Proto Labs Inc. (NYSE:PRLB), a manufacturing bureau headquartered in Minnesota has reported financial results for the first quarter of 2017 ending March 31st. Highlights of the report include record revenue for the first quarter of 2017.
Proto Labs reported a 12.9% full year revenue increase to $298.1 million at the end of last year and it seems that the company has continued this upward trend into the beginning of this year.
The financial revenue for this first quarter has been reported at $80.2 million, which is a 10.5% increase from $72.6 million in the first quarter of 2016. In addition, Proto Labs reports an increase in net income with $12.2 million for this period. In the results they also report an increase of 11.7% in the number of unique product developers and engineers served up to 14,801.
President and CEO of Proto Labs, Vicki Holt states that the company is “pleased with the strong start to our fiscal year with double digit revenue growth across all services. These results along with solid execution delivered a 14.4 percent increase in quarterly net income.”
Proto Labs’s 3D printing manufacturing
The manufacturing bureau has several different 3D printing technologies to offer clients, including stereolithography, selective laser sintering (SLS) and direct metal laser sintering (DMLS). Accompanying these financial results, President and CEO Vicki Holt, cited the recent addition of Polyjet technology from Stratasys as a factor for performance improvements. As she says,
Measured progress was made on our initiatives for 2017. We successfully launched insert molding and added PolyJet technology to our 3D printing service portfolio. From an operational standpoint, we continued to realize the benefits of our Proto Excellence continuous improvement program, allowing us to deliver the increased volume while improving our margins,
In order to take orders and provide quotes, Proto Labs uses a proprietory software on their website. This method can automatically provide a quote when the user uploads a 3D model, and the company recently announced a settlement has been reached with ICO Products for copyright infringement relating to use of this software.
Make sure to place your votes in the 1st Annual 3D Printing Industry Awards which takes place next month in London.
Featured image shows Proto Labs manufacturing facility. Image via Proto Labs.