Fri, Apr. 24, 7:11 PM
- After barely moving in response to its Q1 numbers yesterday, Proto Labs (NYSE:PRLB) sold off today in the wake of downgrades to neutral ratings from Piper and Craig-Hallum. Needham downgraded ahead of the report.
- Though the custom parts maker narrowly beat Q1 revenue estimates and posted in-line EPS, it guided for on its CC (transcript) for Q2 revenue of $61M-$64M and EPS of $0.46-$0.50, below a consensus of $63.4M and $0.49 at the midpoints. Forex is expected to have a $2M impact on sales, up from Q1's $1.75M.
- Proto's North American revenue rose 36% Y/Y in Q1 (23% excluding the FineLine acquisition). Japanese revenue rose 23% (43.5% in constant currency), and European revenue fell 5% (up 10% in constant currency). Unique product developers/engineers served rose 44% to 11K.
- Gross margin fell 280 bps Y/Y to 60.2% - lower additive manufacturing margins had a 110 bps impact, and forex a 220 bps impact. GAAP operating expenses rose 33% to $19.4M (compares with 27% revenue growth).
- Q1 results, PR
Thu, Apr. 23, 6:04 AM
Mon, Apr. 20, 10:00 AM
- Believing the market "may be pricing in upside to Street expectations for 2015" and that forex could make such upside challenging (Europe was 22% of Q4 revenue), Needham has downgraded Proto Labs (PRLB -2.2%) to Hold ahead of Thursday morning's Q1 report.
- After trading in a narrow range for two months, Proto Labs had rallied strongly over the last two weeks. Shares trade for 35x 2015E EPS; the 2015 revenue growth consensus is at 24.5%. Tigress Financial provided bullish coverage in March.
Fri, Apr. 10, 3:05 PM
- Today's notable tech gainers include IP licensing firm VirnetX (VHC +6%), custom parts maker Proto Labs (PRLB +4.6%), printing plate/commercial film maker Eastman Kodak (KODK +3.9%), cloud HR software vendor Paylocity (PCTY +3.7%), cloud telecom expense software vendor Tangoe (TNGO +4.2%), and cloud tech support software vendor Support.com (SPRT +6.7%). The Nasdaq is up 0.4%.
- Only a few tech companies are posting major declines. The group includes Chinese online video platform Youku (YOKU -5.7%) and mainframe/high-end server maker Unisys (UIS -3.4%).
- Following a rough 2014, VirnetX is up 34% in 2015; 15.9M shares were shorted as of March 13. Proto Labs has broken out of the narrow range shares have traded in since mid-February. Support.com's gains come a day after the company disclosed a new contract with Comcast. Paylocity is erasing the losses seen yesterday following a BofA downgrade. Kodak is up 13% since posting Q4 results on March 16.
- Youku, quite volatile lately, is giving back a chunk of Wednesday's big gains. Unisys' decline comes ahead of its April 23 Q1 report. On Wednesday, the company announced it's supplying high-end servers and cybersecurity software to NASA through the agency's SEWP V contract (covers multiple suppliers, worth up to $20B over 10 years).
- Previously covered: 3D Systems, Alcatel-Lucent, Nokia, LinkedIn, GoDaddy, FireEye, Turtle Beach, Mavenir/Mitel, Gigamon, Synacor
Thu, Mar. 12, 11:24 AM| Comment!
Thu, Feb. 5, 10:33 AM
- Proto Labs (NYSE:PRLB) guided on its Q4 CC (webcast) for Q1 revenue of $56.5M-$59.5M and EPS of $0.43-$0.47 vs. a consensus of $57.8M and $0.47. With forex weighing on results - a $1.5M Q1 impact is expected - and shares having gone into earnings not far from a 52-week low of $54.97, the outlook is being well-received.
- The Q4 beat was driven by a 23% Y/Y increase in North American revenue (excluding the Fineline acquisition). European revenue rose 10% Y/Y and Japanese revenue 25% in local currency; dollar-based growth is presumably lower. 3D printing services revenue (driven by Fineline) rose 48% to $3.9M.
- Gross margin fell to 59.9% from Q3's 60.6% and the year-ago period's 62.7%. Fineline impacted margins, as did manufacturing investments and forex. R&D spend rose 34% to $4.7M, and sales/marketing spend 32% to $8.1M.
- Q4 results, PR
Thu, Feb. 5, 6:01 AM
Wed, Feb. 4, 5:30 PM
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Tue, Feb. 3, 10:06 AM
- Organovo (ONVO -4.2%), Proto Labs (PRLB -5.4%), and Arcam (OTCPK:AMAVF -4.9%) have joined 3D Systems, ExOne, and Voxeljet in selling off in the wake of Stratasys' Q4/2014 warning and light 2015 guidance.
- Proto Labs is far from a 3D printing pure-play - the company is a custom-parts maker for industrial prototyping, one that supports 3D printing and other manufacturing techniques. Organovo, as a developer of 3D-printed human tissues, is a very different kind of 3D printing firm than the printer makers.
- Proto Labs' Q4 report arrives on Thursday morning.
Tue, Jan. 20, 6:26 PM| Comment!
Dec. 12, 2014, 6:55 PM
- With multiples having significantly contracted and industry growth rates remaining strong, Canaccord's Bobby Burleson thinks 2015 will be a much better year for 3D printing stocks than 2014. Buy ratings are reiterated for 3D Systems (NYSE:DDD), Stratasys (NASDAQ:SSYS), Materialise (NASDAQ:MTLS), and Proto Labs (NYSE:PRLB).
- Burleson considers beaten-down 3D Systems "set up for a nice bounce into CES," given low expectations and "a sharp potential snap back for gross and operating margins in Q4." He also likes the company's "broad technology portfolio and positioning as turn-key provider of the entire 3D printing digital thread," albeit while admitting better execution will be needed for major multiple expansion to happen.
- Stratasys is deemed "a core long-term holding for investors wanting exposure to 3D printing." However, worries about heavy spending are seen as a near-term headwind.
- Materialise's recent selloff is viewed as "an opportunity to buy the leading software franchise in 3D printing (roughly 70% of EBITDA from software), and a strong industrial parts businesses that is bucking the slowdown in Europe." Burleson adds Materialise's medical products could drive upside.
- Proto Labs is declared to be "unique as a player in the rapid prototyping industry without any reliance on [lumpy] machine sales." New revenue drivers such as liquid silicone rubber (LSR) molding and Fineline additive manufacturing are expected to yield multiple expansion.
Dec. 1, 2014, 3:54 PM
Oct. 23, 2014, 9:51 AM
- Proto Labs (NYSE:PRLB) guided on its Q3 CC for Q4 revenue of $53M-$56M, below a $58.7M consensus.
- Both the Q3 miss and the guidance are blamed on weak European sales. North American sales are healthier: They rose 26% Y/Y in Q3, excluding the acquisition of manufacturing services firm FineLine Prototyping.
- Gross margin fell 120 bps Y/Y to 60.6%. GAAP opex rose 41% to $17.6M, exceeding revenue growth of 30%.
- Q3 results, PR
Oct. 23, 2014, 7:08 AM
- Net income of $10.4M, or $0.40 per diluted share vs. $8.9M $0.34 per diluted share in the same quarter a year ago.
- Gross margin was 60.6% of revenue during the quarter vs. 61.8% during the same quarter in 2013. Operating margin was 28.3% of revenue during the quarter vs. 31.9% during the third quarter of 2013.
- Cash, cash equivalents and investments totaled $119M as of September 30.
- Q3 results
Oct. 23, 2014, 6:03 AM
Oct. 16, 2014, 10:22 AM| Comment!
PRLB vs. ETF Alternatives
Proto Labs Inc is a manufacturer of custom parts for prototyping and short-run production. It utilizes computer numerical control (CNC) machining and injection molding to manufacture custom parts.
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