Proto Labs (PRLB) 10-K 21 Feb 25 2024 FY Annual report Financial data

Cover

Cover - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2024	Feb. 10, 2025	Jun. 28, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
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			$ 0.8
Entity Common Stock, Shares Outstanding		24,233,196
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s definitive proxy statement relating to its 2025 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	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
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, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 89,071	$ 83,790
Short-term marketable securities	14,019	19,013
Accounts receivable, net of allowance for doubtful accounts of $1,975 and $2,499 as of December 31, 2024 and December 31, 2023, respectively	66,504	72,848
Inventory	12,305	13,657
Prepaid expenses and other current assets	10,049	9,124
Income taxes receivable	2,906	2,228
Total current assets	194,854	200,660
Property and equipment, net	227,263	253,655
Goodwill	273,991	273,991
Other intangible assets, net	21,422	25,584
Long-term marketable securities	17,773	8,019
Operating lease assets	2,993	4,628
Finance lease assets	692	960
Other long-term assets	4,524	4,856
Total assets	743,512	772,353
Current liabilities
Accounts payable	15,504	15,636
Accrued compensation	16,550	15,292
Accrued liabilities and other	19,621	16,872
Current operating lease liabilities	1,287	1,585
Current finance lease liabilities	309	296
Total current liabilities	53,271	49,681
Long-term operating lease liabilities	1,633	3,008
Long-term finance lease liabilities	287	595
Long-term deferred tax liabilities	13,565	18,742
Other long-term liabilities	4,605	5,032
Total liabilities	73,361	77,058
Shareholders' equity
Preferred stock, $0.001 par value, authorized 10,000,000 shares; issued and outstanding 0 shares as of December 31, 2024 and December 31, 2023, respectively	0	0
Common stock, $0.001 par value, authorized 150,000,000 shares; issued and outstanding 24,226,088 and 25,721,957 shares as of December 31, 2024 and December 31, 2023, respectively	24	26
Additional paid-in capital	453,705	466,884
Retained earnings	244,406	256,398
Accumulated other comprehensive loss	(27,984)	(28,013)
Total shareholders' equity	670,151	695,295
Total liabilities and shareholders' equity	$ 743,512	$ 772,353

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for credit loss, current	$ 1,975	$ 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)	24,226,088	25,721,957
Common stock, outstanding (in shares)	24,226,088	25,721,957

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statements of Operations:
Revenue	$ 500,890,000	$ 503,877,000	$ 488,398,000
Cost of revenue	277,690,000	281,884,000	272,933,000
Gross profit	223,200,000	221,993,000	215,465,000
Operating expenses
Marketing and sales	92,073,000	87,688,000	82,752,000
Research and development	41,298,000	40,135,000	38,222,000
General and administrative	64,333,000	65,788,000	67,544,000
Goodwill impairment	0	0	118,008,000
Costs related to disposal and exit activities	5,585,000	215,000	6,922,000
Total operating expenses	203,289,000	193,826,000	313,448,000
Income (loss) from operations	19,911,000	28,167,000	(97,983,000)
Other income (expense), net	4,761,000	(215,000)	106,000
Income (loss) before income taxes	24,672,000	27,952,000	(97,877,000)
Provision for income taxes	8,079,000	10,732,000	5,585,000
Net income (loss)	$ 16,593,000	$ 17,220,000	$ (103,462,000)
Net income (loss) per share:
Basic (in dollars per share)	$ 0.66	$ 0.66	$ (3.77)
Diluted (in dollars per share)	$ 0.66	$ 0.66	$ (3.77)
Shares used to compute net income (loss) per share:
Basic (in shares)	25,096,117	26,186,533	27,409,838
Diluted (in shares)	25,212,178	26,223,498	27,409,838
Other Comprehensive Income (Loss), net of tax
Foreign currency translation adjustments	$ (228,000)	$ 5,365,000	$ (16,278,000)
Net unrealized gains (losses) on investments in securities	257,000	977,000	(1,260,000)
Comprehensive income (loss)	$ 16,622,000	$ 23,562,000	$ (121,000,000)

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, 2021		27,465,945
Balance at beginning 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
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)
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)		278,189
Common shares issued on exercise of options and other, net of shares withheld for tax obligations	2,020		2,020
Stock-based compensation expense	16,999		16,999
Repurchases of Common Stock (in shares)		(1,774,058)
Repurchases of Common Stock	(60,785)	$ (2)	(32,198)	(28,585)
Net income (loss)	16,593			16,593
Other comprehensive income (loss)
Foreign currency translation adjustments	(228)				(228)
Net unrealized gains (losses) on investments in securities	257				257
Comprehensive income (loss)	$ 16,622
Ending balance (in shares) at Dec. 31, 2024	24,226,088	24,226,088
Balance at end of period at Dec. 31, 2024	$ 670,151	$ 24	$ 453,705	$ 244,406	$ (27,984)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating activities
Net income (loss)	$ 16,593,000	$ 17,220,000	$ (103,462,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	35,808,000	37,528,000	39,425,000
Stock-based compensation expense	16,999,000	15,989,000	17,545,000
Deferred taxes	(5,153,000)	(7,656,000)	(9,499,000)
Interest on finance lease obligations	33,000	1,055,000	0
Loss on impairment of goodwill	0	0	118,008,000
Loss on foreign currency translation	0	3,906,000	0
Loss on impairment of equipment	256,000	0	0
Impairments related to exit and closure of Germany and Japan businesses	2,333,000	0	2,842,000
Gain on disposal of property and equipment	(13,000)	(498,000)	(1,211,000)
Other	1,000	154,000	35,000
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	9,650,000	2,727,000	1,632,000
Inventories	1,258,000	112,000	(310,000)
Prepaid expenses and other	(560,000)	4,203,000	(2,081,000)
Income taxes	(691,000)	1,823,000	(2,681,000)
Accounts payable	480,000	(1,838,000)	1,375,000
Accrued liabilities and other	835,000	(1,451,000)	461,000
Net cash provided by operating activities	77,829,000	73,274,000	62,079,000
Investing activities
Purchases of property, equipment and other capital assets	(9,169,000)	(28,116,000)	(21,686,000)
Proceeds from sales of property, equipment and other capital assets	34,000	699,000	4,108,000
Purchases of other assets and investments	0	(1,000,000)	0
Purchases of marketable securities	(25,070,000)	0	(46,872,000)
Proceeds from sales of marketable securities	1,416,000	0	1,998,000
Proceeds from maturities of marketable securities	19,209,000	23,865,000	19,360,000
Net cash used in investing activities	(13,580,000)	(4,552,000)	(43,092,000)
Financing activities
Proceeds from issuance of common stock from equity plans	4,019,000	3,835,000	3,950,000
Purchases of shares withheld for tax obligations	(1,995,000)	(1,436,000)	(1,682,000)
Repurchases of common stock and other	(60,278,000)	(43,951,000)	(29,659,000)
Principal repayments of finance lease obligations	(296,000)	(306,000)	(531,000)
Net cash used in financing activities	(58,550,000)	(41,858,000)	(27,922,000)
Effect of exchange rate changes on cash and cash equivalents	(418,000)	368,000	(436,000)
Net increase (decrease) in cash and cash equivalents	5,281,000	27,232,000	(9,371,000)
Cash and cash equivalents, beginning of period	83,790,000	56,558,000	65,929,000
Cash and cash equivalents, end of period	89,071,000	83,790,000	56,558,000
Supplemental cash flow disclosure
Cash paid for interest	136,000	1,055,000	101,000
Cash paid for taxes	$ 13,913,000	$ 15,892,000	$ 19,160,000

Nature of Business

Nature of Business	12 Months Ended
	Dec. 31, 2024
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. On October 21, 2024, the Company's board of directors approved a plan related to the Company's manufacturing facilities in Germany. The plan included the closure of the Company's injection molding manufacturing facility in Eschenlohe, Germany, and the discontinuation of Direct Metal Laser Sintering 3D printing services through its 3D printing facility in Putzbrunn, Germany. The Company will continue offering all its manufacturing services to customers across Europe, including injection molding and metal 3D printing. These services will be fulfilled through internal manufacturing facilities and a network of manufacturing partners. The Company expects to substantially complete the plan within fiscal year 2025. 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, 2024
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 income (loss) Components of comprehensive income (loss) include net income (loss), foreign currency translation adjustments and net unrealized gains and losses on investments in securities. Comprehensive income (loss) 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 performing 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 an impairment test, the Company determines 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 represented a write-off of all Europe goodwill, and recorded during the year ended December 31, 2022. As a result of the fiscal years 2024 and 2023 analyses, which used the qualitative assessment, there were no impairments recorded during the years ended December 31, 2024 and 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. During the years ended December 31, 2024 and 2022, the Company recognized $2.3 million and $2.8 million, respectively, related to write-down of fixed assets for certain manufacturing operations in Germany and Japan manufacturing operations. 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 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 less than one year to five 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, 2024, 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 $14.3 million, $13.8 million and $13.2 million for the years ended December 31, 2024 , 2023 and 2022, 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 $41.3 million, $40.1 million and $38.2 million for the years ended December 31, 2024, 2023 and 2022, 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 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 adopted this guidance for its annual year ended December 31, 2024 and all interim periods thereafter. Recently issued accounting pronouncements not yet adopted 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 2024, the FASB issued ASU No. 2024-03 ("ASU 2024-03"), Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which is intended to improve disclosures about a public business entity's expenses, primarily through additional disaggregation of income statement expenses. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating ASU 2024-03 to determine the impact on the Company's disclosures.

Revenue

Revenue	12 Months Ended
	Dec. 31, 2024
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. 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 value of unbilled receivables related to the performance on manufactured parts not yet completed as of December 31, 2024 and 2023 was $10.1 million and $10.1 million, respectively, recorded within accounts receivable, net of allowance for doubtful accounts. The value of unsatisfied performance obligations for contracts with an original expected length of one year or less as of December 31, 2024 and 2023 was $8.7 million and $9.8 million, respectively, recorded within accrued liabilities. Revenue by geographic region for the years ended December 31, 2024, 2023 and 2022 was as follows: Year Ended December 31, (in thousands) 2024 2023 2022 Revenue: United States $ 396,192 $ 396,821 $ 387,399 Europe 104,698 107,056 92,770 Japan — — 8,229 Total revenue $ 500,890 $ 503,877 $ 488,398 Revenue by product line for the years ended December 31, 2024, 2023 and 2022 was as follows: Year Ended December 31, (in thousands) 2024 2023 2022 Revenue: Injection Molding $ 194,215 $ 203,941 $ 200,578 CNC Machining 206,887 198,222 188,372 3D Printing 83,767 84,291 78,988 Sheet Metal 15,265 16,540 19,498 Other Revenue 756 883 962 Total revenue $ 500,890 $ 503,877 $ 488,398 The Company generally expenses sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within marketing and sales expenses.

Net Income (Loss) Per Common Sh

Net Income (Loss) Per Common Share	12 Months Ended
	Dec. 31, 2024
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, 2024, 2023 and 2022 respectively, 451,029, 263,992 and 197,827 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) 2024 2023 2022 Net income (loss) $ 16,593 $ 17,220 $ (103,462) Basic - weighted-average shares outstanding: 25,096,117 26,186,533 27,409,838 Effect of dilutive securities: Employee stock options and other 116,061 36,965 — Diluted - weighted-average shares outstanding: 25,212,178 26,223,498 27,409,838 Net income (loss) per share attributable to common shareholders: Basic $ 0.66 $ 0.66 $ (3.77) Diluted $ 0.66 $ 0.66 $ (3.77)

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	12 Months Ended
	Dec. 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 for the years ended December 31, 2024 and 2023. 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, 2024 and 2023 were as follows: Year Ended December 31, 2024 Year Ended December 31, 2023 Weighted Average (in thousands) Gross Accumulated Net Gross Accumulated Net Useful Life (in Remaining (in years) Marketing assets $ 930 $ (930) $ — $ 930 $ (900) $ 30 10.0 0.0 Non-compete agreement 819 (703) 116 835 (603) 232 2.0 - 5.0 0.7 Software technology 13,229 (9,123) 4,106 13,229 (7,752) 5,477 10.0 3.0 Software platform 25,657 (8,457) 17,200 26,373 (6,575) 19,798 12.0 8.1 Tradenames 344 (344) — 354 (347) 7 3.0 0.0 Customer relationships 12,165 (12,165) — 12,223 (12,183) 40 3.0 - 9.0 0.0 Total intangible assets $ 53,144 $ (31,722) $ 21,422 $ 53,944 $ (28,360) $ 25,584 Amortization expense for intangible assets for the years ended December 31, 2024, 2023 and 2022 was $3.7 million, $5.9 million and $6.0 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, 2024, 2023 and 2022 the foreign currency translation adjustment was $2.2 million, $1.3 million and $1.7 million, respectively. Estimated aggregated amortization expense based on the current carrying value of the amortizable intangible assets is as follows: (in thousands) Estimated Amortization 2025 $ 3,605 2026 3,505 2027 3,496 2028 2,128 2029 2,128 Thereafter 6,560 Total estimated amortization expense $ 21,422

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2024
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, 2024 and 2023 measured at fair value on a recurring basis: December 31, 2024 December 31, 2023 (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 $ 86,366 $ — $ — $ 77,423 $ — $ — Money market mutual fund 2,705 — — 6,367 $ — $ — Marketable securities 17,261 14,531 — 4,482 22,550 — Total $ 106,332 $ 14,531 $ — $ 88,272 $ 22,550 $ —

Marketable Securities

Marketable Securities	12 Months Ended
	Dec. 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. As of December 31, 2024 and 2023, 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, 2024 and 2023 is as follows: December 31, 2024 (in thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. government agency securities $ 8,323 — $ (22) $ 8,301 Corporate debt securities 15,852 — (82) 15,770 U.S. municipal securities 6,762 — (38) 6,724 U.S. treasury bonds 1,000 — (3) 997 Total marketable securities $ 31,937 $ — $ (145) $ 31,792 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 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, 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) December 31, Due in one year or less $ 14,019 Due after one year through five years 17,773 Total marketable securities $ 31,792

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment consists of the following: December 31, (in thousands) 2024 2023 Land $ 15,596 $ 15,596 Buildings and improvements 137,461 133,033 Machinery and equipment 236,675 235,527 Computer hardware and software 89,699 86,659 Leasehold improvements 4,528 4,609 Construction in progress 5,632 8,410 Total 489,591 483,834 Accumulated depreciation and amortization (262,328) (230,179) Property and equipment, net $ 227,263 $ 253,655 Depreciation expense for the years ended December 31, 2024, 2023 and 2022 was $32.1 million, $31.6 million and $33.4 million, respectively.

Inventory

Inventory	12 Months Ended
	Dec. 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 consists of the following: December 31, (in thousands) 2024 2023 Total inventory $ 12,989 $ 14,319 Allowance for obsolescence (684) (662) Inventory, net of allowance $ 12,305 $ 13,657

Financing Obligations

Financing Obligations	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Financing Obligations	Financing ObligationsThe Company had no financing obligations as of December 31, 2024 and 2023.

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2024
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 $4.3 million, $4.6 million and $3.9 million for the years ended December 31, 2024, 2023 and 2022, respectively. The Company also sponsors defined contribution retirement plans that covers the employees in the United Kingdom and the Netherlands. Total employer contributions in the United Kingdom were approximately $0.5 million in each of the years ended December 31, 2024, 2023 and 2022, respectively. Total employer contributions in the Netherlands were approximately $0.6 million in each of the years ended December 31, 2024 and 2023, respectively. There were no employer contributions in the Netherlands in the year ended December 31, 2022.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation 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 23, 2024 (as amended and restated, the "2022 Plan") to increase the number of shares available for issuance pursuant to awards under the 2022 Plan by an additional 430,000 shares, add a minimum vesting requirement, and extend the expiration date so that the term of the 2022 Plan runs for ten years from the date of the shareholder approval. 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 and talent 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 and talent 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 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. 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 141,743 and 171,991 shares of common stock under the ESPP at an average exercise price of $27.91 and $22.30 during 2024 and 2023, respectively. As of December 31, 2024, 602,150 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, 2024, 2023 and 2022, respectively: Year Ended December 31, (in thousands) 2024 2023 2022 Stock options and other $ 15,691 $ 14,550 $ 16,103 Employee stock purchase plan 1,308 1,439 1,442 Total stock-based compensation expense $ 16,999 $ 15,989 $ 17,545 Cost of revenue $ 1,935 $ 1,840 $ 2,172 Operating expenses: Marketing and sales 3,112 3,426 3,295 Research and development 2,721 2,556 2,189 General and administrative 9,231 8,167 9,889 Total stock-based compensation expense $ 16,999 $ 15,989 $ 17,545 Stock Options The following table provides the assumptions used in the Black-Scholes option pricing model for the years ended December 31, 2024, 2023 and 2022: Year Ended December 31, 2024 2023 2022 Risk-free interest rate 4.28 - 4.30% 3.55 - 4.55% 1.94 - 3.40% Expected life (years) 6.25 2 - 6.25 6.25 Expected volatility 50.62 - 53.17% 49.23 - 55.92% 45.95 - 46.03% Expected dividend yield 0% 0% 0% Weighted average grant date fair value $18.17 $16.36 $23.11 The following table summarizes stock option activity and the weighted average exercise price for the years ended December 31, 2024, 2023 and 2022: Stock Options Weighted- Options outstanding at January 1, 2022 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 Granted 140,405 33.44 Exercised (1,936) 32.13 Cancelled (59,552) 61.83 Expired (5,094) 67.78 Options outstanding at December 31, 2024 445,136 $ 51.34 Exercisable at December 31, 2024 183,942 $ 70.06 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, 2024 and 2022, was less than $0.1 million for each period respectively. There were no options exercised during the year ended December 31, 2023. 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, 2024, the weighted-average remaining contractual term was 6.9 years and the aggregate intrinsic value was $1.6 million. For options exercisable at December 31, 2024, the weighted-average remaining contractual term was 4.7 years and the aggregate intrinsic value was $0.3 million. Refer to the table below for additional information. The following table summarizes information about stock options outstanding at December 31, 2024: 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 $33.68 163,427 8.95 33.14 8,883 32.32 $33.69 to $39.59 145,977 6.53 35.00 67,050 35.07 $39.60 to $180.46 135,732 4.97 90.84 108,009 94.88 The fair value of share-based payment transactions is recognized in the Consolidated Statements of Comprehensive Income. As of December 31, 2024, there was $3.6 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 $2.3 million, $1.8 million and $2.3 million for the years ended December 31, 2024, 2023 and 2022, 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, 2024, 2023 and 2022: Restricted Weighted- Restricted stock at January 1, 2022 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 Granted 377,961 33.50 Restrictions lapsed (195,831) 54.52 Forfeited (72,334) 38.40 Restricted stock at December 31, 2024 763,261 $ 38.25 As of December 31, 2024, there was $18.4 million of unrecognized compensation expense related to unvested 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. The Company’s outstanding PSUs at December 31, 2024 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, 2024, 2023 and 2022: Performance Weighted- Performance stock at January 1, 2022 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 Granted 79,436 48.20 Restrictions lapsed — — Performance change (2,772) 227.14 Forfeited (3,588) 52.18 Performance stock at December 31, 2024 180,173 $ 60.75 As of December 31, 2024, there was $4.2 million of unrecognized compensation expense related to unvested performance stock, which is expected to be recognized over a weighted-average period of 1.7 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, 2024, 2023 and 2022: Year Ended December 31, 2024 2023 2022 Risk-free interest rate 4.29 - 5.16% 4.60 - 5.16% 0.17 - 4.60% Expected life (months) 6.00 6.00 6.00 Expected volatility 30.97 - 65.60% 47.38 - 67.84% 47.05 - 67.84% Expected dividend yield 0% 0% 0%

Leases

Leases	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Leases	Leases Supplemental balance sheet information related to leases was as follows: December 31, (in thousands) 2024 2023 Operating lease assets $ 2,993 $ 4,628 Current operating lease liabilities $ 1,287 $ 1,585 Long-term operating lease liabilities 1,633 3,008 Total operating lease liabilities $ 2,920 $ 4,593 Finance lease assets $ 692 $ 960 Current finance lease liabilities $ 309 $ 296 Long-term finance lease liabilities 287 595 Total finance lease liabilities $ 596 $ 891 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) 2024 2023 Operating lease cost $ 1,762 $ 1,965 Finance lease cost: Amortization of right-of-use assets $ 329 $ 732 Interest on lease obligations 33 1,055 Variable lease cost $ 382 $ 371 Total lease cost $ 2,506 $ 4,123 Maturities of operating and finance lease liabilities as of December 31, 2024 were as follows: (in thousands) Operating Leases Finance Leases Year Ending December 31, 2025 $ 1,363 $ 329 2026 790 292 2027 422 - 2028 373 - 2029 104 - After 2029 2 - Total future minimum lease payments 3,054 621 Less interest (134) (25) Present value of lease liabilities $ 2,920 $ 596 As of December 31, 2024, 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, 2024 2023 Weighted Average Remaining Lease Term - operating leases (years) 3.0 3.6 Weighted Average Remaining Lease Term - finance leases (years) 1.6 2.6 Weighted Average Discount Rate - operating leases 2.6% 2.5% Weighted Average Discount Rate - finance leases 4.4% 4.4% Supplemental cash flow information related to leases was as follows: Twelve Months Ended December 31, (in thousands) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,093 $ 2,288 Operating cash flows from finance leases $ 33 $ 1,055 Financing cash flows from finance leases $ 296 $ 306 Lease assets obtained in exchange for new operating lease liabilities $ — $ 2,324 Lease assets obtained in exchange for new financing lease liabilities $ — $ 240
Leases	Leases Supplemental balance sheet information related to leases was as follows: December 31, (in thousands) 2024 2023 Operating lease assets $ 2,993 $ 4,628 Current operating lease liabilities $ 1,287 $ 1,585 Long-term operating lease liabilities 1,633 3,008 Total operating lease liabilities $ 2,920 $ 4,593 Finance lease assets $ 692 $ 960 Current finance lease liabilities $ 309 $ 296 Long-term finance lease liabilities 287 595 Total finance lease liabilities $ 596 $ 891 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) 2024 2023 Operating lease cost $ 1,762 $ 1,965 Finance lease cost: Amortization of right-of-use assets $ 329 $ 732 Interest on lease obligations 33 1,055 Variable lease cost $ 382 $ 371 Total lease cost $ 2,506 $ 4,123 Maturities of operating and finance lease liabilities as of December 31, 2024 were as follows: (in thousands) Operating Leases Finance Leases Year Ending December 31, 2025 $ 1,363 $ 329 2026 790 292 2027 422 - 2028 373 - 2029 104 - After 2029 2 - Total future minimum lease payments 3,054 621 Less interest (134) (25) Present value of lease liabilities $ 2,920 $ 596 As of December 31, 2024, 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, 2024 2023 Weighted Average Remaining Lease Term - operating leases (years) 3.0 3.6 Weighted Average Remaining Lease Term - finance leases (years) 1.6 2.6 Weighted Average Discount Rate - operating leases 2.6% 2.5% Weighted Average Discount Rate - finance leases 4.4% 4.4% Supplemental cash flow information related to leases was as follows: Twelve Months Ended December 31, (in thousands) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,093 $ 2,288 Operating cash flows from finance leases $ 33 $ 1,055 Financing cash flows from finance leases $ 296 $ 306 Lease assets obtained in exchange for new operating lease liabilities $ — $ 2,324 Lease assets obtained in exchange for new financing lease liabilities $ — $ 240

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	12 Months Ended
	Dec. 31, 2024
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 ended 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 ended December 31, 2024, 2023 and 2022, respectively: Year Ended December 31, (in thousands) 2024 2023 2022 Balance at beginning of period $ (28,013) $ (34,355) $ (16,817) Foreign currency translation adjustments Other comprehensive income (loss) before reclassifications (228) 1,459 (16,278) Amounts reclassified from accumulated other comprehensive income (loss) — 3,906 — Net current-period other comprehensive income (loss) (228) 5,365 (16,278) Net unrealized gains (losses) on investments in securities Other comprehensive income (loss) before reclassifications 257 977 (1,260) Amounts reclassified from accumulated other comprehensive income (loss) — — — Net current-period other comprehensive income (loss) 257 977 (1,260) Balance at end of period $ (27,984) $ (28,013) $ (34,355)

Income Taxes

Income Taxes	12 Months Ended
	Dec. 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 years ended December 31, 2024, 2023 and 2022, the Company recorded an income tax provision of $8.1 million, $10.7 million and $5.6 million, respectively. The effective income tax rate for the years ended December 31, 2024, 2023 and 2022 was 32.7 percent, 38.4 percent and (5.7) percent, respectively. The effective tax rate decreased by 5.7 percent for the year ended December 31, 2024 when compared to 2023 primarily due to a release of tax reserves arising from a successful audit closure, and a reduction in deferred tax liabilities from being revalued at a lower state tax rate, partially offset by an increase in losses in foreign operations that are not eligible for tax benefits on account of valuation allowances. 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) 2024 2023 2022 Domestic $ 39,386 $ 38,099 $ 33,731 Foreign (14,714) (10,147) (131,608) Total $ 24,672 $ 27,952 $ (97,877) Significant components of the provision for income taxes for the following periods are as follows: Year Ended December 31, (in thousands) 2024 2023 2022 Current: Federal $ 11,970 $ 15,717 $ 15,366 State 1,451 2,418 (393) Foreign (165) 34 (99) Deferred Federal (4,606) (8,202) (9,159) State (1,291) (385) (723) Foreign (3,736) 1,379 (4,641) Valuation Allowance 4,456 (229) 5,234 Total $ 8,079 $ 10,732 $ 5,585 A reconciliation of the federal statutory income tax rate to the effective tax rate is as follows: Year Ended December 31, 2024 2023 2022 Federal tax statutory rate 21.0 % 21.0 % 21.0 % State tax (net of federal benefit) 2.5 3.5 (0.8) Share based compensation 4.7 6.0 (2.1) Valuation allowance against deferred tax assets 16.6 (2.4) (5.0) Goodwill impairment — — (24.4) Research and development credit (4.1) (3.8) 1.2 Foreign rate differential (3.7) (1.6) 2.9 Tax reserves (0.2) 1.9 1.0 Provision to return difference (0.2) (0.2) — Unrealized foreign exchange losses — 2.9 — Revaluation of deferred tax liability (3.2) 1.1 — Closure of Japan branch net operating loss reversal — 11.1 — Miscellaneous (0.7) (1.1) 0.5 Total 32.7 % 38.4 % (5.7 %) Significant components of deferred tax assets and liabilities are as follows: December 31, (in thousands) 2024 2023 Deferred tax assets: Accrued expenses $ 1,658 $ 2,155 Section 174 expenses 15,058 13,084 Leases 897 1,186 Stock options and other equity 5,402 4,588 Inventories 216 275 Research and development credit 2,760 2,327 Other assets 1,212 1,094 Net operating loss 19,738 16,237 Less valuation allowance (21,782) (17,667) Total deferred tax assets 25,159 23,279 Deferred tax liabilities: Depreciation (21,505) (25,552) Goodwill (14,449) (12,921) Intangible assets (1,873) (2,362) Leases (897) (1,186) Total deferred tax liabilities (38,724) (42,021) Net deferred tax liability $ (13,565) $ (18,742) The Company has recorded no U.S. deferred taxes related to the undistributed earnings of its non-U.S. subsidiaries as of December 31, 2024. 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, 2024, the Company had accumulated undistributed earnings in non-U.S. subsidiaries of $2.0 million. As of December 31, 2024, the Company had estimated net operating loss carry forwards of $19.7 million for tax purposes. The net operating losses relate to operations in the United Kingdom, Germany and Netherlands. The United Kingdom net operating losses may be carried forward without any time limitations, but are limited to £5 million, plus 50 percent of taxable income exceeding £5 million. 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 $21.8 million and $17.7 million at December 31, 2024 and 2023, 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 2024 . 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 2020. The Company has liabilities related to unrecognized tax benefits totaling $3.4 million and $3.6 million at December 31, 2024 and 2023, 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, 2024 2023 Balance at beginning of period $ 3,616 $ 3,236 Additions for tax positions of current year 533 632 Additions for tax positions of prior years — 86 Decrease related to the expiration of statutes of limitations (395) (338) Reduction for tax positions of prior years (384) — Balance at period end $ 3,370 $ 3,616

Litigation

Litigation	12 Months Ended
	Dec. 31, 2024
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, 2024
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. The following table summarizes selected financial information by reportable segments: Year Ended December 31 2024, (in thousands) United States Europe Corporate Unallocated and Japan Total Revenue $ 396,192 $ 104,698 $ — $ 500,890 Segment expense 1 297,902 114,654 62,838 475,394 Exit, Disposal and Goodwill impairment costs — 5,585 — 5,585 Income (Loss) from Operations $ 98,290 $ (15,541) $ (62,838) $ 19,911 Year Ended December 31 2023, (in thousands) United States Europe Corporate Unallocated and Japan Total Revenue $ 396,821 $ 107,056 $ — $ 503,877 Segment expense 1 302,139 119,584 53,772 475,495 Exit, Disposal and Goodwill impairment costs — — 215 215 Income (Loss) from Operations $ 94,682 $ (12,528) $ (53,987) $ 28,167 Year Ended December 31 2022, (in thousands) United States Europe Corporate Unallocated and Japan Total Revenue $ 387,399 $ 92,770 $ 8,229 $ 488,398 Segment expense 1 294,223 105,148 62,080 461,451 Exit, Disposal and Goodwill impairment costs — 118,008 6,922 124,930 Income (Loss) from Operations $ 93,176 $ (130,386) $ (60,773) $ (97,983) 1 Segment expenses consist primarily of raw materials, equipment depreciation, employee compensation including benefits, commissions and stock-based compensation, facilities costs and overhead allocations associated with the manufacturing process for molds and custom parts, marketing programs such as electronic, print and pay-per-click advertising and trade shows and other related costs for our United States and Europe reportable segments. Segment expenses for our Corporate Unallocated and Japan reportable segment consist primarily of personnel and outside service costs related to the development of new processes and product lines, enhancements of existing product lines, software developed for internal use, maintenance of internally developed software, quality assurance and testing and employee compensation including benefits, stock-based compensation, professional service fees related to accounting, tax and legal and other related overhead costs. 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 $ 181,291 $ 201,388 $ 203,816 Europe 45,972 52,267 53,835 Japan — — 134 Total long-lived assets $ 227,263 $ 253,655 $ 257,785 Year Ended December 31, (in thousands) 2024 2023 2022 Expenditures for additions to long-lived assets: United States $ 6,372 $ 24,553 $ 17,538 Europe 2,797 3,563 4,137 Japan — — 11 Total expenditures for additions to long-lived assets $ 9,169 $ 28,116 $ 21,686 Year Ended December 31, (in thousands) 2024 2023 2022 Depreciation and Amortization: United States $ 28,930 $ 30,667 $ 31,666 Europe 6,878 6,861 6,770 Japan — — 989 Total depreciation and amortization $ 35,808 $ 37,528 $ 39,425

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income (loss)	$ 16,593	$ 17,220	$ (103,462)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 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

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We have an enterprise-wide information security program designed to identify, protect, detect and respond to and manage reasonably foreseeable cybersecurity risks and threats. To protect our information systems from cybersecurity threats, we use various security tools that help prevent, identify, escalate, investigate, resolve and recover from identified vulnerabilities and security incidents in a timely manner. These include, but are not limited to, internal reporting, and monitoring and detection tools to allow our information security team members to assist us in identifying vulnerabilities in our systems before they are exploited by malicious threat actors. Our information security activities are overseen by our Chief Technology Officer, who has over 25 years of experience in information technology, including security, encryption, system design, programming and compliance, and leaders from Information Technology, Legal and Finance teams, who have an average of 20 years of experience in information technology, security, compliance and auditing. We also maintain a third party security program to identify, prioritize, assess, mitigate and remediate third party risks; however, we rely on the third parties we use to implement security programs commensurate with their risk, and we cannot ensure in all circumstances that their efforts will be successful.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have an enterprise-wide information security program designed to identify, protect, detect and respond to and manage reasonably foreseeable cybersecurity risks and threats. To protect our information systems from cybersecurity threats, we use various security tools that help prevent, identify, escalate, investigate, resolve and recover from identified
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The board oversees our annual enterprise risk assessment, where we assess key risks within the Company, including security and technology risks and cyber security threats. The audit committee has oversight responsibility for risks and incidents relating to cybersecurity threats, including compliance with disclosure requirements, cooperation with law enforcement, and related effects on financial and other risks, and it reports any findings and recommendations, as appropriate, to the full board for consideration. Our executive leadership team regularly discusses cyber risks and trends and, should they arise, any material incidents with the audit committee.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The audit committee has oversight responsibility for risks and incidents relating to cybersecurity threats, including compliance with disclosure requirements, cooperation with law enforcement, and related effects on financial and other risks, and it reports any findings and recommendations, as appropriate, to the full board for consideration. Our executive leadership team regularly discusses cyber risks and trends and, should they arise, any material incidents with the audit committee.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The audit committee has oversight responsibility for risks and incidents relating to cybersecurity threats, including compliance with disclosure requirements, cooperation with law enforcement, and related effects on financial and other risks, and it reports any findings and recommendations, as appropriate, to the full board for consideration. Our executive leadership team regularly discusses cyber risks and trends and, should they arise, any material incidents with the audit committee.
Cybersecurity Risk Role of Management [Text Block]	Our information security activities are overseen by our Chief Technology Officer, who has over 25 years of experience in information technology, including security, encryption, system design, programming and compliance, and leaders from Information Technology, Legal and Finance teams, who have an average of 20 years of experience in information technology, security, compliance and auditing. Any incident assessed as potentially being or potentially becoming material is immediately escalated for further assessment, and then reported to designated members of our senior management. We consult with outside counsel as appropriate, including on materiality analysis and disclosure matters, and our senior management makes the final materiality determinations and disclosure and other compliance decisions.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our information security activities are overseen by our Chief Technology Officer, who has over 25 years of experience in information technology, including security, encryption, system design, programming and compliance, and leaders from Information Technology, Legal and Finance teams, who have an average of 20 years of experience in information technology, security, compliance and auditing.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our information security activities are overseen by our Chief Technology Officer, who has over 25 years of experience in information technology, including security, encryption, system design, programming and compliance, and leaders from Information Technology, Legal and Finance teams, who have an average of 20 years of experience in information technology, security, compliance and auditing.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our executive leadership team regularly discusses cyber risks and trends and, should they arise, any material incidents with the audit committee.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
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 income (loss)	Comprehensive income (loss) Components of comprehensive income (loss) include net income (loss), foreign currency translation adjustments and net unrealized gains and losses on investments in securities. Comprehensive income (loss) 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.
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
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 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 $14.3 million, $13.8 million and $13.2 million for the years ended December 31, 2024 , 2023 and 2022, 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 and Recently issued accounting pronouncements not yet adopted	Recently adopted accounting pronouncements 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 adopted this guidance for its annual year ended December 31, 2024 and all interim periods thereafter. Recently issued accounting pronouncements not yet adopted 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 2024, the FASB issued ASU No. 2024-03 ("ASU 2024-03"), Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which is intended to improve disclosures about a public business entity's expenses, primarily through additional disaggregation of income statement expenses. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating ASU 2024-03 to determine the impact on the Company's disclosures.

Nature of Business (Tables)

Nature of Business (Tables)	12 Months Ended
	Dec. 31, 2024
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, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Revenue from External Customers by Geographic Areas	Revenue by geographic region for the years ended December 31, 2024, 2023 and 2022 was as follows: Year Ended December 31, (in thousands) 2024 2023 2022 Revenue: United States $ 396,192 $ 396,821 $ 387,399 Europe 104,698 107,056 92,770 Japan — — 8,229 Total revenue $ 500,890 $ 503,877 $ 488,398
Schedule of Disaggregation of Revenue	Revenue by product line for the years ended December 31, 2024, 2023 and 2022 was as follows: Year Ended December 31, (in thousands) 2024 2023 2022 Revenue: Injection Molding $ 194,215 $ 203,941 $ 200,578 CNC Machining 206,887 198,222 188,372 3D Printing 83,767 84,291 78,988 Sheet Metal 15,265 16,540 19,498 Other Revenue 756 883 962 Total revenue $ 500,890 $ 503,877 $ 488,398

Net Income (Loss) Per Common _2

Net Income (Loss) Per Common Share (Tables)	12 Months Ended
	Dec. 31, 2024
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) 2024 2023 2022 Net income (loss) $ 16,593 $ 17,220 $ (103,462) Basic - weighted-average shares outstanding: 25,096,117 26,186,533 27,409,838 Effect of dilutive securities: Employee stock options and other 116,061 36,965 — Diluted - weighted-average shares outstanding: 25,212,178 26,223,498 27,409,838 Net income (loss) per share attributable to common shareholders: Basic $ 0.66 $ 0.66 $ (3.77) Diluted $ 0.66 $ 0.66 $ (3.77)

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	Intangible assets other than goodwill for the years ended December 31, 2024 and 2023 were as follows: Year Ended December 31, 2024 Year Ended December 31, 2023 Weighted Average (in thousands) Gross Accumulated Net Gross Accumulated Net Useful Life (in Remaining (in years) Marketing assets $ 930 $ (930) $ — $ 930 $ (900) $ 30 10.0 0.0 Non-compete agreement 819 (703) 116 835 (603) 232 2.0 - 5.0 0.7 Software technology 13,229 (9,123) 4,106 13,229 (7,752) 5,477 10.0 3.0 Software platform 25,657 (8,457) 17,200 26,373 (6,575) 19,798 12.0 8.1 Tradenames 344 (344) — 354 (347) 7 3.0 0.0 Customer relationships 12,165 (12,165) — 12,223 (12,183) 40 3.0 - 9.0 0.0 Total intangible assets $ 53,144 $ (31,722) $ 21,422 $ 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 is as follows: (in thousands) Estimated Amortization 2025 $ 3,605 2026 3,505 2027 3,496 2028 2,128 2029 2,128 Thereafter 6,560 Total estimated amortization expense $ 21,422

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets Measured on Recurring Basis	The following tables summarizes financial assets as of December 31, 2024 and 2023 measured at fair value on a recurring basis: December 31, 2024 December 31, 2023 (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 $ 86,366 $ — $ — $ 77,423 $ — $ — Money market mutual fund 2,705 — — 6,367 $ — $ — Marketable securities 17,261 14,531 — 4,482 22,550 — Total $ 106,332 $ 14,531 $ — $ 88,272 $ 22,550 $ —

Marketable Securities (Tables)

Marketable Securities (Tables)	12 Months Ended
	Dec. 31, 2024
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, 2024 and 2023 is as follows: December 31, 2024 (in thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. government agency securities $ 8,323 — $ (22) $ 8,301 Corporate debt securities 15,852 — (82) 15,770 U.S. municipal securities 6,762 — (38) 6,724 U.S. treasury bonds 1,000 — (3) 997 Total marketable securities $ 31,937 $ — $ (145) $ 31,792 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
Investments Classified by Contractual Maturity Date	The December 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) December 31, Due in one year or less $ 14,019 Due after one year through five years 17,773 Total marketable securities $ 31,792

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property and equipment consists of the following: December 31, (in thousands) 2024 2023 Land $ 15,596 $ 15,596 Buildings and improvements 137,461 133,033 Machinery and equipment 236,675 235,527 Computer hardware and software 89,699 86,659 Leasehold improvements 4,528 4,609 Construction in progress 5,632 8,410 Total 489,591 483,834 Accumulated depreciation and amortization (262,328) (230,179) Property and equipment, net $ 227,263 $ 253,655

Inventory (Tables)

Inventory (Tables)	12 Months Ended
	Dec. 31, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	The Company’s inventory consists of the following: December 31, (in thousands) 2024 2023 Total inventory $ 12,989 $ 14,319 Allowance for obsolescence (684) (662) Inventory, net of allowance $ 12,305 $ 13,657

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-based Compensation Expense	The following table summarizes stock-based compensation expense for the years ended December 31, 2024, 2023 and 2022, respectively: Year Ended December 31, (in thousands) 2024 2023 2022 Stock options and other $ 15,691 $ 14,550 $ 16,103 Employee stock purchase plan 1,308 1,439 1,442 Total stock-based compensation expense $ 16,999 $ 15,989 $ 17,545 Cost of revenue $ 1,935 $ 1,840 $ 2,172 Operating expenses: Marketing and sales 3,112 3,426 3,295 Research and development 2,721 2,556 2,189 General and administrative 9,231 8,167 9,889 Total stock-based compensation expense $ 16,999 $ 15,989 $ 17,545
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, 2024, 2023 and 2022: Year Ended December 31, 2024 2023 2022 Risk-free interest rate 4.28 - 4.30% 3.55 - 4.55% 1.94 - 3.40% Expected life (years) 6.25 2 - 6.25 6.25 Expected volatility 50.62 - 53.17% 49.23 - 55.92% 45.95 - 46.03% Expected dividend yield 0% 0% 0% Weighted average grant date fair value $18.17 $16.36 $23.11
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, 2024, 2023 and 2022: Stock Options Weighted- Options outstanding at January 1, 2022 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 Granted 140,405 33.44 Exercised (1,936) 32.13 Cancelled (59,552) 61.83 Expired (5,094) 67.78 Options outstanding at December 31, 2024 445,136 $ 51.34 Exercisable at December 31, 2024 183,942 $ 70.06
Share-Based Payment Arrangement, Option, Exercise Price Range	The following table summarizes information about stock options outstanding at December 31, 2024: 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 $33.68 163,427 8.95 33.14 8,883 32.32 $33.69 to $39.59 145,977 6.53 35.00 67,050 35.07 $39.60 to $180.46 135,732 4.97 90.84 108,009 94.88
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity	The following table summarizes restricted stock activity for the years ended December 31, 2024, 2023 and 2022: Restricted Weighted- Restricted stock at January 1, 2022 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 Granted 377,961 33.50 Restrictions lapsed (195,831) 54.52 Forfeited (72,334) 38.40 Restricted stock at December 31, 2024 763,261 $ 38.25
Schedule of Nonvested Performance-Based Units Activity	The following table summarizes performance stock activity for the years ended December 31, 2024, 2023 and 2022: Performance Weighted- Performance stock at January 1, 2022 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 Granted 79,436 48.20 Restrictions lapsed — — Performance change (2,772) 227.14 Forfeited (3,588) 52.18 Performance stock at December 31, 2024 180,173 $ 60.75
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, 2024, 2023 and 2022: Year Ended December 31, 2024 2023 2022 Risk-free interest rate 4.29 - 5.16% 4.60 - 5.16% 0.17 - 4.60% Expected life (months) 6.00 6.00 6.00 Expected volatility 30.97 - 65.60% 47.38 - 67.84% 47.05 - 67.84% Expected dividend yield 0% 0% 0%

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Lease, Cost	Supplemental balance sheet information related to leases was as follows: December 31, (in thousands) 2024 2023 Operating lease assets $ 2,993 $ 4,628 Current operating lease liabilities $ 1,287 $ 1,585 Long-term operating lease liabilities 1,633 3,008 Total operating lease liabilities $ 2,920 $ 4,593 Finance lease assets $ 692 $ 960 Current finance lease liabilities $ 309 $ 296 Long-term finance lease liabilities 287 595 Total finance lease liabilities $ 596 $ 891 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) 2024 2023 Operating lease cost $ 1,762 $ 1,965 Finance lease cost: Amortization of right-of-use assets $ 329 $ 732 Interest on lease obligations 33 1,055 Variable lease cost $ 382 $ 371 Total lease cost $ 2,506 $ 4,123 Supplemental cash flow information related to leases was as follows: Twelve Months Ended December 31, (in thousands) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,093 $ 2,288 Operating cash flows from finance leases $ 33 $ 1,055 Financing cash flows from finance leases $ 296 $ 306 Lease assets obtained in exchange for new operating lease liabilities $ — $ 2,324 Lease assets obtained in exchange for new financing lease liabilities $ — $ 240
Finance Lease, Liability, to be Paid, Maturity	Maturities of operating and finance lease liabilities as of December 31, 2024 were as follows: (in thousands) Operating Leases Finance Leases Year Ending December 31, 2025 $ 1,363 $ 329 2026 790 292 2027 422 - 2028 373 - 2029 104 - After 2029 2 - Total future minimum lease payments 3,054 621 Less interest (134) (25) Present value of lease liabilities $ 2,920 $ 596
Lessee, Operating Lease, Liability, to be Paid, Maturity	Maturities of operating and finance lease liabilities as of December 31, 2024 were as follows: (in thousands) Operating Leases Finance Leases Year Ending December 31, 2025 $ 1,363 $ 329 2026 790 292 2027 422 - 2028 373 - 2029 104 - After 2029 2 - Total future minimum lease payments 3,054 621 Less interest (134) (25) Present value of lease liabilities $ 2,920 $ 596
Assets and Liabilities, Lessee	Weighted average remaining lease term and discount rate was as follows: December 31, 2024 2023 Weighted Average Remaining Lease Term - operating leases (years) 3.0 3.6 Weighted Average Remaining Lease Term - finance leases (years) 1.6 2.6 Weighted Average Discount Rate - operating leases 2.6% 2.5% Weighted Average Discount Rate - finance leases 4.4% 4.4%

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	12 Months Ended
	Dec. 31, 2024
Regulated Operations [Abstract]
Accumulated Other Comprehensive Loss	The following table presents the changes in accumulated other comprehensive loss balances for the years ended December 31, 2024, 2023 and 2022, respectively: Year Ended December 31, (in thousands) 2024 2023 2022 Balance at beginning of period $ (28,013) $ (34,355) $ (16,817) Foreign currency translation adjustments Other comprehensive income (loss) before reclassifications (228) 1,459 (16,278) Amounts reclassified from accumulated other comprehensive income (loss) — 3,906 — Net current-period other comprehensive income (loss) (228) 5,365 (16,278) Net unrealized gains (losses) on investments in securities Other comprehensive income (loss) before reclassifications 257 977 (1,260) Amounts reclassified from accumulated other comprehensive income (loss) — — — Net current-period other comprehensive income (loss) 257 977 (1,260) Balance at end of period $ (27,984) $ (28,013) $ (34,355)

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
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) 2024 2023 2022 Domestic $ 39,386 $ 38,099 $ 33,731 Foreign (14,714) (10,147) (131,608) Total $ 24,672 $ 27,952 $ (97,877)
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) 2024 2023 2022 Current: Federal $ 11,970 $ 15,717 $ 15,366 State 1,451 2,418 (393) Foreign (165) 34 (99) Deferred Federal (4,606) (8,202) (9,159) State (1,291) (385) (723) Foreign (3,736) 1,379 (4,641) Valuation Allowance 4,456 (229) 5,234 Total $ 8,079 $ 10,732 $ 5,585
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, 2024 2023 2022 Federal tax statutory rate 21.0 % 21.0 % 21.0 % State tax (net of federal benefit) 2.5 3.5 (0.8) Share based compensation 4.7 6.0 (2.1) Valuation allowance against deferred tax assets 16.6 (2.4) (5.0) Goodwill impairment — — (24.4) Research and development credit (4.1) (3.8) 1.2 Foreign rate differential (3.7) (1.6) 2.9 Tax reserves (0.2) 1.9 1.0 Provision to return difference (0.2) (0.2) — Unrealized foreign exchange losses — 2.9 — Revaluation of deferred tax liability (3.2) 1.1 — Closure of Japan branch net operating loss reversal — 11.1 — Miscellaneous (0.7) (1.1) 0.5 Total 32.7 % 38.4 % (5.7 %)
Schedule of Deferred Tax Assets and Liabilities	Significant components of deferred tax assets and liabilities are as follows: December 31, (in thousands) 2024 2023 Deferred tax assets: Accrued expenses $ 1,658 $ 2,155 Section 174 expenses 15,058 13,084 Leases 897 1,186 Stock options and other equity 5,402 4,588 Inventories 216 275 Research and development credit 2,760 2,327 Other assets 1,212 1,094 Net operating loss 19,738 16,237 Less valuation allowance (21,782) (17,667) Total deferred tax assets 25,159 23,279 Deferred tax liabilities: Depreciation (21,505) (25,552) Goodwill (14,449) (12,921) Intangible assets (1,873) (2,362) Leases (897) (1,186) Total deferred tax liabilities (38,724) (42,021) Net deferred tax liability $ (13,565) $ (18,742)
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, 2024 2023 Balance at beginning of period $ 3,616 $ 3,236 Additions for tax positions of current year 533 632 Additions for tax positions of prior years — 86 Decrease related to the expiration of statutes of limitations (395) (338) Reduction for tax positions of prior years (384) — Balance at period end $ 3,370 $ 3,616

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Reportable Segments	The following table summarizes selected financial information by reportable segments: Year Ended December 31 2024, (in thousands) United States Europe Corporate Unallocated and Japan Total Revenue $ 396,192 $ 104,698 $ — $ 500,890 Segment expense 1 297,902 114,654 62,838 475,394 Exit, Disposal and Goodwill impairment costs — 5,585 — 5,585 Income (Loss) from Operations $ 98,290 $ (15,541) $ (62,838) $ 19,911 Year Ended December 31 2023, (in thousands) United States Europe Corporate Unallocated and Japan Total Revenue $ 396,821 $ 107,056 $ — $ 503,877 Segment expense 1 302,139 119,584 53,772 475,495 Exit, Disposal and Goodwill impairment costs — — 215 215 Income (Loss) from Operations $ 94,682 $ (12,528) $ (53,987) $ 28,167 Year Ended December 31 2022, (in thousands) United States Europe Corporate Unallocated and Japan Total Revenue $ 387,399 $ 92,770 $ 8,229 $ 488,398 Segment expense 1 294,223 105,148 62,080 461,451 Exit, Disposal and Goodwill impairment costs — 118,008 6,922 124,930 Income (Loss) from Operations $ 93,176 $ (130,386) $ (60,773) $ (97,983) 1 Segment expenses consist primarily of raw materials, equipment depreciation, employee compensation including benefits, commissions and stock-based compensation, facilities costs and overhead allocations associated with the manufacturing process for molds and custom parts, marketing programs such as electronic, print and pay-per-click advertising and trade shows and other related costs for our United States and Europe reportable segments. Segment expenses for our Corporate Unallocated and Japan reportable segment consist primarily of personnel and outside service costs related to the development of new processes and product lines, enhancements of existing product lines, software developed for internal use, maintenance of internally developed software, quality assurance and testing and employee compensation including benefits, stock-based compensation, professional service fees related to accounting, tax and legal and other related overhead costs.
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 $ 181,291 $ 201,388 $ 203,816 Europe 45,972 52,267 53,835 Japan — — 134 Total long-lived assets $ 227,263 $ 253,655 $ 257,785
Expenditures for Additions to Long-lived Assets by Geographic Region	Year Ended December 31, (in thousands) 2024 2023 2022 Expenditures for additions to long-lived assets: United States $ 6,372 $ 24,553 $ 17,538 Europe 2,797 3,563 4,137 Japan — — 11 Total expenditures for additions to long-lived assets $ 9,169 $ 28,116 $ 21,686
Depreciation and Amortization by Geographic Region	Year Ended December 31, (in thousands) 2024 2023 2022 Depreciation and Amortization: United States $ 28,930 $ 30,667 $ 31,666 Europe 6,878 6,861 6,770 Japan — — 989 Total depreciation and amortization $ 35,808 $ 37,528 $ 39,425

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Line Items]
Goodwill impairment	$ 0	$ 0	$ 118,008,000
Advertising costs	14,300,000	13,800,000	13,200,000
Research and development costs	41,298,000	40,135,000	38,222,000
Impairments related to exit and closure of Germany and Japan businesses	2,333,000	$ 0	2,842,000
Disposal Group, Not Discontinued Operations
Accounting Policies [Line Items]
Impairments related to exit and closure of Germany and Japan businesses	$ 2,300,000		2,800,000
Europe Reporting Unit
Accounting Policies [Line Items]
Goodwill impairment			$ 118,000,000
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 (less than) (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 (less than) (in years)	5 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, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Unbilled receivables	$ 10.1	$ 10.1
Unsatisfied performance obligation	$ 8.7	$ 9.8

Revenue - Schedule of Revenue b

Revenue - Schedule of Revenue by Geographic Areas (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 500,890	$ 503,877	$ 488,398
United States
Disaggregation of Revenue [Line Items]
Total revenue	396,192	396,821	387,399
Europe
Disaggregation of Revenue [Line Items]
Total revenue	104,698	107,056	92,770
Japan
Disaggregation of Revenue [Line Items]
Total revenue	$ 0	$ 0	$ 8,229

Revenue - Schedule of Disaggreg

Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 500,890	$ 503,877	$ 488,398
Injection Molding
Disaggregation of Revenue [Line Items]
Total revenue	194,215	203,941	200,578
CNC Machining
Disaggregation of Revenue [Line Items]
Total revenue	206,887	198,222	188,372
3D Printing
Disaggregation of Revenue [Line Items]
Total revenue	83,767	84,291	78,988
Sheet Metal
Disaggregation of Revenue [Line Items]
Total revenue	15,265	16,540	19,498
Other Revenue
Disaggregation of Revenue [Line Items]
Total revenue	$ 756	$ 883	$ 962

Net Income (Loss) Per Common _3

Net Income (Loss) Per Common Share - Narrative (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Anti-dilutive options excluded from calculation of diluted weighted average shares outstanding (in shares)	451,029	263,992	197,827

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, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Net income (loss)	$ 16,593	$ 17,220	$ (103,462)
Basic - weighted-average shares outstanding (in shares)	25,096,117	26,186,533	27,409,838
Effect of dilutive securities:
Employee stock options and other (in shares)	116,061	36,965	0
Diluted - weighted-average shares outstanding (in shares)	25,212,178	26,223,498	27,409,838
Net income (loss) per share attributable to common shareholders:
Basic (in dollars per share)	$ 0.66	$ 0.66	$ (3.77)
Diluted (in dollars per share)	$ 0.66	$ 0.66	$ (3.77)

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, period increase (decrease)	$ 0	$ 0	$ (126,600,000)
Amortization expense for intangible assets	3,700,000	5,900,000	6,000,000
Foreign currency translation adjustment	$ 2,200,000	$ 1,300,000	$ 1,700,000

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	$ 53,144	$ 53,944
Accumulated Amortization	(31,722)	(28,360)
Net	$ 21,422	25,584
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	(930)	(900)
Net	$ 0	30
Intangible assets, useful life (in years)	10 years
Weighted Average Useful Life Remaining (in years)	0 years
Non-compete agreement
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	$ 819	835
Accumulated Amortization	(703)	(603)
Net	$ 116	232
Weighted Average Useful Life Remaining (in years)	8 months 12 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	(9,123)	(7,752)
Net	$ 4,106	5,477
Intangible assets, useful life (in years)	10 years
Weighted Average Useful Life Remaining (in years)	3 years
Software platform
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	$ 25,657	26,373
Accumulated Amortization	(8,457)	(6,575)
Net	$ 17,200	19,798
Intangible assets, useful life (in years)	12 years
Weighted Average Useful Life Remaining (in years)	8 years 1 month 6 days
Tradenames
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	$ 344	354
Accumulated Amortization	(344)	(347)
Net	$ 0	7
Intangible assets, 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	$ 12,165	12,223
Accumulated Amortization	(12,165)	(12,183)
Net	$ 0	$ 40
Weighted Average Useful Life Remaining (in years)	0 years
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 - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Estimated Amortization Expense
2025	$ 3,605
2026	3,505
2027	3,496
2028	2,128
2029	2,128
Thereafter	6,560
Net	$ 21,422	$ 25,584

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value, Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Financial Assets:
Marketable securities	$ 31,792	$ 27,032
Level 1 | Fair Value, Recurring
Financial Assets:
Marketable securities	17,261	4,482
Total	106,332	88,272
Level 2 | Fair Value, Recurring
Financial Assets:
Marketable securities	14,531	22,550
Total	14,531	22,550
Level 3 | Fair Value, Recurring
Financial Assets:
Marketable securities	0	0
Total	0	0
Cash | Level 1 | Fair Value, Recurring
Financial Assets:
Cash and cash equivalents	86,366	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	2,705	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	Dec. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 31,937	$ 27,434
Unrealized Gains	0	0
Unrealized Losses	(145)	(402)
Fair Value	31,792	27,032
U.S. government agency securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	8,323	16,798
Unrealized Gains	0	0
Unrealized Losses	(22)	(278)
Fair Value	8,301	16,520
Corporate debt securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	15,852	2,511
Unrealized Gains	0	0
Unrealized Losses	(82)	(19)
Fair Value	15,770	2,492
U.S. municipal securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	6,762	7,876
Unrealized Gains	0	0
Unrealized Losses	(38)	(105)
Fair Value	6,724	7,771
U.S. treasury bonds
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	1,000
Unrealized Gains	0
Unrealized Losses	(3)
Fair Value	$ 997
Certificates of deposit/time deposits
Debt Securities, Available-for-Sale [Line Items]
Amortized 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	Dec. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale, Fair Value, Fiscal Year Maturity [Abstract]
Due in one year or less	$ 14,019
Due after one year through five years	17,773
Total marketable securities	$ 31,792	$ 27,032

Property and Equipment - Schedu

Property and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 489,591	$ 483,834
Accumulated depreciation and amortization	(262,328)	(230,179)
Property and equipment, net	227,263	253,655	$ 257,785
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	15,596	15,596
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	137,461	133,033
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	236,675	235,527
Computer hardware and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	89,699	86,659
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	4,528	4,609
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 5,632	$ 8,410

Property and Equipment - Narrat

Property and Equipment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation	$ 32.1	$ 31.6	$ 33.4

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Total inventory	$ 12,989	$ 14,319
Allowance for obsolescence	(684)	(662)
Inventory	$ 12,305	$ 13,657

Financing Obligations (Details)

Financing Obligations (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Financing obligations	$ 0	$ 0

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
United States
Defined Benefit Plan Disclosure [Line Items]
Maximum annual contributions per employees (in percent)	50%
Contributions by employer	$ 4,300,000	$ 4,600,000	$ 3,900,000
United Kingdom
Defined Benefit Plan Disclosure [Line Items]
Contributions by employer	500,000	500,000	500,000
Netherlands
Defined Benefit Plan Disclosure [Line Items]
Contributions by employer	$ 600,000	$ 600,000	$ 0

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($)		12 Months Ended
	May 23, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options, intrinsic value (less than for years ended December 31,2024 and 2022)		$ 100,000	$ 0	$ 100,000
Options outstanding, weighted-average remaining contractual term (in years)		6 years 10 months 24 days
Options outstanding, aggregate intrinsic value		$ 1,600,000
Options exercisable, weighted-average remaining contractual term (in years)		4 years 8 months 12 days
Options exercisable, aggregate intrinsic value		$ 300,000
Options vested, fair value		$ 2,300,000	$ 1,800,000	$ 2,300,000
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)		141,743	171,991
Average exercise price (in dollars per share)		$ 27.91	$ 22.30
Shares available for grant (in shares)		602,150
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		$ 3,600,000
Stock based award, unrecognized compensation expense, period for recognition (in years)		2 years 6 months
Restricted Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based award, unrecognized compensation expense		$ 18,400,000
Stock based award, unrecognized compensation expense, period for recognition (in years)		2 years 7 months 6 days
Restricted Stock Awards | Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based award, vesting period (in years)		4 years
Performance Stock Awards
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		$ 4,200,000
Stock based award, unrecognized compensation expense, period for recognition (in years)		1 year 8 months 12 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 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares available for issuance pursuant to awards (in shares)	430,000
Stock-based award, term (in years)		10 years

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 16,999	$ 15,989	$ 17,545
Cost of revenue
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	1,935	1,840	2,172
Marketing and sales
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	3,112	3,426	3,295
Research and development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	2,721	2,556	2,189
General and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	9,231	8,167	9,889
Stock options and other
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	15,691	14,550	16,103
Employee stock purchase plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 1,308	$ 1,439	$ 1,442

Stock-Based Compensation - Weig

Stock-Based Compensation - Weighted Average Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected life	6 years 3 months		6 years 3 months
Expected dividend yield	0%	0%	0%
Weighted average grant date fair value (in dollars per share)	$ 18.17	$ 16.36	$ 23.11
Performance Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected life	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	4.28%	3.55%	1.94%
Expected life		2 years
Expected volatility	50.62%	49.23%	45.95%
Minimum | Performance Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	4.29%	4.60%	0.17%
Expected volatility	30.97%	47.38%	47.05%
Maximum | Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	4.30%	4.55%	3.40%
Expected life		6 years 3 months
Expected volatility	53.17%	55.92%	46.03%
Maximum | Performance Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	5.16%	5.16%	4.60%
Expected volatility	65.60%	67.84%	67.84%

Stock-Based Compensation - Opti

Stock-Based Compensation - Option Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stock Options
Beginning balance (in shares)	371,313	263,992	233,384
Granted (in shares)	140,405	186,804	118,434
Exercised (in shares)	(1,936)	0	(3,114)
Cancelled (in shares)	(59,552)	(63,635)	(84,712)
Expired (in shares)	(5,094)	(15,848)
Ending balance (in shares)	445,136	371,313	263,992
Exercisable (in shares)	183,942
Weighted- Average Exercise Price
Beginning balance (in dollars per share)	$ 59.92	$ 79.07	$ 97.78
Granted (in dollars per share)	33.44	33.36	48.24
Exercised (in dollars per share)	32.13	0	30.58
Cancelled (in dollars per share)	61.83	62.44	89.32
Expired (in dollars per share)	67.78	55.67
Ending balance (in dollars per share)	51.34	$ 59.92	$ 79.07
Exercisable (in dollars per share)	$ 70.06

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Options Outstanding (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options Outstanding, Vested and Expected to Vest, Number Outstanding (in shares)	445,136	371,313	263,992	233,384
Options Outstanding, Vested and Expected to Vest, Weighted Average Exercise Price (in dollars per share)	$ 51.34	$ 59.92	$ 79.07	$ 97.78
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)	$ 33.68
Options Outstanding, Vested and Expected to Vest, Number Outstanding (in shares)	163,427
Options Outstanding, Vested and Expected to Vest, Weighted Average Remaining Contractual Life (in years)	8 years 11 months 12 days
Options Outstanding, Vested and Expected to Vest, Weighted Average Exercise Price (in dollars per share)	$ 33.14
Options Exercisable, Number Exercisable (in shares)	8,883
Options Exercisable, Weighted Average Exercise Price (in dollar per share)	$ 32.32
Range Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Range of Exercise Prices, lower range limit (in dollars per share)	33.69
Range of Exercise Prices, upper range limit (in dollars per share)	$ 39.59
Options Outstanding, Vested and Expected to Vest, Number Outstanding (in shares)	145,977
Options Outstanding, Vested and Expected to Vest, Weighted Average Remaining Contractual Life (in years)	6 years 6 months 10 days
Options Outstanding, Vested and Expected to Vest, Weighted Average Exercise Price (in dollars per share)	$ 35
Options Exercisable, Number Exercisable (in shares)	67,050
Options Exercisable, Weighted Average Exercise Price (in dollar per share)	$ 35.07
Range Three
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Range of Exercise Prices, lower range limit (in dollars per share)	39.60
Range of Exercise Prices, upper range limit (in dollars per share)	$ 180.46
Options Outstanding, Vested and Expected to Vest, Number Outstanding (in shares)	135,732
Options Outstanding, Vested and Expected to Vest, Weighted Average Remaining Contractual Life (in years)	4 years 11 months 19 days
Options Outstanding, Vested and Expected to Vest, Weighted Average Exercise Price (in dollars per share)	$ 90.84
Options Exercisable, Number Exercisable (in shares)	108,009
Options Exercisable, Weighted Average Exercise Price (in dollar per share)	$ 94.88

Stock-Based Compensation - St_2

Stock-Based Compensation - Stock Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restricted Stock Awards
Stock Awards
Beginning balance (in shares)	653,465	478,596	343,782
Granted (in shares)	377,961	410,682	315,432
Restrictions lapsed (in shares)	(195,831)	(137,053)	(130,452)
Forfeited (in shares)	(72,334)	(98,760)	(50,166)
Ending balance (in shares)	763,261	653,465	478,596
Weighted- Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share)	$ 45.89	$ 70.36	$ 111.79
Granted (in dollars per share)	33.50	32.46	42.03
Restrictions lapsed (in dollars per share)	54.52	79.61	101.32
Forfeited (in dollars per share)	38.40	61.25	96.48
Ending balance (in dollars per share)	$ 38.25	$ 45.89	$ 70.36
Performance Stock Awards
Stock Awards
Beginning balance (in shares)	107,097	35,802	16,839
Granted (in shares)	79,436	71,295	35,697
Restrictions lapsed (in shares)	0	0	0
Performance change (in shares)	(2,772)	0	(13,156)
Forfeited (in shares)	(3,588)	0	(3,578)
Ending balance (in shares)	180,173	107,097	35,802
Weighted- Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share)	$ 74.08	$ 77.91	$ 115.56
Granted (in dollars per share)	48.20	57.79	96.71
Restrictions lapsed (in dollars per share)	0	0	0
Performance change (in dollars per share)	227.14	0	99.59
Forfeited (in dollars per share)	52.18	0	121.79
Ending balance (in dollars per share)	$ 60.75	$ 74.08	$ 77.91

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Operating Lease, Liability [Abstract]
Operating lease assets	$ 2,993	$ 4,628
Current operating lease liabilities	1,287	1,585
Long-term operating lease liabilities	1,633	3,008
Total operating lease liabilities	2,920	4,593
Finance Lease, Liability [Abstract]
Finance lease assets	692	960
Current finance lease liabilities	309	296
Long-term finance lease liabilities	287	595
Total finance lease liabilities	$ 596	$ 891

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease cost	$ 1,762	$ 1,965
Finance lease cost:
Amortization of right-of-use assets	329	732
Interest on lease obligations	33	1,055
Variable lease cost	382	371
Total lease cost	$ 2,506	$ 4,123

Leases - Maturities of Operatin

Leases - Maturities of Operating And Finance Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Operating Leases
2025	$ 1,363
2026	790
2027	422
2028	373
2029	104
After 2029	2
Total future minimum lease payments	3,054
Less interest	(134)
Present value of lease liabilities	2,920	$ 4,593
Finance Leases
2025	329
2026	292
2027	0
2028	0
2029	0
After 2029	0
Total future minimum lease payments	621
Less interest	(25)
Total finance lease liabilities	$ 596	$ 891

Leases - Narrative (Details)

Leases - Narrative (Details)	Dec. 31, 2024 USD ($)
Leases [Abstract]
Lease not yet commenced	$ 0

Leases - Weighted Average Remai

Leases - Weighted Average Remaining Lease Term And Discount (Details)	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted Average Remaining Lease Term - operating leases (years)	3 years	3 years 7 months 6 days
Weighted Average Remaining Lease Term - finance leases (years)	1 year 7 months 6 days	2 years 7 months 6 days
Weighted Average Discount Rate - operating leases (in percent)	2.60%	2.50%
Weighted Average Discount Rate - finance leases (in percent)	4.40%	4.40%

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 2,093	$ 2,288
Operating cash flows from finance leases	33	1,055
Financing cash flows from finance leases	296	306	$ 531
Lease assets obtained in exchange for new lease liabilities
Lease assets obtained in exchange for new operating lease liabilities	0	2,324
Lease assets obtained in exchange for new financing lease liabilities	$ 0	$ 240

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amounts reclassified from accumulated other comprehensive income (loss)	$ 0	$ (3,906)	$ 0

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Changes In Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	$ 695,295	$ 697,648	$ 828,493
Net unrealized gains (losses) on investments in securities
Balance at end of period	670,151	695,295	697,648
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	(28,013)	(34,355)	(16,817)
Net unrealized gains (losses) on investments in securities
Balance at end of period	(27,984)	(28,013)	(34,355)
Foreign currency translation adjustments
Foreign currency translation adjustments
Other comprehensive income (loss) before reclassifications	(228)	1,459	(16,278)
Amounts reclassified from accumulated other comprehensive income (loss)	0	3,906	0
Net unrealized gains (losses) on investments in securities
Other comprehensive income (loss) before reclassifications	(228)	1,459	(16,278)
Amounts reclassified from accumulated other comprehensive income (loss)	0	3,906	0
Net current-period other comprehensive income (loss)	(228)	5,365	(16,278)
Net unrealized gains (losses) on investments in securities
Foreign currency translation adjustments
Other comprehensive income (loss) before reclassifications	257	977	(1,260)
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	257	977	(1,260)
Amounts reclassified from accumulated other comprehensive income (loss)	0	0	0
Net current-period other comprehensive income (loss)	$ 257	$ 977	$ (1,260)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Contingency [Line Items]
Provision for income taxes	$ 8,079,000	$ 10,732,000	$ 5,585,000
Effective income tax rate reconciliation (in percent)	32.70%	38.40%	(5.70%)
Effective income tax rate, increase (decrease) during period (in percent)	(5.70%)
Deferred tax assets related to undistributed earnings	$ 0
Undistributed earnings	2,000,000
Operating loss carryforwards	19,700,000
Deferred tax assets, valuation allowance	21,782,000	$ 17,667,000
Unrecognized tax benefits	$ 3,370,000	$ 3,616,000	$ 3,236,000
United Kingdom
Income Tax Contingency [Line Items]
Operating loss carryforwards, percentage of taxable income (in percent)	50%
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, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Domestic	$ 39,386	$ 38,099	$ 33,731
Foreign	(14,714)	(10,147)	(131,608)
Income (loss) before income taxes	$ 24,672	$ 27,952	$ (97,877)

Income Taxes - Provisions For I

Income Taxes - Provisions For Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current:
Federal	$ 11,970	$ 15,717	$ 15,366
State	1,451	2,418	(393)
Foreign	(165)	34	(99)
Deferred
Federal	(4,606)	(8,202)	(9,159)
State	(1,291)	(385)	(723)
Foreign	(3,736)	1,379	(4,641)
Valuation Allowance	4,456	(229)	5,234
Total	$ 8,079	$ 10,732	$ 5,585

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Federal Statutory Income Tax Rate (Detail)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Federal tax statutory rate	21%	21%	21%
State tax (net of federal benefit)	2.50%	3.50%	(0.80%)
Share based compensation	4.70%	6%	(2.10%)
Valuation allowance against deferred tax assets	16.60%	(2.40%)	(5.00%)
Goodwill impairment	0%	0%	(24.40%)
Research and development credit	(4.10%)	(3.80%)	1.20%
Foreign rate differential	(3.70%)	(1.60%)	2.90%
Tax reserves	(0.20%)	1.90%	1%
Provision to return difference	(0.20%)	(0.20%)	0%
Unrealized foreign exchange losses	0%	2.90%	0%
Revaluation of deferred tax liability	(3.20%)	1.10%	0%
Closure of Japan branch net operating loss reversal	0%	11.10%	0%
Miscellaneous	(0.70%)	(1.10%)	0.50%
Total	32.70%	38.40%	(5.70%)

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Accrued expenses	$ 1,658	$ 2,155
Section 174 expenses	15,058	13,084
Leases	897	1,186
Stock options and other equity	5,402	4,588
Inventories	216	275
Research and development credit	2,760	2,327
Other assets	1,212	1,094
Net operating loss	19,738	16,237
Less valuation allowance	(21,782)	(17,667)
Total deferred tax assets	25,159	23,279
Deferred tax liabilities:
Depreciation	(21,505)	(25,552)
Goodwill	(14,449)	(12,921)
Intangible assets	(1,873)	(2,362)
Leases	(897)	(1,186)
Total deferred tax liabilities	(38,724)	(42,021)
Net deferred tax liability	$ (13,565)	$ (18,742)

Income Taxes - Reconciliation_2

Income Taxes - Reconciliation Of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Balance at beginning of period	$ 3,616	$ 3,236
Additions for tax positions of current year	533	632
Additions for tax positions of prior years	0	86
Decrease related to the expiration of statutes of limitations	(395)	(338)
Reduction for tax positions of prior years	(384)	0
Balance at period end	$ 3,370	$ 3,616

Segment Reporting - Schedule of

Segment Reporting - Schedule of Reportable Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Revenue	$ 500,890	$ 503,877	$ 488,398
Segment expense	475,394	475,495	461,451
Exit, Disposal and Goodwill impairment costs	5,585	215	124,930
Income (loss) from operations	19,911	28,167	(97,983)
United States
Segment Reporting Information [Line Items]
Revenue	396,192	396,821	387,399
Segment expense	297,902	302,139	294,223
Exit, Disposal and Goodwill impairment costs	0	0	0
Income (loss) from operations	98,290	94,682	93,176
Europe
Segment Reporting Information [Line Items]
Revenue	104,698	107,056	92,770
Segment expense	114,654	119,584	105,148
Exit, Disposal and Goodwill impairment costs	5,585	0	118,008
Income (loss) from operations	(15,541)	(12,528)	(130,386)
Corporate Unallocated and Japan
Segment Reporting Information [Line Items]
Revenue	0	0	8,229
Segment expense	62,838	53,772	62,080
Exit, Disposal and Goodwill impairment costs	0	215	6,922
Income (loss) from operations	$ (62,838)	$ (53,987)	$ (60,773)

Segment Reporting - Long-Lived

Segment Reporting - Long-Lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total long-lived assets	$ 227,263	$ 253,655	$ 257,785
United States
Segment Reporting Information [Line Items]
Total long-lived assets	181,291	201,388	203,816
Europe
Segment Reporting Information [Line Items]
Total long-lived assets	45,972	52,267	53,835
Japan
Segment Reporting Information [Line Items]
Total long-lived assets	$ 0	$ 0	$ 134

Segment Reporting - Expenditure

Segment Reporting - Expenditures For Additions To Long-Lived Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total expenditures for additions to long-lived assets	$ 9,169	$ 28,116	$ 21,686
United States
Segment Reporting Information [Line Items]
Total expenditures for additions to long-lived assets	6,372	24,553	17,538
Europe
Segment Reporting Information [Line Items]
Total expenditures for additions to long-lived assets	2,797	3,563	4,137
Japan
Segment Reporting Information [Line Items]
Total expenditures for additions to long-lived assets	$ 0	$ 0	$ 11

Segment Reporting - Depreciatio

Segment Reporting - Depreciation And Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total depreciation and amortization	$ 35,808	$ 37,528	$ 39,425
United States
Segment Reporting Information [Line Items]
Total depreciation and amortization	28,930	30,667	31,666
Europe
Segment Reporting Information [Line Items]
Total depreciation and amortization	6,878	6,861	6,770
Japan
Segment Reporting Information [Line Items]
Total depreciation and amortization	$ 0	$ 0	$ 989