Proto Labs Inc. wrapped up the best revenue year in its 25-year history of offering digital manufacturing services like 3D printing and injection molding, executives said today in a review of 2023.
Robert Bodor, president and CEO, Proto Labs Inc.
“For the full year 2023, we generated revenue above $500 million for the first time [in Protolabs’] 25–year history while delivering improved earnings, robust cash flow,” president and CEO Robert Bodor said on an earnings call today.
He added that Protolabs’ ability to provide flexibility in manufacturing services is fostering the company’s growth in such manufacturing industries as electric vehicles and electric aerospace motors.
“The flexibility of our combined offerings provides the agility and adaptability that manufacturers need,” he said. “EV manufacturers have very different development and supply chain requirements than traditional auto manufacturers.”
“Our advanced digital manufacturing capabilities also support innovation in the electric aerospace industry,” he said, including the expedient production of complex metal components used in electric motors used on regional commercial jets and narrowbody aircraft.
More than 53,000 customers across several industries
Protolabs, which served over 53,000 customers last year, also provides manufacturing services to such industries as:
- Medical devices
- Lighting
- Aerospace
- Technology
- Consumer products
- Electronics
Its customers use the digital platform at Protolabs.com for quoting and ordering.
The company provides 3D printing, injection molding, CNC machining, and sheet metal fabrication digital manufacturing services through its 12 manufacturing facilities in the United States and Europe and through the global Protolabs Network (formerly known as Hubs) of about 250 participating manufacturers.
Much of Protolabs’ recent growth has come from the manufacture of components that client manufacturers use in the final production of products, a trend that is moving Protolabs beyond its traditional emphasis on making prototypes.
“A lot of our growth in 2023 came from increase in production … and customers using us more deeply for higher volumes and taking the prototyping business that they’ve been used to using us for and converting that into production, staying with us through the product lifecycle,” Bodor said.
Protolabs’ increasing financial numbers
For the fourth quarter ended Dec. 31, Protolabs reported:
- Revenue of $125 million, up 8.2% year over year.
- Protolabs Network revenue of $22.5 million, up 52%.
- Net income of $7.0 million, or $0.27 per diluted share, compared to a net loss of $4.24 per diluted share in the year-earlier quarter.
For the full year 2023, Protolabs reported:
- Revenue of $503.9 million, up 3.2% from 2022.
- Protolabs Network revenue of $82.6 million, up 70.4%.
- Net income of $17.2 million, or $0.66 per diluted share, compared to a net loss of $3.77 per diluted share.
- Cash flow from operations of $73.3 million, up from $62.1 million.
Percentage changes may not align exactly with dollar figures due to rounding. Check back for more earnings reports. Here’s last quarter’s Protolabs update.
Paul Demery is a Digital Commerce 360 contributing editor covering B2B digital commerce technology and strategy. [email protected].
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