Rapid manufacturing company Proto Labs (NYSE:PRLB) has announced record revenues for the second quarter of 2017 with 3D printing revenue up 19.5%.
The Minnesota-based company reported total revenue for the second quarter as $82.0 million, up 9.4% over the same period in 2016.
Proto Labs’ manufacturing processes include injection molding, CNC machining and 3D printing. And the company similarly reported record revenue for the first quarter of 2017 with a 10.5% increase on the year prior.
President and CEO Vicki Holt said, “we delivered record revenue this quarter with the Americas leading the way with 14.5 percent year-over-year growth,”
“Our revenue growth was driven by an 18.8 percent growth in the number of unique product developers we served this quarter, reflecting continued penetration of our market opportunity.”
The company reported a significant increase of unique product developers and engineers served. This totalled 16,174 – up 18.8% over the previous second quarter in 2016.
Net income for the second quarter was reported at $12.1 million which is a 13% increase on Q2 2016.
Holt cited its on-demand manufacturing service as another source of revenue growth. As she explains: “We continue to execute on our initiative to expand our product envelope. Our recently launched on-demand manufacturing offering tailors our injection molding service to address the specific needs of the customer. This offering includes a suite of inspection reports, including a digital inspection report option, a lifetime mold guarantee and more competitive piece part pricing to the on-demand manufacturing customer.”
3D printing growth
Proto Labs’ 3D printing outputs continued to grow with revenue of $10.8 million for the second quarter, up from $9.1 million the year prior.
Featured image shows Proto Labs manufacturing facility. All images, including featured, via Proto Labs.