Proto Labs, Inc. has released its 10-K report today. The company operates as an e-commerce digital manufacturer of custom prototypes and on-demand production parts worldwide, offering injection molding, CNC machining, 3D printing, and sheet metal fabrication products. Proto Labs' shares have moved -0.4% on the market and are currently trading at $36.73.
In the year ended December 31, 2023, Proto Labs reported a revenue of $503.9 million, a 3.2% increase from the previous year. Operating expenses also increased, with marketing and sales expenses rising by 6%, research and development expenses increasing by 5%, and general and administrative expenses decreasing by 2.6%. The company served 53,464 unique customer contacts in 2023, a 5.1% decrease from the previous year.
The cost of revenue increased by 3.3%, resulting in a gross profit of $221.9 million, a 3% increase from the previous year. However, the gross margin decreased by 3.2%. The company's revenue outside of the United States accounted for approximately 21% of its consolidated revenue in both 2023 and 2022.
For more information, you can read the company's full 10-K submission here.
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|
| Revenue (k) | $445,596 | $458,728 | $434,395 | $488,098 | $488,398 | $494,436 |
| Gross Margins | 54% | 51% | 50% | 46% | 44% | 43% |
| Net Margins | 17% | 14% | 12% | 7% | -21% | -21% |
| Net Income (k) | $76,588 | $63,655 | $50,867 | $33,372 | -$103,462 | -$104,835 |
| Net Interest Expense (k) | $2,757 | $1,337 | $3,109 | -$158 | $106 | -$1,329 |
| Depreciation & Amort. (k) | $23,500 | $27,400 | $29,600 | $34,300 | $33,400 | $37,657 |
| Diluted Shares (k) | 27,279 | 27,049 | 26,896 | 27,653 | 27,410 | 26,028 |
| Earnings Per Share | $2.81 | $2.35 | $1.89 | $1.21 | -$3.77 | -$3.79 |
| EPS Growth | n/a | -16.37% | -19.57% | -35.98% | -411.57% | -0.53% |
| Avg. Price | $125.15 | $105.13 | $117.2 | $99.7 | $49.45 | $36.8 |
| P/E Ratio | 44.07 | 44.36 | 61.68 | 82.4 | -13.12 | -9.71 |
| Free Cash Flow (k) | $35,825 | $53,822 | $59,959 | $21,033 | $40,393 | $51,354 |
| CAPEX (k) | $87,104 | $62,230 | $47,010 | $34,209 | $21,686 | $15,207 |
| Current Ratio | 4.08 | 4.97 | 4.82 | 3.34 | 2.61 | 2.74 |
