Proto Labs, Inc. (Protolabs, NYSE: PRLB), one of the world’s leading providers of digital manufacturing services, reported that it generated revenues of $124.2 million in Q1 2022, representing a 6.9 percent increase compared to revenue of $116.1 million in the first quarter of 2021. The Hubs online platform generated $10.3 million of revenue in the first quarter, representing year-over-year growth of 78.6 percent, or approximately 38.2 percent organically. Hubs was acquired on January 22, 2021, for $280 million.
“Protolabs finished the first quarter strong after a slow start in January, and we also made progress on our 2022 strategic priorities,” said Rob Bodor, President and Chief Executive Officer. “As an ever-increasing group of companies adopts Manufacturing 4.0, Protolabs will continue to lead the way through focused execution of our strategy.”
In total, Protolabs served 23,492 unique product developers during the first quarter of 2022, with gross margin of 44.9 percent of revenue. EBITDA was $17.8 million, or 14.3 percent of revenue. Adjusted EBITDA was $22.3 million, or 17.9 percent of revenue.
“We are pleased to report first-quarter margins ahead of our expectations,” said Dan Schumacher, Interim Chief Financial Officer. “We remain confident in our long-term strategy and are focused on execution. Protolabs will continue to reinforce our sustainable, long-term competitive advantage through profitable growth.”
The Company has included non-GAAP revenue growth that excludes the impact of changes in foreign currency exchange rates and revenue earned from its acquisition of Hubs (collectively, “non-GAAP revenue growth”). Management believes these metrics are useful in evaluating the underlying business trends and the company’s ongoing operating performance.
Among other metrics, the company has included earnings before interest, taxes, depreciation and amortization (“EBITDA”) and EBITDA, adjusted for stock-based compensation expense, unrealized loss on foreign currency, and transaction costs (collectively, “Adjusted EBITDA”), in this press release to provide investors with additional information regarding the Company’s financial results.