Proto Labs (PRLB) 10-K 16 Feb 24 2023 FY Annual report Financial data

Cover

Cover - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2023	Feb. 09, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-35435
Entity Registrant Name	Proto Labs, Inc.
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	41-1939628
Entity Address, Address Line One	5540 Pioneer Creek Drive
Entity Address, City or Town	Maple Plain
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55359
City Area Code	763
Local Phone Number	479-3680
Title of 12(b) Security	Common Stock, Par Value $0.001 Per Share
Trading Symbol	PRLB
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 0.9
Entity Common Stock, Shares Outstanding		25,721,957
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s definitive proxy statement relating to its 2024 annual meeting of shareholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. Such proxy statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.
Entity Central Index Key	0001443669
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Minneapolis, Minnesota

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 83,790	$ 56,558
Short-term marketable securities	19,013	23,568
Accounts receivable, net of allowance for doubtful accounts of $2,499 and $1,706 as of December 31, 2023 and December 31, 2022, respectively	72,848	76,225
Inventory	13,657	13,578
Prepaid expenses and other current assets	9,124	12,597
Income taxes receivable	2,228	4,042
Total current assets	200,660	186,568
Property and equipment, net	253,655	257,785
Goodwill	273,991	273,991
Other intangible assets, net	25,584	31,250
Long-term marketable securities	8,019	26,419
Operating lease assets	4,628	3,844
Finance lease assets	960	17,532
Other long-term assets	4,856	4,779
Total assets	772,353	802,168
Current liabilities
Accounts payable	15,636	17,356
Accrued compensation	15,292	12,743
Accrued liabilities and other	16,872	22,384
Current operating lease liabilities	1,585	1,561
Current finance lease liabilities	296	17,537
Total current liabilities	49,681	71,581
Long-term operating lease liabilities	3,008	2,255
Long-term finance lease liabilities	595	0
Long-term deferred tax liabilities	18,742	26,322
Other long-term liabilities	5,032	4,362
Total liabilities	77,058	104,520
Shareholders' equity
Preferred stock, $0.001 par value, authorized 10,000,000 shares; issued and outstanding 0 shares as of December 31, 2023 and December 31, 2022, respectively	0	0
Common stock, $0.001 par value, authorized 150,000,000 shares; issued and outstanding 25,721,957 and 26,888,425 shares as of December 31, 2023 and December 31, 2022, respectively	26	27
Additional paid-in capital	466,884	473,740
Retained earnings	256,398	258,236
Accumulated other comprehensive loss	(28,013)	(34,355)
Total shareholders' equity	695,295	697,648
Total liabilities and shareholders' equity	$ 772,353	$ 802,168

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for credit loss, current	$ 2,499	$ 1,706
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	150,000,000	150,000,000
Common stock, issued (in shares)	25,721,957	26,888,425
Common stock, outstanding (in shares)	25,721,957	26,888,425

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statements of Operations:
Revenue	$ 503,877	$ 488,398	$ 488,098
Cost of revenue	281,884	272,933	265,407
Gross profit	221,993	215,465	222,691
Operating expenses
Marketing and sales	87,688	82,752	82,175
Research and development	40,135	38,222	44,241
General and administrative	65,788	67,544	55,933
Goodwill impairment	0	118,008	0
Closure of Japan business	215	6,922	0
Total operating expenses	193,826	313,448	182,349
Income (loss) from operations	28,167	(97,983)	40,342
Other (expense) income, net	(215)	106	(158)
Income (loss) before income taxes	27,952	(97,877)	40,184
Provision for income taxes	10,732	5,585	6,812
Net income (loss)	$ 17,220	$ (103,462)	$ 33,372
Net income (loss) per share:
Basic (in dollars per share)	$ 0.66	$ (3.77)	$ 1.21
Diluted (in dollars per share)	$ 0.66	$ (3.77)	$ 1.21
Shares used to compute net income (loss) per share:
Basic (in shares)	26,186,533	27,409,838	27,617,627
Diluted (in shares)	26,223,498	27,409,838	27,653,099
Other Comprehensive Income (Loss), net of tax
Foreign currency translation adjustments	$ 5,365	$ (16,278)	$ (13,278)
Net unrealized gains (losses) on investments in securities	977	(1,260)	(119)
Comprehensive income (loss)	$ 23,562	$ (121,000)	$ 19,975

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2020		26,776,796
Balance at beginning of period at Dec. 31, 2020	$ 644,356	$ 27	$ 284,848	$ 362,901	$ (3,420)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued on exercise of options and other, net of shares withheld for tax obligations (in shares)		176,736
Common shares issued on exercise of options and other, net of shares withheld for tax obligations	1,637		1,637
Common shares issued for Hubs acquisition (in shares)		863,995
Common shares issued for Hubs acquisition	166,709	$ 1	166,708
Stock-based compensation expense	19,095		19,095
Repurchases of Common Stock (in shares)		(351,582)
Repurchases of Common Stock	(23,279)		(3,740)	(19,539)
Net income (loss)	33,372			33,372
Other comprehensive income (loss)
Foreign currency translation adjustments	(13,278)				(13,278)
Net unrealized gains (losses) on investments in securities	(119)				(119)
Comprehensive income (loss)	19,975
Ending balance (in shares) at Dec. 31, 2021		27,465,945
Balance at end of period at Dec. 31, 2021	828,493	$ 28	468,548	376,734	(16,817)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued on exercise of options and other, net of shares withheld for tax obligations (in shares)		279,603
Common shares issued on exercise of options and other, net of shares withheld for tax obligations	2,269		2,269
Stock-based compensation expense	17,545		17,545
Repurchases of Common Stock (in shares)		(857,123)
Repurchases of Common Stock	(29,659)	$ (1)	(14,622)	(15,036)
Net income (loss)	(103,462)			(103,462)
Other comprehensive income (loss)
Foreign currency translation adjustments	(16,278)				(16,278)
Net unrealized gains (losses) on investments in securities	(1,260)				(1,260)
Comprehensive income (loss)	$ (121,000)
Ending balance (in shares) at Dec. 31, 2022	26,888,425	26,888,425
Balance at end of period at Dec. 31, 2022	$ 697,648	$ 27	473,740	258,236	(34,355)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued on exercise of options and other, net of shares withheld for tax obligations (in shares)		266,453
Common shares issued on exercise of options and other, net of shares withheld for tax obligations	2,399		2,399
Stock-based compensation expense	15,989		15,989
Repurchases of Common Stock (in shares)		(1,432,921)
Repurchases of Common Stock	(44,303)	$ (1)	(25,244)	(19,058)
Net income (loss)	17,220			17,220
Other comprehensive income (loss)
Foreign currency translation adjustments	5,365				5,365
Net unrealized gains (losses) on investments in securities	977				977
Comprehensive income (loss)	$ 23,562
Ending balance (in shares) at Dec. 31, 2023	25,721,957	25,721,957
Balance at end of period at Dec. 31, 2023	$ 695,295	$ 26	$ 466,884	$ 256,398	$ (28,013)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating activities
Net income (loss)	$ 17,220	$ (103,462)	$ 33,372
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	37,528	39,425	40,488
Stock-based compensation expense	15,989	17,545	19,095
Deferred taxes	(7,656)	(9,499)	339
Interest on finance lease obligations	1,055	0	0
Changes in fair value of contingent consideration	0	0	(13,253)
Loss on impairment of goodwill	0	118,008	0
Loss on foreign currency translation	3,906	0	0
Impairments related to closure of Japan business	0	2,842	0
Gain on disposal of property and equipment	(498)	(1,211)	0
Other	154	35	842
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	2,727	1,632	(20,112)
Inventories	112	(310)	(2,390)
Prepaid expenses and other	4,203	(2,081)	64
Income taxes	1,823	(2,681)	(774)
Accounts payable	(1,838)	1,375	4,654
Accrued liabilities and other	(1,451)	461	(7,083)
Net cash provided by operating activities	73,274	62,079	55,242
Investing activities
Purchases of property, equipment and other capital assets	(28,116)	(21,686)	(34,209)
Proceeds from sales of property, equipment and other capital assets	699	4,108	0
Cash used for acquisitions, net of cash acquired	0	0	(127,413)
Purchases of other assets and investments	(1,000)	0	0
Purchases of marketable securities	0	(46,872)	(16,159)
Proceeds from sales of marketable securities	0	1,998	64,913
Proceeds from maturities of marketable securities	23,865	19,360	18,204
Net cash used in investing activities	(4,552)	(43,092)	(94,664)
Financing activities
Proceeds from issuance of common stock from equity plans	3,835	3,950	5,862
Purchases of shares withheld for tax obligations	(1,436)	(1,682)	(4,225)
Repurchases of common stock and other	(43,951)	(29,659)	(23,279)
Principal repayments of finance lease obligations	(306)	(531)	(552)
Other	0	0	(4)
Net cash used in financing activities	(41,858)	(27,922)	(22,198)
Effect of exchange rate changes on cash and cash equivalents	368	(436)	(54)
Net (decrease) increase in cash and cash equivalents	27,232	(9,371)	(61,674)
Cash and cash equivalents, beginning of period	56,558	65,929	127,603
Cash and cash equivalents, end of period	83,790	56,558	65,929
Supplemental cash flow disclosure
Cash paid for interest	1,055	101	28
Cash paid for taxes	$ 15,892	$ 19,160	$ 7,583

Nature of Business

Nature of Business	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	Nature of Business Organization and business Proto Labs, Inc. and its subsidiaries (Proto Labs, the Company, we, us, or our) is a digital manufacturer of parts. The Company utilizes injection molding, computer numerical control (CNC) machining, 3D printing and sheet metal fabrication to manufacture custom parts for its customers. The Company's customers conduct nearly all their business over the internet. The Company targets its products to the millions of product developers and engineers who use three-dimensional computer-aided design (3D CAD) software to design products across a diverse range of end-markets, to the procurement and supply chain professionals seeking to easily and efficiently source custom parts on-demand, and to a wide variety of customers seeking to purchase low-volume custom parts. The Company has established operations in the United States and Europe. Previously we had established operations in Japan. On May 27, 2022, the Company's board of directors approved a plan for the closure of the Company's manufacturing facility in Japan and announced an intention to cease operations in the region. The Company dissolved its Japan operations in December 2023. Through the acquisition of Hubs in 2021, the Company provides its customers access to a global network of premium manufacturing partners who reside across North America, Europe and Asia, complementing its in-house manufacturing. Proto Labs, Inc. is headquartered in Maple Plain, Minnesota. The Company’s subsidiaries are: Name Location PL-US International LLC United States Hubs Manufacturing Inc. United States 3D Hubs Manufacturing LLC United States Proto Labs Ltd. United Kingdom PL International Holdings, UK, Ltd. United Kingdom PL Euro Services Limited United Kingdom Proto Labs GmbH Germany Proto Labs Tooling GmbH Germany 3D Hubs B.V. Netherlands

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Principles of consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, as listed within “Organization and business” above. All intercompany accounts and transactions have been eliminated in consolidation. Comprehensive (loss) income Components of comprehensive (loss) income include net income (loss), foreign currency translation adjustments and net unrealized gains and losses on investments in securities. Comprehensive (loss) income is disclosed in the accompanying Consolidated Statements of Comprehensive Income and Consolidated Statements of Shareholders’ Equity. Accounting estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and related disclosures at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and cash equivalents Cash and cash equivalents include cash and other investments, including marketable securities, with maturities of three months or less at the date of purchase. The Company maintains its cash in bank deposit accounts, which, at times, may exceed federally insured limits. The Company has not experienced any losses on such accounts. Marketable securities Marketable securities are categorized as available-for-sale and are recorded at fair value. Management determines the appropriate classification of debt securities at the time of purchase and reevaluates such designation as of each balance sheet date. The classification of marketable securities as current or non-current is dependent upon the security’s maturity date. Securities with maturities of three months or less at the time of purchase are categorized as cash equivalents as described above. Accounts receivable and allowance for doubtful accounts Accounts receivable are reported at the invoiced amount less an allowance for doubtful accounts. As of each balance sheet date, the Company evaluates its accounts receivable and establishes an allowance for doubtful accounts based on a combination of specific customer circumstances and credit conditions taking into account the history of write-offs and collections. A receivable is considered past due if payment has not been received within the period agreed upon in the invoice. Accounts receivable are written off after all collection efforts have been exhausted. Recoveries of trade receivables previously written off are recorded when received. Inventory Inventory consists primarily of raw materials, which are recorded at the lower of cost and net realizable value using the standard 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. Property, equipment and leasehold improvements Property, equipment and leasehold improvements are stated at cost. Major improvements that substantially extend an asset’s useful life are capitalized. Repairs, maintenance and minor improvements are charged to operations as incurred. Depreciation, including amortization of leasehold improvements and assets recorded under capital leases, is calculated using the straight-line method over the estimated useful lives of the individual assets and ranges from 3 to 39 years. Manufacturing equipment is depreciated over 3 to 15 years, office furniture and equipment are depreciated over 3 to 7 years, computer hardware and software are depreciated over 3 to 5 years, building costs are depreciated over 39 years, leasehold improvements are depreciated over the estimated lives of the related assets or the life of the lease, whichever is shorter, and building and land improvements are depreciated over 10 to 39 years. Assets not in service are not depreciated until the asset is put into use. The Company follows ASC 350-40, Internal-Use Software , in accounting for internally developed software. Goodwill The Company recognizes goodwill in accordance with ASC 350, Intangibles—Goodwill and Other . Goodwill is the excess of cost of an acquired entity over the amounts assigned to assets acquired and liabilities assumed in a business combination. Goodwill is allocated to the Company's reporting units, which are determined by the discrete financial information available for the component and whether it is regularly reviewed by segment management. The Company's reporting units are the United States and Europe. Goodwill is not amortized. Goodwill is tested for impairment annually as of the first day of the fourth quarter, and is tested for impairment between annual tests if an event occurs or circumstances change that would indicate the carrying amount may be impaired. An impairment charge for goodwill is recognized only when the estimated fair value of a reporting unit, including goodwill, is less than its carrying amount. In applying the goodwill impairment assessment, the Company may assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. Qualitative factors may include, but are not limited to, economic, market and industry conditions, cost factors and overall financial performance of the reporting unit. If after assessing these qualitative factors, the Company determines it is "more-likely-than not" that the fair value is less than the carrying value, a quantitative assessment of goodwill is required. The quantitative impairment test requires judgment, including the identification of reporting units, the assignment of assets, liabilities and goodwill to reporting units, and the determination of fair value of each reporting unit. The impairment test requires the comparison of the fair value of each reporting unit with its carrying amount, including goodwill. In performing the impairment test, the Company determined the fair value of its reporting units through the income approach by using discounted cash flow (DCF) analyses. Determining fair value requires the Company to make judgments about appropriate discount rates, perpetual growth rates and the amount and timing of expected future cash flows. The cash flows employed in the DCF analysis for each reporting unit are based on the reporting unit's budget, long-term business plan and recent operating performance. Discount rate assumptions are based on an assessment of the risk inherent in the future cash flows of the respective reporting unit and market conditions. Given the inherent uncertainty in determining the assumptions underlying a DCF analysis, actual results may differ from those used in the Company's valuations. As a result of the fiscal year 2022 analysis, which used the quantitative assessment, a $118.0 million impairment related to the Europe reporting unit was identified, which represents a write-off of all Europe goodwill, and recorded during the year ended December 31, 2022. As a result of the fiscal year 2023 analysis, which used the qualitative assessment, there were no impairments recorded during the year ended December 31, 2023. Other Intangible Assets Other intangible assets include software technology, customer relationships and other intangible assets acquired from other independent parties. Other intangible assets with a definite life are amortized over a period ranging from two Accounting for long-lived assets The Company periodically reviews the carrying amount of its property, equipment and leasehold improvements to determine if circumstances exist indicating an impairment or if depreciation periods should be modified. If facts or circumstances indicate that an impairment may exist, the Company will prepare a projection of the undiscounted future cash flows of the specific assets to determine if the assets are recoverable. If impairment exists based on these projections, an adjustment will be made to reduce the carrying amount of the specific assets to fair value. Revenue recognition The Company recognizes revenue for its internal and outsourced manufacturing operations in accordance with ASC 606, Revenue from Contracts with Customers . The Company manufactures custom parts to specific customer orders that have no alternative use to the Company, and the Company believes there is a legally enforceable right to payment for performance completed to date on internally and outsourced manufactured parts. For manufactured parts that meet these two criteria, the Company will recognize revenue over time. Revenue is recognized over time using the input method based on time in production as a percentage of total estimated production time to measure progress toward satisfying performance obligations using the estimated total time necessary to complete the parts per the customer's order and an estimate of inventory and production costs incurred to date. The input method requires an analysis of the incurred time in production and an estimate of the total time necessary to complete the total parts per the customer's order. The majority of the Company’s injection molding contracts have multiple performance obligations including one obligation to produce the mold and a second obligation to produce parts. For injection molding contracts with multiple performance obligations, the Company allocates revenue to each performance obligation based on its relative standalone selling price. The Company generally determines standalone selling price based on the price charged to customers. Leases The Company accounts for leases in accordance with ASC 842, Leases , which requires the balance sheet recognition of lease assets and lease liabilities by lessees for those leases classified as operating and finance leases. The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease assets, current operating lease liabilities and long-term operating lease liabilities in the Consolidated Balance Sheets and are recognized based on the present value of lease payments over the lease term at the commencement date. Finance leases are included in finance lease assets, current finance lease liabilities and long-term finance lease liabilities in the Consolidated Balance Sheets and are recognized based on the present value of lease payments over the lease term at commencement date. The majority of the Company’s leases do not provide an implicit rate of return, therefore, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Lease agreements that contain non-lease components, with the exception of certain real estate leases, are accounted for as a single lease component. The Company has operating leases for office space, manufacturing facilities and certain company vehicles and equipment and finance leases for certain company equipment and manufacturing facilities. The leases have remaining lease terms of one year to nine years. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. For purposes of calculating operating lease liabilities, lease terms may be deemed to include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. As of December 31, 2023, the operating lease liability does not include any options to extend or terminate leases. Income taxes The Company accounts for income taxes in accordance with ASC 740, Income Taxes (ASC 740). Under this method, the Company determines tax assets and liabilities based upon the differences between the financial statement carrying amounts and the tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. The tax consequences of most events recognized in the financial statements are included in determining income taxes currently payable. However, because tax laws and financial accounting standards differ in their recognition and measurement of assets, liabilities and equity, revenues, expenses, gains and losses, differences arise between the amount of taxable income and pretax financial income for a year and between the tax basis of assets or liabilities and their reported amounts in the financial statements. Because the Company assumes that the reported amounts of assets and liabilities will be recovered and settled, respectively, a difference between the tax basis of an asset or liability and its reported amount in the balance sheet will result in a taxable or a deductible amount in some future years when the related liabilities are settled or the reported amounts of the assets are recovered, giving rise to a deferred tax asset or liability. The Company establishes a valuation allowance for any portion of its deferred tax assets that are not at a level of more likely than not to be recognized. ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements by requiring that individual tax positions are recorded only when they meet a more-likely-than-not criterion. The Company recognizes the effect of income tax positions only if sustaining those positions is more likely than not. The Company records penalties and interest related to unrecognized tax benefits in income taxes in the Company’s Consolidated Statements of Income. Stock-based compensation The Company accounts for stock-based compensation in accordance with ASC 718, Compensation—Stock Compensation (ASC 718). Under the fair value recognition provisions of ASC 718, the Company measures stock-based compensation cost at the grant date fair value and recognizes the compensation expense over the requisite service period, which is the vesting period, using a straight-line attribution method. The amount of stock-based compensation expense recognized during a period is based on the portion of the awards that are ultimately expected to vest. The Company accounts for forfeitures as they occur. Ultimately, the total expense recognized over the vesting period will only be for those awards that vest. The Company’s awards are not eligible to vest early in the event of retirement, however, the awards vest early in the event of a change in control. In determining the compensation cost of the options granted, the fair value of options granted has been estimated on the date of grant using the Black-Scholes option-pricing model. Advertising costs Advertising is expensed as incurred and was approximately $13.8 million, $13.2 million and $12.5 million for the years ended December 31, 2023 , 2022 and 2021, respectively. Research and development Research and development expenses consist primarily of personnel and outside service costs related to the development of new processes and product lines, enhancements of existing product lines, development of software for internal use, maintenance of internally developed software, quality assurance and testing. Costs for internal use software are evaluated by project and capitalized where appropriate under ASC 350-40, Intangibles - Goodwill and Other, Internal-Use Software . Research and development costs were approximately $40.1 million, $38.2 million and $44.2 million for the years ended December 31, 2023, 2022 and 2021, respectively. Foreign currency translation/transactions The Company translated the balance sheets of its foreign subsidiaries at period-end exchange rates and the income statement at the average exchange rates in effect throughout the period. The Company has recorded the translation adjustment as a separate component of consolidated shareholders’ equity. Foreign currency transaction gains and losses are recognized in the Consolidated Statements of Comprehensive Income. Recently adopted accounting pronouncements The Company did not recently adopt any accounting pronouncements that had a material impact on the Company's Consolidated Financial Statements. There are no pending accounting pronouncements that are expected to have a material impact on the Company's Consolidated Financial Statements.

Revenue

Revenue	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The Company accounts for revenue in accordance with ASC 606, Revenue from Contracts with Customers . The Company provides quality, quick-turn prototyping and on-demand manufacturing services. As a result, the majority of revenue recognized in a reporting period is based on completed, invoiced contracts. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account in ASC 606. The majority of the Company’s CNC machining, 3D printing, and sheet metal contracts have a single performance obligation. The majority of the Company’s injection molding contracts have multiple performance obligations including one obligation to produce the mold and a second obligation to produce parts. For injection molding contracts with multiple performance obligations, we allocate revenue to each performance obligation based on its relative standalone selling price. We generally determine standalone selling price based on the price charged to customers. The Company manufactures parts that have no alternative use to the Company since the parts are custom made to specific customer orders, and the Company believes there is a legally enforceable right to payment for performance completed to date on these manufactured parts. For manufactured parts that meet these two criteria, the Company will recognize revenue over time. Revenue is recognized over time using the input method based on time in production as a percentage of total estimated production time to measure progress toward satisfying performance obligations using the estimated total time necessary to complete the parts per the customer's order and an estimate of inventory and production costs incurred to date. The input method requires an analysis of the incurred time in production and an estimate of the total time necessary to complete the total parts per the customer's order. The value of unbilled receivables related to the performance on manufactured parts not yet completed as of December 31, 2023 and 2022 was $10.1 million and $8.5 million, respectively, recorded within accounts receivable, net of allowance for doubtful accounts. Revenue by geographic region for the years ended December 31, 2023, 2022 and 2021 was as follows: Year Ended December 31, (in thousands) 2023 2022 2021 Revenue: United States $ 396,821 $ 387,399 $ 384,458 Europe 107,056 92,770 90,399 Japan — 8,229 13,241 Total revenue $ 503,877 $ 488,398 $ 488,098 Revenue by product line for the years ended December 31, 2023, 2022 and 2021 was as follows: Year Ended December 31, (in thousands) 2023 2022 2021 Revenue: Injection Molding $ 203,941 $ 200,578 $ 226,117 CNC Machining 198,222 188,372 166,811 3D Printing 84,291 78,988 72,721 Sheet Metal 16,540 19,498 20,397 Other Revenue 883 962 2,052 Total revenue $ 503,877 $ 488,398 $ 488,098

Net Income (Loss) Per Common Sh

Net Income (Loss) Per Common Share	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Net Income (Loss) Per Common Share	Net Income (Loss) Per Common Share Basic net income (loss) per share is computed based on the weighted average number of common shares outstanding. Diluted net income (loss) 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 the 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 and other stock-based awards granted under stock-based compensation plans and shares committed to be purchased under the employee stock purchase plan. For the years ended December 31, 2023, 2022 and 2021 respectively, 263,992, 197,827 and 113,043 anti-dilutive options were excluded from the calculation of diluted weighted average shares outstanding. The following table presents the calculation of net income (loss) per basic and diluted share attributable to common shareholders: Year Ended December 31, (in thousands, except share and per share amounts) 2023 2022 2021 Net income (loss) $ 17,220 $ (103,462) $ 33,372 Basic - weighted-average shares outstanding: 26,186,533 27,409,838 27,617,627 Effect of dilutive securities: Employee stock options and other 36,965 — 35,472 Diluted - weighted-average shares outstanding: 26,223,498 27,409,838 27,653,099 Net income (loss) per share attributable to common shareholders: Basic $ 0.66 $ (3.77) $ 1.21 Diluted $ 0.66 $ (3.77) $ 1.21

Intangible Assets, Goodwill and

Intangible Assets, Goodwill and Other	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets The changes in the carrying amount of goodwill for the years ended December 31, 2023 and 2022 were as follows: (in thousands) Dec. 31, 2021 Goodwill acquired (impaired) during Foreign currency translation Dec. 31, 2022 Goodwill acquired (impaired) Foreign currency translation Dec. 31, 2023 United States $ 273,991 $ — $ — $ 273,991 $ — $ — $ 273,991 Europe 125,989 (118,008) (7,981) — — — — Japan 630 (630) — — — — — Total goodwill $ 400,610 $ (118,638) $ (7,981) $ 273,991 $ — $ — $ 273,991 On January 22, 2021, the Company acquired all of the outstanding shares of 3D Hubs, Inc. (Hubs), for $294.1 million, consisting of $127.4 million in cash and 863,995 shares of the Company's common stock valued at $166.7 million on the closing date. The fair value of the consideration paid for this acquisition had been allocated to the assets purchased and liabilities assumed based on their fair values as of the acquisition date, with any excess recorded as goodwill. The $280.9 million of goodwill associated with the acquisition represented both the strategic and growth opportunities by significantly expanding the customer offering with a network of premium manufacturing partners. The goodwill related to the acquisition is not deductible for tax purposes. Goodwill decreased $126.6 million for the year ended December 31, 2022 as a result of impairments related to our Europe and Japan reporting units. The Euro denominated goodwill had been translated at the end of each period using the current exchange rates resulting in a foreign currency translation adjustment that was recorded as a component of Other Comprehensive Income. Intangible assets other than goodwill for the years ended December 31, 2023 and 2022 were as follows: Year Ended December 31, 2023 Year Ended December 31, 2022 Weighted Average (in thousands) Gross Accumulated Net Gross Accumulated Net Useful Life (in Remaining (in years) Marketing assets $ 930 $ (900) $ 30 $ 930 $ (806) $ 124 10.0 0.3 Non-compete agreement 835 (603) 232 828 (487) 341 2.0 - 5.0 1.4 Software technology 13,229 (7,752) 5,477 13,229 (6,383) 6,846 10.0 4.0 Software platform 26,373 (6,575) 19,798 26,054 (4,337) 21,717 12.0 9.1 Tradenames 354 (347) 7 350 (227) 123 3.0 0.1 Customer relationships 12,223 (12,183) 40 12,197 (10,098) 2,099 3.0 - 9.0 0.1 Total intangible assets $ 53,944 $ (28,360) $ 25,584 $ 53,588 $ (22,338) $ 31,250 Amortization expense for intangible assets for the years ended December 31, 2023, 2022 and 2021 was $5.9 million, $6.0 million and $6.2 million, respectively. The Euro denominated intangible assets are translated at the end of each period using the current exchange rates resulting in a foreign currency translation adjustment that is recorded as a component of Other Comprehensive Income. For the years ended December 31, 2023, 2022 and 2021 the foreign currency translation adjustment was $1.3 million, $1.7 million and $0.9 million, respectively. Estimated aggregated amortization expense based on the current carrying value of the amortizable intangible assets is as follows: (in thousands) Estimated Amortization 2024 $ 3,741 2025 3,660 2026 3,558 2027 3,549 2028 2,180 Thereafter 8,896 Total estimated amortization expense $ 25,584

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements ASC 820, Fair Value Measurement (ASC 820), defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy which requires classification based on observable and unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value: 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 assets and liabilities that are required to be measured or disclosed at fair value on a recurring basis include cash and cash equivalents and marketable securities. 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 Company's marketable securities consist of short-term and long-term agency, municipal, corporate and other debt securities. Fair value for the corporate debt securities is primarily determined based on quoted market prices (Level 1). Fair values for the U.S. municipal securities, U.S. government agency securities, certificates of deposit and U.S. treasury securities are primarily determined using dealer quotes or quoted market prices for similar securities (Level 2). The following tables summarizes financial assets as of December 31, 2023 and 2022 measured at fair value on a recurring basis: December 31, 2023 December 31, 2022 (in thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents, excluding money market mutual fund $ 77,423 $ — $ — $ 38,862 $ — $ — Money market mutual fund 6,367 — — 17,696 $ — $ — Marketable securities 4,482 22,550 — 9,881 40,106 — Total $ 88,272 $ 22,550 $ — $ 66,439 $ 40,106 $ —

Marketable Securities

Marketable Securities	12 Months Ended
	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	Marketable Securities The Company invests in short-term and long-term agency, municipal, corporate and other debt securities. As of December 31, 2023 and 2022, the securities are categorized as available-for-sale and are recorded at fair value. Information regarding the Company’s short-term and long-term marketable securities as of December 31, 2023 and 2022 is as follows: December 31, 2023 (in thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. government agency securities $ 16,798 — $ (278) $ 16,520 Corporate debt securities 2,511 — (19) 2,492 U.S. municipal securities 7,876 — (105) 7,771 Certificates of deposit/time deposits 249 — — 249 Total marketable securities $ 27,434 $ — $ (402) $ 27,032 December 31, 2022 (in thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. government agency securities $ 25,275 — $ (750) $ 24,525 Corporate debt securities 9,578 — (205) 9,373 U.S. municipal securities 15,574 — (417) 15,157 Certificates of deposit/time deposits 939 — (7) 932 Total marketable securities $ 51,366 $ — $ (1,379) $ 49,987 Fair values for the corporate debt securities are primarily determined based on quoted market prices (Level 1). Fair values for the U.S. government agency securities, U.S. municipal securities, commercial paper and certificates of deposit are primarily determined using dealer quotes or quoted market prices for similar securities (Level 2). 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 December 31, 2023 balance of available-for-sale debt securities by contractual maturity is shown in the following table at fair value. Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties. (in thousands) December 31, Due in one year or less $ 19,013 Due after one year through five years 8,019 Total marketable securities $ 27,032

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment consists of the following: December 31, (in thousands) 2023 2022 Land $ 15,596 $ 14,153 Buildings and improvements 133,033 105,492 Machinery and equipment 235,527 228,654 Computer hardware and software 86,659 82,302 Leasehold improvements 4,609 4,548 Construction in progress 8,410 22,674 Total 483,834 457,823 Accumulated depreciation and amortization (230,179) (200,038) Property and equipment, net $ 253,655 $ 257,785 Depreciation expense for the years ended December 31, 2023, 2022 and 2021 was $31.6 million, $33.4 million and $34.3 million, respectively.

Inventory

Inventory	12 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
Inventory	Inventory Inventory consists primarily of raw materials, which are recorded at the lower of cost and net realizable value using the standard 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 consists of the following: December 31, (in thousands) 2023 2022 Total inventory $ 14,319 $ 13,965 Allowance for obsolescence (662) (387) Inventory, net of allowance $ 13,657 $ 13,578

Financing Obligations

Financing Obligations	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Financing Obligations	Financing ObligationsThe Company had no financing obligations as of December 31, 2023 and 2022.

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans The Company maintains a 401(k) retirement plan that covers employees in the United States. Under the plan, a full-time or regular part-time (over 20 hours/week) employee becomes a participant after completing three months of employment. Employees may elect to contribute up to 50 percent of regular gross pay, subject to federal law limits on the dollar amount that participants may contribute to the plan, each calendar year. The Company matches part of the employee contributions and may make a discretionary contribution to the plan. Total employer contributions were approximately $4.6 million, $3.9 million and $3.7 million for the years ended December 31, 2023, 2022 and 2021, respectively. The Company also sponsors a defined contribution retirement plan that covers the employees in the United Kingdom. Total employer contributions were approximately $0.5 million, $0.5 million and $0.4 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Under the Company’s 2012 Long-Term Incentive Plan, as amended (the 2012 Plan), the Company had the ability to grant stock options, stock appreciation rights (SARs), restricted stock, restricted stock units, other stock-based awards and cash incentive awards through February 23, 2022. On July 8, 2022, the board of directors approved the Proto Labs, Inc. 2022 Long-Term Incentive Plan, which was approved by the Company's shareholders at a Special Meeting of Shareholders on August 29, 2022, and subsequently amended and restated by the Company's shareholders at the Annual Meeting of Shareholders on May 17, 2023 (as amended, the "2022 Plan"). No awards were granted from February 23, 2022 to August 29, 2022. Awards outstanding under the 2012 Plan as of August 29, 2022 will continue to be subject to the terms of the 2012 Plan, but if those awards subsequently expire, are forfeited or cancelled or are settled in cash, the shares subject to those awards will become available for awards under the 2022 Plan. Under the 2022 Plan, the Company has the ability to grant stock options, stock appreciation rights (SARs), restricted stock, restricted stock units, other stock-based awards and cash incentive awards. Awards under the 2022 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 2022 Plan generally may not be less than the fair market value of a share of our common stock on the date of the grant. 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 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, and 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. The Company determines the fair value stock-based compensation related to its ESPP in accordance with ASC 718 using the component measurement approach and the Black-Scholes standard option pricing model. Employees purchased 171,991 and 142,982 shares of common stock under the ESPP at an average exercise price of $22.30 and $27.09 during 2023 and 2022, respectively. As of December 31, 2023, 743,893 shares remained available for future issuance under the ESPP. The Company determines its stock-based compensation in accordance with ASC 718, which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees and non-employee directors based on fair value. Determining the appropriate fair value model and calculating the fair value of stock option grants requires the input of subjective assumptions. The Company uses the Black-Scholes option pricing model to value its stock option awards. Stock-based compensation expense is calculated using the Company’s best estimates, which involve inherent uncertainties and the application of management’s judgment. Significant estimates include its expected term and stock price volatility. The expected term of stock options is estimated from the vesting period of the award and represents the weighted average period that the Company's stock options are expected to be outstanding. The Company estimates the volatility of its stock price based on the historic volatility of its common stock. The Company bases the risk-free interest rate that it uses in the Black-Scholes option pricing model on U.S. Treasury instruments with maturities similar to the expected term of the award being valued. The Company has never paid, and does not anticipate paying, any cash dividends in the foreseeable future and, therefore, the Company uses an expected dividend yield of zero in the option pricing model. The Company accounts for forfeitures as they occur. The Company recognizes stock-based compensation expense on a straight-line basis over the requisite service period. The following table summarizes stock-based compensation expense for the years ended December 31, 2023, 2022 and 2021, respectively: Year Ended December 31, (in thousands) 2023 2022 2021 Stock options and other $ 14,550 $ 16,103 $ 17,553 Employee stock purchase plan 1,439 1,442 1,542 Total stock-based compensation expense $ 15,989 $ 17,545 $ 19,095 Cost of revenue $ 1,840 $ 2,172 $ 2,595 Operating expenses: Marketing and sales 3,426 3,295 3,736 Research and development 2,556 2,189 2,833 General and administrative 8,167 9,889 9,931 Total stock-based compensation expense $ 15,989 $ 17,545 $ 19,095 Stock Options The following table provides the assumptions used in the Black-Scholes option pricing model for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 Risk-free interest rate 3.55 - 4.55% 1.94 - 3.40% 0.80 - 1.12% Expected life (years) 2 - 6.25 6.25 6.25 Expected volatility 49.23 - 55.92% 45.95 - 46.03% 45.28 - 45.53% Expected dividend yield 0% 0% 0% Weighted average grant date fair value $16.36 $23.11 $128.14 The following table summarizes stock option activity and the weighted average exercise price for the years ended December 31, 2023, 2022 and 2021: Stock Options Weighted- Options outstanding at January 1, 2021 229,531 $ 86.46 Granted 57,901 128.14 Exercised (28,991) 58.78 Cancelled (25,057) 109.31 Options outstanding at December 31, 2021 233,384 97.78 Granted 118,434 48.24 Exercised (3,114) 30.58 Cancelled (84,712) 89.32 Options outstanding at December 31, 2022 263,992 79.07 Granted 186,804 33.36 Exercised — — Cancelled (63,635) 62.44 Expired (15,848) 55.67 Options outstanding at December 31, 2023 371,313 $ 59.92 Exercisable at December 31, 2023 116,455 $ 90.65 The outstanding options have a term of 10 years. For employees, options that have been granted become exercisable ratably over the vesting period, which is generally a four-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 total intrinsic value of options exercised during the years ended December 31, 2023, 2022 and 2021, was $0.0 million, $0.0 million and $3.8 million, respectively. The aggregate intrinsic value represents the cumulative difference between the fair market value of the underlying common stock and the option exercise prices. For options outstanding at December 31, 2023, the weighted-average remaining contractual term was 7.2 years and the aggregate intrinsic value was $0.9 million. For options exercisable at December 31, 2023, the weighted-average remaining contractual term was 5.5 years and the aggregate intrinsic value was $0.0 million. Refer to the table below for additional information. The following table summarizes information about stock options outstanding at December 31, 2023: Options Outstanding, Vested and Expected to Vest Options Exercisable Range of Exercise Prices Number Outstanding Weighted Average Weighted Average Exercise Number Exercisable Weighted Average Exercise $32.13 to $36.48 167,725 7.92 33.40 — — $36.49 to $64.92 100,391 7.45 50.60 37,242 52.90 $64.93 to $180.46 103,197 5.75 112.87 79,213 108.40 The fair value of share-based payment transactions is recognized in the Consolidated Statements of Comprehensive Income. As of December 31, 2023, there was $3.8 million of total unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted average period of 2.5 years. The total fair value of options vested was $1.8 million, $2.3 million and $2.1 million for the years ended December 31, 2023, 2022 and 2021, respectively. Restricted Stock The 2012 Plan provides for the award of restricted stock or restricted stock units. Restricted stock awards are share settled and restrictions lapse ratably over the vesting period, which is generally a four-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 for the years ended December 31, 2023, 2022 and 2021: Restricted Weighted- Restricted stock at January 1, 2021 307,199 $ 98.87 Granted 205,996 123.61 Restrictions lapsed (115,908) 91.26 Forfeited (53,505) 128.05 Restricted stock at December 31, 2021 343,782 111.79 Granted 315,432 42.03 Restrictions lapsed (130,452) 101.32 Forfeited (50,166) 96.48 Restricted stock at December 31, 2022 478,596 70.36 Granted 410,682 32.46 Restrictions lapsed (137,053) 79.61 Forfeited (98,760) 61.25 Restricted stock at December 31, 2023 653,465 $ 45.89 As of December 31, 2023, there was $18.5 million of unrecognized compensation expense related to unvested restricted stock, which is expected to be recognized over a weighted-average period of 2.5 years. Performance Stock Performance stock units (PSUs) are expressed in terms of a target number of PSUs, with anywhere between 0 percent and 200 percent of that target number capable of being earned and vesting at the end of a three-year performance period depending on the Company’s performance in the final year of the performance period and the award recipient’s continued employment. The Company’s outstanding PSUs at December 31, 2023 are based on market conditions and the related compensation cost is based on the fair value at grant date calculated using a Monte Carlo pricing model. The following table summarizes performance stock activity for the years ended December 31, 2023, 2022 and 2021: Performance Weighted- Performance stock at January 1, 2021 19,956 $ 118.66 Granted 15,078 203.64 Restrictions lapsed — — Performance change (10,366) 192.95 Forfeited (7,829) 113.91 Performance stock at December 31, 2021 16,839 115.56 Granted 35,697 96.71 Restrictions lapsed — — Performance change (13,156) 99.59 Forfeited (3,578) 121.79 Performance stock at December 31, 2022 35,802 77.91 Granted 71,295 57.79 Restrictions lapsed — — Performance change — — Forfeited — — Performance stock at December 31, 2023 107,097 $ 74.08 As of December 31, 2023, there was $4.1 million of unrecognized compensation expense related to unvested performance stock, which is expected to be recognized over a weighted-average period of 1.8 years. Employee Stock Purchase Plan The following table presents the assumptions used to estimate the fair value of the ESPP during the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 Risk-free interest rate 4.60 - 5.16% 0.17 - 4.60% 0.06 - 0.17% Expected life (months) 6.00 6.00 6.00 Expected volatility 47.38 - 67.84% 47.05 - 67.84% 53.44 - 65.53% Expected dividend yield 0% 0% 0%

Leases

Leases	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Leases	Leases Supplemental balance sheet information related to leases was as follows: December 31, (in thousands) 2023 2022 Operating lease assets $ 4,628 $ 3,844 Current operating lease liabilities $ 1,585 $ 1,561 Long-term operating lease liabilities 3,008 2,255 Total operating lease liabilities $ 4,593 $ 3,816 Finance lease assets $ 960 $ 17,532 Current finance lease liabilities $ 296 $ 17,537 Long-term finance lease liabilities 595 — Total finance lease liabilities $ 891 $ 17,537 Lease expense is recognized on a straight-line basis over the lease term, with variable payments recognized in the period those payments are incurred. The components of lease expense for the periods reported were as follows: Twelve Months Ended December 31, (in thousands) 2023 2022 Operating lease cost $ 1,965 $ 3,002 Finance lease cost: Amortization of right-of-use assets $ 732 $ 532 Interest on lease obligations $ 1,055 $ 95 Variable lease cost 371 560 Total lease cost $ 4,123 $ 4,189 Maturities of operating and finance lease liabilities as of December 31, 2023 were as follows: (in thousands) Operating Leases Finance Leases Year Ending December 31, 2024 $ 1,622 $ 329 2025 1,428 329 2026 819 292 2027 449 - 2028 397 - After 2029 111 - Total future minimum lease payments 4,826 950 Less interest (233) (59) Present value of lease liabilities $ 4,593 $ 891 As of December 31, 2023, we have no operating or finance leases that have not yet commenced. Weighted average remaining lease term and discount rate was as follows: December 31, 2023 2022 Weighted Average Remaining Lease Term - operating leases (years) 3.6 2.9 Weighted Average Remaining Lease Term - finance leases (years) 2.6 36.0 Weighted Average Discount Rate - operating leases 2.5 % 1.6 % Weighted Average Discount Rate - finance leases 4.4 % 5.9 % Supplemental cash flow information related to leases was as follows: Twelve Months Ended December 31, (in thousands) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,288 $ 3,778 Operating cash flows from finance leases $ 1,055 $ 95 Financing cash flows from finance leases $ 306 $ 531 Lease assets obtained in exchange for new operating lease liabilities $ 2,324 $ 898 Lease assets obtained in exchange for new financing lease liabilities $ 240 $ 16,167
Leases	Leases Supplemental balance sheet information related to leases was as follows: December 31, (in thousands) 2023 2022 Operating lease assets $ 4,628 $ 3,844 Current operating lease liabilities $ 1,585 $ 1,561 Long-term operating lease liabilities 3,008 2,255 Total operating lease liabilities $ 4,593 $ 3,816 Finance lease assets $ 960 $ 17,532 Current finance lease liabilities $ 296 $ 17,537 Long-term finance lease liabilities 595 — Total finance lease liabilities $ 891 $ 17,537 Lease expense is recognized on a straight-line basis over the lease term, with variable payments recognized in the period those payments are incurred. The components of lease expense for the periods reported were as follows: Twelve Months Ended December 31, (in thousands) 2023 2022 Operating lease cost $ 1,965 $ 3,002 Finance lease cost: Amortization of right-of-use assets $ 732 $ 532 Interest on lease obligations $ 1,055 $ 95 Variable lease cost 371 560 Total lease cost $ 4,123 $ 4,189 Maturities of operating and finance lease liabilities as of December 31, 2023 were as follows: (in thousands) Operating Leases Finance Leases Year Ending December 31, 2024 $ 1,622 $ 329 2025 1,428 329 2026 819 292 2027 449 - 2028 397 - After 2029 111 - Total future minimum lease payments 4,826 950 Less interest (233) (59) Present value of lease liabilities $ 4,593 $ 891 As of December 31, 2023, we have no operating or finance leases that have not yet commenced. Weighted average remaining lease term and discount rate was as follows: December 31, 2023 2022 Weighted Average Remaining Lease Term - operating leases (years) 3.6 2.9 Weighted Average Remaining Lease Term - finance leases (years) 2.6 36.0 Weighted Average Discount Rate - operating leases 2.5 % 1.6 % Weighted Average Discount Rate - finance leases 4.4 % 5.9 % Supplemental cash flow information related to leases was as follows: Twelve Months Ended December 31, (in thousands) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,288 $ 3,778 Operating cash flows from finance leases $ 1,055 $ 95 Financing cash flows from finance leases $ 306 $ 531 Lease assets obtained in exchange for new operating lease liabilities $ 2,324 $ 898 Lease assets obtained in exchange for new financing lease liabilities $ 240 $ 16,167

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	12 Months Ended
	Dec. 31, 2023
Regulated Operations [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Other comprehensive loss is comprised of foreign currency translation adjustments and net unrealized gains (losses) on investments in securities. During the year ending December 31, 2023 we recognized a $3.9 million foreign currency translation loss from the completion on the closure of our Japan business. The following table presents the changes in accumulated other comprehensive loss balances for the years ending December 31, 2023, 2022 and 2021, respectively: Year Ended December 31, (in thousands) 2023 2022 2021 Balance at beginning of period $ (34,355) $ (16,817) $ (3,420) Foreign currency translation adjustments Other comprehensive income (loss) before reclassifications 1,459 (16,278) (13,278) Amounts reclassified from accumulated other comprehensive income (loss) 3,906 - - Net current-period other comprehensive income (loss) 5,365 (16,278) (13,278) Net unrealized gains (losses) on investments in securities Other comprehensive income (loss) before reclassifications 977 (1,260) (119) Amounts reclassified from accumulated other comprehensive income (loss) - - - Net current-period other comprehensive income (loss) 977 (1,260) (119) Balance at end of period $ (28,013) $ (34,355) $ (16,817)

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	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 the years ended December 31, 2023, 2022 and 2021, the Company recorded an income tax provision of $10.7 million, $5.6 million and $6.8 million, respectively. The effective income tax rate for the years ended December 31, 2023, 2022 and 2021 was 38.4 percent, (5.7) percent and 17.0 percent, respectively. The effective tax rate increased by 44.1% for the year ended December 31, 2023 when compared to 2022 primarily due to the tax rate impact of the goodwill impairment recorded during the year ended December 31, 2022 as well as the overall change from a loss to income position in 2023. The provision for income taxes is based on income before income taxes reported for financial statement purposes. The components of income before income taxes are as follows: Year Ended December 31, (in thousands) 2023 2022 2021 Domestic $ 38,099 $ 33,731 $ 42,449 Foreign (10,147) (131,608) (2,265) Total $ 27,952 $ (97,877) $ 40,184 Significant components of the provision for income taxes for the following periods are as follows: Year Ended December 31, (in thousands) 2023 2022 2021 Current: Federal $ 15,717 $ 15,366 $ 5,552 State 2,418 (393) 975 Foreign 34 (99) (64) Deferred Federal (8,202) (9,159) (377) State (385) (723) (814) Foreign 1,379 (4,641) (1,181) Valuation Allowance (229) 5,234 2,721 Total $ 10,732 $ 5,585 $ 6,812 A reconciliation of the federal statutory income tax rate to the effective tax rate is as follows: Year Ended December 31, 2023 2022 2021 Federal tax statutory rate 21.0 % 21.0 % 21.0 % State tax (net of federal benefit) 3.5 (0.8) 2.1 Share based compensation 6.0 (2.1) (2.3) Valuation allowance against deferred tax assets (2.4) (5.0) 8.9 Goodwill impairment — (24.4) — Contingent consideration reduction — — (7.0) Research and development credit (3.8) 1.2 (4.0) Foreign rate differential (1.6) 2.9 (2.2) Tax reserves 1.9 1.0 (1.0) Provision to return difference (0.2) — (0.7) Unrealized foreign exchange losses 2.9 — — Revaluation of deferred tax liability 1.1 — — Closure of Japan branch net operating loss reversal 11.1 — — Miscellaneous (1.1) 0.5 2.2 Total 38.4 % (5.7 %) 17.0 % Significant components of deferred tax assets and liabilities are as follows: December 31, (in thousands) 2023 2022 Deferred tax assets: Accrued expenses $ 2,155 $ 2,254 Section 174 expenses 13,084 8,119 Leases 1,186 4,822 Warrants and stock options 4,588 4,087 Inventories 275 198 Research and development credit 2,327 2,374 Other assets 1,094 838 Net operating loss 16,237 16,586 Less valuation allowance (17,667) (17,562) Total deferred tax assets 23,279 21,716 Deferred tax liabilities: Depreciation (25,552) (29,397) Goodwill (12,921) (10,716) Intangible assets (2,362) (3,103) Leases (1,186) (4,822) Total deferred tax liabilities (42,021) (48,038) Net deferred tax liability $ (18,742) $ (26,322) The Company has recorded no U.S. deferred taxes related to the undistributed earnings of its non-U.S. subsidiaries as of December 31, 2023. Such amounts are intended to be reinvested outside of the United States indefinitely. It is not practicable to estimate the amount of additional tax that might be payable on the foreign earnings. As of December 31, 2023, the Company had accumulated undistributed earnings in non-U.S. subsidiaries of $3.4 million. As of December 31, 2023, the Company had estimated net operating loss carry forwards of $16.2 million for tax purposes. The net operating losses relate to operations in Germany and Netherlands. Germany net operating losses may be carried forward without any time limitations but are limited to €1 million, plus 60 percent of taxable income exceeding €1 million. Netherlands net operating losses may be carried forward without any time limitations, but are limited to €1 million, plus 50 percent of taxable income exceeding €1 million. The Company establishes valuation allowances for deferred tax assets when, after consideration of all positive and negative evidence, it is considered more-likely-than-not that a portion of the deferred tax assets will not be realized. The Company's valuation allowances of $17.7 million and $17.6 million at December 31, 2023 and 2022, respectively, reduce the carrying value of deferred tax assets associated with certain net operating loss carry forwards and other assets with insufficient positive evidence for recognition. The increase in the valuation allowance is primarily attributable to additional net operating losses generated in 2023 . The Company files a U.S. federal income tax return and income tax returns in various states and foreign jurisdictions. With a few exceptions, the Company is no longer subject to U.S. federal, state, or foreign income tax examinations by tax authorities for years before 2019. The Company has liabilities related to unrecognized tax benefits totaling $3.6 million and $3.2 million at December 31, 2023 and 2022, respectively, that if recognized would result in a reduction of the Company’s effective tax rate. The liabilities are classified as other long-term liabilities in the accompanying consolidated balance sheets. 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. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Year Ended December 31, 2023 2022 Balance at beginning of period $ 3,236 $ 4,364 Additions for tax positions of current year 632 634 Additions for tax positions of prior years 86 23 Decrease related to the expiration of statutes of limitations (338) — Reduction for tax positions of prior years — (1,785) Balance at period end $ 3,616 $ 3,236

Litigation

Litigation	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Litigation	Litigation From time to time, the Company may be subject to various legal proceedings and claims that arise in the ordinary course of its business. Although the results of litigation and claims cannot be predicted with certainty, the Company does not believe it is a party to any litigation the outcome of which, if determined adversely, would individually or in the aggregate be reasonably expected to have a material adverse effect on its business.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company’s reportable segments are based on the internal reporting used by the Company’s CEO, who is the chief operating decision maker (CODM), to assess operating performance and make decisions about the allocation of resources. The Company’s reportable segments are based upon geographic region, consisting of the United States and Europe. The Corporate Unallocated and Japan category includes non-reportable segments, as well as research and development and general and administrative costs that are global in nature and that the Company does not allocate directly to its operating segments. Revenue in the United States and Europe is derived primarily from Injection Molding, CNC Machining, 3D Printing and Sheet Metal product lines. Revenue in Japan was derived from Injection Molding and CNC Machining product lines. Injection Molding revenue consists of sales of custom injection molds and injection-molded parts. CNC Machining revenue consists of sales of CNC-machined and lathe-turned customer parts. 3D Printing revenue consists of sales of 3D-printed parts. Sheet Metal revenue consists of sales of fabricated sheet metal parts. The accounting policies of the reportable segments are the same as those described in Note 2 – Summary of Significant Accounting Policies. Intercompany transactions primarily relate to intercontinental activity and have been eliminated and are excluded from the reported amounts. The difference between income (loss) from operations and pre-tax income relates to foreign currency-related gains and losses and interest income on cash balances and investments, which are not allocated to business segments. Revenue and income from operations by reportable segment are as follows: Year Ended December 31, (in thousands) 2023 2022 2021 Revenue: United States $ 396,821 $ 387,399 $ 384,458 Europe 107,056 92,770 90,399 Japan — 8,229 13,241 Total revenue $ 503,877 $ 488,398 $ 488,098 Year Ended December 31, (in thousands) 2023 2022 2021 Income (Loss) from Operations: United States $ 94,682 $ 93,176 $ 98,001 Europe (12,528) (130,386) 730 Corporate Unallocated and Japan (53,987) (60,773) (58,389) Total income (loss) from operations $ 28,167 $ (97,983) $ 40,342 Total long-lived assets, expenditures for additions to long-lived assets and depreciation and amortization expense are as follows: (in thousands) December 31, December 31, December 31, Long-lived assets: United States $ 201,388 $ 203,816 $ 215,701 Europe 52,267 53,835 59,388 Japan — 134 5,257 Total long-lived assets $ 253,655 $ 257,785 $ 280,346 Year Ended December 31, (in thousands) 2023 2022 2021 Expenditures for additions to long-lived assets: United States $ 24,553 $ 17,538 $ 26,698 Europe 3,563 4,137 7,378 Japan — 11 133 Total expenditures for additions to long-lived assets $ 28,116 $ 21,686 $ 34,209 Year Ended December 31, (in thousands) 2023 2022 2021 Depreciation and Amortization: United States $ 30,667 $ 31,666 $ 31,642 Europe 6,861 6,770 7,101 Japan — 989 1,745 Total depreciation and amortization $ 37,528 $ 39,425 $ 40,488

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income (loss)	$ 17,220	$ (103,462)	$ 33,372

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Principles of consolidation	Principles of consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, as listed within “Organization and business” above. All intercompany accounts and transactions have been eliminated in consolidation.
Comprehensive (loss) income	Comprehensive (loss) income Components of comprehensive (loss) income include net income (loss), foreign currency translation adjustments and net unrealized gains and losses on investments in securities. Comprehensive (loss) income is disclosed in the accompanying Consolidated Statements of Comprehensive Income and Consolidated Statements of Shareholders’ Equity.
Accounting estimates	Accounting estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and related disclosures at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and cash equivalents	Cash and cash equivalents Cash and cash equivalents include cash and other investments, including marketable securities, with maturities of three months or less at the date of purchase. The Company maintains its cash in bank deposit accounts, which, at times, may exceed federally insured limits. The Company has not experienced any losses on such accounts.
Marketable securities	Marketable securities Marketable securities are categorized as available-for-sale and are recorded at fair value. Management determines the appropriate classification of debt securities at the time of purchase and reevaluates such designation as of each balance sheet date. The classification of marketable securities as current or non-current is dependent upon the security’s maturity date. Securities with maturities of three months or less at the time of purchase are categorized as cash equivalents as described above.
Accounts receivable and allowance for doubtful accounts	Accounts receivable and allowance for doubtful accounts Accounts receivable are reported at the invoiced amount less an allowance for doubtful accounts. As of each balance sheet date, the Company evaluates its accounts receivable and establishes an allowance for doubtful accounts based on a combination of specific customer circumstances and credit conditions taking into account the history of write-offs and collections. A receivable is considered past due if payment has not been received within the period agreed upon in the invoice. Accounts receivable are written off after all collection efforts have been exhausted. Recoveries of trade receivables previously written off are recorded when received.
Inventory	Inventory Inventory consists primarily of raw materials, which are recorded at the lower of cost and net realizable value using the standard 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.
Property, equipment and leasehold improvements	Property, equipment and leasehold improvements Property, equipment and leasehold improvements are stated at cost. Major improvements that substantially extend an asset’s useful life are capitalized. Repairs, maintenance and minor improvements are charged to operations as incurred. Depreciation, including amortization of leasehold improvements and assets recorded under capital leases, is calculated using the straight-line method over the estimated useful lives of the individual assets and ranges from 3 to 39 years. Manufacturing equipment is depreciated over 3 to 15 years, office furniture and equipment are depreciated over 3 to 7 years, computer hardware and software are depreciated over 3 to 5 years, building costs are depreciated over 39 years, leasehold improvements are depreciated over the estimated lives of the related assets or the life of the lease, whichever is shorter, and building and land improvements are depreciated over 10 to 39 years. Assets not in service are not depreciated until the asset is put into use. The Company follows ASC 350-40, Internal-Use Software
Goodwill	Goodwill The Company recognizes goodwill in accordance with ASC 350, Intangibles—Goodwill and Other . Goodwill is the excess of cost of an acquired entity over the amounts assigned to assets acquired and liabilities assumed in a business combination. Goodwill is allocated to the Company's reporting units, which are determined by the discrete financial information available for the component and whether it is regularly reviewed by segment management. The Company's reporting units are the United States and Europe. Goodwill is not amortized. Goodwill is tested for impairment annually as of the first day of the fourth quarter, and is tested for impairment between annual tests if an event occurs or circumstances change that would indicate the carrying amount may be impaired. An impairment charge for goodwill is recognized only when the estimated fair value of a reporting unit, including
Other Intangible Assets	Other Intangible Assets Other intangible assets include software technology, customer relationships and other intangible assets acquired from other independent parties. Other intangible assets with a definite life are amortized over a period ranging from two
Accounting for long-lived assets	Accounting for long-lived assets The Company periodically reviews the carrying amount of its property, equipment and leasehold improvements to determine if circumstances exist indicating an impairment or if depreciation periods should be modified. If facts or circumstances indicate that an impairment may exist, the Company will prepare a projection of the undiscounted future cash flows of the specific assets to determine if the assets are recoverable. If impairment exists based on these projections, an adjustment will be made to reduce the carrying amount of the specific assets to fair value.
Revenue recognition	Revenue recognition The Company recognizes revenue for its internal and outsourced manufacturing operations in accordance with ASC 606, Revenue from Contracts with Customers . The Company manufactures custom parts to specific customer orders that have no alternative use to the Company, and the Company believes there is a legally enforceable right to payment for performance completed to date on internally and outsourced manufactured parts. For manufactured parts that meet these two criteria, the Company will recognize revenue over time. Revenue is recognized over time using the input method based on time in production as a percentage of total estimated production time to measure progress toward satisfying performance obligations using the estimated total time necessary to complete the parts per the customer's order and an estimate of inventory and production costs incurred to date. The input method requires an analysis of the incurred time in production and an estimate of the total time necessary to complete the total parts per the customer's order. The majority of the Company’s injection molding contracts have multiple performance obligations including one obligation to produce the mold and a second obligation to produce parts. For injection molding contracts with multiple performance obligations, the Company allocates revenue to each performance obligation based on its relative standalone selling price. The Company generally determines standalone selling price based on the price charged to customers.
Leases	Leases The Company accounts for leases in accordance with ASC 842, Leases , which requires the balance sheet recognition of lease assets and lease liabilities by lessees for those leases classified as operating and finance leases. The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease assets, current operating lease liabilities and long-term operating lease liabilities in the Consolidated Balance Sheets and are recognized based on the present value of lease payments over the lease term at the commencement date. Finance leases are included in finance lease assets, current finance lease liabilities and long-term finance lease liabilities in the Consolidated Balance Sheets and are recognized based on the present value of lease payments over the lease term at commencement date. The majority of the Company’s leases do not provide an implicit rate of return, therefore, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Lease agreements that contain non-lease components, with the exception of certain real estate leases, are accounted for as a single lease component.
Income taxes	Income taxes The Company accounts for income taxes in accordance with ASC 740, Income Taxes (ASC 740). Under this method, the Company determines tax assets and liabilities based upon the differences between the financial statement carrying amounts and the tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. The tax consequences of most events recognized in the financial statements are included in determining income taxes currently payable. However, because tax laws and financial accounting standards differ in their recognition and measurement of assets, liabilities and equity, revenues, expenses, gains and losses, differences arise between the amount of taxable income and pretax financial income for a year and between the tax basis of assets or liabilities and their reported amounts in the financial statements. Because the Company assumes that the reported amounts of assets and liabilities will be recovered and settled, respectively, a difference between the tax basis of an asset or liability and its reported amount in the balance sheet will result in a taxable or a deductible amount in some future years when the related liabilities are settled or the reported amounts of the assets are recovered, giving rise to a deferred tax asset or liability. The Company establishes a valuation allowance for any portion of its deferred tax assets that are not at a level of more likely than not to be recognized. ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements by requiring that individual tax positions are recorded only when they meet a more-likely-than-not criterion. The Company recognizes the effect of income tax positions only if sustaining those positions is more likely than not. The Company records penalties and interest related to unrecognized tax benefits in income taxes in the Company’s Consolidated Statements of Income.
Stock-based compensation	Stock-based compensation The Company accounts for stock-based compensation in accordance with ASC 718, Compensation—Stock Compensation (ASC 718). Under the fair value recognition provisions of ASC 718, the Company measures stock-based compensation cost at the grant date fair value and recognizes the compensation expense over the requisite service period, which is the vesting period, using a straight-line attribution method. The amount of stock-based compensation expense recognized during a period is based on the portion of the awards that are ultimately expected to vest. The Company accounts for forfeitures as they occur. Ultimately, the total expense recognized over the vesting period will only be for those awards that vest. The Company’s awards are not eligible to vest early in the event of retirement, however, the awards vest early in the event of a change in control. In determining the compensation cost of the options granted, the fair value of options granted has been estimated on the date of grant using the Black-Scholes option-pricing model.
Advertising costs	Advertising costs Advertising is expensed as incurred and was approximately $13.8 million, $13.2 million and $12.5 million for the years ended December 31, 2023 , 2022 and 2021, respectively.
Research and development	Research and development Research and development expenses consist primarily of personnel and outside service costs related to the development of new processes and product lines, enhancements of existing product lines, development of software for internal use, maintenance of internally developed software, quality assurance and testing. Costs for internal use software are evaluated by project and capitalized where appropriate under ASC 350-40, Intangibles - Goodwill and Other, Internal-Use Software
Foreign currency translation/transactions	Foreign currency translation/transactions The Company translated the balance sheets of its foreign subsidiaries at period-end exchange rates and the income statement at the average exchange rates in effect throughout the period. The Company has recorded the translation adjustment as a separate component of consolidated shareholders’ equity. Foreign currency transaction gains and losses are recognized in the Consolidated Statements of Comprehensive Income.
Recently adopted accounting pronouncements	Recently adopted accounting pronouncements The Company did not recently adopt any accounting pronouncements that had a material impact on the Company's Consolidated Financial Statements. There are no pending accounting pronouncements that are expected to have a material impact on the Company's Consolidated Financial Statements.

Nature of Business (Tables)

Nature of Business (Tables)	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Subsidiaries	The Company’s subsidiaries are: Name Location PL-US International LLC United States Hubs Manufacturing Inc. United States 3D Hubs Manufacturing LLC United States Proto Labs Ltd. United Kingdom PL International Holdings, UK, Ltd. United Kingdom PL Euro Services Limited United Kingdom Proto Labs GmbH Germany Proto Labs Tooling GmbH Germany 3D Hubs B.V. Netherlands

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue from External Customers by Geographic Areas	Revenue by geographic region for the years ended December 31, 2023, 2022 and 2021 was as follows: Year Ended December 31, (in thousands) 2023 2022 2021 Revenue: United States $ 396,821 $ 387,399 $ 384,458 Europe 107,056 92,770 90,399 Japan — 8,229 13,241 Total revenue $ 503,877 $ 488,398 $ 488,098 Revenue and income from operations by reportable segment are as follows: Year Ended December 31, (in thousands) 2023 2022 2021 Revenue: United States $ 396,821 $ 387,399 $ 384,458 Europe 107,056 92,770 90,399 Japan — 8,229 13,241 Total revenue $ 503,877 $ 488,398 $ 488,098
Disaggregation of Revenue	Revenue by product line for the years ended December 31, 2023, 2022 and 2021 was as follows: Year Ended December 31, (in thousands) 2023 2022 2021 Revenue: Injection Molding $ 203,941 $ 200,578 $ 226,117 CNC Machining 198,222 188,372 166,811 3D Printing 84,291 78,988 72,721 Sheet Metal 16,540 19,498 20,397 Other Revenue 883 962 2,052 Total revenue $ 503,877 $ 488,398 $ 488,098

Net Income (Loss) Per Common _2

Net Income (Loss) Per Common Share (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table presents the calculation of net income (loss) per basic and diluted share attributable to common shareholders: Year Ended December 31, (in thousands, except share and per share amounts) 2023 2022 2021 Net income (loss) $ 17,220 $ (103,462) $ 33,372 Basic - weighted-average shares outstanding: 26,186,533 27,409,838 27,617,627 Effect of dilutive securities: Employee stock options and other 36,965 — 35,472 Diluted - weighted-average shares outstanding: 26,223,498 27,409,838 27,653,099 Net income (loss) per share attributable to common shareholders: Basic $ 0.66 $ (3.77) $ 1.21 Diluted $ 0.66 $ (3.77) $ 1.21

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The changes in the carrying amount of goodwill for the years ended December 31, 2023 and 2022 were as follows: (in thousands) Dec. 31, 2021 Goodwill acquired (impaired) during Foreign currency translation Dec. 31, 2022 Goodwill acquired (impaired) Foreign currency translation Dec. 31, 2023 United States $ 273,991 $ — $ — $ 273,991 $ — $ — $ 273,991 Europe 125,989 (118,008) (7,981) — — — — Japan 630 (630) — — — — — Total goodwill $ 400,610 $ (118,638) $ (7,981) $ 273,991 $ — $ — $ 273,991
Schedule of Finite-Lived Intangible Assets	Intangible assets other than goodwill for the years ended December 31, 2023 and 2022 were as follows: Year Ended December 31, 2023 Year Ended December 31, 2022 Weighted Average (in thousands) Gross Accumulated Net Gross Accumulated Net Useful Life (in Remaining (in years) Marketing assets $ 930 $ (900) $ 30 $ 930 $ (806) $ 124 10.0 0.3 Non-compete agreement 835 (603) 232 828 (487) 341 2.0 - 5.0 1.4 Software technology 13,229 (7,752) 5,477 13,229 (6,383) 6,846 10.0 4.0 Software platform 26,373 (6,575) 19,798 26,054 (4,337) 21,717 12.0 9.1 Tradenames 354 (347) 7 350 (227) 123 3.0 0.1 Customer relationships 12,223 (12,183) 40 12,197 (10,098) 2,099 3.0 - 9.0 0.1 Total intangible assets $ 53,944 $ (28,360) $ 25,584 $ 53,588 $ (22,338) $ 31,250
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Estimated aggregated amortization expense based on the current carrying value of the amortizable intangible assets is as follows: (in thousands) Estimated Amortization 2024 $ 3,741 2025 3,660 2026 3,558 2027 3,549 2028 2,180 Thereafter 8,896 Total estimated amortization expense $ 25,584

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring Basis	The following tables summarizes financial assets as of December 31, 2023 and 2022 measured at fair value on a recurring basis: December 31, 2023 December 31, 2022 (in thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents, excluding money market mutual fund $ 77,423 $ — $ — $ 38,862 $ — $ — Money market mutual fund 6,367 — — 17,696 $ — $ — Marketable securities 4,482 22,550 — 9,881 40,106 — Total $ 88,272 $ 22,550 $ — $ 66,439 $ 40,106 $ —

Marketable Securities (Tables)

Marketable Securities (Tables)	12 Months Ended
	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Debt Securities, Available-for-Sale	Information regarding the Company’s short-term and long-term marketable securities as of December 31, 2023 and 2022 is as follows: December 31, 2023 (in thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. government agency securities $ 16,798 — $ (278) $ 16,520 Corporate debt securities 2,511 — (19) 2,492 U.S. municipal securities 7,876 — (105) 7,771 Certificates of deposit/time deposits 249 — — 249 Total marketable securities $ 27,434 $ — $ (402) $ 27,032 December 31, 2022 (in thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. government agency securities $ 25,275 — $ (750) $ 24,525 Corporate debt securities 9,578 — (205) 9,373 U.S. municipal securities 15,574 — (417) 15,157 Certificates of deposit/time deposits 939 — (7) 932 Total marketable securities $ 51,366 $ — $ (1,379) $ 49,987
Investments Classified by Contractual Maturity Date	The December 31, 2023 balance of available-for-sale debt securities by contractual maturity is shown in the following table at fair value. Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties. (in thousands) December 31, Due in one year or less $ 19,013 Due after one year through five years 8,019 Total marketable securities $ 27,032

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property and equipment consists of the following: December 31, (in thousands) 2023 2022 Land $ 15,596 $ 14,153 Buildings and improvements 133,033 105,492 Machinery and equipment 235,527 228,654 Computer hardware and software 86,659 82,302 Leasehold improvements 4,609 4,548 Construction in progress 8,410 22,674 Total 483,834 457,823 Accumulated depreciation and amortization (230,179) (200,038) Property and equipment, net $ 253,655 $ 257,785

Inventory (Tables)

Inventory (Tables)	12 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	The Company’s inventory consists of the following: December 31, (in thousands) 2023 2022 Total inventory $ 14,319 $ 13,965 Allowance for obsolescence (662) (387) Inventory, net of allowance $ 13,657 $ 13,578

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Share-Based Payment Arrangement, Cost by Plan	The following table summarizes stock-based compensation expense for the years ended December 31, 2023, 2022 and 2021, respectively: Year Ended December 31, (in thousands) 2023 2022 2021 Stock options and other $ 14,550 $ 16,103 $ 17,553 Employee stock purchase plan 1,439 1,442 1,542 Total stock-based compensation expense $ 15,989 $ 17,545 $ 19,095 Cost of revenue $ 1,840 $ 2,172 $ 2,595 Operating expenses: Marketing and sales 3,426 3,295 3,736 Research and development 2,556 2,189 2,833 General and administrative 8,167 9,889 9,931 Total stock-based compensation expense $ 15,989 $ 17,545 $ 19,095
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions	The following table provides the assumptions used in the Black-Scholes option pricing model for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 Risk-free interest rate 3.55 - 4.55% 1.94 - 3.40% 0.80 - 1.12% Expected life (years) 2 - 6.25 6.25 6.25 Expected volatility 49.23 - 55.92% 45.95 - 46.03% 45.28 - 45.53% Expected dividend yield 0% 0% 0% Weighted average grant date fair value $16.36 $23.11 $128.14
Share-Based Payment Arrangement, Option, Activity	The following table summarizes stock option activity and the weighted average exercise price for the years ended December 31, 2023, 2022 and 2021: Stock Options Weighted- Options outstanding at January 1, 2021 229,531 $ 86.46 Granted 57,901 128.14 Exercised (28,991) 58.78 Cancelled (25,057) 109.31 Options outstanding at December 31, 2021 233,384 97.78 Granted 118,434 48.24 Exercised (3,114) 30.58 Cancelled (84,712) 89.32 Options outstanding at December 31, 2022 263,992 79.07 Granted 186,804 33.36 Exercised — — Cancelled (63,635) 62.44 Expired (15,848) 55.67 Options outstanding at December 31, 2023 371,313 $ 59.92 Exercisable at December 31, 2023 116,455 $ 90.65
Share-Based Payment Arrangement, Option, Exercise Price Range	The following table summarizes information about stock options outstanding at December 31, 2023: Options Outstanding, Vested and Expected to Vest Options Exercisable Range of Exercise Prices Number Outstanding Weighted Average Weighted Average Exercise Number Exercisable Weighted Average Exercise $32.13 to $36.48 167,725 7.92 33.40 — — $36.49 to $64.92 100,391 7.45 50.60 37,242 52.90 $64.93 to $180.46 103,197 5.75 112.87 79,213 108.40
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity	The following table summarizes restricted stock activity for the years ended December 31, 2023, 2022 and 2021: Restricted Weighted- Restricted stock at January 1, 2021 307,199 $ 98.87 Granted 205,996 123.61 Restrictions lapsed (115,908) 91.26 Forfeited (53,505) 128.05 Restricted stock at December 31, 2021 343,782 111.79 Granted 315,432 42.03 Restrictions lapsed (130,452) 101.32 Forfeited (50,166) 96.48 Restricted stock at December 31, 2022 478,596 70.36 Granted 410,682 32.46 Restrictions lapsed (137,053) 79.61 Forfeited (98,760) 61.25 Restricted stock at December 31, 2023 653,465 $ 45.89
Schedule of Nonvested Performance-Based Units Activity	The following table summarizes performance stock activity for the years ended December 31, 2023, 2022 and 2021: Performance Weighted- Performance stock at January 1, 2021 19,956 $ 118.66 Granted 15,078 203.64 Restrictions lapsed — — Performance change (10,366) 192.95 Forfeited (7,829) 113.91 Performance stock at December 31, 2021 16,839 115.56 Granted 35,697 96.71 Restrictions lapsed — — Performance change (13,156) 99.59 Forfeited (3,578) 121.79 Performance stock at December 31, 2022 35,802 77.91 Granted 71,295 57.79 Restrictions lapsed — — Performance change — — Forfeited — — Performance stock at December 31, 2023 107,097 $ 74.08
Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions	The following table presents the assumptions used to estimate the fair value of the ESPP during the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 Risk-free interest rate 4.60 - 5.16% 0.17 - 4.60% 0.06 - 0.17% Expected life (months) 6.00 6.00 6.00 Expected volatility 47.38 - 67.84% 47.05 - 67.84% 53.44 - 65.53% Expected dividend yield 0% 0% 0%

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Lease, Cost	Supplemental balance sheet information related to leases was as follows: December 31, (in thousands) 2023 2022 Operating lease assets $ 4,628 $ 3,844 Current operating lease liabilities $ 1,585 $ 1,561 Long-term operating lease liabilities 3,008 2,255 Total operating lease liabilities $ 4,593 $ 3,816 Finance lease assets $ 960 $ 17,532 Current finance lease liabilities $ 296 $ 17,537 Long-term finance lease liabilities 595 — Total finance lease liabilities $ 891 $ 17,537 Lease expense is recognized on a straight-line basis over the lease term, with variable payments recognized in the period those payments are incurred. The components of lease expense for the periods reported were as follows: Twelve Months Ended December 31, (in thousands) 2023 2022 Operating lease cost $ 1,965 $ 3,002 Finance lease cost: Amortization of right-of-use assets $ 732 $ 532 Interest on lease obligations $ 1,055 $ 95 Variable lease cost 371 560 Total lease cost $ 4,123 $ 4,189 Supplemental cash flow information related to leases was as follows: Twelve Months Ended December 31, (in thousands) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,288 $ 3,778 Operating cash flows from finance leases $ 1,055 $ 95 Financing cash flows from finance leases $ 306 $ 531 Lease assets obtained in exchange for new operating lease liabilities $ 2,324 $ 898 Lease assets obtained in exchange for new financing lease liabilities $ 240 $ 16,167
Finance Lease, Liability, to be Paid, Maturity	Maturities of operating and finance lease liabilities as of December 31, 2023 were as follows: (in thousands) Operating Leases Finance Leases Year Ending December 31, 2024 $ 1,622 $ 329 2025 1,428 329 2026 819 292 2027 449 - 2028 397 - After 2029 111 - Total future minimum lease payments 4,826 950 Less interest (233) (59) Present value of lease liabilities $ 4,593 $ 891
Lessee, Operating Lease, Liability, to be Paid, Maturity	Maturities of operating and finance lease liabilities as of December 31, 2023 were as follows: (in thousands) Operating Leases Finance Leases Year Ending December 31, 2024 $ 1,622 $ 329 2025 1,428 329 2026 819 292 2027 449 - 2028 397 - After 2029 111 - Total future minimum lease payments 4,826 950 Less interest (233) (59) Present value of lease liabilities $ 4,593 $ 891
Assets and Liabilities, Lessee	Weighted average remaining lease term and discount rate was as follows: December 31, 2023 2022 Weighted Average Remaining Lease Term - operating leases (years) 3.6 2.9 Weighted Average Remaining Lease Term - finance leases (years) 2.6 36.0 Weighted Average Discount Rate - operating leases 2.5 % 1.6 % Weighted Average Discount Rate - finance leases 4.4 % 5.9 %

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	12 Months Ended
	Dec. 31, 2023
Regulated Operations [Abstract]
Accumulated Other Comprehensive Loss	The following table presents the changes in accumulated other comprehensive loss balances for the years ending December 31, 2023, 2022 and 2021, respectively: Year Ended December 31, (in thousands) 2023 2022 2021 Balance at beginning of period $ (34,355) $ (16,817) $ (3,420) Foreign currency translation adjustments Other comprehensive income (loss) before reclassifications 1,459 (16,278) (13,278) Amounts reclassified from accumulated other comprehensive income (loss) 3,906 - - Net current-period other comprehensive income (loss) 5,365 (16,278) (13,278) Net unrealized gains (losses) on investments in securities Other comprehensive income (loss) before reclassifications 977 (1,260) (119) Amounts reclassified from accumulated other comprehensive income (loss) - - - Net current-period other comprehensive income (loss) 977 (1,260) (119) Balance at end of period $ (28,013) $ (34,355) $ (16,817)

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Income before Income Tax, Domestic and Foreign	The provision for income taxes is based on income before income taxes reported for financial statement purposes. The components of income before income taxes are as follows: Year Ended December 31, (in thousands) 2023 2022 2021 Domestic $ 38,099 $ 33,731 $ 42,449 Foreign (10,147) (131,608) (2,265) Total $ 27,952 $ (97,877) $ 40,184
Schedule of Components of Income Tax Expense (Benefit)	Significant components of the provision for income taxes for the following periods are as follows: Year Ended December 31, (in thousands) 2023 2022 2021 Current: Federal $ 15,717 $ 15,366 $ 5,552 State 2,418 (393) 975 Foreign 34 (99) (64) Deferred Federal (8,202) (9,159) (377) State (385) (723) (814) Foreign 1,379 (4,641) (1,181) Valuation Allowance (229) 5,234 2,721 Total $ 10,732 $ 5,585 $ 6,812
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of the federal statutory income tax rate to the effective tax rate is as follows: Year Ended December 31, 2023 2022 2021 Federal tax statutory rate 21.0 % 21.0 % 21.0 % State tax (net of federal benefit) 3.5 (0.8) 2.1 Share based compensation 6.0 (2.1) (2.3) Valuation allowance against deferred tax assets (2.4) (5.0) 8.9 Goodwill impairment — (24.4) — Contingent consideration reduction — — (7.0) Research and development credit (3.8) 1.2 (4.0) Foreign rate differential (1.6) 2.9 (2.2) Tax reserves 1.9 1.0 (1.0) Provision to return difference (0.2) — (0.7) Unrealized foreign exchange losses 2.9 — — Revaluation of deferred tax liability 1.1 — — Closure of Japan branch net operating loss reversal 11.1 — — Miscellaneous (1.1) 0.5 2.2 Total 38.4 % (5.7 %) 17.0 %
Schedule of Deferred Tax Assets and Liabilities	Significant components of deferred tax assets and liabilities are as follows: December 31, (in thousands) 2023 2022 Deferred tax assets: Accrued expenses $ 2,155 $ 2,254 Section 174 expenses 13,084 8,119 Leases 1,186 4,822 Warrants and stock options 4,588 4,087 Inventories 275 198 Research and development credit 2,327 2,374 Other assets 1,094 838 Net operating loss 16,237 16,586 Less valuation allowance (17,667) (17,562) Total deferred tax assets 23,279 21,716 Deferred tax liabilities: Depreciation (25,552) (29,397) Goodwill (12,921) (10,716) Intangible assets (2,362) (3,103) Leases (1,186) (4,822) Total deferred tax liabilities (42,021) (48,038) Net deferred tax liability $ (18,742) $ (26,322)
Schedule of Unrecognized Tax Benefits Roll Forward	A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Year Ended December 31, 2023 2022 Balance at beginning of period $ 3,236 $ 4,364 Additions for tax positions of current year 632 634 Additions for tax positions of prior years 86 23 Decrease related to the expiration of statutes of limitations (338) — Reduction for tax positions of prior years — (1,785) Balance at period end $ 3,616 $ 3,236

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Revenue from External Customers by Geographic Areas	Revenue by geographic region for the years ended December 31, 2023, 2022 and 2021 was as follows: Year Ended December 31, (in thousands) 2023 2022 2021 Revenue: United States $ 396,821 $ 387,399 $ 384,458 Europe 107,056 92,770 90,399 Japan — 8,229 13,241 Total revenue $ 503,877 $ 488,398 $ 488,098 Revenue and income from operations by reportable segment are as follows: Year Ended December 31, (in thousands) 2023 2022 2021 Revenue: United States $ 396,821 $ 387,399 $ 384,458 Europe 107,056 92,770 90,399 Japan — 8,229 13,241 Total revenue $ 503,877 $ 488,398 $ 488,098
Income from Operations by Geographic Area	Year Ended December 31, (in thousands) 2023 2022 2021 Income (Loss) from Operations: United States $ 94,682 $ 93,176 $ 98,001 Europe (12,528) (130,386) 730 Corporate Unallocated and Japan (53,987) (60,773) (58,389) Total income (loss) from operations $ 28,167 $ (97,983) $ 40,342
Long-Lived Assets by Geographic Areas	Total long-lived assets, expenditures for additions to long-lived assets and depreciation and amortization expense are as follows: (in thousands) December 31, December 31, December 31, Long-lived assets: United States $ 201,388 $ 203,816 $ 215,701 Europe 52,267 53,835 59,388 Japan — 134 5,257 Total long-lived assets $ 253,655 $ 257,785 $ 280,346
Expenditures for Additions to Long-lived Assets by Geographic Region	Year Ended December 31, (in thousands) 2023 2022 2021 Expenditures for additions to long-lived assets: United States $ 24,553 $ 17,538 $ 26,698 Europe 3,563 4,137 7,378 Japan — 11 133 Total expenditures for additions to long-lived assets $ 28,116 $ 21,686 $ 34,209
Depreciation and Amortization by Geographic Region	Year Ended December 31, (in thousands) 2023 2022 2021 Depreciation and Amortization: United States $ 30,667 $ 31,666 $ 31,642 Europe 6,861 6,770 7,101 Japan — 989 1,745 Total depreciation and amortization $ 37,528 $ 39,425 $ 40,488

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Line Items]
Goodwill impairment	$ 0	$ 118,008	$ 0
Advertising costs	13,800	13,200	12,500
Research and development costs	40,135	38,222	$ 44,241
Europe
Accounting Policies [Line Items]
Goodwill impairment	$ 0	$ 118,000
Building
Accounting Policies [Line Items]
Property, equipment, useful life (in years)	39 years
Minimum
Accounting Policies [Line Items]
Property, equipment, useful life (in years)	3 years
Intangible assets, useful life (in years)	2 years
Operating lease term, remaining lease term (in years)	1 year
Minimum | Machinery and equipment
Accounting Policies [Line Items]
Property, equipment, useful life (in years)	3 years
Minimum | Office furniture and equipment
Accounting Policies [Line Items]
Property, equipment, useful life (in years)	3 years
Minimum | Computer hardware and software
Accounting Policies [Line Items]
Property, equipment, useful life (in years)	3 years
Minimum | Building and land improvements
Accounting Policies [Line Items]
Property, equipment, useful life (in years)	10 years
Maximum
Accounting Policies [Line Items]
Property, equipment, useful life (in years)	39 years
Intangible assets, useful life (in years)	12 years
Operating lease term, remaining lease term (in years)	9 years
Maximum | Machinery and equipment
Accounting Policies [Line Items]
Property, equipment, useful life (in years)	15 years
Maximum | Office furniture and equipment
Accounting Policies [Line Items]
Property, equipment, useful life (in years)	7 years
Maximum | Computer hardware and software
Accounting Policies [Line Items]
Property, equipment, useful life (in years)	5 years
Maximum | Building and land improvements
Accounting Policies [Line Items]
Property, equipment, useful life (in years)	39 years

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Unbilled receivables	$ 10.1	$ 8.5
Unsatisfied performance obligation	$ 9.8	$ 10.9

Revenue - Revenue by Geographic

Revenue - Revenue by Geographic Areas (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 503,877	$ 488,398	$ 488,098
Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	503,877	488,398	488,098
Operating Segments | United States
Disaggregation of Revenue [Line Items]
Revenue	396,821	387,399	384,458
Operating Segments | Europe
Disaggregation of Revenue [Line Items]
Revenue	107,056	92,770	90,399
Operating Segments | Japan
Disaggregation of Revenue [Line Items]
Revenue	$ 0	$ 8,229	$ 13,241

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 503,877	$ 488,398	$ 488,098
Injection Molding
Disaggregation of Revenue [Line Items]
Revenue	203,941	200,578	226,117
CNC Machining
Disaggregation of Revenue [Line Items]
Revenue	198,222	188,372	166,811
3D Printing
Disaggregation of Revenue [Line Items]
Revenue	84,291	78,988	72,721
Sheet Metal
Disaggregation of Revenue [Line Items]
Revenue	16,540	19,498	20,397
Other Revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 883	$ 962	$ 2,052

Net Income (Loss) Per Common _3

Net Income (Loss) Per Common Share - Narrative (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Anti-dilutive options excluded from calculation of diluted weighted average shares outstanding (in shares)	263,992	197,827	113,043

Net Income (Loss) Per Common _4

Net Income (Loss) Per Common Share -Schedule of Computation Of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net income (loss)	$ 17,220	$ (103,462)	$ 33,372
Basic - weighted-average shares outstanding (in shares)	26,186,533	27,409,838	27,617,627
Effect of dilutive securities:
Employee stock options and other (in shares)	36,965	0	35,472
Diluted - weighted-average shares outstanding (in shares)	26,223,498	27,409,838	27,653,099
Net income (loss) per share attributable to common shareholders:
Basic (in dollars per share)	$ 0.66	$ (3.77)	$ 1.21
Diluted (in dollars per share)	$ 0.66	$ (3.77)	$ 1.21

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Goodwill, balance as of the beginning of the period	$ 273,991	$ 400,610
Goodwill acquired (impaired)	0	(118,638)
Foreign currency translation adjustments	0	(7,981)
Goodwill, balance as of the end of the period	273,991	273,991
United States
Goodwill [Roll Forward]
Goodwill, balance as of the beginning of the period	273,991	273,991
Goodwill acquired (impaired)	0	0
Foreign currency translation adjustments	0	0
Goodwill, balance as of the end of the period	273,991	273,991
Europe
Goodwill [Roll Forward]
Goodwill, balance as of the beginning of the period	0	125,989
Goodwill acquired (impaired)	0	(118,008)
Foreign currency translation adjustments	0	(7,981)
Goodwill, balance as of the end of the period	0	0
Japan
Goodwill [Roll Forward]
Goodwill, balance as of the beginning of the period	0	630
Goodwill acquired (impaired)	0	(630)
Foreign currency translation adjustments	0	0
Goodwill, balance as of the end of the period	$ 0	$ 0

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 22, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Line Items]
Cash used for acquisition, net of cash acquired		$ 0	$ 0	$ 127,413
Goodwill		273,991	273,991	400,610
Goodwill, period increase (decrease)			(126,600)
Foreign currency translation adjustment		1,300	1,700	900
Amortization expense for intangible assets		$ 5,900	$ 6,000	$ 6,200
3D Hubs, Inc. (Hubs)
Goodwill [Line Items]
Consideration transferred	$ 294,100
Cash used for acquisition, net of cash acquired	$ 127,400
Equity portion of purchase price (in shares)	863,995
Consideration transferred, common stock	$ 166,700
Goodwill	$ 280,900

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Schedule of Intangible Assets Other Than Goodwill (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	$ 53,944	$ 53,588
Accumulated Amortization	(28,360)	(22,338)
Net	$ 25,584	31,250
Minimum
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful life (in years)	2 years
Maximum
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful life (in years)	12 years
Marketing assets
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	$ 930	930
Accumulated Amortization	(900)	(806)
Net	$ 30	124
Intangible assets, useful life (in years)	10 years
Weighted Average Useful Life Remaining (in years)	3 months 18 days
Non-compete agreement
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	$ 835	828
Accumulated Amortization	(603)	(487)
Net	$ 232	341
Weighted Average Useful Life Remaining (in years)	1 year 4 months 24 days
Non-compete agreement | Minimum
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful life (in years)	2 years
Non-compete agreement | Maximum
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful life (in years)	5 years
Software technology
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	$ 13,229	13,229
Accumulated Amortization	(7,752)	(6,383)
Net	$ 5,477	6,846
Intangible assets, useful life (in years)	10 years
Weighted Average Useful Life Remaining (in years)	4 years
Software platform
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	$ 26,373	26,054
Accumulated Amortization	(6,575)	(4,337)
Net	$ 19,798	21,717
Intangible assets, useful life (in years)	12 years
Weighted Average Useful Life Remaining (in years)	9 years 1 month 6 days
Tradenames
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	$ 354	350
Accumulated Amortization	(347)	(227)
Net	$ 7	123
Intangible assets, useful life (in years)	3 years
Weighted Average Useful Life Remaining (in years)	1 month 6 days
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	$ 12,223	12,197
Accumulated Amortization	(12,183)	(10,098)
Net	$ 40	$ 2,099
Weighted Average Useful Life Remaining (in years)	1 month 6 days
Customer relationships | Minimum
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful life (in years)	3 years
Customer relationships | Maximum
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful life (in years)	9 years

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2024	$ 3,741
2025	3,660
2026	3,558
2027	3,549
2028	2,180
Thereafter	8,896
Net	$ 25,584	$ 31,250

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets Measured At Fair Value On A Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financial Assets:
Debt securities, available-for-sale	$ 27,032	$ 49,987
Level 1 | Fair Value, Recurring
Financial Assets:
Debt securities, available-for-sale	4,482	9,881
Total	88,272	66,439
Level 2 | Fair Value, Recurring
Financial Assets:
Debt securities, available-for-sale	22,550	40,106
Total	22,550	40,106
Level 3 | Fair Value, Recurring
Financial Assets:
Debt securities, available-for-sale	0	0
Total	0	0
Cash | Level 1 | Fair Value, Recurring
Financial Assets:
Cash and cash equivalents	77,423	38,862
Cash | Level 2 | Fair Value, Recurring
Financial Assets:
Cash and cash equivalents	0	0
Cash | Level 3 | Fair Value, Recurring
Financial Assets:
Cash and cash equivalents	0	0
Money market mutual fund | Level 1 | Fair Value, Recurring
Financial Assets:
Cash and cash equivalents	6,367	17,696
Money market mutual fund | Level 2 | Fair Value, Recurring
Financial Assets:
Cash and cash equivalents	0	0
Money market mutual fund | Level 3 | Fair Value, Recurring
Financial Assets:
Cash and cash equivalents	$ 0	$ 0

Marketable Securities - Short-T

Marketable Securities - Short-Term and Long-Term Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 27,434	$ 51,366
Unrealized Gains	0	0
Unrealized Losses	(402)	(1,379)
Fair Value	27,032	49,987
U.S. government agency securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	16,798	25,275
Unrealized Gains	0	0
Unrealized Losses	(278)	(750)
Fair Value	16,520	24,525
Corporate debt securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	2,511	9,578
Unrealized Gains	0	0
Unrealized Losses	(19)	(205)
Fair Value	2,492	9,373
U.S. municipal securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	7,876	15,574
Unrealized Gains	0	0
Unrealized Losses	(105)	(417)
Fair Value	7,771	15,157
Certificates of deposit/time deposits
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	249	939
Unrealized Gains	0	0
Unrealized Losses	0	(7)
Fair Value	$ 249	$ 932

Marketable Securities - Maturit

Marketable Securities - Maturities of Available-For-Sale Debt Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale, Fair Value, Fiscal Year Maturity [Abstract]
Due in one year or less	$ 19,013
Due after one year through five years	8,019
Total marketable securities	$ 27,032	$ 49,987

Property and Equipment - Summar

Property and Equipment - Summary of Property And Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 483,834	$ 457,823
Accumulated depreciation and amortization	(230,179)	(200,038)
Property and equipment, net	253,655	257,785
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	15,596	14,153
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	133,033	105,492
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	235,527	228,654
Computer hardware and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	86,659	82,302
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	4,609	4,548
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 8,410	$ 22,674

Property and Equipment - Narrat

Property and Equipment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation	$ 31.6	$ 33.4	$ 34.3

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Total inventory	$ 14,319	$ 13,965
Allowance for obsolescence	(662)	(387)
Inventory, net of allowance	$ 13,657	$ 13,578

Financing Obligations (Details)

Financing Obligations (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Financing obligations	$ 0	$ 0

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
United States
Defined Benefit Plan Disclosure [Line Items]
Maximum annual contributions per employees (in percent)	50%
Contributions by employer	$ 4.6	$ 3.9	$ 3.7
Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Contributions by employer	$ 0.5	$ 0.5	$ 0.4

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended	12 Months Ended
	Aug. 29, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options, intrinsic value		$ 0	$ 0	$ 3.8
Options outstanding, weighted-average remaining contractual term (in years)		7 years 2 months 12 days
Options outstanding, aggregate intrinsic value (in years)		$ 0.9
Options exercisable, weighted-average remaining contractual term (in years)		5 years 6 months
Options exercisable, aggregate intrinsic value (in years)		$ 0
Options vested, fair value		$ 1.8	$ 2.3	$ 2.1
Employee stock purchase plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Discount from market price (in percent)		15%
Offering period (in months)		6 months
Purchase price of common stock (in percent)		85%
Common shares issued on exercise of options and other, net of shares withheld for tax obligations (in shares)		171,991	142,982
Average exercise price (in dollars per share)		$ 22.30	$ 27.09
Shares available for grant (in shares)		743,893
Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based award, term (in years)		10 years
Stock-based award, vesting period (in years)		4 years
Stock based award, unrecognized compensation expense		$ 3.8
Stock based award, unrecognized compensation expense, period for recognition (in years)		2 years 6 months
Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)		410,682	315,432	205,996
Stock based award, unrecognized compensation expense		$ 18.5
Stock based award, unrecognized compensation expense, period for recognition (in years)		2 years 6 months
Restricted Stock | Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based award, vesting period (in years)		4 years
Performance Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)		71,295	35,697	15,078
Stock-based award, vesting period (in years)		3 years
Stock based award, unrecognized compensation expense		$ 4.1
Stock based award, unrecognized compensation expense, period for recognition (in years)		1 year 9 months 18 days
Percentage of target, capable of being earned and vesting, lower limit		0%
Percentage of target, capable of being earned and vesting, upper limit		200%
Long-Term Incentive Plan 2012
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)	0
Stock-based award, term (in years)		10 years

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 15,989	$ 17,545	$ 19,095
Cost of revenue
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	1,840	2,172	2,595
Marketing and sales
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	3,426	3,295	3,736
Research and development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	2,556	2,189	2,833
General and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	8,167	9,889	9,931
Stock options and other
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	14,550	16,103	17,553
Employee stock purchase plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 1,439	$ 1,442	$ 1,542

Stock-Based Compensation - Weig

Stock-Based Compensation - Weighted Average Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected life (years)		6 years 3 months	6 years 3 months
Expected dividend yield	0%	0%	0%
Weighted average grant date fair value (in dollars per share)	$ 16.36	$ 23.11	$ 128.14
Performance Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected life (years)	6 years	6 years	6 years
Expected dividend yield	0%	0%	0%
Minimum | Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	3.55%	1.94%	0.80%
Expected life (years)	2 years
Expected volatility	49.23%	45.95%	45.28%
Minimum | Performance Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	4.60%	0.17%	0.06%
Expected volatility	47.38%	47.05%	53.44%
Maximum | Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	4.55%	3.40%	1.12%
Expected life (years)	6 years 3 months
Expected volatility	55.92%	46.03%	45.53%
Maximum | Performance Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	5.16%	4.60%	0.17%
Expected volatility	67.84%	67.84%	65.53%

Stock-Based Compensation - Opti

Stock-Based Compensation - Option Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock Options
Options outstanding, beginning balance (in shares)	263,992	233,384	229,531
Granted (in shares)	186,804	118,434	57,901
Exercised (in shares)	0	(3,114)	(28,991)
Cancelled (in shares)	(63,635)	(84,712)	(25,057)
Expired (in shares)	(15,848)
Options outstanding, ending balance (in shares)	371,313	263,992	233,384
Weighted- Average Exercise Price
Options outstanding, beginning balance, weighted-average exercise price (in dollars per share)	$ 79.07	$ 97.78	$ 86.46
Granted, weighted-average exercise price (in dollars per share)	33.36	48.24	128.14
Exercised, weighted-average exercise price (in dollars per share)	0	30.58	58.78
Cancelled, weighted-average exercise price (in dollars per share)	62.44	89.32	109.31
Expired, weighted-average exercise price (in dollars per share)	55.67
Options outstanding, ending balance, weighted-average exercise price (in dollars per share)	$ 59.92	$ 79.07	$ 97.78
Additional Disclosures
Option exercisable (in shares)	116,455
Options exercisable, weighted-average exercise price (in dollars per share)	$ 90.65

Stock-Based Compensation - St_2

Stock-Based Compensation - Stock Options Outstanding (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options Outstanding, Vested and Expected to Vest, Number Outstanding (in shares)	371,313	263,992	233,384	229,531
Options Outstanding, Vested and Expected to Vest, Weighted Average Exercise Price (in dollars per share)	$ 59.92	$ 79.07	$ 97.78	$ 86.46
Range One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Range of Exercise Prices, lower range limit (in dollars per share)	32.13
Range of Exercise Prices, upper range limit (in dollars per share)	$ 36.48
Options Outstanding, Vested and Expected to Vest, Number Outstanding (in shares)	167,725
Options Outstanding, Vested and Expected to Vest, Weighted Average Remaining Contractual Life (in years)	7 years 11 months 1 day
Options Outstanding, Vested and Expected to Vest, Weighted Average Exercise Price (in dollars per share)	$ 33.40
Options Exercisable, Number Exercisable (in shares)	0
Options Exercisable, Weighted Average Exercise Price (in shares)	$ 0
Range Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Range of Exercise Prices, lower range limit (in dollars per share)	36.49
Range of Exercise Prices, upper range limit (in dollars per share)	$ 64.92
Options Outstanding, Vested and Expected to Vest, Number Outstanding (in shares)	100,391
Options Outstanding, Vested and Expected to Vest, Weighted Average Remaining Contractual Life (in years)	7 years 5 months 12 days
Options Outstanding, Vested and Expected to Vest, Weighted Average Exercise Price (in dollars per share)	$ 50.60
Options Exercisable, Number Exercisable (in shares)	37,242
Options Exercisable, Weighted Average Exercise Price (in shares)	$ 52.90
Range Three
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Range of Exercise Prices, lower range limit (in dollars per share)	64.93
Range of Exercise Prices, upper range limit (in dollars per share)	$ 180.46
Options Outstanding, Vested and Expected to Vest, Number Outstanding (in shares)	103,197
Options Outstanding, Vested and Expected to Vest, Weighted Average Remaining Contractual Life (in years)	5 years 9 months
Options Outstanding, Vested and Expected to Vest, Weighted Average Exercise Price (in dollars per share)	$ 112.87
Options Exercisable, Number Exercisable (in shares)	79,213
Options Exercisable, Weighted Average Exercise Price (in shares)	$ 108.40

Stock-Based Compensation - St_3

Stock-Based Compensation - Stock Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Stock
Stock
Beginning balance (in shares)	478,596	343,782	307,199
Granted (in shares)	410,682	315,432	205,996
Restrictions lapsed (in shares)	(137,053)	(130,452)	(115,908)
Forfeited (in shares)	(98,760)	(50,166)	(53,505)
Ending balance (in shares)	653,465	478,596	343,782
Weighted- Average Grant Date Fair Value Per Share
Beginning balance, weighted-average grant date fair value (in dollars per share)	$ 70.36	$ 111.79	$ 98.87
Granted, weighted-average grant date fair value (in dollars per share)	32.46	42.03	123.61
Restrictions lapsed, weighted-average grant date fair value (in dollars per share)	79.61	101.32	91.26
Forfeited, weighted-average grant date fair value (in dollars per share)	61.25	96.48	128.05
Ending balance, weighted-average grant date fair value (in dollars per share)	$ 45.89	$ 70.36	$ 111.79
Performance Shares
Stock
Beginning balance (in shares)	35,802	16,839	19,956
Granted (in shares)	71,295	35,697	15,078
Restrictions lapsed (in shares)	0	0	0
Performance change (in shares)	0	(13,156)	(10,366)
Forfeited (in shares)	0	(3,578)	(7,829)
Ending balance (in shares)	107,097	35,802	16,839
Weighted- Average Grant Date Fair Value Per Share
Beginning balance, weighted-average grant date fair value (in dollars per share)	$ 77.91	$ 115.56	$ 118.66
Granted, weighted-average grant date fair value (in dollars per share)	57.79	96.71	203.64
Restrictions lapsed, weighted-average grant date fair value (in dollars per share)	0	0	0
Performance change, weighted-average grant date fair value (in dollars per share)	0	99.59	192.95
Forfeited, weighted-average grant date fair value (in dollars per share)	0	121.79	113.91
Ending balance, weighted-average grant date fair value (in dollars per share)	$ 74.08	$ 77.91	$ 115.56

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating Lease, Liability [Abstract]
Operating lease assets	$ 4,628	$ 3,844
Current operating lease liabilities	1,585	1,561
Long-term operating lease liabilities	3,008	2,255
Total operating lease liabilities	4,593	3,816
Finance Lease, Liability [Abstract]
Finance lease assets	960	17,532
Current finance lease liabilities	296	17,537
Long-term finance lease liabilities	595	0
Total finance lease liabilities	$ 891	$ 17,537

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease cost	$ 1,965	$ 3,002
Finance lease cost:
Amortization of right-of-use assets	732	532
Interest on lease obligations	1,055	95
Variable lease cost	371	560
Total lease cost	$ 4,123	$ 4,189

Leases - Maturities of Operatin

Leases - Maturities of Operating And Finance Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating Leases
2024	$ 1,622
2025	1,428
2026	819
2027	449
2028	397
After 2029	111
Total future minimum lease payments	4,826
Less interest	(233)
Present value of lease liabilities	4,593	$ 3,816
Finance Leases
2024	329
2025	329
2026	292
2027	0
2028	0
After 2029	0
Total future minimum lease payments	950
Less interest	(59)
Total finance lease liabilities	$ 891	$ 17,537

Leases - Weighted Average Remai

Leases - Weighted Average Remaining Lease Term And Discount (Details)	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted Average Remaining Lease Term - operating leases (years)	3 years 7 months 6 days	2 years 10 months 24 days
Weighted Average Remaining Lease Term - finance leases (years)	2 years 7 months 6 days	36 years
Weighted Average Discount Rate - operating leases (in percent)	2.50%	1.60%
Weighted Average Discount Rate - finance leases (in percent)	4.40%	5.90%

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 2,288	$ 3,778
Operating cash flows from finance leases	1,055	95
Financing cash flows from finance leases	306	531	$ 552
Lease assets obtained in exchange for new lease liabilities
Lease assets obtained in exchange for new operating lease liabilities	2,324	898
Lease assets obtained in exchange for new financing lease liabilities	$ 240	$ 16,167

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amounts reclassified from accumulated other comprehensive income (loss)	$ (3,906)	$ 0	$ 0

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Changes In Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	$ 697,648	$ 828,493	$ 644,356
Net unrealized gains (losses) on investments in securities
Balance at end of period	695,295	697,648	828,493
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	(34,355)	(16,817)	(3,420)
Net unrealized gains (losses) on investments in securities
Balance at end of period	(28,013)	(34,355)	(16,817)
Foreign currency translation adjustments
Foreign currency translation adjustments
Other comprehensive income (loss) before reclassifications	1,459	(16,278)	(13,278)
Amounts reclassified from accumulated other comprehensive income (loss)	3,906	0	0
Net unrealized gains (losses) on investments in securities
Other comprehensive income (loss) before reclassifications	1,459	(16,278)	(13,278)
Amounts reclassified from accumulated other comprehensive income (loss)	3,906	0	0
Net current-period other comprehensive income (loss)	5,365	(16,278)	(13,278)
Net unrealized gains (losses) on investments in securities
Foreign currency translation adjustments
Other comprehensive income (loss) before reclassifications	977	(1,260)	(119)
Amounts reclassified from accumulated other comprehensive income (loss)	0	0	0
Net unrealized gains (losses) on investments in securities
Other comprehensive income (loss) before reclassifications	977	(1,260)	(119)
Amounts reclassified from accumulated other comprehensive income (loss)	0	0	0
Net current-period other comprehensive income (loss)	$ 977	$ (1,260)	$ (119)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Contingency [Line Items]
Provision for income taxes	$ 10,732,000	$ 5,585,000	$ 6,812,000
Effective income tax rate reconciliation (in percent)	38.40%	(5.70%)	17%
Effective income tax rate, increase (decrease) during period (in percent)	(44.10%)
Deferred tax assets related to undistributed earnings	$ 0
Undistributed earnings	3,400,000
Operating loss carryforwards	16,200,000
Deferred tax assets, valuation allowance	17,667,000	$ 17,562,000
Unrecognized tax benefits	$ 3,616,000	$ 3,236,000	$ 4,364,000
GERMANY
Income Tax Contingency [Line Items]
Operating loss carryforwards, percentage of taxable income (in percent)	60%
NETHERLANDS
Income Tax Contingency [Line Items]
Operating loss carryforwards, percentage of taxable income (in percent)	50%

Income Taxes - Components Of In

Income Taxes - Components Of Income Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Domestic	$ 38,099	$ 33,731	$ 42,449
Foreign	(10,147)	(131,608)	(2,265)
Income (loss) before income taxes	$ 27,952	$ (97,877)	$ 40,184

Income Taxes - Provisions For I

Income Taxes - Provisions For Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ 15,717	$ 15,366	$ 5,552
State	2,418	(393)	975
Foreign	34	(99)	(64)
Deferred
Federal	(8,202)	(9,159)	(377)
State	(385)	(723)	(814)
Foreign	1,379	(4,641)	(1,181)
Valuation Allowance	(229)	5,234	2,721
Total	$ 10,732	$ 5,585	$ 6,812

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Federal Statutory Income Tax Rate (Detail)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Federal tax statutory rate	21%	21%	21%
State tax (net of federal benefit)	3.50%	(0.80%)	2.10%
Share based compensation	6%	(2.10%)	(2.30%)
Valuation allowance against deferred tax assets	(2.40%)	(5.00%)	8.90%
Goodwill impairment	0%	(24.40%)	0%
Contingent consideration reduction	0%	0%	(7.00%)
Research and development credit	(3.80%)	1.20%	(4.00%)
Foreign rate differential	(1.60%)	2.90%	(2.20%)
Tax reserves	1.90%	1%	(1.00%)
Provision to return difference	(0.20%)	0%	(0.70%)
Unrealized foreign exchange losses	2.90%	0%	0%
Revaluation of deferred tax liability	1.10%	0%	0%
Closure of Japan branch net operating loss reversal	11.10%	0%	0%
Miscellaneous	(1.10%)	0.50%	2.20%
Total	38.40%	(5.70%)	17%

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Accrued expenses	$ 2,155	$ 2,254
Section 174 expenses	13,084	8,119
Leases	1,186	4,822
Warrants and stock options	4,588	4,087
Inventories	275	198
Research and development credit	2,327	2,374
Other assets	1,094	838
Net operating loss	16,237	16,586
Less valuation allowance	(17,667)	(17,562)
Total deferred tax assets	23,279	21,716
Deferred tax liabilities:
Depreciation	(25,552)	(29,397)
Goodwill	(12,921)	(10,716)
Intangible assets	(2,362)	(3,103)
Leases	(1,186)	(4,822)
Total deferred tax liabilities	(42,021)	(48,038)
Net deferred tax liability	$ (18,742)	$ (26,322)

Income Taxes - Reconciliation_2

Income Taxes - Reconciliation Of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of period	$ 3,236	$ 4,364
Additions for tax positions of current year	632	634
Additions for tax positions of prior years	86	23
Decrease related to the expiration of statutes of limitations	(338)	0
Reduction for tax positions of prior years	0	(1,785)
Balance at period end	$ 3,616	$ 3,236

Segment Reporting - Revenue by

Segment Reporting - Revenue by Geographic Areas (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total revenue	$ 503,877	$ 488,398	$ 488,098
Operating Segments
Segment Reporting Information [Line Items]
Total revenue	503,877	488,398	488,098
Operating Segments | United States
Segment Reporting Information [Line Items]
Total revenue	396,821	387,399	384,458
Operating Segments | Europe
Segment Reporting Information [Line Items]
Total revenue	107,056	92,770	90,399
Operating Segments | Japan
Segment Reporting Information [Line Items]
Total revenue	$ 0	$ 8,229	$ 13,241

Segment Reporting - Income From

Segment Reporting - Income From Operation by Geographic Areas (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total income (loss) from operations	$ 28,167	$ (97,983)	$ 40,342
Operating Segments
Segment Reporting Information [Line Items]
Total income (loss) from operations	28,167	(97,983)	40,342
Operating Segments | United States
Segment Reporting Information [Line Items]
Total income (loss) from operations	94,682	93,176	98,001
Operating Segments | Europe
Segment Reporting Information [Line Items]
Total income (loss) from operations	(12,528)	(130,386)	730
Operating Segments | Corporate Unallocated and Japan
Segment Reporting Information [Line Items]
Total income (loss) from operations	$ (53,987)	$ (60,773)	$ (58,389)

Segment Reporting - Long-Lived

Segment Reporting - Long-Lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total long-lived assets	$ 253,655	$ 257,785
Operating Segments
Segment Reporting Information [Line Items]
Total long-lived assets	253,655	257,785	$ 280,346
Operating Segments | United States
Segment Reporting Information [Line Items]
Total long-lived assets	201,388	203,816	215,701
Operating Segments | Europe
Segment Reporting Information [Line Items]
Total long-lived assets	52,267	53,835	59,388
Operating Segments | Japan
Segment Reporting Information [Line Items]
Total long-lived assets	$ 0	$ 134	$ 5,257

Segment Reporting - Expenditure

Segment Reporting - Expenditures For Additions To Long-Lived Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total expenditures for additions to long-lived assets	$ 28,116	$ 21,686	$ 34,209
United States
Segment Reporting Information [Line Items]
Total expenditures for additions to long-lived assets	24,553	17,538	26,698
Europe
Segment Reporting Information [Line Items]
Total expenditures for additions to long-lived assets	3,563	4,137	7,378
Japan
Segment Reporting Information [Line Items]
Total expenditures for additions to long-lived assets	$ 0	$ 11	$ 133

Segment Reporting - Depreciatio

Segment Reporting - Depreciation And Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total depreciation and amortization	$ 37,528	$ 39,425	$ 40,488
United States
Segment Reporting Information [Line Items]
Total depreciation and amortization	30,667	31,666	31,642
Europe
Segment Reporting Information [Line Items]
Total depreciation and amortization	6,861	6,770	7,101
Japan
Segment Reporting Information [Line Items]
Total depreciation and amortization	$ 0	$ 989	$ 1,745