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Digital manufacturer Protolabs scores record quarterly sales

Protolabs sales, for the first quarter ended March 31, were $125.9 million. That's up from $124.2 million in the first quarter of 2022.

Protolabs sales, for the first quarter ended March 31, were $125.9 million. That's up from $124.2 million in the first quarter of 2022.

Proto Labs Inc. reached new milestones in the third quarter, increasing revenue to a record $23 million in its Hubs digital manufacturing network business, as Protolabs total revenue grew 7.1% to an all-time high $130.7 million, president and CEO Robert Bodor said.

The company’s financial gains reversed recent quarterly declines, as Bodor noted that Protolabs did well in Q3 despite continued softness in manufacturing markets.

Recently, a luxury high-end automotive manufacturer selected Protolabs to assist with its first foray into the electric vehicle market.
Robert Bodor, president and CEO
Proto Labs Inc.

Robert Bodor, president and CEO, Proto Labs Inc.

“We continue to accelerate innovation for customers with the fastest and most reliable lead times in the industry,” Bodor said on a Q3 earnings call. “The broader economic environment is still uncertain. Manufacturing conditions in the U.S. and Europe remain soft and have not consistently improved throughout 2023.”

Protolabs revenue in Q3

Despite that economic downturn, Protolabs “grew in the quarter, especially in our digital manufacturing network business,” he said.

Bodor added that Protolabs is gaining market share with larger companies and expanding in new markets.

“Recently, a luxury high-end automotive manufacturer selected Protolabs to assist with its first foray into the electric vehicle market,” he said, without naming the manufacturer.

Bodor added that Protolabs worked with vehicle manufacturer’s design firm, Hutchinson, to make prototypes for and electric vehicle battery pack cooling system.

“We rapidly manufactured injection molded parts, which meant stringent project timelines and quality utilizing our speed, reliability and quality,” he said.

Bodor noted that Protolabs’ traditional business over most of its 24-year history has been in manufacturing prototypes of parts that customers use in designing and testing new products. But it is now seeing growing demand for parts that customers use in the production of final products.

Protolabs “is becoming a one-stop shop for custom prototypes and low-volume production,” he said.

Protolabs’ services include:

CNC machining is a manufacturing process in which pre-programmed applications dictate the movement of factory tools and machinery. The process enables three-dimensional cutting tasks to be accomplished in a single set of prompts.

Protolabs reported for the third quarter ended June 30:

For the nine months ended June 30:

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. paul@digitalcommerce360.com.

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