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Proto Labs’ Q3 2018 sets another record for revenues and net income

Record quarterly revenue of $115.4 million, an increase of 31% over Q3 2017

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Proto Labs, a leading on-demand manufacturer, reported record revenue for the third quarter of 2018, with  $115.4 million in sales representing a 31.0 % increase over revenue of $88.1 million in the third quarter of 2017. The number of unique product developers and engineers served through the company’s web-based customer interface totaled 20,792 in the third quarter of 2018, an increase of 23.0 percent over the third quarter of 2017.

Net income for the third quarter of 2018 was also a record $20.9 million, or $0.77 per diluted share.
Non-GAAP net income was $23.4 million, or $0.86 per diluted share. “We are pleased to deliver another quarter with over 30 percent growth,” said Vicki Holt, President and Chief Executive Officer. “Protolabs again demonstrated strong performance across all of our geographies and in each of our services.”

After an impressive peak in financial performance in the past year – and relative sharp drop in the past couple of weeks – Proto Labs seems now once again on the uptrend, especially considering that the company continues to set new quarterly records in revenues.

Additional Third Quarter 2018 Highlights include gross margin of 54.1 % of revenue for the third quarter of 2018, compared with 56.0 % for the third quarter of 2017. GAAP operating margin was 21.7 % of revenue during the third quarter of 2018, compared to 22.0 percent for the third quarter of 2017. Non-GAAP  operating margin was 24.9 % of revenue during the third quarter of 2018, compared to 24.6 % for the third quarter of 2017.

The company generated $25.6 million in cash from operations during the third quarter of 2018. Cash and investments balance was $153.4 million at September 30, 2018. “As a result of continued strong operations and growth in each of our individual service offerings, we are becoming more of a total solution for some of our customers. The majority of our top customers have utilized every one of our core services in 2018. With our unique ability to deliver parts at unprecedented speed, we are helping more customers deliver their products to market faster and in new ways,” concluded Holt.

 

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Davide Sher

Since 2002, Davide has built up extensive experience as a technology journalist, market analyst and consultant for the additive manufacturing industry. Born in Milan, Italy, he spent 12 years in the United States, where he completed his studies at SUNY USB. As a journalist covering the tech and videogame industry for over 10 years, he began covering the AM industry in 2013, first as an international journalist and subsequently as a market analyst, focusing on the additive manufacturing industry and relative vertical markets. In 2016 he co-founded London-based 3dpbm. Today the company publishes the leading news and insights websites 3D Printing Media Network and Replicatore, as well as 3D Printing Business Directory, the largest global directory of companies in the additive manufacturing industry.

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