Proto Labs reports solid growth in second quarter 2016

August 12, 2016

Proto Labs, Inc. (NYSE:PRLB), has reported that revenue for the second quarter of 2016 (ending June 30 2016) was $75.0 million, some 17% above 2015 figures for the same period. Alphaform, the German company acquired in the fourth quarter of 2015, contributed $4.8 million in revenue in the second quarter. Excluding this contribution, legacy revenue totalled $70.2 million, an increase of 10% compared with the second quarter of 2015.

Revenue from 3D printing totalled $9.1 million. Excluding Alphaform’s $2.1 million in 3D printing revenue, legacy 3D printing revenue was $7.0 million, an increase of 29% from the 2015 second quarter. The number of unique product developers and engineers served increased 14% to 13,519 from 11,822 in the second quarter of 2015.

Net income for the second quarter of 2016 was stated as $10.7 million.

“Revenue growth was solid in the second quarter, driven by continued strong growth in 3D printing, strength in our European markets, and the contribution from Alphaform,” stated Vicki Holt, President and Chief Executive Officer. “We were also pleased with the legacy growth in Europe in the quarter, which grew 24% and we saw an improved performance in Japan with a revenue increase of 46% year over year. In the Americas, we experienced slower than expected growth in injection moulding and CNC machining. This was primarily due to a slowdown in the US industrial economy as well as attrition in sales leadership.”

“During the quarter, we improved our gross margins in both our legacy operations as well as in our Alphaform business. We are also beginning to see traction from our expanded sales and marketing efforts of 3D printing in Europe and anticipate this business will continue to grow throughout the year.”

“Over the next several quarters, we will be focused on driving actions to improve our sales performance and efficiency through our operations and we expect to see improvement in sales growth, especially in the Americas, over time. We remain confident in the fundamentals in our business – our market size, differentiated proposition and excellent customer experience,” concluded Holt.

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