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Proto Labs CEO resigning; shares drop in spite of good results, guidance

  • In tandem with its Q3 results, Proto Labs (PRLB -6.8%) announces CEO Brad Cleveland is resigning once a successor is found.
  • Cleveland: "I've been the CEO from $1 million in revenue until today. I've thoroughly enjoyed the experience and would welcome the chance to someday do it all over again in another industry."
  • The announcement is leading Proto Labs to sell off even though the prototyping services firm beat Q3 estimates and issued solid Q4 guidance - revenue of $42M-$45M and EPS of $0.35-$0.39 vs. a consensus of $42M and $0.37 - on its CC (webcast).
  • Sales of Proto Labs' Protomold injection molding services rose 25% Y/Y in Q3 to $29.5M, and sales of its Firstcut machined parts services rose 39% to $12.5M. The number of product developers served rose 23% Y/Y, and spending per developer rose 5%.
  • Domestic sales (73% of revenue) rose 23%, and international sales rose 51%. Gross margin rose 90 bps Y/Y to 61.7%.
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