Proto Labs, Inc. has reported its financial results for the fourth quarter and full year of 2024, revealing a mix of changes in various key metrics compared to the previous period.
In the fourth quarter of 2024, the company's revenue amounted to $121.8 million, marking a 2.6% decrease from the fourth quarter of 2023 when revenue was $125.0 million. However, revenue fulfilled through the Proto Labs network saw a significant increase of 17.9% compared to the same period in 2023, reaching $26.5 million.
The net loss for the fourth quarter of 2024 was $(0.4) million, or $(0.02) per diluted share, in contrast to the net income of $7.0 million, or $0.27 per diluted share, in the fourth quarter of 2023. The non-GAAP net income for the same period in 2024 was $9.4 million, or $0.38 per diluted share, down from $11.8 million, or $0.46 per diluted share, in the fourth quarter of 2023.
Moving to the full year 2024, the company reported revenue of $500.9 million, reflecting a slight 0.6% decrease from the full year 2023 revenue of $503.9 million. However, revenue fulfilled through the Proto Labs network experienced a substantial increase of 21.6% compared to 2023, reaching $100.4 million.
Net income for the full year 2024 was $16.6 million, or $0.66 per diluted share, compared to $17.2 million, or $0.66 per diluted share, in 2023. Non-GAAP net income for the full year 2024 was $41.2 million, or $1.63 per diluted share, up from $41.6 million, or $1.59 per diluted share, in 2023.
The company also highlighted that its gross margin was 44.6% of revenue in 2024, compared to 44.1% of revenue in 2023. The non-GAAP gross margin was 45.2% of revenue, up from 44.7% of revenue in 2023.
Furthermore, the company reported that cash flow from operations increased to $77.8 million in 2024, up from $73.3 million in 2023. Additionally, the number of customers using Proto Labs' combined factory and network offer grew by 50% in 2024, and revenue per customer increased over 2023.
Looking ahead, the company provided an outlook for the first quarter of 2025, expecting to generate revenue between $120 million and $128 million. The company also anticipates first quarter 2025 diluted net income per share between $0.08 and $0.16, and non-GAAP diluted net income per share between $0.26 and $0.34.
Moreover, Proto Labs' board of directors approved a new $100 million stock repurchase program on February 4, 2025, allowing for the periodic repurchase of the company’s common stock.
Following these announcements, the company's shares moved -3.5%, and are now trading at a price of $42.85. For more information, read the company's full 8-K submission here.
