Proto Labs Inc., an online and technology-enabled quick-turn manufacturer of custom parts for prototyping and short-run production, announced record first-quarter revenue of $58.5 million, up 27 percent over the first quarter of 2014.
The company provides quick-turn parts for product developers across the world. First-quarter revenue was driven by a 44 percent increase in the number of product developers and engineers who use their services. During the first quarter Proto Labs served 11,000 unique developers and engineers.
Proto Labs enjoyed strong growth in its three main geographic areas. Revenue in North America grew 36 percent, and on a constant currency basis, revenue grew 44 percent in Japan and 10 percent in Europe.
Net income for the first quarter was $10.5 million, or 40 cents per share. Net income adjusted for unrealized foreign currency losses and other charges was $11.9 million, or 45 cents per share. Proto Labs matched analysts' predictions for adjusted net income and slightly exceeded revenue projections.
"We remain focused on the growth initiatives we established for 2015," said Vicki Holt, president and CEO in the company's earnings release. "We continue to invest in sales and marketing efforts, adding staff in select areas, installing new sales and marketing automation software and pursuing new approaches to expand awareness and drive sales."
Proto Labs closed Thursday at $75.60, up 11 cents per share.
Patrick Kennedy
