Business Wire | Oct 29, 2020 06:00AM EDT

Protolabs Reports Financial Results for the Third Quarter 2020

Oct. 29, 2020

MAPLE PLAIN, Minn.--(BUSINESS WIRE)--Oct. 29, 2020--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, 2020.

Third Quarter 2020 Highlights include:

* Revenue for the third quarter of 2020 was $107.5 million, representing an 8.5 percent decrease compared to revenue of $117.5 million in the third quarter of 2019, and a sequential increase of 0.9% over the second quarter of 2020. * GAAP net income for the third quarter of 2020 was $14.7 million, or $0.55 per diluted share. * Non-GAAP net income was $17.9 million, or $0.67 per diluted share in the third quarter. See "Non-GAAP Financial Measures" below.

"We delivered third quarter revenue and non-GAAP earnings per share above expectations driven by improved productivity and disciplined cost management," said Vicki Holt, President and Chief Executive Officer of Protolabs. "As the challenges and uncertainty of 2020 continue, we are focused on executing the areas in our control while continuing to invest in our future. Our new Protolabs 2.0 ecommerce digital manufacturing platform will go live in Europe in November, followed by a US debut in the first quarter of 2021. Our new platform will enhance our already strong customer experience and extend our position as the leader in digital manufacturing."

Additional Third Quarter 2020 Highlights include:

* Gross margin was 50.8 percent of revenue for the third quarter of 2020, up from 49.2 percent for the second quarter of 2020. * Operating expenses were $37.0 million or 34.4 percent of revenue for the third quarter of 2020, down from $38.1 million or 35.8 percent of revenue in the second quarter of 2020. * GAAP operating margin was 16.4 percent of revenue during the third quarter of 2020, up from 13.5 percent for the second quarter of 2020. * Non-GAAP operating margin was 20.8 percent of revenue during the third quarter of 2020, compared to 17.6 percent for the second quarter of 2020. See "Non-GAAP Financial Measures" below. * Adjusted EBITDA margins were 27.9% in the third quarter of 2020, compared to 27.5% in the third quarter of 2019. * The company generated $29.0 million in cash from operations during the third quarter of 2020, compared to $31.0 million in second quarter 2020. * Our cash and marketable securities balance exceeded $200.0 million at the end of the third quarter.

"Our increased focus and execution on managing costs resulted in significant sequential margin improvement in the third quarter," said John Way, Chief Financial Officer. "Protolabs' digital manufacturing model continues to produce very strong cash flows even with the challenges presented in 2020, allowing us to reinvest in our business and position us to capitalize on the opportunities as the economy continues its gradual recovery."

Non-GAAP Financial Measures

The company has included non-GAAP revenue growth that excludes the impact of changes in foreign currency exchange rates (collectively, "non-GAAP revenue growth"). Management believes these 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 and unrealized (gain) loss on foreign currency (collectively, "Adjusted EBITDA"), 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 and amortization expense (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, and unrealized (gain) loss on foreign currency (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 operating margin, non-GAAP revenue growth and Adjusted EBITDA, 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 third quarter 2020 financial results and financial guidance today, October 29, 2020 at 8:30 a.m. EDT. 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. EDT start time. No participant code is required. A simultaneous webcast of the call, and accompanying presentations will be available via the investor relations section of the Protolabs website and the following link: https://edge.media-server.com/mmc/p/hpno43bk. A replay will be available for 14 days following the call on the investor relations section of the Protolabs website.

About Protolabs

Protolabs is a leading digital manufacturing source for rapid prototyping and on-demand production. The company produces custom parts and assemblies in as fast as one day with automated 3D printing, CNC machining, sheet metal fabrication, and injection molding processes. Its digital approach to manufacturing enables accelerated time to market, reduces development and production costs, and minimizes risk throughout the product life cycle. Visit protolabs.com for more information.

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.

Proto Labs, Inc.Condensed Consolidated Balance Sheets(In thousands) September 30, December 31, 2020 2019

(Unaudited)AssetsCurrent assets Cash and cash equivalents $ 118,254 $ 125,225

Short-term marketable securities 30,993 35,437

Accounts receivable, net 61,250 57,450

Inventory 10,402 10,075

Income taxes receivable 16 -

Prepaid expenses and other current assets 10,198 8,232

Total current assets 231,113 236,419

Property and equipment, net 281,895 263,712

Goodwill 128,752 128,752

Other intangible assets, net 15,107 17,369

Long-term marketable securities 51,369 12,960

Operating lease assets 10,485 11,425

Finance lease assets 2,087 -

Other long-term assets 5,318 3,030

Total assets $ 726,126 $ 673,667

Liabilities and shareholders' equityCurrent liabilities Accounts payable $ 15,452 $ 16,804

Accrued compensation 13,539 15,058

Accrued liabilities and other 19,047 11,057

Current operating lease liabilities 3,330 3,340

Current finance lease liabilities 325 -

Income taxes payable - 1,322

Total current liabilities 51,693 47,581

Long-term operating lease liabilities 8,003 8,565

Long-term finance lease liabilities 1,758 -

Long-term deferred tax liabilities 32,849 26,283

Other long-term liabilities 6,002 5,448

Shareholders' equity 625,821 585,790

Total liabilities and shareholders' equity $ 726,126 $ 673,667

Proto Labs, Inc.Condensed Consolidated Statements of Operations(In thousands, except share and per share amounts)(Unaudited)Three Months EndedNine Months EndedSeptember 30,September 30,2020

2019

2020

2019

RevenueInjection Molding$

53,257

$

55,167

$

165,927

$

165,935

CNC Machining33,115

40,219

99,760

116,979

3D Printing16,294

15,898

46,478

45,644

Sheet Metal3,988

5,280

14,306

15,777

Other850

891

2,716

2,504

Total revenue107,504

117,455

329,187

346,839

Cost of revenue52,861

57,839

163,988

168,127

Gross profit54,643

59,616

165,199

178,712

Operating expensesMarketing and sales16,705

17,604

51,821

55,466

Research and development7,915

8,359

25,550

24,541

General and administrative12,354

12,380

38,983

38,411

Total operating expenses36,974

38,343

116,354

118,418

Income from operations17,669

21,273

48,845

60,294

Other income, net728

228

2,549

1,566

Income before income taxes18,397

21,501

51,394

61,860

Provision for income taxes3,700

4,709

10,106

13,391

Net income$

14,697

$

16,792

$

41,288

$

48,469

Net income per share:Basic$

0.55

$

0.63

$

1.54

$

1.80

Diluted$

0.55

$

0.62

$

1.54

$

1.79

Shares used to compute net income per share:Basic26,736,709

26,846,030

26,724,715

26,894,420

Diluted26,886,433

27,005,341

26,861,647

27,072,873

Proto Labs, Inc.Condensed Consolidated Statements of Operations(In thousands, except share and per share amounts)(Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019

Revenue Injection Molding $ 53,257 $ 55,167 $ 165,927 $ 165,935

CNC Machining 33,115 40,219 99,760 116,979

3D Printing 16,294 15,898 46,478 45,644

Sheet Metal 3,988 5,280 14,306 15,777

Other 850 891 2,716 2,504

Total revenue 107,504 117,455 329,187 346,839

Cost of revenue 52,861 57,839 163,988 168,127

Gross profit 54,643 59,616 165,199 178,712

Operating expenses Marketing and 16,705 17,604 51,821 55,466 sales Research and 7,915 8,359 25,550 24,541 development General and 12,354 12,380 38,983 38,411 administrative Total operating 36,974 38,343 116,354 118,418 expenses Income from 17,669 21,273 48,845 60,294 operations Other income, net 728 228 2,549 1,566

Income before 18,397 21,501 51,394 61,860 income taxes Provision for 3,700 4,709 10,106 13,391 income taxes Net income $ 14,697 $ 16,792 $ 41,288 $ 48,469

Net income per share: Basic $ 0.55 $ 0.63 $ 1.54 $ 1.80

Diluted $ 0.55 $ 0.62 $ 1.54 $ 1.79

Shares used to compute net income per share: Basic 26,736,709 26,846,030 26,724,715 26,894,420

Diluted 26,886,433 27,005,341 26,861,647 27,072,873

Proto Labs, Inc.Condensed Consolidated Statements of Cash Flows(In thousands)(Unaudited)Nine Months EndedSeptember 30,2020

2019

Operating activitiesNet income$

41,288

$

48,469

Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization23,891

22,658

Stock-based compensation expense10,617

9,738

Deferred taxes6,578

1,599

Amortization of held-to-maturity securities202

(5

)

Other(865

)

(133

)

Changes in operating assets and liabilities664

1,453

Net cash provided by operating activities82,375

83,779

Investing activitiesPurchases of property, equipment and other capital assets(40,489

)

(46,151

)

Purchases of other assets and investments(3,000

)

(4,000

)

Purchases of marketable securities(90,596

)

(17,443

)

Proceeds from maturities of marketable securities56,428

54,352

Net cash used in investing activities(77,657

)

(13,242

)

Financing activitiesProceeds from exercises of stock options and other5,674

2,486

Purchases of shares withheld for tax obligations(3,367

)

(2,420

)

Repurchases of common stock(14,686

)

(33,521

)

Net cash used in financing activities(12,379

)

(33,455

)

Effect of exchange rate changes on cash and cash equivalents690

(560

)

Net (decrease) increase in cash and cash equivalents(6,971

)

36,522

Cash and cash equivalents, beginning of period125,225

85,046

Cash and cash equivalents, end of period$

118,254

$

121,568

Proto Labs, Inc.Condensed Consolidated Statements of Cash Flows(In thousands)(Unaudited) Nine Months Ended September 30, 2020 2019

Operating activities Net income $ 41,288 $ 48,469

Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 23,891 22,658

Stock-based compensation expense 10,617 9,738

Deferred taxes 6,578 1,599

Amortization of held-to-maturity securities 202 (5 )

Other (865 ) (133 )

Changes in operating assets and liabilities 664 1,453

Net cash provided by operating activities 82,375 83,779

Investing activities Purchases of property, equipment and other capital (40,489 ) (46,151 ) assets Purchases of other assets and investments (3,000 ) (4,000 )

Purchases of marketable securities (90,596 ) (17,443 )

Proceeds from maturities of marketable securities 56,428 54,352

Net cash used in investing activities (77,657 ) (13,242 )

Financing activities Proceeds from exercises of stock options and other 5,674 2,486

Purchases of shares withheld for tax obligations (3,367 ) (2,420 )

Repurchases of common stock (14,686 ) (33,521 )

Net cash used in financing activities (12,379 ) (33,455 )

Effect of exchange rate changes on cash and cash 690 (560 )equivalentsNet (decrease) increase in cash and cash equivalents (6,971 ) 36,522

Cash and cash equivalents, beginning of period 125,225 85,046

Cash and cash equivalents, end of period $ 118,254 $ 121,568

Proto Labs, Inc.Reconciliation of GAAP to Non-GAAP Net Income per Share(In thousands, except share and per share amounts)(Unaudited)Three Months EndedNine Months EndedSeptember 30,September 30,2020

2019

2020

2019

Non-GAAP net income, adjusted for stock-based compensation expense, amortization expense and unrealized (gain) loss on foreign currencyGAAP net income$

14,697

$

16,792

$

41,288

$

48,469

Add back:Stock-based compensation expense3,945

3,212

10,617

9,738

Amortization expense754

859

2,262

2,593

Unrealized (gain) loss on foreign currency(84

)

449

(1,020

)

391

Total adjustments 14,615

4,520

11,859

12,722

Income tax benefits on adjustments 2(1,368

)

(882

)

(3,030

)

(2,875

)

Non-GAAP net income$

17,944

$

20,430

$

50,117

$

58,316

Non-GAAP net income per share:Basic$

0.67

$

0.76

$

1.88

$

2.17

Diluted$

0.67

$

0.76

$

1.87

$

2.15

Shares used to compute non-GAAP net income per share:Basic26,736,709

26,846,030

26,724,715

26,894,420

Diluted26,886,433

27,005,341

26,861,647

27,072,873

1 Stock-based compensation expense, amortization expense and unrealized (gain) loss on foreign currency were included in the following GAAP consolidated statement of operations categories:Three Months EndedNine Months EndedSeptember 30,September 30,2020

2019

2020

2019

Cost of revenue$

989

$

872

$

2,788

$

2,402

Marketing and sales865

760

2,233

1,923

Research and development638

560

1,766

1,486

General and administrative2,207

1,879

6,092

6,520

Total operating expenses3,710

3,199

10,091

9,929

Other income, net(84

)

449

(1,020

)

391

Total adjustments$

4,615

$

4,520

$

11,859

$

12,722

2 For the three and nine-month periods ended September 30, 2020 and 2019, income tax effects were calculated using the effective tax rate for the relevant jurisdictions. Our non-GAAP tax rates differ from our 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 Net Income per Share(In thousands, except share and per share amounts)(Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019

Non-GAAP netincome, adjustedfor stock-basedcompensationexpense,amortizationexpense andunrealized(gain) loss onforeign currency GAAP net $ 14,697 $ 16,792 $ 41,288 $ 48,469 income Add back: Stock-based 3,945 3,212 10,617 9,738 compensation expense Amortization 754 859 2,262 2,593 expense Unrealized (gain) loss on (84 ) 449 (1,020 ) 391 foreign currency Total 4,615 4,520 11,859 12,722 adjustments ^1 Income tax (1,368 ) (882 ) (3,030 ) (2,875 ) benefits on adjustments ^2 Non-GAAP net $ 17,944 $ 20,430 $ 50,117 $ 58,316 income Non-GAAP netincome pershare: Basic $ 0.67 $ 0.76 $ 1.88 $ 2.17

Diluted $ 0.67 $ 0.76 $ 1.87 $ 2.15

Shares used tocompute non-GAAPnet income pershare: Basic 26,736,709 26,846,030 26,724,715 26,894,420

Diluted 26,886,433 27,005,341 26,861,647 27,072,873

^1 Stock-based compensation expense, amortization expense and unrealized (gain)loss on foreign currency were included in the following GAAP consolidatedstatement of operations categories: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019

Cost of $ 989 $ 872 $ 2,788 $ 2,402 revenue Marketing and 865 760 2,233 1,923 sales Research and 638 560 1,766 1,486 development General and 2,207 1,879 6,092 6,520 administrative Total 3,710 3,199 10,091 9,929 operating expenses Other income, (84 ) 449 (1,020 ) 391 netTotal $ 4,615 $ 4,520 $ 11,859 $ 12,722 adjustments ^2 For the three and nine-month periods ended September 30, 2020 and 2019,income tax effects were calculated using the effective tax rate for therelevant jurisdictions. Our non-GAAP tax rates differ from our GAAP tax ratesdue primarily to the mix of activity incurred in domestic and foreign taxjurisdictions and removing effective tax rate benefits from stock-basedcompensation activity in the quarter. Proto Labs, Inc.Reconciliation of GAAP to Non-GAAP Operating Margin(In thousands)(Unaudited)Three Months EndedNine Months EndedSeptember 30,September 30,2020

2019

2020

2019

Revenue$

107,504

$

117,455

$

329,187

$

346,839

Income from operations17,669

21,273

48,845

60,294

GAAP operating margin16.4

%

18.1

%

14.8

%

17.4

%

Add back:Stock-based compensation expense3,945

3,212

10,617

9,738

Amortization expense754

859

2,262

2,593

Total adjustments4,699

4,071

12,879

12,331

Non-GAAP income from operations$

22,368

$

25,344

$

61,724

$

72,625

Non-GAAP operating margin20.8

%

21.6

%

18.8

%

20.9

%

Proto Labs, Inc.Reconciliation of GAAP to Non-GAAP Operating Margin(In thousands)(Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019

Revenue $ 107,504 $ 117,455 $ 329,187 $ 346,839

Income from operations 17,669 21,273 48,845 60,294

GAAP operating margin 16.4 % 18.1 % 14.8 % 17.4 %

Add back: Stock-based compensation 3,945 3,212 10,617 9,738 expense Amortization expense 754 859 2,262 2,593

Total adjustments 4,699 4,071 12,879 12,331

Non-GAAP income from $ 22,368 $ 25,344 $ 61,724 $ 72,625 operations Non-GAAP operating margin 20.8 % 21.6 % 18.8 % 20.9 %

Proto Labs, Inc.Reconciliation of GAAP Net Income to EBITDA and Adjusted EBITDA(In thousands)(Unaudited)Three Months EndedNine Months EndedSeptember 30,September 30,2020

2019

2020

2019

GAAP net income$

14,697

$

16,792

$

41,288

$

48,469

Amortization expense754

859

2,262

2,593

Depreciation expense7,282

6,820

21,629

20,066

Interest income, net(255

)

(489

)

(1,183

)

(1,535

)

Tax expense3,700

4,709

10,106

13,391

EBITDA26,178

28,691

74,102

82,984

Add back:Stock-based compensation expense3,945

3,212

10,617

9,738

Unrealized (gain) loss on foreign currency(84

)

449

(1,020

)

391

Total adjustments3,861

3,661

9,597

10,129

Adjusted EBITDA$

30,039

$

32,352

$

83,699

$

93,113

Proto Labs, Inc.Reconciliation of GAAP Net Income to EBITDA and Adjusted EBITDA(In thousands)(Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019

GAAP net income $ 14,697 $ 16,792 $ 41,288 $ 48,469

Amortization expense 754 859 2,262 2,593

Depreciation expense 7,282 6,820 21,629 20,066

Interest income, net (255 ) (489 ) (1,183 ) (1,535 )

Tax expense 3,700 4,709 10,106 13,391

EBITDA 26,178 28,691 74,102 82,984

Add back: Stock-based compensation expense 3,945 3,212 10,617 9,738

Unrealized (gain) loss on (84 ) 449 (1,020 ) 391 foreign currencyTotal adjustments 3,861 3,661 9,597 10,129

Adjusted EBITDA $ 30,039 $ 32,352 $ 83,699 $ 93,113

Proto Labs, Inc.Comparison of GAAP to Non-GAAP Revenue Growth(In thousands)(Unaudited)Three Months EndedSeptember 30, 2020Three Months EndedSeptember 30, 2019%% ChangeConstantGAAPAdjustments1Non-GAAPGAAPChange2Currencies3RevenuesUnited States$

85,608

$

-

$

85,608

$

92,916

(7.9

)

(7.9

)

Europe18,897

(828

)

18,069

20,721

(8.8

)

(12.8

)

Japan2,999

(36

)

2,963

3,818

(21.5

)

(22.4

)

Total Revenue$

107,504

$

(864

)

$

106,640

$

117,455

(8.5

)

(9.2

)

Nine Months EndedSeptember 30, 2020Nine Months EndedSeptember 30, 2019%% ChangeConstantGAAPAdjustments1Non-GAAPGAAPChange2Currencies3RevenuesUnited States$

262,507

$

-

$

262,507

$

271,877

(3.4

)

(3.4

)

Europe56,413

237

56,650

62,915

(10.3

)

(10.0

)

Japan10,267

(153

)

10,114

12,047

(14.8

)

(16.0

)

Total Revenue$

329,187

$

84

$

329,271

$

346,839

(5.1

)

(5.1

)

1 Revenue for the three and nine-month periods ended September 30, 2020 has been recalculated using 2019 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.2 This column presents the percentage change from GAAP revenue for the three and nine-month periods ended September 30, 2019 to GAAP revenue for the three and nine-month periods ended September 30, 2020.3 This column presents the percentage change from GAAP revenue for the three and nine-month periods ended September 30, 2019 to non-GAAP revenue for the three and nine-month periods ended September 30, 2020 (as recalculated using the foreign currency exchange rates in effect during the three- and nine-month periods ended September 30, 2019) in order to provide a constant-currency comparison.Proto Labs, Inc.Comparison of GAAP to Non-GAAP Revenue Growth(In thousands)(Unaudited) Three Three Months Ended Months % Change September 30, 2020 Ended % Constant September 30, 2019 GAAP Adjustments^ Non-GAAP GAAP Change^ Currencies^ 1 2 3Revenues United $ 85,608 $ - $ 85,608 $ 92,916 (7.9 ) (7.9 ) States Europe 18,897 (828 ) 18,069 20,721 (8.8 ) (12.8 )

Japan 2,999 (36 ) 2,963 3,818 (21.5 ) (22.4 )

Total $ 107,504 $ (864 ) $ 106,640 $ 117,455 (8.5 ) (9.2 ) Revenue Nine Nine Months Ended Months % Change September 30, 2020 Ended % Constant September 30, 2019 GAAP Adjustments^ Non-GAAP GAAP Change^ Currencies^ 1 2 3Revenues United $ 262,507 $ - $ 262,507 $ 271,877 (3.4 ) (3.4 ) States Europe 56,413 237 56,650 62,915 (10.3 ) (10.0 )

Japan 10,267 (153 ) 10,114 12,047 (14.8 ) (16.0 )

Total $ 329,187 $ 84 $ 329,271 $ 346,839 (5.1 ) (5.1 ) Revenue ^1 Revenue for the three and nine-month periods ended September 30, 2020 hasbeen recalculated using 2019 foreign currency exchange rates in effect duringcomparable periods to provide information useful in evaluating the underlyingbusiness trends excluding the impact of changes in foreign currency exchangerates.^2 This column presents the percentage change from GAAP revenue for the threeand nine-month periods ended September 30, 2019 to GAAP revenue for the threeand nine-month periods ended September 30, 2020.^3 This column presents the percentage change from GAAP revenue for the threeand nine-month periods ended September 30, 2019 to non-GAAP revenue for thethree and nine-month periods ended September 30, 2020 (as recalculated usingthe foreign currency exchange rates in effect during the three- and nine-monthperiods ended September 30, 2019) in order to provide a constant-currencycomparison. Proto Labs, Inc.Product Developer Information(Unaudited)Three Months EndedNine Months EndedSeptember 30,September 30,2020

2019

2020

2019

Unique product developers and engineers served18,796

21,471

37,504

40,791

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CONTACT: Investor Relations Contact: Protolabs Dan Schumacher, 763-479-7240 Director of Investor Relations daniel.schumacher@protolabs.com or Media Contact: Protolabs Will Martin, 763-479-7719 Sr. Marketing Communications Manager will.martin@protolabs.com