Proto Labs(US:PRLB)2025-02-07 11:08Revenue Performance - 2024 revenue was $501 million, a 0.6% decrease compared to $503.9 million in 2023[4] - Fourth quarter 2024 revenue was $121.8 million, a 2.6% decrease from $125.0 million in the fourth quarter of 2023[4] - Revenue fulfilled through the Protolabs Network increased by 21.6% to $100.4 million in 2024 compared to 2023[4] - Total revenue for the three months ended December 31, 2024, was $121.75 million, a decrease of 1.0% from $125.05 million in the same period of 2023[26] - For the twelve months ended December 31, 2024, total revenue was $500,890, a decline of 0.6% from $503,877 in 2023[38] - The CNC Machining service line saw a revenue increase of 4.4% for the twelve months ended December 31, 2024, while Injection Molding revenue decreased by 4.8%[40] - The revenue from the 3D Printing service line decreased by 0.6% for the twelve months ended December 31, 2024, compared to the previous year[40] Earnings and Profitability - Non-GAAP earnings per share for 2024 was $1.63, compared to $1.59 in 2023[4] - Gross margin for 2024 was 44.6%, up from 44.1% in 2023[4] - Non-GAAP net income for the twelve months ended December 31, 2024, was $41.17 million, slightly down from $41.59 million in 2023[30] - The company reported a net loss of $404,000 for the three months ended December 31, 2024, compared to a net income of $6.99 million in the same period of 2023[26] - Non-GAAP operating margin for the three months ended December 31, 2024, was 7.6%, down from 11.2% in the same period of 2023[34] - GAAP net loss for Q4 2024 was $(404), compared to a net income of $6,990 in Q4 2023, resulting in a GAAP net income margin of (0.3%) versus 5.6%[36] - Adjusted EBITDA for Q4 2024 was $16,861, down from $22,298 in Q4 2023, with an adjusted EBITDA margin of 13.8% compared to 17.8%[36] - The company reported a decrease in GAAP net income margin for the twelve months ended December 31, 2024, at 3.3% compared to 3.4% in 2023[36] Cash Flow and Financial Position - Cash flow from operations increased to $77.8 million in 2024, up from $73.3 million in 2023[4] - The company’s cash and cash equivalents at the end of the period were $89.07 million, up from $83.79 million at the beginning of the period[28] Customer Metrics - The number of customers using the combined Factory and Network offer grew by 50% in 2024[3] - Revenue per customer contact increased by 3.1% year-over-year to $9,716, serving 51,552 customer contacts in 2024[14] - Customer contacts decreased to 21,558 in Q4 2024 from 21,879 in Q4 2023, while revenue per customer contact increased to $5,648 from $5,715[44] Future Outlook - The company expects first quarter 2025 revenue to be between $120 million and $128 million[7] - The company expects Q1 2025 GAAP diluted net income per share to range from $0.08 to $0.16, with non-GAAP diluted net income per share projected between $0.26 and $0.34[46] - Total adjustments for non-GAAP guidance in Q1 2025 include stock-based compensation and amortization expenses totaling $0.18[46] Operating Expenses - Operating expenses for the three months ended December 31, 2024, increased to $53.45 million from $47.42 million in the same period of 2023, primarily due to higher marketing and sales expenses[26] - The company incurred costs related to exit and disposal activities amounting to $5.59 million for the three months ended December 31, 2024[30] Segment Performance - The company’s CNC Machining revenue increased by 7.0% to $52.39 million for the three months ended December 31, 2024, compared to $48.91 million in the same period of 2023[26] - The company’s gross margin for the three months ended December 31, 2024, was 42.7%, down from 44.6% in the same period of 2023[32]