Proto Labs, Inc. (NYSE:PRLB) reported a Q2 FY23 revenue decline of 3.7% Y/Y to $122.265 million, marginally beating the consensus of $122.12 million.
The e-commerce digital manufacturer posted an adjusted EPS of $0.33, beating the consensus of $0.30.
Revenue generated from its digital network powered by Hubs was $20.2 million, up 79.3% Y/Y.
Protolabs served 23,377 unique product developers and engineers during the quarter.
Adjusted gross margin decreased to 44.1% from 45.9% a year ago.
Adjusted EBITDA margin declined to 15.7% from 19.4% the prior year
Cash and investments balance was $102.8 million as of June 30, 2023.
Repurchase: PRLB repurchased $9.0 million of shares in Q2.
“Driven by the current economic climate, through the first half of 2023 demand for our longer lead times and lower-priced offerings has outpaced demand for our quick-turn offer, and we will continue to adapt our operations to align with demand. We are among the most profitable and positive cash generating digital manufacturers, enabling us to continue to invest in future growth among economic volatility and dynamic customer preferences,” said Dan Schumacher, Chief Financial Officer.
Price Action: PRLB shares are trading lower by 8.68% at $29.26 on the last check Friday.
