First Quarter 2024 Financial Highlights:
Revenue was
Revenue generated from Protolabs Network was
Net income was
Non-GAAP net income was
EBITDA was
Adjusted EBITDA was
'We demonstrated strong financial and operational results in the first quarter,' said
Additional First Quarter 2024 Highlights: Customer contact information
Protolabs served 22,466 customer contacts during the quarter.
Revenue per customer contact increased 5.3% year-over-year to
Gross margin was 44.9% of revenue, compared to 42.7% of revenue in the first quarter of 2023.
Non-GAAP gross margin was 45.6% of revenue, compared to 43.4% of revenue in the first quarter of 2023.
Cash flow from operations was
Cash and investments balance was
Second Quarter 2024 Outlook
For the second quarter of 2024, the Company expects to generate revenue between
The Company expects second quarter 2024 diluted net income per share between
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 the
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 the closure of
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 the closure of
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 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 first quarter 2024 financial results and second quarter 2024 outlook today,
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.
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
Contact:
Tel: 612-225-4873
Email: ryan.johnsrud@protolabs.com
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