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Actionable news in PRLB: PROTO LABS Inc,

Proto Labs Reports Record Revenue

The following excerpt is from the company's SEC filing.

and Net Income

for the

Third

Quarter

Quarterly

Revenue

Up 24% Year over Year to $67.8 Million

Record

Quarterly Net Income

MAPLE PLAIN, Minn.

Proto Labs, Inc. (NYSE: PRLB), a leading online and technology-enabled, quick-turn, on-demand manufacturer, today announced financial results for the third quarter ended September 30, 2015.

Highlights include:

Revenue for the third quarter of 2015 increased to a record $67.8 million, 24 percent above revenue of $54.6 million in the third quarter of 2014. O n a constant currency basis, revenue was up 28 percent versus the prior year.

Revenue from additive services (3D printing) totaled $6.0 million, an increase of 79 percent from the third quarter of 2014.

Revenue growth reflected a 24 percent increase in the number of unique product developers and engineers served over the prior year period.

Net income for the third quarter of 2015 was a record $12.4 million, or $0.47 per diluted share. Non-GAAP net income, excluding the after-tax expense of stock compensation, transaction costs related to the Alphaform acquisition, amortization of intangibles and unrealized foreign currency gains, was $13.7 million, or $0.52 per diluted share. See “Non-GAAP Financial Measures” below.

“We continued to demonstrate strong momentum in the third quarter, reflecting solid execution of our marketing and sales, manufacturing, and new product and service initiatives,” said Vicki Holt, President and Chief Executive Officer. “Revenue in North America increased 26% percent, led by strong growth in additive manufacturing and Firstcut services. Europe remained a highlight with 40 percent revenue growth on a constant currency basis, 21 percent when translated to dollars. Japan generated a 33 percent increase in revenue on a constant currency basis, 14 percent as reported.”

Additional Third Quarter Highlights include:

Gross margin was 59.4 percent of revenue for the third quarter of 2015 compared with 58.7 percent for the second quarter of 2015 and 60.6 percent during the same quarter last year.

GAAP operating margin, including transaction expenses, was 25.7 percent of revenue during the third quarter of 2015 compared to 28.3 percent for the third quarter of 2014. On a non-GAAP basis, operating margins were 29.3 percent. See “Non-GAAP Financial Measures” below.

Cash generated from operations during the third quarter totaled $13.5 million. Cash, cash equivalents and investments were $150.0 million at September 30, 2015 compared with $142.0 million at June 30, 2015.

“On October 9, we announced the completion of our acquisition of Alphaform, a leading service bureau based in Germany,” Ms. Holt continued. “We are very excited about the opportunities this transaction offers Proto Labs. Alphaform is known for its quality additive manufacturing and injection molding services and we expect this acquisition will significantly accelerate our growth in Europe. We believe we can leverage Alphaform’s manufacturing assets, customer base and experienced workforce quickly and cost effectively into our existing European operations, positioning us well for future expansion.”

“We are on track with the roll out of our new materials and service offerings. Demand for our Stereolithography service in Europe, launched in the second quarter, has been growing steadily. We are seeing excellent reception for our lathe process which is now operational in all of our regions. We remain focused on our marketing and sales initiatives and we are gaining traction in markets worldwide. We look forward to the opportunities ahead and are working very hard to execute on our strategy for growth,” concluded Ms. Holt.

The company has included non-GAAP adjusted revenue growth that excludes the impact of changes in foreign currency exchange rates from total revenues in this press release to provide investors with additional information regarding the company’s financial results. Management believes this metric is useful in evaluating the underlying business trends and ongoing operating performance of the...


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