The following is a summary of the Proto Labs, Inc. (PRLB) Q1 2024 Earnings Call Transcript:
Financial Performance:
Proto Labs reported Q1 2024 revenue of $127.9 million, growing 1% year-over-year in constant currencies.
Q1 U.S. revenue grew 4% year-over-year while Europe revenue declined 9% year-over-year in constant currencies.
Proto Labs' first quarter non-GAAP gross margin increased to 45.6%, driven by improvements in factory gross margins.
The first quarter non-GAAP diluted net income per share was $0.40, beyond the guidance range of $0.30.
Generated $21.3 million in first quarter cash from operations and repurchased $16 million of common stock during the quarter.
Business Progress:
Proto Labs focuses on increasing the number of customers using their services and aims for higher revenue per customer.
Expansion of their offering has enabled them to serve more production needs.
Early returns from investments in robotics, automated mold polishing, machine perception in quality verification processes are visible.
Proto Labs is driving adoption of their combined offer to capitalize on growth opportunities, as currently less than 5% of their customers fully utilize their combined services.
They have formed partnerships with companies like BioDapt, Circleg, and NASA, providing agile manufacturing for high-performance custom solutions within 48 hours.
For Q2 2024, they expect to generate revenue between $122 million and $130 million, and non-GAAP earnings per share between $0.30 and $0.38.
More details: Proto Labs IR
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