,215 $(931)$193,284 $203,941 (4.8)%(5.2)%
CNC Machining206,887 (518)206,369 198,222 4.4 4.1 
3D Printing83,767 (427)83,340 84,291 (0.6)(1.1)
Sheet Metal15,265 8 15,273 16,540 (7.7)(7.7)
Other Revenue756 (8)748 883 (14.4)(15.3)
Total Revenue$500,890 $(1,876)$499,014 $503,877 (0.6 %)(1.0 %)

1Revenue for the three and twelve months ended December 31, 2024 has been recalculated using 2023 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, 2023 to GAAP revenue for the three and twelve months ended December 31, 2024.
3This column presents the percentage change from GAAP revenue for the three and twelve months ended December 31, 2023 to non-GAAP revenue for the three and twelve months ended December 31, 2024 (as recalculated using the foreign currency exchange rates in effect during the three and twelve months ended December 31, 2023) in order to provide a constant-currency comparison.


Proto Labs, Inc.
Customer Contact Information
(In thousands, except customer contacts and per customer contact amounts)
(Unaudited)
Three Months Ended
December 31,		Twelve Months Ended
December 31,
2024202320242023
Revenue$121,750 $125,048 $500,890 $503,877 
Customer contacts21,55821,87951,55253,464
Revenue per customer contact1
$5,648 $5,715 $9,716 $9,425 

1Revenue per customer contact is calculated using the revenue recognized during the respective period divided by the actual number of customer contacts served during the same period. Customer contacts are product developers, engineers, procurement and supply chain professionals and other individuals who place an order, and that order is shipped and invoiced during the period. The Company believes revenue per customer contact is useful to investors in evaluating the underlying business trends and ongoing operating performance of the Company.
Proto Labs, Inc.
Reconciliation of GAAP to Non-GAAP Guidance
(In thousands, except per share and per share amounts)
(Unaudited)

Q1 2025 Outlook
LowHigh
GAAP diluted net income per share$0.08 $0.16 
Add back:
Stock-based compensation expense0.15 0.15 
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 

v3.25.0.1
Cover
Feb. 07, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 07, 2025
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
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, Par Value $0.001 Per Share
Trading Symbol PRLB
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0001443669
Amendment Flag false
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