Proto Labs (PRLB) 10-Q 2 Nov 16 2016 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Oct. 25, 2016
Document Information [Line Items]
Entity Registrant Name	Proto Labs Inc
Entity Central Index Key	1,443,669
Trading Symbol	prlb
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	Yes
Entity Common Stock, Shares Outstanding (in shares)		26,432,035
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents	$ 68,218,000	$ 47,653,000
Short-term marketable securities	39,028,000	33,201,000
Accounts receivable, net of allowance for doubtful accounts of $333 and $330 as of September 30, 2016 and December 31, 2015, respectively	37,261,000	36,125,000
Inventory	9,930,000	9,771,000
Prepaid expenses and other current assets	5,392,000	5,224,000
Income taxes receivable		6,028,000
Total current assets	159,829,000	138,002,000
Long-lived assets	142,722,000	125,475,000
Goodwill	28,916,000	28,916,000
Other intangible assets, net	2,817,000	3,337,000
Long-term marketable securities	68,387,000	64,789,000
Other long-term assets	1,374,000	517,000
Total assets	404,045,000	361,036,000
Current liabilities
Accounts payable	10,703,000	13,643,000
Accrued compensation	10,330,000	9,993,000
Accrued liabilities and other	3,612,000	2,626,000
Income taxes payable	541,000
Total current liabilities	25,186,000	26,262,000
Long-term deferred tax liabilities	4,247,000	4,240,000
Other long-term liabilities	3,795,000	2,889,000
Total liabilities	33,228,000	33,391,000
Shareholders' equity
Preferred stock, $0.001 par value, authorized 10,000,000 shares; issued and outstanding 0 shares as of each of September 30, 2016 and December 31, 2015
Common stock, $0.001 par value, authorized 150,000,000 shares; issued and outstanding 26,432,035 and 26,200,718 shares as of September 30, 2016 and December 31, 2015, respectively	26,000	26,000
Additional paid-in capital	210,226,000	198,835,000
Retained earnings	167,331,000	133,996,000
Accumulated other comprehensive loss	(6,766,000)	(5,212,000)
Total shareholders' equity	370,817,000	327,645,000
Total liabilities and shareholders' equity	$ 404,045,000	$ 361,036,000

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Allowance for doubtful accounts	$ 333	$ 330
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	26,432,035	26,200,718
Common stock, shares outstanding (in shares)	26,432,035	26,200,718

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statements of Operations:
Revenues	$ 78,173	$ 67,842	$ 225,702	$ 190,347
Cost of revenue	33,448	27,517	99,077	77,218
Gross profit	44,725	40,325	126,625	113,129
Operating expenses
Marketing and sales	11,787	10,027	34,182	28,383
Research and development	5,976	4,760	17,110	13,471
General and administrative	10,020	8,134	28,397	20,683
Total operating expenses	27,783	22,921	79,689	62,537
Income from operations	16,942	17,404	46,936	50,592
Other income (expense), net	625	593	2,342	100
Income before income taxes	17,567	17,997	49,278	50,692
Provision for income taxes	5,585	5,615	15,943	16,171
Net income	$ 11,982	$ 12,382	$ 33,335	$ 34,521
Net income per share:
Basic (in dollars per share)	$ 0.45	$ 0.47	$ 1.27	$ 1.33
Diluted (in dollars per share)	$ 0.45	$ 0.47	$ 1.26	$ 1.31
Shares used to compute net income per share:
Basic - weighted-average shares outstanding: (in shares)	26,416,041	26,083,405	26,334,738	25,952,451
Diluted (in shares)	26,609,878	26,381,313	26,539,078	26,290,758
Comprehensive Income (net of tax)
Comprehensive income	$ 11,828	$ 11,416	$ 31,781	$ 33,754

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Operating activities
Net income	$ 33,335	$ 34,521
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	12,831	10,422
Share-based Compensation	5,260	4,515
Deferred taxes	495	(310)
Excess tax benefit from stock-based compensation	(1,965)	(5,212)
Loss on impairment of assets	455
Amortization of held-to-maturity securities	881	936
Other	(1,381)
Changes in operating assets and liabilities:
Accounts receivable	(1,626)	(8,827)
Inventories	(203)	(1,117)
Prepaid expenses and other	(1,107)	(2,596)
Income taxes	8,114	(546)
Accounts payable	(2,043)	3,744
Accrued liabilities and other	3,131	5,754
Net cash provided by operating activities	56,177	41,284
Investing activities
Purchases of property and equipment	(30,981)	(27,259)
Purchases of marketable securities	(56,213)	(42,674)
Proceeds from maturities of marketable securities	45,907	40,899
Net cash used in investing activities	(41,287)	(29,034)
Financing activities
Payments on debt		(107)
Acquisition-related contingent consideration	(400)	(1,400)
Proceeds from exercises of stock options and other	4,168	5,165
Excess tax benefit from stock-based compensation	1,965	5,212
Net cash provided by financing activities	5,733	8,870
Effect of exchange rate changes on cash and cash equivalents	(58)	(318)
Net increase in cash and cash equivalents	20,565	20,802
Cash and cash equivalents, beginning of period	47,653	43,329
Cash and cash equivalents, end of period	$ 68,218	$ 64,131

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Note 1 – Basis of Presentation The unaudited interim Consolidated Financial Statements of Proto Labs, Inc. (Proto Labs, the Company, we, us or our) have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, the accompanying financial statements reflect all adjustments necessary for a fair presentation of the Company’s statements of financial position, results of operations and cash flows for the periods presented. Except as otherwise disclosed herein, these adjustments consist of normal, recurring items. Operating results for interim periods are not necessarily indicative of results that may be expected for the fiscal year as a whole. The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and the related disclosures at the date of the financial statements and during the reporting period. Actual results could materially differ from these estimates. For further information, refer to the audited consolidated financial statements and notes thereto included in the Company ’s Annual Report on Form 10-K for the year ended December 31, 2015 as filed with the Securities and Exchange Commission (SEC) on February 26, 2016. The accompanying Consolidated Balance Sheet as of December 31, 2015 was derived from the audited Consolidated Financial Statements but does not include all disclosures required by U.S. GAAP for a full set of financial statements. This Form 10-Q should be read in conjunction with the Company’s Consolidated Financial Statements and Notes included in the Annual Report on Form 10-K filed on February 26, 2016 as referenced above.

Note 2 - Recent Accounting Pron

Note 2 - Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	Note 2 – Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. This ASU is a comprehensive new revenue recognition model that requires a company to recognize revenue from the transfer of goods or services to customers in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. The Company is required to adopt the new pronouncement using one of two retrospective application methods. On July 9, 2015, the FASB voted to approve a deferral of the effective date of ASU 2014-09 by one year to December 15, 2017 for annual reporting periods beginning after that date. The Company is evaluating the application method and the impact of this new standard on its financial statements, but does not expect the impact to be material. In February 2016, the FASB issued ASU 2016-02, Leases, which introduces the balance sheet recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous guidance. The guidance will be effective for annual reporting periods beginning after December 15, 2018 and interim periods within those fiscal years with early adoption permitted. The Company is evaluating the impact of the future adoption of this standard on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Employee Share-Based Payment Accounting, which is intended to simplify several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, statutory tax withholding requirements, and classification in the statement of cash flows. This guidance will be effective for annual reporting periods beginning after December 15, 2016 and interim periods within those fiscal years with early adoption permitted. The Company is currently evaluating the impact this new guidance will have on its consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows, which is intended to reduce diversity in how companies present and classify certain cash receipts and cash payments in the statement of cash flows. This guidance will be effective for annual reporting periods beginning after December 15, 2017 and interim periods within those fiscal years with early adoption permitted. The Company is evaluating the impact of the future adoption of this guidance on its consolidated financial statements, but does not expect the impact to be material.

Note 3 - Net Income Per Common

Note 3 - Net Income Per Common Share	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Earnings Per Share [Text Block]	Note 3 – Net Income per Common Share Basic net income per share is computed based on the weighted-average number of common shares outstanding. Diluted net income per share is computed based on the weighted-average number of common shares outstanding, increased by the number of additional shares that would have been outstanding had potentially dilutive common shares been issued and reduced by the number of shares the Company could have repurchased from the proceeds from issuance of the potentially dilutive shares. Potentially dilutive shares of common stock include stock options, restricted stock units and restricted stock awards granted under stock-based compensation plans and shares committed to be purchased under the employee stock purchase plan. The table below sets forth the computation of basic and diluted net income per share: Three Months Ended Nine Months Ended September 30, September 30, (in thousands, except share and per share amounts) 2016 2015 2016 2015 Net income $ 11,982 $ 12,382 $ 33,335 $ 34,521 Basic - weighted-average shares outstanding: 26,416,041 26,083,405 26,334,738 25,952,451 Effect of dilutive securities: Employee stock options and other 193,837 297,908 204,340 338,307 Diluted - weighted-average shares outstanding: 26,609,878 26,381,313 26,539,078 26,290,758 Net income per share: Basic $ 0.45 $ 0.47 $ 1.27 $ 1.33 Diluted $ 0.45 $ 0.47 $ 1.26 $ 1.31

Note 4 - Goodwill and Other Int

Note 4 - Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	Note 4 – Goodwill and Other Intangible Assets There were no changes in the carrying a mount of Goodwill during the nine months ended September 30, 2016. Intangible as sets other than Goodwill at September 30, 2016 and December 31, 2015 were as follows: September 30, 2016 December 31, 2015 Useful Weighted Average Useful Life (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Life (in years) Remaining (in years) Intangible Assets with finite lives: Marketing assets $ 930 $ (225 ) $ 705 $ 930 $ (155 ) $ 775 10.0 7.6 Non-compete agreement 190 (190 ) - 190 (158 ) 32 2.0 - Trade secrets 250 (121 ) 129 250 (83 ) 167 5.0 2.6 Internally developed software 680 (548 ) 132 680 (378 ) 302 3.0 0.6 Customer relationships 2,530 (679 ) 1,851 2,530 (469 ) 2,061 9.0 6.6 Total intangible assets $ 4,580 $ (1,763 ) $ 2,817 $ 4,580 $ (1,243 ) $ 3,337 Amortization expense for intangible ass ets was $0.2 million for each of the three months ended September 30, 2016 and 2015. Amortization expense for intangible assets for the nine months ended September 30, 2016 and 2015 was $0.5 million and $0.6 million, respectively. Estimated aggregated amortization expense based on the current carrying value of the amortizable intangible assets is as follows: (in thousands) Estimated Amortization Expense Remaining 2016 $ 162 2017 500 2018 424 2019 391 2020 374 Thereafter 966 Total estimated amortization expense $ 2,817

Note 5 - Fair Value Measurement

Note 5 - Fair Value Measurements	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Fair Value Disclosures [Text Block]	Note 5 – Fair Value Measurements ASC 820, Fair Value Measuremen Level 1 —Quoted prices in active markets for identical assets or liabilities. Level 2 —Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 —Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company ’s cash consists of bank deposits. The Company’s cash equivalents measured at fair value consist of money market mutual funds. The Company determines the fair value of these investments using Level 1 inputs. The following table summarizes financial assets as of September 30, 2016 and December 31, 2015 measured at fair value on a recurring basis: September 30, 2016 December 31, 2015 (in thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents Money market mutual fund $ 5,538 $ - $ - $ 11,896 $ - $ - Total $ 5,538 $ - $ - $ 11,896 $ - $ -

Note 6 - Marketable Securities

Note 6 - Marketable Securities	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Investment [Text Block]	Note 6 – Marketable Securities The Company invests in short-term and long-term agency, municipal, corporate and other debt securities. The securities are categorized as held-to-maturity and are recorded at amortized cost. Categorization as held-to-maturity is based on the Company ’s ability and intent to hold these securities to maturity. Information regarding the Company’s short-term and long-term marketable securities as of September 30, 2016 and December 31, 2015 is as follows: September 30, 2016 (in thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. municipal securities $ 42,718 $ 7 $ (76 ) $ 42,649 Corporate debt securities 32,745 18 (33 ) 32,730 U.S. government agency securities 24,770 4 (25 ) 24,749 Certificates of deposit/time deposits 7,182 32 - 7,214 Total marketable securities $ 107,415 $ 61 $ (134 ) $ 107,342 December 31, 2015 (in thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. municipal securities $ 35,667 $ 8 $ (56 ) $ 35,619 Corporate debt securities 28,133 - (114 ) 28,019 U.S. government agency securities 26,784 2 (99 ) 26,687 Certificates of deposit/time deposits 5,909 2 (11 ) 5,900 Commercial paper 1,497 - (2 ) 1,495 Total marketable securities $ 97,990 $ 12 $ (282 ) $ 97,720 Fair values for the corporate debt securities are primarily determined based on quoted market prices (Level 1). Fair values for the U.S. municipal securities, U.S. government agency securities and certificates of deposit are primarily determined using dealer quotes or quoted market prices for similar securities (Level 2). The Company tests for other-than-temporary losses on a quarterly basis and has considered the unrealized losses indicated above, which are the result of changes in interest rates, to be temporary in nature. In reaching this conclusion, the Company considered the credit quality of the issuers of the debt securities as well as the Company ’s intent to hold the investments to maturity and recover the full principal. Classification of marketable securities as current or non-current is based upon the security ’s maturity date as of the date of these financial statements. The September 30, 2016 balance of held-to-maturity debt securities by contractual maturity is shown in the following table at amortized cost. Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties. September 30, (in thousands) 2016 Due in one year or less $ 39,028 Due after one year through five years 68,387 Total marketable securities $ 107,415

Note 7 - Inventory

Note 7 - Inventory	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Inventory Disclosure [Text Block]	Note 7 – Inventory Inventory consists primarily of raw materials, which are recorded at the lower of cost or market using the average-cost method, which approximates first-in, first-out (FIFO) cost. The Company periodically reviews its inventory for slow-moving, damaged and discontinued items and provides allowances to reduce such items identified to their recoverable amounts. The Company ’s inventory consisted of the following as of the dates indicated: September 30, December 31, (in thousands) 2016 2015 Raw materials $ 9,226 $ 8,589 Work in process 1,105 1,529 Total inventory 10,331 10,118 Allowance for obsolescence (401 ) (347 ) Inventory, net of allowance $ 9,930 $ 9,771

Note 8 - Stock-based Compensati

Note 8 - Stock-based Compensation	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	Note 8 – Stock-Based Compensation Under the Company ’s 2012 Long-Term Incentive Plan, as amended (2012 Plan), the Company has the ability to grant stock options, stock appreciation rights (SARs), restricted stock, stock units, other stock-based awards and cash incentive awards. Awards under the 2012 Plan have a maximum term of ten years from the date of grant. The compensation committee may provide that the vesting or payment of any award will be subject to the attainment of specified performance measures in addition to the satisfaction of any continued service requirements and the compensation committee will determine whether such measures have been achieved. The per-share exercise price of stock options and SARs granted under the 2012 Plan generally may not be less than the fair market value of a share of our common stock on the date of the grant. Employee Stock Purchase Plan The Company ’s 2012 Employee Stock Purchase Plan (ESPP) allows eligible employees to purchase a variable number of shares of the Company’s common stock each offering period at a discount through payroll deductions of up to 15 percent of their eligible compensation, subject to plan limitations. The ESPP provides for six-month offering periods with a single purchase period ending May 15 and November 15, respectively. At the end of each offering period, employees are able to purchase shares at 85 percent of the lower of the fair market value of the Company’s common stock on the first trading day of the offering period or on the last trading day of the offering period. Stock-Based Compensation Expense Stock-based compensation expense was $ 1.7 million and $1.6 million for the three months ended September 30, 2016 and 2015, respectively, and $5.3 million and $4.5 million for the nine months ended September 30, 2016 and 2015, respectively. Stock Options The following table summarizes stock option activity during the nine months ended September 30, 2016: Stock Options Weighted- Average Exercise Price Options outstanding at December 31, 2015 766,042 $ 36.52 Granted 113,645 58.12 Exercised (173,781 ) 18.42 Forfeited (69,965 ) 61.37 Options outstanding at September 30, 2016 635,941 $ 42.59 Exercisable at September 30, 2016 368,052 $ 31.13 The outstanding options generally have a term of ten years. For employees, options granted become exercisable ratably over the vesting period, which is generally a five-year period beginning on the first anniversary of the grant date, subject to the employee ’s continuing service to the Company. For directors, options generally become exercisable in full on the first anniversary of the grant date. The weighted-average grant date fair value of options that were granted during the nine months ended September 30, 2016 was $26.62. The following table provides the assumptions used in the Black-Scholes pricing model val uation of options during the nine months ended September 30, 2016 and 2015, respectively: Nine Months Ended September 30, 2016 2015 Risk-free interest rate 1.53 - 1.68% 1.69 - 1.77% Expected life (years) 6.50 5.50 - 6.50 Expected volatility 44.38 - 45.93% 46.80 - 47.23% Expected dividend yield 0% 0% As of September 30, 2016, there was $6.2 million of unrecognized compensation expense related to unvested stock options, which is expected to be recognized over a weighted-average period of 3.2 years. Restricted Stock Restricted stock awards are share-settled awards and restrictions lapse ratably over the vesting period, which is generally a five-year period, beginning on the first anniversary of the grant date, subject to the employee's continuing service to the Company. For directors, restrictions generally lapse in full on the first anniversary of the grant date. The following table summarizes restricted stock activity during the nine months ended September 30, 2016: Weighted- Average Grant Date Restricted Fair Value Stock Per Share Restricted stock at December 31, 2015 124,393 $ 68.97 Granted 159,705 59.43 Restrictions lapsed (40,779 ) 67.85 Forfeited (19,645 ) 63.99 Restricted stock at September 30, 2016 223,674 $ 62.80 As of September 30, 2016, there was $ 12.3 million of unrecognized compensation expense related to non-vested restricted stock, which is expected to be recognized over a weighted-average period of 3.9 years. Employee Stock Purchase Plan The following table presents the assumptions used to estimate the fair value of the ESPP during the nine months ended September 30, 2016 and 2015, respectively: Nine Months Ended September 30, 2016 2015 Risk-free interest rate 0.39 - 0.56% 0.08 - 0.10% Expected life (months) 6.00 6.00 Expected volatility 29.41 - 49.13% 33.68 - 37.64% Expected dividend yield 0% 0%

Note 9 - Accumulated Other Comp

Note 9 - Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Disclosure of Reclassification Amount [Text Block]	Note 9 – Accumulated Other Comprehensive Income (Loss) Other comprehensive income (loss) is comprised entirely of foreign currency translation adjustments. The following table presents the changes in accumulated other comprehensive income (loss) b alances during the three and nine months ended September 30, 2016 and 2015, respectively: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2016 2015 2016 2015 Foreign currency translation adjustments Balance at beginning of period $ (6,612 ) $ (2,730 ) $ (5,212 ) $ (2,929 ) Other comprehensive loss before reclassifications (154 ) (966 ) (1,554 ) (767 ) Amounts reclassified from accumulated other comprehensive income (loss) - - - - Net current-period other comprehensive loss (154 ) (966 ) (1,554 ) (767 ) Balance at end of period $ (6,766 ) $ (3,696 ) $ (6,766 ) $ (3,696 )

Note 10 - Income Taxes

Note 10 - Income Taxes	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 10 – Income Taxes The Company is subject to income tax in multiple jurisdictions and the use of estimates is required to determine the provision for income taxes. For each of the three months ended September 30, 2016 and 2015, the Company recorded an income tax provision of $5.6 million. For the nine months ended September 30, 2016 and 2015, the Company recorded an income tax provision of $15.9 million and $16.2 million, respectively. The income tax provision is based on the estimated annual effective tax rate for the year applied to pre-tax income. The effective income tax rate for the three months ended September 30, 2016 was 31.8 percent compared to 31.2 percent in the same period of the prior year. The effective income tax rate for the nine months ended September 30, 2016 was 32.4 percent compared to 31.9 percent in the same period of the prior year. The effective inco me tax rate for the three and nine months ended September 30, 2016 differs from the U.S. federal statutory rate of 35.0 percent due primarily to the mix of income earned in domestic and foreign tax jurisdictions and deductions for which the Company qualifies. The Company had reserves against unrecognized tax benefits totaling $3.8 million and $2.8 million at September 30, 2016 and December 31, 2015, respectively, all of which, if recognized, would affect the Company’s effective tax rate. The Company recognizes interest and penalties related to income tax matters in income tax expense, and reports the liability in current or long-term income taxes payable as appropriate.

Note 11 - Revenue and Geographi

Note 11 - Revenue and Geographic Information	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	Note 11 – Revenue and Geographic Information The Company ’s revenue is primarily derived from its Injection Molding (Protomold), CNC Machining (Firstcut) and 3D Printing (Fineline) product lines. Total revenue by product line is as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2016 2015 2016 2015 Revenue: Injection Molding (Protomold) $ 46,445 $ 41,971 $ 134,376 $ 119,521 CNC Machining (Firstcut) 21,781 19,833 60,510 54,788 3D Printing (Fineline) 9,850 6,038 28,059 16,038 Other 97 - 2,757 - Total revenue $ 78,173 $ 67,842 $ 225,702 $ 190,347 Revenue to external customers based on the billing location of the end user customer and long-lived assets by geographic region are as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2016 2015 2016 2015 Revenue: United States $ 55,677 $ 50,214 $ 158,095 $ 144,357 International 22,496 17,628 67,607 45,990 Total revenue $ 78,173 $ 67,842 $ 225,702 $ 190,347 September 30, December 31, (in thousands) 2016 2015 Long-lived assets: United States $ 109,230 $ 98,633 International 33,492 26,842 Total long-lived assets $ 142,722 $ 125,475

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	The unaudited interim Consolidated Financial Statements of Proto Labs, Inc. (Proto Labs, the Company, we, us or our) have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, the accompanying financial statements reflect all adjustments necessary for a fair presentation of the Company’s statements of financial position, results of operations and cash flows for the periods presented. Except as otherwise disclosed herein, these adjustments consist of normal, recurring items. Operating results for interim periods are not necessarily indicative of results that may be expected for the fiscal year as a whole. The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and the related disclosures at the date of the financial statements and during the reporting period. Actual results could materially differ from these estimates. For further information, refer to the audited consolidated financial statements and notes thereto included in the Company ’s Annual Report on Form 10-K for the year ended December 31, 2015 as filed with the Securities and Exchange Commission (SEC) on February 26, 2016. The accompanying Consolidated Balance Sheet as of December 31, 2015 was derived from the audited Consolidated Financial Statements but does not include all disclosures required by U.S. GAAP for a full set of financial statements. This Form 10-Q should be read in conjunction with the Company’s Consolidated Financial Statements and Notes included in the Annual Report on Form 10-K filed on February 26, 2016 as referenced above.
New Accounting Pronouncements, Policy [Policy Text Block]	In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. This ASU is a comprehensive new revenue recognition model that requires a company to recognize revenue from the transfer of goods or services to customers in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. The Company is required to adopt the new pronouncement using one of two retrospective application methods. On July 9, 2015, the FASB voted to approve a deferral of the effective date of ASU 2014-09 by one year to December 15, 2017 for annual reporting periods beginning after that date. The Company is evaluating the application method and the impact of this new standard on its financial statements, but does not expect the impact to be material. In February 2016, the FASB issued ASU 2016-02, Leases, which introduces the balance sheet recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous guidance. The guidance will be effective for annual reporting periods beginning after December 15, 2018 and interim periods within those fiscal years with early adoption permitted. The Company is evaluating the impact of the future adoption of this standard on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Employee Share-Based Payment Accounting, which is intended to simplify several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, statutory tax withholding requirements, and classification in the statement of cash flows. This guidance will be effective for annual reporting periods beginning after December 15, 2016 and interim periods within those fiscal years with early adoption permitted. The Company is currently evaluating the impact this new guidance will have on its consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows, which is intended to reduce diversity in how companies present and classify certain cash receipts and cash payments in the statement of cash flows. This guidance will be effective for annual reporting periods beginning after December 15, 2017 and interim periods within those fiscal years with early adoption permitted. The Company is evaluating the impact of the future adoption of this guidance on its consolidated financial statements, but does not expect the impact to be material.

Note 3 - Net Income Per Commo18

Note 3 - Net Income Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, (in thousands, except share and per share amounts) 2016 2015 2016 2015 Net income $ 11,982 $ 12,382 $ 33,335 $ 34,521 Basic - weighted-average shares outstanding: 26,416,041 26,083,405 26,334,738 25,952,451 Effect of dilutive securities: Employee stock options and other 193,837 297,908 204,340 338,307 Diluted - weighted-average shares outstanding: 26,609,878 26,381,313 26,539,078 26,290,758 Net income per share: Basic $ 0.45 $ 0.47 $ 1.27 $ 1.33 Diluted $ 0.45 $ 0.47 $ 1.26 $ 1.31

Note 4 - Goodwill and Other I19

Note 4 - Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Schedule of Finite-Lived Intangible Assets [Table Text Block]	September 30, 2016 December 31, 2015 Useful Weighted Average Useful Life (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Life (in years) Remaining (in years) Intangible Assets with finite lives: Marketing assets $ 930 $ (225 ) $ 705 $ 930 $ (155 ) $ 775 10.0 7.6 Non-compete agreement 190 (190 ) - 190 (158 ) 32 2.0 - Trade secrets 250 (121 ) 129 250 (83 ) 167 5.0 2.6 Internally developed software 680 (548 ) 132 680 (378 ) 302 3.0 0.6 Customer relationships 2,530 (679 ) 1,851 2,530 (469 ) 2,061 9.0 6.6 Total intangible assets $ 4,580 $ (1,763 ) $ 2,817 $ 4,580 $ (1,243 ) $ 3,337
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	(in thousands) Estimated Amortization Expense Remaining 2016 $ 162 2017 500 2018 424 2019 391 2020 374 Thereafter 966 Total estimated amortization expense $ 2,817

Note 5 - Fair Value Measureme20

Note 5 - Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	September 30, 2016 December 31, 2015 (in thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents Money market mutual fund $ 5,538 $ - $ - $ 11,896 $ - $ - Total $ 5,538 $ - $ - $ 11,896 $ - $ -

Note 6 - Marketable Securities

Note 6 - Marketable Securities (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Held-to-maturity Securities [Table Text Block]	September 30, 2016 (in thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. municipal securities $ 42,718 $ 7 $ (76 ) $ 42,649 Corporate debt securities 32,745 18 (33 ) 32,730 U.S. government agency securities 24,770 4 (25 ) 24,749 Certificates of deposit/time deposits 7,182 32 - 7,214 Total marketable securities $ 107,415 $ 61 $ (134 ) $ 107,342 December 31, 2015 (in thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. municipal securities $ 35,667 $ 8 $ (56 ) $ 35,619 Corporate debt securities 28,133 - (114 ) 28,019 U.S. government agency securities 26,784 2 (99 ) 26,687 Certificates of deposit/time deposits 5,909 2 (11 ) 5,900 Commercial paper 1,497 - (2 ) 1,495 Total marketable securities $ 97,990 $ 12 $ (282 ) $ 97,720
Investments Classified by Contractual Maturity Date [Table Text Block]	September 30, (in thousands) 2016 Due in one year or less $ 39,028 Due after one year through five years 68,387 Total marketable securities $ 107,415

Note 7 - Inventory (Tables)

Note 7 - Inventory (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Schedule of Inventory, Current [Table Text Block]	September 30, December 31, (in thousands) 2016 2015 Raw materials $ 9,226 $ 8,589 Work in process 1,105 1,529 Total inventory 10,331 10,118 Allowance for obsolescence (401 ) (347 ) Inventory, net of allowance $ 9,930 $ 9,771

Note 8 - Stock-based Compensa23

Note 8 - Stock-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	Stock Options Weighted- Average Exercise Price Options outstanding at December 31, 2015 766,042 $ 36.52 Granted 113,645 58.12 Exercised (173,781 ) 18.42 Forfeited (69,965 ) 61.37 Options outstanding at September 30, 2016 635,941 $ 42.59 Exercisable at September 30, 2016 368,052 $ 31.13
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Nine Months Ended September 30, 2016 2015 Risk-free interest rate 1.53 - 1.68% 1.69 - 1.77% Expected life (years) 6.50 5.50 - 6.50 Expected volatility 44.38 - 45.93% 46.80 - 47.23% Expected dividend yield 0% 0%
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]	Weighted- Average Grant Date Restricted Fair Value Stock Per Share Restricted stock at December 31, 2015 124,393 $ 68.97 Granted 159,705 59.43 Restrictions lapsed (40,779 ) 67.85 Forfeited (19,645 ) 63.99 Restricted stock at September 30, 2016 223,674 $ 62.80
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block]	Nine Months Ended September 30, 2016 2015 Risk-free interest rate 0.39 - 0.56% 0.08 - 0.10% Expected life (months) 6.00 6.00 Expected volatility 29.41 - 49.13% 33.68 - 37.64% Expected dividend yield 0% 0%

Note 9 - Accumulated Other Co24

Note 9 - Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Comprehensive Income (Loss) [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2016 2015 2016 2015 Foreign currency translation adjustments Balance at beginning of period $ (6,612 ) $ (2,730 ) $ (5,212 ) $ (2,929 ) Other comprehensive loss before reclassifications (154 ) (966 ) (1,554 ) (767 ) Amounts reclassified from accumulated other comprehensive income (loss) - - - - Net current-period other comprehensive loss (154 ) (966 ) (1,554 ) (767 ) Balance at end of period $ (6,766 ) $ (3,696 ) $ (6,766 ) $ (3,696 )

Note 11 - Revenue and Geograp25

Note 11 - Revenue and Geographic Information (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Revenue from External Customers by Products and Services [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2016 2015 2016 2015 Revenue: Injection Molding (Protomold) $ 46,445 $ 41,971 $ 134,376 $ 119,521 CNC Machining (Firstcut) 21,781 19,833 60,510 54,788 3D Printing (Fineline) 9,850 6,038 28,059 16,038 Other 97 - 2,757 - Total revenue $ 78,173 $ 67,842 $ 225,702 $ 190,347
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2016 2015 2016 2015 Revenue: United States $ 55,677 $ 50,214 $ 158,095 $ 144,357 International 22,496 17,628 67,607 45,990 Total revenue $ 78,173 $ 67,842 $ 225,702 $ 190,347
Long-lived Assets by Geographic Areas [Table Text Block]	September 30, December 31, (in thousands) 2016 2015 Long-lived assets: United States $ 109,230 $ 98,633 International 33,492 26,842 Total long-lived assets $ 142,722 $ 125,475

Note 3 - Net Income Per Commo26

Note 3 - Net Income Per Common Share - Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Net income	$ 11,982	$ 12,382	$ 33,335	$ 34,521
Basic - weighted-average shares outstanding: (in shares)	26,416,041	26,083,405	26,334,738	25,952,451
Effect of dilutive securities:
Employee stock options and other (in shares)	193,837	297,908	204,340	338,307
Diluted - weighted-average shares outstanding: (in shares)	26,609,878	26,381,313	26,539,078	26,290,758
Net income per share:
Basic (in dollars per share)	$ 0.45	$ 0.47	$ 1.27	$ 1.33
Diluted (in dollars per share)	$ 0.45	$ 0.47	$ 1.26	$ 1.31

Note 4 - Goodwill and Other I27

Note 4 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Amortization of Intangible Assets	$ 0.2	$ 0.2	$ 0.5	$ 0.6

Note 4 - Goodwill and Other I28

Note 4 - Goodwill and Other Intangible Assets - Intangible Assets Other Than Goodwill (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Marketing-Related Intangible Assets [Member]
Intangible Assets with finite lives:
Gross	$ 930	$ 930
Accumulated amortization	(225)	(155)
Net	$ 705	775
Useful life	10 years
Weighted average useful life remaining	7 years 219 days
Noncompete Agreements [Member]
Intangible Assets with finite lives:
Gross	$ 190	190
Accumulated amortization	(190)	(158)
Net		32
Useful life	2 years
Weighted average useful life remaining
Trade Secrets [Member]
Intangible Assets with finite lives:
Gross	$ 250	250
Accumulated amortization	(121)	(83)
Net	$ 129	167
Useful life	5 years
Weighted average useful life remaining	2 years 219 days
Computer Software, Intangible Asset [Member]
Intangible Assets with finite lives:
Gross	$ 680	680
Accumulated amortization	(548)	(378)
Net	$ 132	302
Useful life	3 years
Weighted average useful life remaining	219 days
Customer Relationships [Member]
Intangible Assets with finite lives:
Gross	$ 2,530	2,530
Accumulated amortization	(679)	(469)
Net	$ 1,851	2,061
Useful life	9 years
Weighted average useful life remaining	6 years 219 days
Gross	$ 4,580	4,580
Accumulated amortization	(1,763)	(1,243)
Net	$ 2,817	$ 3,337

Note 4 - Goodwill and Other I29

Note 4 - Goodwill and Other Intangible Assets - Estimated Aggregated Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Remaining 2,016	$ 162
2,017	500
2,018	424
2,019	391
2,020	374
Thereafter	966
Total estimated amortization expense	$ 2,817	$ 3,337

Note 5 - Fair Value Measureme30

Note 5 - Fair Value Measurements - Fair Value of Financial Assets Measured on a Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - Fair Value, Inputs, Level 1 [Member] - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Cash and cash equivalents:
Money market mutual fund	$ 5,538	$ 11,896
Total	$ 5,538	$ 11,896

Note 6 - Marketable Securitie31

Note 6 - Marketable Securities - Short-term and Long-term Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
US States and Political Subdivisions Debt Securities [Member]
Amortized Cost	$ 42,718	$ 35,667
Unrealized Gains	7	8
Unrealized Losses	(76)	(56)
Fair Value	42,649	35,619
Corporate Debt Securities [Member]
Amortized Cost	32,745	28,133
Unrealized Gains	18
Unrealized Losses	(33)	(114)
Fair Value	32,730	28,019
US Government Agencies Debt Securities [Member]
Amortized Cost	24,770	26,784
Unrealized Gains	4	2
Unrealized Losses	(25)	(99)
Fair Value	24,749	26,687
Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Amortized Cost		1,497
Unrealized Gains
Unrealized Losses		(2)
Fair Value		1,495
Bank Time Deposits [Member]
Amortized Cost	7,182	5,909
Unrealized Gains	32	2
Unrealized Losses		(11)
Fair Value	7,214	5,900
Amortized Cost	107,415	97,990
Unrealized Gains	61	12
Unrealized Losses	(134)	(282)
Fair Value	$ 107,342	$ 97,720

Note 6 - Marketable Securitie32

Note 6 - Marketable Securities - Balance of Held-to-Maturity Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Due in one year or less	$ 39,028
Due after one year through five years	68,387
Total marketable securities	$ 107,415	$ 97,990

Note 7 - Inventory - Inventory

Note 7 - Inventory - Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Raw materials	$ 9,226	$ 8,589
Work in process	1,105	1,529
Total inventory	10,331	10,118
Allowance for obsolescence	(401)	(347)
Inventory, net of allowance	$ 9,930	$ 9,771

Note 8 - Stock-based Compensa34

Note 8 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Employee Stock Option [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 6,200		$ 6,200
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			3 years 73 days
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			5 years
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	12,300		$ 12,300
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			3 years 328 days
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period			10 years
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date			15.00%
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period			180 days
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent			85.00%
Share-based Compensation	$ 1,700	$ 1,600	$ 5,260	$ 4,515
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			5 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 26.62

Note 8 - Stock-based Compensa35

Note 8 - Stock-based Compensation - Stock Option Activity (Details)	9 Months Ended
	Sep. 30, 2016$ / sharesshares
Options outstanding, beginning of period (in shares) | shares	766,042
Options outstanding, beginning of period, weighted-average exercise price (in dollars per share) | $ / shares	$ 36.52
Granted (in shares) | shares	113,645
Granted, weighted-average exercise price (in dollars per share) | $ / shares	$ 58.12
Exercised (in shares) | shares	(173,781)
Exercised, weighted-average exercise price (in dollars per share) | $ / shares	$ 18.42
Forfeited (in shares) | shares	(69,965)
Forfeited, weighted-average exercise price (in dollars per share) | $ / shares	$ 61.37
Options outstanding, end of period (in shares) | shares	635,941
Options outstanding, end of period, weighted-average exercise price (in dollars per share) | $ / shares	$ 42.59
Options exercisable (in shares) | shares	368,052
Options exercisable, weighted-average exercise price (in dollars per share) | $ / shares	$ 31.13

Note 8 - Stock-based Compensa36

Note 8 - Stock-based Compensation - Assumptions Used in the Black-Scholes Option Pricing Model (Details) - Employee Stock Option [Member]	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Minimum [Member]
Risk-free interest rate	1.53%	1.69%
Expected life (years)		5 years 182 days
Expected volatility	44.38%	46.80%
Maximum [Member]
Risk-free interest rate	1.68%	1.77%
Expected life (years)		6 years 182 days
Expected volatility	45.93%	47.23%
Expected life (years)	6 years 182 days
Expected dividend yield	0.00%	0.00%

Note 8 - Stock-based Compensa37

Note 8 - Stock-based Compensation - Non-vested Restricted Stock Options (Details) - Restricted Stock [Member]	9 Months Ended
	Sep. 30, 2016$ / sharesshares
Restricted stock at December 31, 2015 (in shares) | shares	124,393
Restricted stock at December 31, 2015 (in dollars per share) | $ / shares	$ 68.97
Granted (in shares) | shares	159,705
Granted (in dollars per share) | $ / shares	$ 59.43
Restrictions lapsed (in shares) | shares	(40,779)
Restrictions lapsed (in dollars per share) | $ / shares	$ 67.85
Forfeited (in shares) | shares	(19,645)
Forfeited (in dollars per share) | $ / shares	$ 63.99
Restricted stock at September 30, 2016 (in shares) | shares	223,674
Restricted stock at September 30, 2016 (in dollars per share) | $ / shares	$ 62.80

Note 8 - Stock-based Compensa38

Note 8 - Stock-based Compensation - Assumptions Used to Estimate the Fair Value of the ESPP (Details) - ESPP [Member]	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Minimum [Member]
Risk-free interest rate	0.39%	0.08%
Expected volatility	29.41%	33.68%
Maximum [Member]
Risk-free interest rate	0.56%	0.10%
Expected volatility	49.13%	37.64%
Expected life (years)	180 days	180 days
Expected dividend yield	0.00%	0.00%

Note 9 - Accumulated Other Co39

Note 9 - Accumulated Other Comprehensive Income (Loss) - Other Comprehensive Income (Loss) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Balance beginning of period	$ (6,612,000)	$ (2,730,000)	$ (5,212,000)	$ (2,929,000)
Other comprehensive loss before reclassifications	(154,000)	(966,000)	(1,554,000)	(767,000)
Amounts reclassified from accumulated other comprehensive income (loss)	0	0	0	0
Net current-period other comprehensive loss	(154,000)	(966,000)	(1,554,000)	(767,000)
Balance at end of period	$ (6,766,000)	$ (3,696,000)	$ (6,766,000)	$ (3,696,000)

Note 10 - Income Taxes (Details

Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Income Tax Expense (Benefit)	$ 5,585	$ 5,615	$ 15,943	$ 16,171
Effective Income Tax Rate Reconciliation, Percent	31.80%	31.20%	32.40%	31.90%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			35.00%
Unrecognized Tax Benefits	$ 3,800		$ 3,800		$ 2,800

Note 11 - Revenue and Geograp41

Note 11 - Revenue and Geographic Information - Total Revenue by Product Line (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Injection Molding (Protomold) [Member]
Revenue:
Revenues	$ 46,445	$ 41,971	$ 134,376	$ 119,521
CNC Machining (Firstcut) [Member]
Revenue:
Revenues	21,781	19,833	60,510	54,788
3D Printing (Fineline) [Member]
Revenue:
Revenues	9,850	6,038	28,059	16,038
Other Products [Member]
Revenue:
Revenues	97		2,757
Revenues	$ 78,173	$ 67,842	$ 225,702	$ 190,347

Note 11 - Revenue and Geograp42

Note 11 - Revenue and Geographic Information - Revenue to External Customers and Long-lived Assets by Geography (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
UNITED STATES
Revenues	$ 55,677	$ 50,214	$ 158,095	$ 144,357
International [Member]
Revenues	22,496	17,628	67,607	45,990
Revenues	$ 78,173	$ 67,842	$ 225,702	$ 190,347

Note 11 - Revenue and Geograp43

Note 11 - Revenue and Geographic Information - Long-lived Assets by Geographic Region (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
UNITED STATES
Long-lived assets:
Long-lived assets	$ 109,230	$ 98,633
International [Member]
Long-lived assets:
Long-lived assets	33,492	26,842
Long-lived assets	$ 142,722	$ 125,475