Protolabs reports record revenue growth and income for Q2 2018

Protolabs has reported “record revenue growth and net Income” in financial results for the second quarter ended June 30, 2018.

Headline figures for the digital manufacturing enterprise show revenue for the quarter of $109.7 million. Protolabs’ net income was $18.3 million, up 52% from the prior year.

Vicki Holt, President and Chief Executive Officer commented, “For the second straight quarter, Protolabs delivered 34% revenue growth over 2017,”

“Through the first half of the year, our CNC Machining business has experienced explosive growth in excess of 60%. Our ability to serve our customers with this level of growth demonstrates the tremendous value and scalability of our digital business model.”

Highlights for the second quarter include:

  • Gross margin was 54.0 percent of revenue for the second quarter of 2018, compared with 56.5 percent for the second quarter of 2017 with the change in gross margin largely driven by the RAPID Manufacturing acquisition.
  • GAAP operating margin was 20.0 percent of revenue during the second quarter of 2018, compared to 20.0 percent for the second quarter of 2017.
  • Non-GAAP operating margin was 23.3 percent of revenue during the second quarter of 2018, compared to 22.9 percent for the second quarter of 2017. See “Non-GAAP Financial Measures” below.
  • The company generated $33.2 million in cash from operations during the second quarter of 2018.
  • Cash and investments balance was $144.9 million at June 30, 2018.

Revenue from 3D printing increased by 22% at Protolabs. “We continue to demonstrate our leadership in the 3D space in the market,” said Holt during a call with investors and analysts. The recent partnership with GE was also highlighted by the CEO. “This is an exciting opportunity for Protolabs to partner with GE Additive to further advance and provide access to industrial-grade additive manufacturing technologies and materials,” said Holt.

Other recent achievements noted on the call included Protolabs’ success at the 2018 3D Printing Industry Awards where our readers selected the company for an award. “Protolabs was recognized in winning the Creative Use of 3D Printing Award at the 2018 3D Printing Industry Awards for its Black Panther Brisk Promotion with PepsiCo. As a leader in 3D, we continue to expand our capabilities and leverage our world-class knowledge to serve our customers,” said Holt.

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