Earnings call transcript Q2 2023

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Operator

Greetings and welcome to the Proto Labs’ Q2 2023 Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder this conference is being recorded.

It is now my pleasure to introduce your host, Mr. Corporate and VP Frankman, Controller. Jason Thank you Mr. Frankman.

begin. may You

Jason Frankman

company’s XXXX. Officer; Proto Thank the quarter XXXX quarter Rob morning, Proto Chief Proto XX, to Officer. a ended Chief joined its you, and welcome, Bodor, financial Executive website. is and available President release [Camilla] Labs Labs’ Lab’s Dan earnings This second release on The by Schumacher, Financial second the today everyone, and press conference announcing issued I’m call. for results June

In a is online addition, slide prepared available in at presentation provided address our the web press release.

differ include our relating to and from are recent risks statements risks will adversely today discussion on expectations. expectations materially considered information including subject press and SEC XX-K and future on outcomes to uncertainties certain from that report that forward-looking Our Please earnings may forward-looking made and materially actual filings, be differ statements Form to cause to release today. could many annual our performance statements cause for any and to that could refer or results actual

results practice. The our a refer will guidance Investor the release financial include of presentation reconciliation company Relations complete press GAAP slide the at Please and accompanying to results. of our with section and measures consistent for non-GAAP non-GAAP our we past discuss website to

Rob to Now, over turn Bodor. Rob? I call the will

Rob Bodor

earnings morning, Thanks, call. quarter Good everyone, Jason. second for and you our thank joining

and earnings revenue our reported we morning, range. This within guidance

allow customers customers value factories serve and various broad the While our digital combination offering manufacturing needs the economic our and of are partners fulfilled of pressures continued contraction global manufacturing, conditions challenging, customer proposition us our a uniquely the economic are their amplified offer facing. by internal despite differentiated to network through

and lower longer through software the in time current price, factory see economic the conditions. lead high network particularly demand offers Our

meet our to economies for lead customer’s growth to offers alongside be demand production highest turn longer quick time continued demand tend needs. offers Our in in strong

with and discussed challenging the manufacturing U.S. in reporting both indices are quarter, in manufacturing prior in lows we we operating Eurozone June. a year As environment and uncertain three

network quarter, offerings for to saw demand priced our to Similar we by outpace has lower for the the quick climate, continued lead longer driven turn options. envelope offerings. expanded quarter. time demand in macro in of our Notably, what first grew addressable revenue XX% the lead network a The of has year-over-year and broad capabilities a with and offer range pricing wider manufacturing time significantly market our

market. continues gain with it result, in a to traction the As and customers share

demand turn anticipated in our the margins slower offers and this operating growth we saw demand this While despite quick headwind, quarter, our sequentially. continued overall mix improved and consolidated

sector. to positive are also best generate in class We flows in continue that cash our

manufacturing to drive conditions are items focusing factory and our or we to improve, in improve profitability in network maintain As continue In on both we and expect global order challenging offers. growth this growth environment, we control.

the first offerings again continue the we XXXX. XXXX half will quarter growth expectations and Network surpassed over half in priced drive XX% and of network our in First, in first factory. the longer time both through lower the lead revenue our Hubs the grew to of

Our for network options low custom economic prototype as customers to expanded manufacturing production and volume capabilities gravitate offer continues toward thrive parts. and more

to through invest initiatives. to continue development we and expand Next, innovate offer customer and research our

for for secondary CNC parts. invest very and factory digital offer cash plating in accelerated we positive commonly and profitability chromate leading flow service. enable This launched future recently, growth. industry anodizing machine Most requested generation is Our us to machining a our

combines Our for Labs speed scale first at unmatched processes, industry. new with offer Pro finishing a traditional the

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Aside sales volumes. expanding also from our offers, with to costs flex we our ensuring are that continue

factory manufacturing are fastest lead of year-over-year, the controlling world’s volumes. the costs with down maintaining At while was second quarter, headcount times. end our commensurate the We X% our

levels growth will in to with our invest while We including continue align our facilities growth, staffing manufacturing volumes offer. to in high continuing network

demand take as economic will needs customer manufacturing and our conditions and we quality performance customers our improve shift class for and our lead world high preferences time reliability. times advantage anticipate As and factory of recover, consistent more on

material to our the factory lead will to business business. quick it offer, provide longer factory time an to offset turn In the overall addition, pressure becomes as any

by We lead strong driven also expect climate and options. of continue range its macro in capabilities to any time wide network growth

The had only if hubs than customers both our combination The customers. current is network Labs what performance of with is to customer time capabilities use avenues, business all both broader customers network grow and factory of network now climate. continues services the envelope to range of traction XXXX we stronger acquired in offers gain any and provided turn offer factory and we allows in lead options. pricing utilizing Because quick continues expanded number to of serve to well. offer with the The cases combination fulfillment and economic Pro and

we economic industry Pro the the of of stages unlocks. acquisition We capabilities early offer customer fulfillment and grow strategy total our in customers in that the expanded us Labs serve market to and capturing has the are the still our broadest opportunity realizing are allowing in and hubs the our our conditions. value any in profitably

halfway our on update quick the through a XXXX year. priorities for Now

are growth, expanding injection the second, services, shareholder increase CNC and to to particularly our molding drive profitability As value a machine largest revenue factory the through our and and first, in reminder, in priorities network.

in revenue molding and making the revenue sales We’ve are lead sales we sales to is investment second our hired management leadership quarter Europe. sequentially. Injection in president also down investment [One] vice new in the talent. recently an in a growth of Americas strengthened was

highly in to discussed due is prior use molding impacted As cases. injection conditions macro higher by we its of production proportion calls, have

drive We and go-to-market various improvements continue line growth. to service to pursue strategies other

seen orders have in our fulfilled and performance manufacturing molding factories partners. solid the combination internal injection of through We

We and are custom network that then we manufacturing a completed as by an lighting our offer multiple for cases the provider. was use production. Working project evidenced product partner search factory customer. more our our could in for to molding automotive service this This Labs [One] solutions digital customer came support injection orders benefited customer labs rapidly Pro automotive important winning network, and from evidence a program into production recent combined for a the to leverage serving to with of speed supplier from lifecycle that with prototyping across designs Pro The prototype moved of their of factory a customer.

and to from and for we offer combined a unlocks because The this through won avenues. would single offers mold molds get past But customer the this all customer which program. complex Pro with customer not tested of outside expanded our molding are for capabilities won them injection quickly digital large and The fulfillment both factory we to parts significant designs validated our this allowing production parts network all and have manufactured digital business injection required in the and of value manufacturer. factory and Labs capabilities, network

the priority quarter second growth our next machining, is offer. area, largely Our performing network driven CNC growth well in by with

be recently accelerating, factory we single digital our most on innovate source and offers the to launching, Labs customer offer as analyzing Pro to in in capabilities and continue our shift well unmatched CNC positioned needs. expand our a customers are customer expand machining and for breadth all preferences We supplier CNC machining place. and

customers that quick development. the quickly Labs offer turned We Pro Airbus and and from project production turn their through customer help very could candidate. prototyping network volumes. one that our factory manufacture needed the evidence move tangible value part the needs. production Airbus digital for a new with to then prototype to partner for One a parts us to manufacturing combined in higher custom CNC perfect made transitioned to have We delivered Airbus single specific transportation recently partner Labs Pro

for request Airbus quotes to combination Our accelerating chain. factory from supply multiple multiple and the their simplifying manufacturers network eliminated and need

and of example Labs network. power Pro Another combined factory the of

lower reduce profitability labor. increase surpassed and expectations accompanying this of the offerings despite accomplished longer the and and time, our factory lead for the expanding achieved automation The reduced We priced next mix on shift in reduce that the on margins. quarter. priority overall reliance through value We in second XXXX our this enabled us the productivity business contract We overtime and toward shareholder network. is earnings pressure through improved for in to to in headcount, the

have throughout will for economic as expect improvements year. customer offerings focus margin on continued we efficiencies Given on operating pressure throughout lower we preferences this operating and in continue to cycle XXXX this priced

in focus of the secured on us and leadership operating efficiencies two recognition quarter our customers highlighting digital in pieces Our our manufacturing. external

Company by for Sullivan who and impact. of Year customer commended innovation, First, performance visionary digital Pro the Labs was manufacturing Frost awarded our and

addition, was honored offering. Award In supply and Leadership Manufacturing Council’s factory the category. The Manufacturing our MLC the highlighted with chain in Labs Leadership digital network Pro combined

to awards strong customers with is on offer focus most continue like the in will We serving this leadership. receiving comprehensive our endorsement and industry our a continued external of world the digital manufacturing

us better reliant sensitive our in factory term. business to current end as that challenges it of quick these have over the model. will outgrow conditions. cloud and us is the Particularly and should we allow offer peers the becomes term control but than little not factory on the believe we summary, market and perform demand, offers business combination our has short term of network environment economic longer conditions to In our allowed macro market to advantages The less

again XX% once offer growth with our the to continues in share quarter. take me network Let highlight market that

customers to and expand term. are our positioned flow due strong the great Through any to value weather cash expand We term economic and profitability for for over additional partner to to in of offer a us This innovation our are strategic wallet. volatility class we enables long Labs also shareholders continue well to invest we and believe affecting deliver generation. economic customer will Pro long climate, share

employee thank Labs in half Pro their for first I’d contributions every of like XXXX. the to

we and profitably. Although in and of our commitment operating efforts to us environment, perform are grow the difficult enable a to continue employees

will and second depth our financials in of now quarter Dan? XXXX. third for cover quarter the our provide Dan outlook

Dan Schumacher

everyone. Rob and morning good Thanks

of X presentation. on the financial begin Page Our slide results

Second second in generating another $XXX.X our quarter year-over-year in million growth quarter the year-over-year $XX.X in Hubs constant Japan. was constant guidance and XX.X% down revenue million excluding in range representing currencies of revenue currencies. and quarter of record had X% of

to resonate with offer options. time of by Our lead broad customers driven network and hubs range capabilities continues a

impact represented expectations. Changes our a foreign with line in in of currencies quarter $XXX,XXX unfavorable second revenue in the

network strong growth by largest revenue offset business. decline region slide quarter factory is declined on by year-over-year region a Second was our the summarized Americas, the revenue a in In X.X% XX.

quarter In Europe, XX.X% Transitioning growth. revenue by to network offer in currencies year-over-year grew second strong constant driven service. by revenue

revenue in larger sequential our than molding weaker declined sequentially our and saw year-over-year markets. excluding Americas. injection saw especially and electronics computer We quarter a currencies constant Japan. factory X% Second Europe end in demand manufacturing offer approximately for decline the medical,

CNC excluding X.X% driven machining very grew growth. constant year-over-year currencies network Japan and in strong revenue by

revenue revenue in X% XD constant the the the declined printing and in network. in currencies growth Sheet quarter both Second in factory in geographies year-over-year in network metals by the year-over-year all driven grew and quarter. constant XX% currencies

XX,XXX our we served effort unique align to year-over-year. the second in second XX% cost developers of a of sheet levels in a an in reminder, decrease quarter furloughed metal product with demand. X.X% current workforce the We quarter, As

the by with margins Turning margin income shift was margin slightly margin gross quarter-over-quarter of driven by to were reduction Overall maintain XX statement. cost gross Even Consolidated able XX volume, basis factory margin sequentially mixed lower business to second offset quarter the a impact our increased non-GAAP in higher to gross XX.X%. to the offers. similar due initiatives. we detailed expansion to Slide points network lower

the Network gross XX.X% margin XX.X% first in of to increased the quarter quarter from second in XXXX.

efforts revenue or million costs revenue focused Total non-GAAP for $XX.X between quarter $XX.X lower from sourcing compensation. and operating of we quarter algorithm to control first to the In as efficiencies to pricing gained the Our XX% compared long-term of incentive of second operating XX%. benefited expenses network to well improvements in gross were still is sequentially in quarter XXXX. as the efficiencies. million and XX.X% margin We target or our XX.X% due

in million sheet. our in the continue we exit balance non-GAAP income expenses incurred million included quarter of is primarily release the work translation of form our other As operation, non-operating a of we adjustment This $X second Japan $X.X financial cumulative to on the adjustment to of through from the currency comprehensive due adjustments.

rate rate was The taxes, slightly in our due first compared increase effective non-GAAP tax the the quarter. lower XX.X% the in primarily quarter to to in non-GAAP effective in credit R&D sequential quarter. Moving the tax a second XX.X% to was

diluted non-GAAP were by time was first toward margin network sequential $X.XX quarter $X.XX partially driven primarily expansion shift per Second earnings share quarter net of the well These in XXXX. to offset growth expense continued as was income mix improvements share as gross offerings. operating longer the and sequential lead compared The by priced per efficiencies. lower improvement

in Turning flow highlights generated quarter. of million to and from We balance sheet the cash Slide operations XX. on $X.X cash

business to in flow weather to generation cash exhibits strong better growth. peers very challenging and continue us Our than climates enabling economic invest future

common of shares the We second during X.X repurchased quarter. million

We will to purchase forward. continue going opportunistically

investments we $XXX.X our June XX, On in Our million sheet debt. balance balance zero and sheet cash strong. is on still XXXX, of very had

third Slide guidance quarter on as to Turning outlined XX.

between and revenue in flat our The the quarter. $XXX have Japan. midpoint, and million on this third year-over-year $X.X currencies our expected in growth. negative year-over-year to million to revenue At million We a revenue expect operations impact excluding the Japan generate closure constant $XXX is of implies

of a currency impact favorable and quarter expect million $X.X $X XXXX. have on revenue the to foreign to We compared between million third

expect minus Considering Moving plus anticipate quarter quarter of rate points. non-GAAP the include of quarter stock-based $X.XX. million approximately between we to amortization expense this basis $X.X to third currently XX% non-GAAP $X.X estimate effective share add-backs be earnings earnings guidance, and third per $X.XX We in our expense non-GAAP million. compensation we tax will or and XX third

for Rob comments. to back closing Now

Rob Bodor

investing Thank you, to is and the us profitable flow Dan. in cash most Pro Labs company, while future. digital challenging manufacturing the allowing positive environments withstand

progress on value profitable growth combined significant year, gaining control unique the traction improve we our market. we can offer and the long-term continue best-in-class Our focus to and will half things In shareholder which XXXX on make in the will of second is priorities, the enable creation.

time Thank Dan That questions. your for you prepared remarks. our will take I now concludes today. and

Operator

Thank you.

and We will session. now a Instructions] answer question Thank conducting be [Operator you.

line Please with Our and Company. first your Jim question. question with from Ricchiuti proceed the comes Needham of

Jim Ricchiuti

Good morning. Thank you.

First months, on read inform weaker as the or Europe, have quarter, the summer of yes, just just to the if QX, seasonally I’m changes in U.S. quarter, exited kind but is through of you QX. any may just you current due you either obviously, question trends, wondering the in any demand

Rob Bodor

seen of seeing from This pattern months and of taking past normally normal seasonality where of in a periods supply COVID up up Jim, in is what did. coming Yes, ended factors, found how seasonality in. through we’ve disruption what they right? lot than different people a post-COVID type seasonally of you, We’ve normal that hard we’ve in I ends predict gone comes this things would couple kind and as tell seasonality. COVID vacation, chain were terms up ended you environment being to It’s which of abnormal around you are not, the in some

at and our We our in are normally current upload was So at, the set guide guidance I best do. out rates did that, what we the from our than what looked then information we is. there looked July, as better demand don’t and any to have so and what Jim. forth, project we

Jim Ricchiuti

enough. fair Well,

how we the the the margins and in in out the should just wondering quarter. just how thinking current at relative I’m that, guys nice goal improvement looking maybe showed quarter. network you’re gross in have gross to current You general, more just margins some in about broadly, there, be you

Dan Schumacher

Jim, for that. recognizing thanks, Yes,

from it made. improvements in our happy gross we that improvement margins, quite We’re and comes network with that

different we’re test we’re some opportunities improved manufacturing improvement, our and kind the partners also that us of and really our best validate seen how to to with and fit, providing our algorithm, have machine pricing nice And that, then and We paradigms we with. within we’ve there. margins we’re which sourcing that’s make them sure helping we’ve happy continued learning-based pricing expand to a also,

communicated to for the want pleased to test gross we the and quarter. XX% about this to performance we asked target the in yes, We to at we’re because continue a go that to target. learn XX% as But still forward. of and You margin continue point very the holding network, with

Jim Ricchiuti

broadly that pricing services, across you any gross environment current quarter like just this at the we margins? gross are need And consider on that least pressure things in seeing margins or to current the for

Rob Bodor

I we fairly next the be quarter. think into going Yes, expect things to consistent

we’ve overall our down pressure volume, is more our in probably the is on there managing but our In plants. factory successful business variable relates plants headcount sure, as For the cost X%. it in been to within

we as out. this go how see plays as So we’re and adjusting we economy

Jim Ricchiuti

Got much. very it, thanks

Rob Bodor

Jim. Thanks

Operator

And you. Brian question question. line Please Drabb with your from comes next proceed our the Blair. with of Thank William

Unidentified Analyst

Good morning, morning, Dan. Good on is Blake Brian. for This Rob.

drove quickly what it the Just anything your broad-based I know there decline Any was or would developers? slight ask, it wanted decline, additional it be in to product markets was a color just specific? was great? across all but

Rob Bodor

And general to in network say growth Yes, not but caveat our the larger But Part very I very is from our within very, in revenue, that. successful the business hub’s with sales customers, it just growth in our consistent at is healthy. growth team one very rate, larger XX% focused was can our which they’re would is of on you and see that. projects. business

look in so developer terms constant product And in of versus revenue only excluding decline currencies at decline Japan. the our think when that’s difference, you in I

Unidentified Analyst

the feel and help like time time as turn any the you quick mentioned, that lead you size to then were comment. offerings should quick How of Got lead that close floneness it. milestone? guys and the factory. I an turn was business as to gets longer longer guys important that And grow, offset it

Dan Schumacher

we’ve in business it kind and talk our, lead by about in expanded and that to And CNC, lead XD time the we our our are fulfilled lead we lead CNC it. talked through well. we’ve offering, point, That expanded talked times at by about the we injection about offering options launched options, time that when network comprehensive also we and so printing as introducing as which the done tend our longer of name times. was our options the as molding both longer We’ve business factory. one flexible Yes,

they’re those are So place traction. gain continued and in to

Unidentified Analyst

allocation lastly, your six capital mention, just where for could M&A need strategy, anything does but your hubs how either shares, you there offerings? know guys on you look? your then And to you Understood. pipeline me, you to or keep I add Have on seen factory

Rob Bodor

what Yes, would and making I hubs of on focused acquisition it first we’re primarily successful. say is the

You and focused that and the on of cross-selling very e-com of see primary hubs. results That our can the integrates experience kind right focus on been the both factory is now. that in network. the We’ve improving

Unidentified Analyst

you. Understood. pass along. Thank I’ll it

Rob Bodor

you. Thank

Operator

And you. of question proceed next Greg Craig from Please our Capital Hallum comes with Thank line Group. your Palm the with question.

Greg Palm

morning, Hey, gives it you’ve maybe of about pretty to any environment, whether steady underlying is it what been kind just behavior Any You’ve the start curious ordering more whether that or Tom, parts any change for of a doing different question indication more behavior, relative going it’s to to I’m little macro? ask but seeing taking wanted in bit that seen customer year-to-date? customers thanks. expedited. the change thanks kind in they’re or seeing change if you of of any some a with you’re the I Good I’m questions. in demand just way. in

Dan Schumacher

that hurry. we’re tendency bit think and say quarter seeing have the on a but this been about be in to little much I right, quarter, I talked less seeing a a there script, would we we’re customers overall in year-to-date change that hasn’t

utilizing lead more. our so options And time longer

Rob Bodor

the in maybe is others call. did see earnings of I I factory thing that some specifically on Greg, we business we many those think customers decisions think we Greg first quarter. seeing about as those. the on called injection We upload out saw, Europe, in that projects indecisive for that were our quarter in of in this larger my not And second we we’re being as molding. are projects, And on terms in longer commentary those bit, the it of a larger and having making talked

consumer in softness I seeing think we’re and medical electronics. particular

Greg Palm

hubs. gross there talking one Okay, On to that’s of follow margin, helpful. or up, time, been anything sort to I non-recurring about was we’ve know just XX% XX%

nicely bit really in a were You yet in QX. below that but QX, little outperformed

I XX% XX%. So reiterated, expect to you but still think you

the So drove just there kind quarter. of in the whether was anything unusual curious that upside specifically

Rob Bodor

So in QX an don’t maybe Greg, this, Year two us pressure the hubs year for things, up remember being terms our year and impact margin. talked New of are about talking where the about sourced, last MPs we prior, have business, in ends the I this, or on does Chinese

I of make to was the part below thing the successful. pickup So, there. would our of say I we would was So right? changes quite know, average, kind you it’s second did say is the QX were well, that model

geometries some And demand of of and different and sourcing side pricing the are are changes optimizing types the those materials. those some of changes for on

we the been So Those as on primary changes two we implement were drivers. in working well. did the quarter had

Greg Palm

clear, just affect to will not quarter type the And changes. those something just that forward. That’s one go were be

Rob Bodor

we Correct. successful how things those see But are. will

be, longer XX%. kind term not model going of of three I’m the dictate Greg, to know, where that’s adjusting You XX% before to letting months the

Greg Palm

my no, QX. operating I that’s down fair. took expenses of last guess in And okay, Yes, question, another sort tick just, then

good So to level, of sort of managing you Or good this pretty well. manage a you’re rate? going of continue costs Is that forward? tightly? sort clearly run expectation kind the going pretty a What’s are to

Rob Bodor

I guide, we’re to midpoint from be you think quarter. the over see expecting our can know, quarter flat-ish at as you

is a environment. this would now, they we dynamic where So are hold but

So be efficient. the right? need to to flexible, gonna we’re or up to be And continue goes revenue down, more ways depending on if find

Greg Palm

there, okay. Got it I it, thanks. leave will

Operator

question. Rose question you. with with next your of the line proceed comes our Ben Thank from Road Battle Please And Research.

Ben Rose

does number comment Thank examples of you developers customers or a you’ve growing factory In services. good Can that or are at you, network of the it point and customers there’s that the both morning. advantage cited, this either drawing taking of upon the like are both percent services? qualitatively quantitatively customer and either seem the that

Rob Bodor

Yes, yes, morning, Thank Good I Ben. you. think, certainly.

I the I last in quarter, second in think our growth the XX% the, sales team in and at quarter, through quarter, exposing can both our network, you the those we’ve website. as and the you had that broader think been combination quite that the see XX% the ones successful look and as finding our XX% first we’ve in to of them customers offerings solutions, the well that they’re factory our as driving network to own using on their with

definitely healthy nice, that. us with we’re in quite are way have so uptick And who a holistic seeing much been satisfied this and more customers in using

Ben Rose

is are it Okay, of particularly located the as U.S.? that pertains of how the that partners, larger some production, to customers critical for outside these some network partners these volume it

Rob Bodor

in depending as and the So globally network region, their got then that both upon partners varies and them Europe, the are we’ve customer needs U.S. that well. what in And and in got we’ve are.

And be so depending for and then match, obviously customer, accordingly. they it to the partner the we make are even the needs a will domestic, if we need upon what

Ben Rose

a lower market COVID? commodities of Hub’s gross in the I’m improvement, Okay, be of priced have traceable if your lower this to in obtain ability some on priced, sourcing might post for example, adjusted as wondering prices materials. margin question to

Dan Schumacher

not we’re mentioned the that Yes, material. MPs procuring network Ben, and MPs. you the procuring Hubs, material a for just the had are as The business, reminder, in

with feel we’re we’re we’re outside to constraint, procure outside now. of the able we our of, issue and terms the, or gross of margins supply now, in an right, terms materials that’s not kind of In on-time delivery chain

Ben Rose

of me, Okay, to likely say, that to that manufacturing do I have from to a is point, accept that more accepting quote meant think is when price really guess prices that, in partner terms meant commodity I this stabilized? the knowing you excuse what ask, they’re at you the

Dan Schumacher

that the seen think Yes, price general, in the chain we’ve impacts worst normalized. I supply of

factors partners. said. into to business. manufacturing And that’s also prices they that as the us, benefits So order benefited require that our It take Dan in the

Ben Rose

mentioned Okay, I electronics. and some then terms in markets, consumer end medical in you and finally, of know softness

question the on the happening a do little potentially and The in next first has low ability of that looking volume back production months, what’s to and then also, business comment can that terms few over is, there? out bit think you EV you prototyping come

Dan Schumacher

I we’re having the think, of we’re is in softness part seeing seeing of of terms in and medical electronics, talk people in us projects. customers then upload, the terms seeing what we’re pushing with consumer then Yes, off and and

is So once think we the in. we’re right, whatever be past to believe had we economic are we the cycle volume, volume there,

mean, So molding, a right, we this is speed in to the terms I her. injection injection a parts that reminder. in offer nobody we service else get of can, can mold

EV question? up. second the that, want take Rob, if So, to believe in yes from we see we half, the improvement will pick a macro perspective yeah you demand that

Rob Bodor

absolutely. Yes,

So, all, strong electric for us was the and Automotive, first quarter, of is vehicles for definitely in this for automotive. sub-segment us within very that. yes, you thank strong a

that automotive, business strong sub-sectors EV so best is where for And that a within do the of for In forefront those the generally, of certainly, going very that and absolutely for there’s lot a are fact, industries, new, are us. on. and innovation at that’s us

Ben Rose

Okay, thanks a lot.

Rob Bodor

you. Thank

Operator

Thank you.

of question today’s We concludes have answer reached with the end and that, teleconference. our and session, this

your this for you at your participation. time. You disconnect may Thank lines

Proto Labs (PRLB) 4 Aug 232023 Q2 Earnings call transcript