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Proto Labs, Inc. (NYSE:PRLB) reported third-quarter FY2 revenue growth of 7.4% year-over-year to $130.71 million, beating the consensus of $122.77 million.
The digital manufacturing company posted an adjusted EPS of $0.51, an improvement from $0.40 in 3Q22, beating the consensus of $0.30.
The gross margin expanded by 130 bps to 45.4%, and the operating margin expanded by 300 bps to 7.9%. Adjusted gross margin expanded to 46% from 44.8% in 3Q22.
Revenue generated from the digital network, powered by Hubs, was $22.6 million, an increase of 86.9% Y/Y.
Protolabs served 23,080 unique product developers during the quarter.
Adjusted EBITDA increased 9% Y/Y to $23.94 million, and the margin was 18.3%, up 27 bps YoY.
Q3 cash flow from operations was $24.2 million, compared to $9.3 million in Q2. The cash and investments balance was $114.9 million as of September 30, 2023.
PRLB repurchased $9 million of shares during the quarter.
"We experienced increased demand for our comprehensive digitally-enabled manufacturing capabilities in the quarter," commented Rob Bodor, President and Chief Executive Officer.
Price Action: PRLB shares are trading higher by 23% at $29.89 on Friday.
Posted In: PRLB
