Proto Labs (PRLB) 10-Q 3 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	Apr. 30, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		25,316,070
Entity Central Index Key	0001443669
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 92,804	$ 83,790
Short-term marketable securities	16,875	19,013
Accounts receivable, net of allowance for doubtful accounts of $2,588 and $2,499 as of March 31, 2024, and December 31, 2023, respectively	77,849	72,848
Inventory	12,823	13,657
Income taxes receivable	644	2,228
Prepaid expenses and other current assets	9,425	9,124
Total current assets	210,420	200,660
Property and equipment, net	247,798	253,655
Goodwill	273,991	273,991
Other intangible assets, net	24,407	25,584
Long-term marketable securities	3,257	8,019
Operating lease assets	4,185	4,628
Finance lease assets	893	960
Other long-term assets	4,852	4,856
Total assets	769,803	772,353
Current liabilities
Accounts payable	15,256	15,636
Accrued compensation	16,239	15,292
Accrued liabilities and other	21,216	16,872
Current operating lease liabilities	1,549	1,585
Current finance lease liabilities	299	296
Income taxes payable	3,877	0
Total current liabilities	58,436	49,681
Long-term operating lease liabilities	2,588	3,008
Long-term finance lease liabilities	519	595
Long-term deferred tax liabilities	16,482	18,742
Other long-term liabilities	4,468	5,032
Total liabilities	82,493	77,058
Shareholders' equity
Preferred stock, $0.001 par value, authorized 10,000,000 shares; issued and outstanding 0 shares as of each of March 31, 2024, and December 31, 2023	0	0
Common stock, $0.001 par value, authorized 150,000,000 shares; issued and outstanding 25,316,070 and 25,721,957 shares as of March 31, 2024, and December 31, 2023, respectively	26	26
Additional paid-in capital	462,715	466,884
Retained earnings	253,414	256,398
Accumulated other comprehensive loss	(28,845)	(28,013)
Total shareholders' equity	687,310	695,295
Total liabilities and shareholders' equity	$ 769,803	$ 772,353

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for credit loss, current	$ 2,588	$ 2,499
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)	25,316,070	25,721,957
Common stock, outstanding (in shares)	25,316,070	25,721,957

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statements of Operations:
Revenue	$ 127,890	$ 125,859
Cost of revenue	70,423	72,083
Gross profit	57,467	53,776
Operating expenses
Marketing and sales	23,160	22,451
Research and development	11,167	10,677
General and administrative	16,313	16,833
Closure of Japan business	0	66
Total operating expenses	50,640	50,027
Income from operations	6,827	3,749
Other income, net	899	1,290
Income before income taxes	7,726	5,039
Provision for income taxes	2,458	2,380
Net income	$ 5,268	$ 2,659
Net income per share:
Basic (in dollars per share)	$ 0.21	$ 0.10
Diluted (in dollars per share)	$ 0.20	$ 0.10
Shares used to compute net income per share:
Basic (in shares)	25,624,949	26,580,279
Diluted (in shares)	25,784,987	26,605,787
Comprehensive Income (net of tax)
Comprehensive income	$ 4,436	$ 3,520

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, 2022		26,888,425
Beginning balance 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)		26,798
Common shares issued on exercise of options and other, net of shares withheld for tax obligations	(401)		(401)
Stock-based compensation expense	3,695		3,695
Repurchases of common stock (in shares)		(712,500)
Repurchases of common stock	(21,325)	$ (1)	(11,849)	(9,475)
Net income	2,659			2,659
Other comprehensive income (loss)
Foreign currency translation adjustment	527				527
Net unrealized gains (losses) on investments in securities	334				334
Comprehensive income	3,520
Ending balance (in shares) at Mar. 31, 2023		26,202,723
Ending balance at Mar. 31, 2023	$ 683,137	$ 26	465,185	251,420	(33,494)
Beginning balance (in shares) at Dec. 31, 2023	25,721,957	25,721,957
Beginning balance at Dec. 31, 2023	$ 695,295	$ 26	466,884	256,398	(28,013)
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)		29,974
Common shares issued on exercise of options and other, net of shares withheld for tax obligations	(533)		(533)
Stock-based compensation expense	4,276		4,276
Repurchases of common stock and other (in shares)		(435,861)
Repurchases of common stock and other	(16,164)		(7,912)	(8,252)
Net income	5,268			5,268
Other comprehensive income (loss)
Foreign currency translation adjustment	(925)				(925)
Net unrealized gains (losses) on investments in securities	93				93
Comprehensive income	$ 4,436
Ending balance (in shares) at Mar. 31, 2024	25,316,070	25,316,070
Ending balance at Mar. 31, 2024	$ 687,310	$ 26	$ 462,715	$ 253,414	$ (28,845)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities
Net income	$ 5,268	$ 2,659
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	9,103	9,388
Stock-based compensation expense	4,276	3,695
Deferred taxes	(2,247)	(3,096)
Interest on finance lease obligations	10	287
Gain on disposal of property and equipment	(22)	0
Other	63	(46)
Changes in operating assets and liabilities:
Accounts receivable	(5,654)	(2,328)
Inventories	802	(641)
Prepaid expenses and other	(359)	1,464
Income taxes	5,457	5,160
Accounts payable	(138)	2,536
Accrued liabilities and other	4,779	3,500
Net cash provided by operating activities	21,338	22,578
Investing activities
Purchases of property, equipment and other capital assets	(2,587)	(3,441)
Proceeds from sales of property, equipment and other capital assets	22	194
Proceeds from call redemptions and maturities of marketable securities	6,984	7,630
Net cash provided by investing activities	4,419	4,383
Financing activities
Purchases of shares withheld for tax obligations	(533)	(401)
Repurchases of common stock	(16,013)	(21,119)
Principal repayments of finance lease obligations	(73)	(82)
Net cash used in financing activities	(16,619)	(21,602)
Effect of exchange rate changes on cash and cash equivalents	(124)	134
Net increase in cash and cash equivalents	9,014	5,493
Cash and cash equivalents, beginning of period	83,790	56,558
Cash and cash equivalents, end of period	$ 92,804	$ 62,051

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The unaudited interim Consolidated Financial Statements of Proto Labs, Inc. (Protolabs, the Company, we, us or our) have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X . In the opinion of management, the accompanying financial statements reflect all adjustments necessary for a fair presentation of the Company’s statements of financial position, results of operations and cash flows for the periods presented. Except as otherwise disclosed herein, these adjustments consist of normal, recurring items. Operating results for interim periods are not necessarily indicative of results that may be expected for the fiscal year as a whole. The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and the related disclosures at the date of the financial statements and during the reporting period. Actual results could materially differ from these estimates. For further information, refer to the audited Consolidated Financial Statements and Notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange Commission (SEC) on February 16, 2024 . The accompanying Consolidated Balance Sheet as of December 31, 2023 was derived from the audited Consolidated Financial Statements but does not include all disclosures required by U.S. GAAP for a full set of financial statements. This Quarterly Report on Form 10-Q should be read in conjunction with the Company’s Consolidated Financial Statements and Notes included in the Company's Annual Report on Form 10-K filed on February 16, 2024 as referenced above.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company did not recently adopt any accounting pronouncements that had a material impact on the Company's Consolidated Financial Statements. In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , that enhances the transparency of income tax disclosures by expanding annual disclosure requirements related to the rate reconciliation and income taxes paid. The Company is required to adopt this guidance for its annual year ending December 31, 2025. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its disclosures. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , that updates reportable segment disclosure requirements primarily through enhanced disclosures about significant expenses and information used to assess segment performance on an annual and interim basis. The Company is required to adopt this guidance for its annual year ending December 31, 2024 and all interim periods thereafter. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its disclosures.

Net Income per Common Share

Net Income per Common Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Net Income per Common Share	Net Income per Common Share Basic net income per share is computed based on the weighted-average number of common shares outstanding. Diluted net income per share is computed based on the weighted-average number of common shares outstanding, increased by the number of additional shares that would have been outstanding had potentially dilutive common shares been issued and reduced by the number of shares the Company could have repurchased from the proceeds from issuance of the potentially dilutive shares. Potentially dilutive shares of common stock include stock options and other stock-based awards granted under stock-based compensation plans and shares committed to be purchased under the employee stock purchase plan. Performance stock units are excluded from the calculation of dilutive potential common shares until the performance conditions have been satisfied. Anti-dilutive options were excluded from the calculation of diluted weighted average shares outstanding and were 421,937 and 382,906 for the three months ended March 31, 2024 and 2023 , respectively. The table below sets forth the computation of basic and diluted net (loss) income per share: Three Months Ended (in thousands, except share and per share amounts) 2024 2023 Net income $ 5,268 $ 2,659 Basic - weighted-average shares outstanding: 25,624,949 26,580,279 Effect of dilutive securities: Employee stock options and other 160,038 25,508 Diluted - weighted-average shares outstanding: 25,784,987 26,605,787 Net income per share: Basic $ 0.21 $ 0.10 Diluted $ 0.20 $ 0.10

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets There were no changes in the carrying amount of goodwill during the three months ended March 31, 2024. Intangible assets other than goodwill at March 31, 2024 and December 31, 2023 were as follows: March 31, 2024 December 31, 2023 Useful Weighted Average (in thousands) Gross Accumulated Net Gross Accumulated Net Intangible assets with finite lives: Marketing assets $ 930 $ (923) $ 7 $ 930 $ (900) $ 30 10.0 0.1 Non-compete agreement 830 (628) 202 835 (603) 232 2.0 - 5.0 1.3 Software technology 13,229 (8,096) 5,133 13,229 (7,752) 5,477 10.0 3.8 Software platform 26,136 (7,071) 19,065 26,373 (6,575) 19,798 12.0 8.8 Tradenames 351 (351) — 354 (347) 7 3.0 0.0 Customer relationships 12,204 (12,204) — 12,223 (12,183) 40 3.0 - 9.0 0.0 Total intangible assets $ 53,680 $ (29,273) $ 24,407 $ 53,944 $ (28,360) $ 25,584 Intangible assets allocated to the Protolabs Network entities consisted of intangible assets of €11.6 million in Europe and $16.6 million in the United States as of the date of the acquisition. 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. Foreign currency losses related to intangible assets were $1.6 million and $1.3 million as of March 31, 2024 and December 31, 2023, respectively. Amortization expense for intangible assets was $1.0 million and $1.5 million for each of the three months ended March 31, 2024 and 2023, respectively. Estimated aggregated amortization expense based on the current carrying value of the amortizable intangible assets and current exchange rates is as follows: (in thousands) Estimated Amortization Expense Remaining 2024 $ 2,736 2025 3,638 2026 3,537 2027 3,527 2028 2,158 Thereafter 8,811 Total estimated amortization expense $ 24,407

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Accounting Standards Codification, Fair Value Measuremen t (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 that 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 and cash equivalents consist primarily 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 table summarizes financial assets as of March 31, 2024 and December 31, 2023 measured at fair value on a recurring basis: March 31, 2024 December 31, 2023 (in thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial Assets: Cash $ 90,951 $ - $ - $ 77,423 $ - $ - Money market mutual fund 1,853 - - 6,367 - - Marketable securities 1,889 18,243 - 4,482 22,550 - Total $ 94,693 $ 18,243 $ - $ 88,272 $ 22,550 $ -

Marketable Securities

Marketable Securities	3 Months Ended
	Mar. 31, 2024
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. The securities are categorized as available-for-sale and are recorded at fair value. The following table summarizes information regarding the Company’s short-term and long-term marketable securities as of March 31, 2024 and December 31, 2023: March 31, 2024 (in thousands) Cost Unrealized Gains Unrealized Losses Fair Value U.S. government agency securities $ 15,803 $ — $ (244) $ 15,559 U.S. municipal securities 4,636 — (63) 4,573 Total marketable securities $ 20,439 $ — $ (307) $ 20,132 December 31, 2023 (in thousands) 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 Fair values for the corporate debt securities are primarily determined based on quoted market prices (Level 1). Fair values for the U.S. municipal securities, U.S. government agency securities, certificates of deposit and U.S. treasury securities 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 March 31, 2024 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) March 31, Due in one year or less $ 16,875 Due after one year through five years 3,257 Total marketable securities $ 20,132

Inventory

Inventory	3 Months Ended
	Mar. 31, 2024
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 consisted of the following as of the dates indicated: (in thousands) March 31, December 31, Total inventory $ 13,539 $ 14,319 Allowance for obsolescence (716) (662) Inventory, net of allowance $ 12,823 $ 13,657

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Under the Company's 2022 Long-Term Incentive 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, which was approved by the Company's shareholders at a Special Meeting of Shareholders on August 29, 2022 (as amended, the 2022 Plan). 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 also has outstanding awards under the 2012 Long-Term Incentive Plan, as amended (the 2012 Plan), although the plan expired in February 2022 and no additional awards have since been or will be made under the 2012 Plan. The 2012 Plan provided the Company the ability to to grant stock options, SARs, restricted stock, restricted stock units, other stock-based awards and cash incentive awards. Awards under the 2012 Plan that subsequently expired, were forfeited or cancelled or settled in cash after August 29, 2022 became available for awards under the 2022 Plan. Employee Stock Purchase Plan The Company’s 2012 Employee Stock Purchase Plan (ESPP) allows eligible employees to purchase a variable number of shares of the Company’s common stock each offering period at a discount through payroll deductions of up to 15 percent of their eligible compensation, subject to plan limitations. The ESPP provides for six-month offering periods with a single purchase period ending May 15 and November 15, respectively. At the end of each offering period, employees are able to purchase shares at 85 percent of the lower of the fair market value of the Company’s common stock on the first trading day of the offering period or on the last trading day of the offering period. Stock-Based Compensation Expense Stock-based compensation expense was $4.3 million and $3.7 million for the three months ended March 31, 2024 and 2023, respectively. Stock Options The following table summarizes stock option activity during the three months ended March 31, 2024: Stock Options Weighted- Options outstanding at December 31, 2023 371,313 $ 59.92 Granted 95,470 33.52 Exercised - - Forfeited (12,912) 73.73 Expired (1,632) 78.59 Options outstanding at March 31, 2024 452,239 $ 53.89 Exercisable at March 31, 2024 183,461 $ 73.15 The outstanding options generally have a term of ten years. For employees, options granted become exercisable ratably over the vesting period, which is generally a period of four years, beginning on the first anniversary of the grant date, subject to the employee’s continuing service to the Company. The weighted-average grant date fair value of options that were granted during the three months ended March 31, 2024 was $18.20. The following table provides the assumptions used in the Black-Scholes pricing model valuation of options during the three months ended March 31, 2024 and 2023: Three Months Ended 2024 2023 Risk-free interest rate 4.28% 3.90% - 4.55% Expected life (years) 6.25 2.00 - 6.25 Expected volatility 50.62% 49.23% - 55.92% Expected dividend yield 0% 0% As of March 31, 2024, there was $4.8 million of unrecognized compensation expense related to unvested stock options, which is expected to be recognized over a weighted-average period of 2.9 years. Restricted Stock Restricted stock awards are share-settled awards and restrictions lapse ratably over the vesting period, which is generally a period from three The following table summarizes restricted stock activity during the three months ended March 31, 2024: Restricted Weighted- Restricted stock at December 31, 2023 653,465 $ 45.89 Granted 76,078 33.52 Restrictions lapsed (45,886) 76.14 Forfeited (13,390) 47.78 Restricted stock at March 31, 2024 670,267 $ 42.37 As of March 31, 2024, there was $17.8 million of unrecognized compensation expense related to non-vested restricted stock, which is expected to be recognized over a weighted-average period of 2.6 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. Certain PSUs granted by the Company in 2021 are based on performance conditions and the related compensation cost is based on the probability that the performance conditions will be achieved. The Company’s PSUs granted in 2022, 2023, 2024 and certain PSUs granted in 2021 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 during the three months ended March 31, 2024: Performance Weighted- Performance stock at December 31, 2023 107,097 $ 74.08 Granted 79,436 48.20 Restrictions lapsed - - Performance change (2,772) 227.14 Forfeited - Performance stock at March 31, 2024 183,761 $ 60.58 The following table provides the assumptions used in the Monte Carlo pricing model valuation of PSUs during the three months ended March 31, 2024 and 2023: Three Months Ended 2024 2023 Risk-free interest rate 4.37% 4.35% Expected life (years) 2.88 2.88 Expected volatility 51.40% 58.00% Expected dividend yield 0% 0% As of March 31, 2024, there was $7.2 million of unrecognized compensation expense related to non-vested performance stock, which is expected to be recognized over a weighted-average period of 2.3 years. Employee Stock Purchase Plan The following table presents the assumptions used to estimate the fair value of the ESPP during the three months ended March 31, 2024 and 2023: Three Months Ended 2024 2023 Risk-free interest rate 5.16% 4.60% Expected life (months) 6.00 6.00 Expected volatility 47.92% 67.84% Expected dividend yield 0% 0%

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2024
Regulated Operations [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Other comprehensive income (loss) is comprised of foreign currency translation adjustments and net unrealized gains (losses) on investments in securities. The following table presents the changes in accumulated other comprehensive income (loss) balances during the three months ended March 31, 2024 and 2023: Three Months Ended (in thousands) 2024 2023 Balance at beginning of period $ (28,013) $ (34,355) Foreign currency translation adjustments Other comprehensive income (loss) before reclassifications (925) 527 Amounts reclassified from accumulated other comprehensive loss — — Net current-period other comprehensive income (loss) (925) 527 Net unrealized gains (losses) on investments in securities Other comprehensive income (loss) before reclassifications 93 334 Amounts reclassified from accumulated other comprehensive loss — — Net current-period other comprehensive income (loss) 93 334 Balance at end of period $ (28,845) $ (33,494)

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
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 three months ended March 31, 2024 and 2023, the Company recorded an income tax provision of $2.5 million and $2.4 million, respectively. The income tax provision is based on the estimated annual effective tax rate for the year applied to pre-tax income. The effective income tax rate for the three months ended March 31, 2024 was 31.8 percent compared to 47.2 percent in the same period of the prior year. The effective tax rate decreased by 15.4 percent for the three months ended March 31, 2024 when compared to the same period in 2023, primarily due to a decrease in tax expense from the vesting of restricted stock, the cancellation of performance stock units and the exercise of stock options, as well as a decrease in losses in jurisdictions that are not eligible for tax benefits due to valuation allowances. The effective income tax rate for the three months ended March 31, 2024 differs from the U.S. federal statutory rate of 21.0 percent due to various factors, including operating in multiple state and foreign jurisdictions and tax credits for which the Company qualifies.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company’s reportable segments are based on the internal reporting used by the Company’s Chief Executive Officer, who is the chief operating decision maker (CODM), to assess operating performance and make decisions about the allocation of resources. The Corporate Unallocated and Japan category includes non-reportable segments, as well as research and development and general and administrative costs, that the Company does not allocate directly to its operating segments. Intercompany transactions primarily relate to intercontinental activity and have been eliminated and are excluded from the reported amounts. The difference between income 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 for the three months ended March 31, 2024 and 2023 were as follows: Three Months Ended (dollars in thousands) 2024 2023 Revenue: United States $ 101,481 $ 97,746 Europe 26,409 28,113 Total revenue $ 127,890 $ 125,859 Three Months Ended (in thousands) 2024 2023 Income (Loss) from Operations: United States $ 26,332 $ 20,481 Europe (2,444) (2,483) Corporate Unallocated and Japan (17,061) (14,249) Total Income from Operations $ 6,827 $ 3,749 Total long-lived assets at March 31, 2024 and December 31, 2023 were as follows: (in thousands) March 31, December 31, Total long-lived assets: United States $ 195,944 $ 201,388 Europe 51,854 52,267 Total Long-lived Assets $ 247,798 $ 253,655 Revenue by product line for the three months ended March 31, 2024 and 2023 were as follows: Three Months Ended (dollars in thousands) 2024 2023 Revenue: Injection Molding $ 52,663 $ 51,948 CNC Machining 49,932 48,104 3D Printing 21,582 21,325 Sheet Metal 3,553 4,248 Other Revenue 160 234 Total Revenue $ 127,890 $ 125,859

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income	$ 5,268	$ 2,659

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
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

Net Income per Common Share (Ta

Net Income per Common Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The table below sets forth the computation of basic and diluted net (loss) income per share: Three Months Ended (in thousands, except share and per share amounts) 2024 2023 Net income $ 5,268 $ 2,659 Basic - weighted-average shares outstanding: 25,624,949 26,580,279 Effect of dilutive securities: Employee stock options and other 160,038 25,508 Diluted - weighted-average shares outstanding: 25,784,987 26,605,787 Net income per share: Basic $ 0.21 $ 0.10 Diluted $ 0.20 $ 0.10

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	Intangible assets other than goodwill at March 31, 2024 and December 31, 2023 were as follows: March 31, 2024 December 31, 2023 Useful Weighted Average (in thousands) Gross Accumulated Net Gross Accumulated Net Intangible assets with finite lives: Marketing assets $ 930 $ (923) $ 7 $ 930 $ (900) $ 30 10.0 0.1 Non-compete agreement 830 (628) 202 835 (603) 232 2.0 - 5.0 1.3 Software technology 13,229 (8,096) 5,133 13,229 (7,752) 5,477 10.0 3.8 Software platform 26,136 (7,071) 19,065 26,373 (6,575) 19,798 12.0 8.8 Tradenames 351 (351) — 354 (347) 7 3.0 0.0 Customer relationships 12,204 (12,204) — 12,223 (12,183) 40 3.0 - 9.0 0.0 Total intangible assets $ 53,680 $ (29,273) $ 24,407 $ 53,944 $ (28,360) $ 25,584
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Estimated aggregated amortization expense based on the current carrying value of the amortizable intangible assets and current exchange rates is as follows: (in thousands) Estimated Amortization Expense Remaining 2024 $ 2,736 2025 3,638 2026 3,537 2027 3,527 2028 2,158 Thereafter 8,811 Total estimated amortization expense $ 24,407

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring Basis	The following table summarizes financial assets as of March 31, 2024 and December 31, 2023 measured at fair value on a recurring basis: March 31, 2024 December 31, 2023 (in thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial Assets: Cash $ 90,951 $ - $ - $ 77,423 $ - $ - Money market mutual fund 1,853 - - 6,367 - - Marketable securities 1,889 18,243 - 4,482 22,550 - Total $ 94,693 $ 18,243 $ - $ 88,272 $ 22,550 $ -

Marketable Securities (Tables)

Marketable Securities (Tables)	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Debt Securities, Available-for-Sale	The following table summarizes information regarding the Company’s short-term and long-term marketable securities as of March 31, 2024 and December 31, 2023: March 31, 2024 (in thousands) Cost Unrealized Gains Unrealized Losses Fair Value U.S. government agency securities $ 15,803 $ — $ (244) $ 15,559 U.S. municipal securities 4,636 — (63) 4,573 Total marketable securities $ 20,439 $ — $ (307) $ 20,132 December 31, 2023 (in thousands) 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
Investments Classified by Contractual Maturity Date	The March 31, 2024 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) March 31, Due in one year or less $ 16,875 Due after one year through five years 3,257 Total marketable securities $ 20,132

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	The Company’s inventory consisted of the following as of the dates indicated: (in thousands) March 31, December 31, Total inventory $ 13,539 $ 14,319 Allowance for obsolescence (716) (662) Inventory, net of allowance $ 12,823 $ 13,657

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Payment Arrangement, Option, Activity	The following table summarizes stock option activity during the three months ended March 31, 2024: Stock Options Weighted- Options outstanding at December 31, 2023 371,313 $ 59.92 Granted 95,470 33.52 Exercised - - Forfeited (12,912) 73.73 Expired (1,632) 78.59 Options outstanding at March 31, 2024 452,239 $ 53.89 Exercisable at March 31, 2024 183,461 $ 73.15
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions	The following table provides the assumptions used in the Black-Scholes pricing model valuation of options during the three months ended March 31, 2024 and 2023: Three Months Ended 2024 2023 Risk-free interest rate 4.28% 3.90% - 4.55% Expected life (years) 6.25 2.00 - 6.25 Expected volatility 50.62% 49.23% - 55.92% Expected dividend yield 0% 0%
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity	The following table summarizes restricted stock activity during the three months ended March 31, 2024: Restricted Weighted- Restricted stock at December 31, 2023 653,465 $ 45.89 Granted 76,078 33.52 Restrictions lapsed (45,886) 76.14 Forfeited (13,390) 47.78 Restricted stock at March 31, 2024 670,267 $ 42.37
Schedule of Nonvested Performance-Based Units Activity	The following table summarizes performance stock activity during the three months ended March 31, 2024: Performance Weighted- Performance stock at December 31, 2023 107,097 $ 74.08 Granted 79,436 48.20 Restrictions lapsed - - Performance change (2,772) 227.14 Forfeited - Performance stock at March 31, 2024 183,761 $ 60.58
Schedule of Share-based Payment Award, Awards Other Than Stock Options, Valuation Assumptions	The following table provides the assumptions used in the Monte Carlo pricing model valuation of PSUs during the three months ended March 31, 2024 and 2023: Three Months Ended 2024 2023 Risk-free interest rate 4.37% 4.35% Expected life (years) 2.88 2.88 Expected volatility 51.40% 58.00% Expected dividend yield 0% 0%
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 three months ended March 31, 2024 and 2023: Three Months Ended 2024 2023 Risk-free interest rate 5.16% 4.60% Expected life (months) 6.00 6.00 Expected volatility 47.92% 67.84% Expected dividend yield 0% 0%

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2024
Regulated Operations [Abstract]
Comprehensive Income (Loss)	The following table presents the changes in accumulated other comprehensive income (loss) balances during the three months ended March 31, 2024 and 2023: Three Months Ended (in thousands) 2024 2023 Balance at beginning of period $ (28,013) $ (34,355) Foreign currency translation adjustments Other comprehensive income (loss) before reclassifications (925) 527 Amounts reclassified from accumulated other comprehensive loss — — Net current-period other comprehensive income (loss) (925) 527 Net unrealized gains (losses) on investments in securities Other comprehensive income (loss) before reclassifications 93 334 Amounts reclassified from accumulated other comprehensive loss — — Net current-period other comprehensive income (loss) 93 334 Balance at end of period $ (28,845) $ (33,494)

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Revenue from External Customers by Geographic Areas	Revenue and income from operations by reportable segment for the three months ended March 31, 2024 and 2023 were as follows: Three Months Ended (dollars in thousands) 2024 2023 Revenue: United States $ 101,481 $ 97,746 Europe 26,409 28,113 Total revenue $ 127,890 $ 125,859
Income from Operations by Geographic Area	Three Months Ended (in thousands) 2024 2023 Income (Loss) from Operations: United States $ 26,332 $ 20,481 Europe (2,444) (2,483) Corporate Unallocated and Japan (17,061) (14,249) Total Income from Operations $ 6,827 $ 3,749
Long-Lived Assets by Geographic Areas	Total long-lived assets at March 31, 2024 and December 31, 2023 were as follows: (in thousands) March 31, December 31, Total long-lived assets: United States $ 195,944 $ 201,388 Europe 51,854 52,267 Total Long-lived Assets $ 247,798 $ 253,655
Disaggregation of Revenue	Revenue by product line for the three months ended March 31, 2024 and 2023 were as follows: Three Months Ended (dollars in thousands) 2024 2023 Revenue: Injection Molding $ 52,663 $ 51,948 CNC Machining 49,932 48,104 3D Printing 21,582 21,325 Sheet Metal 3,553 4,248 Other Revenue 160 234 Total Revenue $ 127,890 $ 125,859

Net Income per Common Share - N

Net Income per Common Share - Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Anti-dilutive options excluded from calculation of diluted weighted average shares outstanding (in shares)	421,937	382,906

Net Income per Common Share -Sc

Net Income per Common Share -Schedule of Computation Of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net income	$ 5,268	$ 2,659
Basic - weighted-average shares outstanding (in shares)	25,624,949	26,580,279
Effect of dilutive securities:
Employee stock options and other (in shares)	160,038	25,508
Diluted - weighted-average shares outstanding (in shares)	25,784,987	26,605,787
Net income per share:
Basic (in dollars per share)	$ 0.21	$ 0.10
Diluted (in dollars per share)	$ 0.20	$ 0.10

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Schedule of Intangible Assets Other Than Goodwill (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	$ 53,680	$ 53,944
Accumulated Amortization	(29,273)	(28,360)
Net	24,407	25,584
Marketing assets
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	930	930
Accumulated Amortization	(923)	(900)
Net	$ 7	30
Useful Life (in years)	10 years
Weighted Average Useful Life Remaining (in years)	1 month 6 days
Non-compete agreement
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	$ 830	835
Accumulated Amortization	(628)	(603)
Net	$ 202	232
Weighted Average Useful Life Remaining (in years)	1 year 3 months 18 days
Non-compete agreement | Minimum
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)	2 years
Non-compete agreement | Maximum
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)	5 years
Software technology
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	$ 13,229	13,229
Accumulated Amortization	(8,096)	(7,752)
Net	$ 5,133	5,477
Useful Life (in years)	10 years
Weighted Average Useful Life Remaining (in years)	3 years 9 months 18 days
Software platform
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	$ 26,136	26,373
Accumulated Amortization	(7,071)	(6,575)
Net	$ 19,065	19,798
Useful Life (in years)	12 years
Weighted Average Useful Life Remaining (in years)	8 years 9 months 18 days
Tradenames
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	$ 351	354
Accumulated Amortization	(351)	(347)
Net	$ 0	7
Useful Life (in years)	3 years
Weighted Average Useful Life Remaining (in years)	0 years
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	$ 12,204	12,223
Accumulated Amortization	(12,204)	(12,183)
Net	$ 0	$ 40
Weighted Average Useful Life Remaining (in years)	0 years
Customer relationships | Minimum
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)	3 years
Customer relationships | Maximum
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)	9 years

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Narrative (Details) € in Millions, $ in Millions			3 Months Ended		12 Months Ended
	Jan. 22, 2021 EUR (€)	Jan. 22, 2021 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Foreign currency losses			$ 1.6		$ 1.3
Amortization expense for intangible assets			$ 1	$ 1.5
UNITED STATES | 3D Hubs, Inc. (Hubs)
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired		$ 16.6
Europe | 3D Hubs, Inc. (Hubs)
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired | €	€ 11.6

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remaining 2024	$ 2,736
2025	3,638
2026	3,537
2027	3,527
2028	2,158
Thereafter	8,811
Net	$ 24,407	$ 25,584

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets Measured At Fair Value On A Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financial Assets:
Debt securities, available-for-sale	$ 20,132	$ 27,032
Level 1 | Fair Value, Recurring
Financial Assets:
Debt securities, available-for-sale	1,889	4,482
Total	94,693	88,272
Level 2 | Fair Value, Recurring
Financial Assets:
Debt securities, available-for-sale	18,243	22,550
Total	18,243	22,550
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	90,951	77,423
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	1,853	6,367
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	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Cost	$ 20,439	$ 27,434
Unrealized Gains	0	0
Unrealized Losses	(307)	(402)
Fair Value	20,132	27,032
U.S. government agency securities
Debt Securities, Available-for-Sale [Line Items]
Cost	15,803	16,798
Unrealized Gains	0	0
Unrealized Losses	(244)	(278)
Fair Value	15,559	16,520
Corporate debt securities
Debt Securities, Available-for-Sale [Line Items]
Cost		2,511
Unrealized Gains		0
Unrealized Losses		(19)
Fair Value		2,492
U.S. municipal securities
Debt Securities, Available-for-Sale [Line Items]
Cost	4,636	7,876
Unrealized Gains	0	0
Unrealized Losses	(63)	(105)
Fair Value	$ 4,573	7,771
Certificates of deposit/time deposits
Debt Securities, Available-for-Sale [Line Items]
Cost		249
Unrealized Gains		0
Unrealized Losses		0
Fair Value		$ 249

Marketable Securities - Maturit

Marketable Securities - Maturities of Available-For-Sale Debt Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale, Fair Value, Fiscal Year Maturity [Abstract]
Due in one year or less	$ 16,875
Due after one year through five years	3,257
Total marketable securities	$ 20,132	$ 27,032

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Total inventory	$ 13,539	$ 14,319
Allowance for obsolescence	(716)	(662)
Inventory, net of allowance	$ 12,823	$ 13,657

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 4.3	$ 3.7
Stock-based award, weighted-average grant date fair value (in dollars per share)	$ 18.20
ESPP
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%
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	$ 4.8
Stock based award, unrecognized compensation expense, period for recognition (in years)	2 years 10 months 24 days
Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based award, unrecognized compensation expense	$ 17.8
Stock based award, unrecognized compensation expense, period for recognition (in years)	2 years 7 months 6 days
Restricted Stock | Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based award, vesting period (in years)	3 years
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]
Stock-based award, vesting period (in years)	3 years
Stock based award, unrecognized compensation expense	$ 7.2
Stock based award, unrecognized compensation expense, period for recognition (in years)	2 years 3 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]
Stock-based award, term (in years)	10 years

Stock-Based Compensation - Opti

Stock-Based Compensation - Option Activity (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Stock Options
Options outstanding, beginning balance (in shares) | shares	371,313
Granted (in shares) | shares	95,470
Exercised (in shares) | shares	0
Forfeited (in shares) | shares	(12,912)
Expired (in shares) | shares	(1,632)
Options outstanding, ending balance (in shares) | shares	452,239
Weighted- Average Exercise Price
Options outstanding, beginning balance, weighted-average exercise price (in dollars per share) | $ / shares	$ 59.92
Granted, weighted-average exercise price (in dollars per share) | $ / shares	33.52
Exercised, weighted-average exercise price (in dollars per share) | $ / shares	0
Forfeited, weighted-average exercise price (in dollars per share) | $ / shares	73.73
Expired, weighted-average exercise price (in dollars per share) | $ / shares	78.59
Options outstanding, ending balance, weighted-average exercise price (in dollars per share) | $ / shares	$ 53.89
Additional Disclosures
Option exercisable (in shares) | shares	183,461
Options exercisable, weighted-average exercise price (in dollars per share) | $ / shares	$ 73.15

Stock-Based Compensation - Weig

Stock-Based Compensation - Weighted Average Assumptions (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	5.16%	4.60%
Expected life (years)	6 years	6 years
Expected volatility	47.92%	67.84%
Expected dividend yield	0%	0%
Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	4.28%
Expected life (years)	6 years 3 months
Expected volatility	50.62%
Expected dividend yield	0%	0%
Performance Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	4.37%	4.35%
Expected life (years)	2 years 10 months 17 days	2 years 10 months 17 days
Expected volatility	51.40%	58%
Expected dividend yield	0%	0%
Minimum | Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate		3.90%
Expected life (years)		2 years
Expected volatility		49.23%
Maximum | Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate		4.55%
Expected life (years)		6 years 3 months
Expected volatility		55.92%

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Activity (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Restricted Stock
Stock
Beginning balance (in shares) | shares	653,465
Granted (in shares) | shares	76,078
Restrictions lapsed (in shares) | shares	(45,886)
Forfeited (in shares) | shares	(13,390)
Ending balance (in shares) | shares	670,267
Weighted- Average Grant Date Fair Value Per Share
Beginning balance, weighted-average grant date fair value (in dollars per share) | $ / shares	$ 45.89
Granted, weighted-average grant date fair value (in dollars per share) | $ / shares	33.52
Restrictions lapsed, weighted-average grant date fair value (in dollars per share) | $ / shares	76.14
Forfeited, weighted-average grant date fair value (in dollars per share) | $ / shares	47.78
Ending balance, weighted-average grant date fair value (in dollars per share) | $ / shares	$ 42.37
Performance Shares
Stock
Beginning balance (in shares) | shares	107,097
Granted (in shares) | shares	79,436
Restrictions lapsed (in shares) | shares	0
Performance change (in shares) | shares	(2,772)
Forfeited (in shares) | shares	0
Ending balance (in shares) | shares	183,761
Weighted- Average Grant Date Fair Value Per Share
Beginning balance, weighted-average grant date fair value (in dollars per share) | $ / shares	$ 74.08
Granted, weighted-average grant date fair value (in dollars per share) | $ / shares	48.20
Restrictions lapsed, weighted-average grant date fair value (in dollars per share) | $ / shares	0
Performance change, weighted-average grant date fair value (in dollars per share) | $ / shares	227.14
Forfeited, weighted-average grant date fair value (in dollars per share) | $ / shares
Ending balance, weighted-average grant date fair value (in dollars per share) | $ / shares	$ 60.58

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Changes In Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 695,295	$ 697,648
Net unrealized gains (losses) on investments in securities
Ending balance	687,310	683,137
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(28,013)	(34,355)
Net unrealized gains (losses) on investments in securities
Ending balance	(28,845)	(33,494)
Foreign currency translation adjustments
Foreign currency translation adjustments
Other comprehensive income (loss) before reclassifications	(925)	527
Amounts reclassified from accumulated other comprehensive loss	0	0
Net unrealized gains (losses) on investments in securities
Other comprehensive income (loss) before reclassifications	(925)	527
Amounts reclassified from accumulated other comprehensive loss	0	0
Net current-period other comprehensive income (loss)	(925)	527
Net unrealized gains (losses) on investments in securities
Foreign currency translation adjustments
Other comprehensive income (loss) before reclassifications	93	334
Amounts reclassified from accumulated other comprehensive loss	0	0
Net unrealized gains (losses) on investments in securities
Other comprehensive income (loss) before reclassifications	93	334
Amounts reclassified from accumulated other comprehensive loss	0	0
Net current-period other comprehensive income (loss)	$ 93	$ 334

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 2,458	$ 2,380
Effective income tax rate (in percent)	31.80%	47.20%
Effective income tax rate, increase (decrease) during period (in percent)	(15.40%)
Federal statutory rate (in percent)	21%
Unrecognized tax benefits	$ 3,400		$ 3,600

Segment Reporting - Revenue by

Segment Reporting - Revenue by Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Total revenue	$ 127,890	$ 125,859
Operating Segments
Segment Reporting Information [Line Items]
Total revenue	127,890	125,859
Operating Segments | United States
Segment Reporting Information [Line Items]
Total revenue	101,481	97,746
Operating Segments | Europe
Segment Reporting Information [Line Items]
Total revenue	$ 26,409	$ 28,113

Segment Reporting - Income From

Segment Reporting - Income From Operation by Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Total Income from Operations	$ 6,827	$ 3,749
Operating Segments
Segment Reporting Information [Line Items]
Total Income from Operations	6,827	3,749
Operating Segments | United States
Segment Reporting Information [Line Items]
Total Income from Operations	26,332	20,481
Operating Segments | Europe
Segment Reporting Information [Line Items]
Total Income from Operations	(2,444)	(2,483)
Operating Segments | Corporate Unallocated and Japan
Segment Reporting Information [Line Items]
Total Income from Operations	$ (17,061)	$ (14,249)

Segment Reporting - Long-Lived

Segment Reporting - Long-Lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total Long-lived Assets	$ 247,798	$ 253,655
Operating Segments
Segment Reporting Information [Line Items]
Total Long-lived Assets	247,798	253,655
Operating Segments | United States
Segment Reporting Information [Line Items]
Total Long-lived Assets	195,944	201,388
Operating Segments | Europe
Segment Reporting Information [Line Items]
Total Long-lived Assets	$ 51,854	$ 52,267

Segment Reporting - Disaggregat

Segment Reporting - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Total revenue	$ 127,890	$ 125,859
Injection Molding
Segment Reporting Information [Line Items]
Total revenue	52,663	51,948
CNC Machining
Segment Reporting Information [Line Items]
Total revenue	49,932	48,104
3D Printing
Segment Reporting Information [Line Items]
Total revenue	21,582	21,325
Sheet Metal
Segment Reporting Information [Line Items]
Total revenue	3,553	4,248
Other Revenue
Segment Reporting Information [Line Items]
Total revenue	$ 160	$ 234