Record Revenue of $126.9 million in the Second Quarter of 2022;

GAAP Earnings Per Share of $0.09, Non-GAAP Earnings Per Share of $0.46

Proto Labs, Inc. ("Protolabs" or "the company") (NYSE:PRLB), the world's leading provider of digital manufacturing services, today announced financial results for the second quarter ended June 30, 2022.

Second Quarter 2022 Highlights include:

Revenue for the second quarter of 2022 was $126.9 million, representing a 3.1 percent increase compared to revenue of $123.0 million in the second quarter of 2021.
Hubs generated $11.3 million of revenue in the second quarter, representing year-over-year growth of 26.3 percent.
On a GAAP basis, costs related to the closure of Japan operations were $5.2 million in the quarter. These costs have been excluded from our Non-GAAP results. See "Non-GAAP Financial Measures" below.
Net income was $2.6 million, or $0.09 per diluted share.
Non-GAAP net income was $12.8 million, or $0.46 per diluted share.

"Protolabs performed well in the quarter amid continuing supply chain challenges in the broader manufacturing industry and macroeconomic growth concerns," said Rob Bodor, President and Chief Executive Officer. "We continue to make progress on our 2022 strategic priorities and are focused to execute on the integration of Protolabs and Hubs, bringing together two leading digital manufacturing offers to create the most comprehensive digital manufacturing offer to serve our customers."

Additional Second Quarter 2022 Highlights include:

Protolabs served 24,058 unique product developers during the second quarter of 2022.
Gross margin was 45.2 percent of revenue, compared to 44.9 percent of revenue in the first quarter of 2022.
Non-GAAP gross margin was 45.9 percent of revenue, compared to 45.7 percent of revenue in the first quarter of 2022.
EBITDA was $15.1 million, or 11.9 percent of revenue.
Adjusted EBITDA was $24.6 million, or 19.4 percent of revenue.
Cash and investments balance was $110.1 million as of June 30, 2022.

"We are pleased with the sequential improvements in our margins in the second quarter," said Dan Schumacher, Chief Financial Officer. "We continue to focus on executing our strategy through disciplined investments and cost controls while delivering value to our customers and profitable growth to our shareholders."

Non-GAAP Financial Measures

The company has included non-GAAP revenue growth by region and by service line that excludes the impact of changes in foreign currency exchange rates and revenue earned from our acquisition of Hubs (collectively, "non-GAAP revenue growth"). Management believes these metrics are useful in evaluating the underlying business trends and ongoing operating performance of the company.

The company has included earnings before interest, taxes, depreciation and amortization ("EBITDA") and EBITDA, adjusted for stock-based compensation expense, unrealized (gain) loss on foreign currency, costs related to the Japan closure activities and transaction costs (collectively, "Adjusted EBITDA"), in this press release to provide investors with additional information regarding the company's financial results. The company has also included earnings before interest, taxes, depreciation and amortization margin ("EBITDA margin") and EBITDA margin, adjusted for stock-based compensation expense, unrealized (gain) loss on foreign currency, costs related to the Japan closure activities and transaction costs (collectively, "Adjusted EBITDA margin"), in this press release to provide investors with additional information regarding the company's financial results.

The company has included non-GAAP gross margin, adjusted for stock-based compensation expense and amortization expense, in this press release to provide investors with additional information regarding the company's financial results.

The company has included non-GAAP operating margin, adjusted for stock-based compensation expense, amortization expense, costs related to the Japan closure activities and transaction costs (collectively, "non-GAAP operating margin"), in this press release to provide investors with additional information regarding the company's financial results.

The company has included non-GAAP gross margin excluding Japan, adjusted for stock-based compensation expense and amortization expense in this press release to provide investors with additional information regarding the company's financial results. The company has included non-GAAP operating margin excluding Japan, adjusted for stock-based compensation expense, amortization expense, costs related to the Japan closure activities and transaction costs (collectively, "non-GAAP operating margin excluding Japan"), in this press release to provide investors with additional information regarding the company's financial results.

The company has included non-GAAP net income, adjusted for stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency, costs related to Japan closure activities and transaction costs (collectively, "non-GAAP net income"), in this press release to provide investors with additional information regarding the company's financial results.

The company has provided below reconciliations of GAAP to non-GAAP net income, non-GAAP gross margin, non-GAAP gross margin excluding Japan, non-GAAP operating margin, non-GAAP operating margin excluding Japan, non-GAAP revenue growth by region and by service, and Adjusted EBITDA and Adjusted EBITDA margin, to the most directly comparable measures calculated and presented in accordance with GAAP. These non-GAAP measures are used by the company's management and board of directors to understand and evaluate operating performance and trends and provide useful measures for period-to-period comparisons of the company's business. Accordingly, the company believes that these non-GAAP measures provide useful information to investors and others in understanding and evaluating operating results in the same manner as our management and board of directors.

Conference Call

The company has scheduled a conference call to discuss its second quarter 2022 financial results and third quarter 2022 outlook today, August 5, 2022, at 8:30 a.m. EDT. To access the call in the U.S. please dial 877-709-8150 or outside the U.S. dial 201-689-8354 at least five minutes prior to the 8:30 a.m. EDT start time. No participant code is required. A simultaneous webcast of the call and accompanying presentation will be available via the investor relations section of the Protolabs website and the following link: https://edge.media-server.com/mmc/p/bfhv9mwu. A replay will be available for 14 days following the call on the investor relations section of the Protolabs website.

About Protolabs

Protolabs is the world's leading provider of digital manufacturing services. The e-commerce-based company offers injection molding, CNC machining, 3D printing, and sheet metal fabrication to product developers, engineers, and supply chain teams across the globe. Protolabs serves customers using in-house production capabilities that bring unprecedented speed in tandem with Hubs, a Protolabs Company, which serves customers through its network of premium manufacturing partners. Together, they help companies bring new ideas to market with the fastest and most comprehensive digital manufacturing service in the world. Visit protolabs.com for more information.

Forward-Looking Statements

Statements contained in this press release regarding matters that are not historical or current facts are "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors which may cause the results of Protolabs to be materially different than those expressed or implied in such statements. Certain of these risk factors and others are described in the "Risk Factors" section within reports filed with the SEC. Other unknown or unpredictable factors also could have material adverse effects on Protolabs' future results. The forward-looking statements included in this press release are made only as of the date hereof. Protolabs cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Protolabs expressly disclaims any intent or obligation to update any forward-looking statements to reflect subsequent events or circumstances.


Proto Labs, Inc.
Condensed Consolidated Balance Sheets
(In thousands)


				June 30,		December 31,
				2022		2021
				(Unaudited)
	Assets
	Current assets
		Cash and cash equivalents		$	54,666	$	65,929
		Short-term marketable securities			24,379		11,580
		Accounts receivable, net			82,469		80,051
		Inventory			15,051		13,161
		Income taxes receivable			2,627		1,321
		Prepaid expenses and other current assets			11,484		11,450
			Total current assets		190,676		183,492

	Property and equipment, net				260,631		280,346
	Goodwill				390,354		400,610
	Other intangible assets, net				34,026		37,998
	Long-term marketable securities				31,068		14,340
	Operating lease assets				4,037		5,578
	Finance lease assets				1,649		1,898
	Long-term assets held for sale				1,985		-
	Other long-term assets				4,223		4,320
			Total assets	$	918,649	$	928,582

	Liabilities and shareholders' equity
	Current liabilities
		Accounts payable		$	15,642	$	25,364
		Accrued compensation			16,687		13,704
		Accrued liabilities and other			24,011		11,980
		Current operating lease liabilities			2,140		3,298
		Current finance lease liabilities			436		550
			Total current liabilities		58,916		54,896

	Long-term operating lease liabilities				1,886		2,245
	Long-term finance lease liabilities				1,188		1,351
	Long-term deferred tax liabilities				30,177		35,892
	Other long-term liabilities				5,784		5,705

	Shareholders' equity				820,698		828,493
	Total liabilities and shareholders' equity			$	918,649	$	928,582


Proto Labs, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except share and per share amounts)
(Unaudited)

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2022		2021		2022			2021
	Revenue
	Injection Molding	$	53,355	$	58,168	$	106,753		$	114,527
	CNC Machining		48,222		41,592		94,320			78,295
	3D Printing		19,963		18,170		39,635			35,405
	Sheet Metal		5,160		4,717		9,847			9,936
	Other		202		401		515			1,011
	Total revenue		126,902		123,048		251,070			239,174

	Cost of revenue		69,480		66,423		137,844			127,219
	Gross profit		57,422		56,625		113,226			111,955

	Operating expenses
	Marketing and sales		21,055		21,044		41,641			40,524
	Research and development		9,450		11,060		20,007			23,241
	General and administrative		16,522		8,417		33,293			27,825
	Closure of Japan business		5,194		-		5,194			-
	Total operating expenses		52,221		40,521		100,135			91,590
	Income from operations		5,201		16,104		13,091			20,365
	Other income (loss), net		1		137		(299	)		(176	)
	Income before income taxes		5,202		16,241		12,792			20,189
	Provision for income taxes		2,645		3,326		5,140			3,562
	Net income	$	2,557	$	12,915	$	7,652		$	16,627

	Net income per share:
	Basic	$	0.09	$	0.47	$	0.28		$	0.60
	Diluted	$	0.09	$	0.47	$	0.28		$	0.60

	Shares used to compute net income per share:
	Basic		27,530,739		27,735,732		27,515,583			27,600,684
	Diluted		27,536,823		27,744,870		27,524,019			27,741,464

Proto Labs, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)

	Six Months Ended
	June 30,
	2022			2021
Operating activities
Net income	$	7,652		$	16,627
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		20,274			20,127
Stock-based compensation expense		8,428			10,561
Deferred taxes		(5,653	)		419
Changes in fair value of contingent consideration		-			(7,763	)
Impairments related to closure of Japan business		1,792			-
Other		32			269
Changes in operating assets and liabilities		(1,485	)		(19,511	)
Net cash provided by operating activities		31,040			20,729

Investing activities
Purchases of property, equipment and other capital assets		(6,030	)		(23,929	)
Cash used for acquisitions, net of cash acquired		-			(127,413	)
Purchases of marketable securities		(38,882	)		(15,159	)
Proceeds from sales of marketable securities		1,000			47,694
Proceeds from call redemptions and maturities of marketable securities		7,396			13,725
Net cash used in investing activities		(36,516	)		(105,082	)

Financing activities
Proceeds from exercises of stock options and other		2,311			3,838
Purchases of shares withheld for tax obligations		(1,615	)		(4,209	)
Repurchases of common stock		(5,239	)		(1,210	)
Principal repayments of finance lease obligations		(278	)		(275	)
Net cash used in financing activities		(4,821	)		(1,856	)
Effect of exchange rate changes on cash and cash equivalents		(966	)		515
Net decrease in cash and cash equivalents		(11,263	)		(85,694	)
Cash and cash equivalents, beginning of period		65,929			127,603
Cash and cash equivalents, end of period	$	54,666		$	41,909



Proto Labs, Inc.
Reconciliation of GAAP to Non-GAAP Net Income per Share
(In thousands, except share and per share amounts)
(Unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2022			2021			2022			2021
Non-GAAP net income, adjusted for stock-based compensation expense,
amortization expense, unrealized (gain) loss on foreign currency,
costs related to Japan closure activities and transaction costs
GAAP net income	$	2,557		$	12,915		$	7,652		$	16,627
Add back:
Stock-based compensation expense		4,031			4,941			8,428			10,561
Amortization expense		1,527			1,490			3,072			3,033
Unrealized (gain) loss on foreign currency		271			(402	)		360			220
Costs related to Japan closure activities		5,194			-			5,194			-
Transaction costs ¹		-			(7,655	)		-			(5,140	)
Total adjustments ²		11,023			(1,626	)		17,054			8,674
Income tax benefits on adjustments ³		(776	)		(575	)		(1,458	)		(3,576	)
Non-GAAP net income	$	12,804		$	10,714		$	23,248		$	21,725


Non-GAAP net income per share:
Basic	$	0.47		$	0.39		$	0.84		$	0.79
Diluted	$	0.46		$	0.39		$	0.84		$	0.78

Shares used to compute non-GAAP net income per share:
Basic		27,530,739			27,735,732			27,515,583			27,600,684
Diluted		27,536,823			27,744,870			27,524,019			27,741,464


¹Transaction costs include direct costs incurred in the Company's acquisition of Hubs, Inc. and the impact of changes in the fair value of acquisition-related contingent consideration obligations.
²Stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency, costs related to Japan closure activities and transaction costs were included in the following GAAP consolidated statement of operations categories:
	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2022			2021			2022			2021

Cost of revenue	$	870		$	1,011		$	1,799		$	1,988

Marketing and sales		813			929			1,550			1,782
Research and development		471			744			1,100			1,368
General and administrative		3,404			(3,908	)		7,051			3,316
Closure of Japan business		5,194			-			5,194			-
Total operating expenses		9,882			(2,235	)		14,895			6,466

Other (income) expense, net		271			(402	)		360			220
Total adjustments	$	11,023		$	(1,626	)	$	17,054		$	8,674

³For the three- and six-month periods ended June 30, 2022 and 2021, income tax effects were calculated using the effective tax rate for the relevant jurisdictions. The Company's non-GAAP tax rates differ from its GAAP tax rates due primarily to the mix of activity incurred in domestic and foreign tax jurisdictions and removing effective tax rate benefits from stock-based compensation activity in the quarter.

Proto Labs, Inc.
Reconciliation of GAAP to Non-GAAP Gross Margin
(In thousands)
(Unaudited)

	Three Months Ended						Six Months Ended						Three Months Ended
	June 30,						June 30,						March 31,
	2022			2021			2022			2021			2022			2021
Revenue	$	126,902		$	123,048		$	251,070		$	239,174		$	124,168		$	116,126
Gross Profit		57,422			56,625			113,226			111,955			55,804			55,330
GAAP gross margin		45.2	%		46.0	%		45.1	%		46.8	%		44.9	%		47.6	%
Add back:
Stock-based compensation expense		528			668			1,115			1,303			587			635
Amortization expense		342			343			684			685			342			342
Total adjustments		870			1,011			1,799			1,988			929			977
Non-GAAP gross profit	$	58,292		$	57,636		$	115,025		$	113,943		$	56,733		$	56,307
Non-GAAP gross margin		45.9	%		46.8	%		45.8	%		47.6	%		45.7	%		48.5	%

Proto Labs, Inc.
Reconciliation of GAAP to Non-GAAP Gross Margin Excluding Japan
(In thousands)
(Unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2022			2021			2022			2021
Revenue	$	126,902		$	123,048		$	251,070		$	239,174
Revenue excluding Japan	$	124,046		$	119,999		$	244,128		$	232,501
Gross Profit		57,422			56,625			113,226			111,955
GAAP gross margin		45.2	%		46.0	%		45.1	%		46.8	%
Less: Japan gross profit		1,063			1,125			3,102			2,694
Gross Profit excluding Japan		56,359			55,500			110,124			109,261
GAAP gross margin excluding Japan		45.4	%		46.3	%		45.1	%		47.0	%
Add back:
Stock-based compensation expense		528			668			1,115			1,303
Amortization expense		342			343			684			685
Less:
Japan stock-based compensation expense		22			22			47			45
Japan amortization expense		-			-			-			-
Total adjustments		848			989			1,752			1,943
Non-GAAP gross profit excluding Japan	$	57,207		$	56,489		$	111,876		$	111,204
Non-GAAP gross margin excluding Japan		46.1	%		47.1	%		45.8	%		47.8	%

Proto Labs, Inc.
Reconciliation of GAAP to Non-GAAP Operating Margin
(In thousands)
(Unaudited)

		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2022			2021			2022			2021
	Revenue	$	126,902		$	123,048		$	251,070		$	239,174
	Income from operations		5,201			16,104			13,091			20,365
	GAAP operating margin		4.1	%		13.1	%		5.2	%		8.5	%
	Add back:
	Stock-based compensation expense		4,031			4,941			8,428			10,561
	Amortization expense		1,527			1,490			3,072			3,033
	Transaction costs¹		-			(7,655	)		-			(5,140	)
	Costs related to Japan closure activities		5,194			-			5,194			-
	Total adjustments		10,752			(1,224	)		16,694			8,454
	Non-GAAP income from operations	$	15,953		$	14,880		$	29,785		$	28,819
	Non-GAAP operating margin		12.6	%		12.1	%		11.9	%		12.0	%


	¹Transaction costs include direct costs incurred in the Company's acquisition of Hubs, Inc. and the impact of changes in the fair value of acquisition-related contingent consideration obligations.

Proto Labs, Inc.
Reconciliation of GAAP to Non-GAAP Operating Margin Excluding Japan
(In thousands)
(Unaudited)

		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2022			2021			2022			2021
	Revenue	$	126,902		$	123,048		$	251,070		$	239,174
	Revenue excluding Japan	$	124,046		$	119,999		$	244,128		$	232,501
	Income from operations		5,201			16,104			13,091			20,365
	GAAP operating margin		4.1	%		13.1	%		5.2	%		8.5	%
	Less: Japan income from operations		(542	)		(696	)		4			(654	)
	Income from operations excluding Japan		5,743			16,800			13,087			21,019
	GAAP operating margin excluding Japan		4.6	%		14.0	%		5.4	%		9.0	%
	Add back:
	Stock-based compensation expense		4,031			4,941			8,428			10,561
	Amortization expense		1,527			1,490			3,072			3,033
	Transaction costs¹		-			(7,655	)		-			(5,140	)
	Costs related to Japan closure activities		5,194			-			5,194			-
	Less:
	Japan stock-based compensation expense		147			160			297			303
	Japan amortization expense		-			-			-			-
	Total adjustments		10,605			(1,384	)		16,397			8,151
	Non-GAAP income from operations excluding Japan	$	16,348		$	15,416		$	29,484		$	29,170
	Non-GAAP operating margin excluding Japan		13.2	%		12.8	%		12.1	%		12.5	%


	¹Transaction costs include direct costs incurred in the Company's acquisition of Hubs, Inc. and the impact of changes in the fair value of acquisition-related contingent consideration obligations.



Proto Labs, Inc.
Reconciliation of GAAP Net Income to EBITDA and Adjusted EBITDA
(In thousands)
(Unaudited)

		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2022			2021			2022			2021
	Revenue	$	126,902		$	123,048		$	251,070		$	239,174
	GAAP net income		2,557			12,915			7,652			16,627
	GAAP net income margin		2.0	%		10.5	%		3.0	%		7.0	%
	Add back:
	Amortization expense	$	1,527		$	1,490		$	3,072		$	3,033
	Depreciation expense		8,515			8,578			17,202			17,094
	Interest income, net		(149	)		(65	)		(194	)		(152	)
	Tax expense		2,645			3,326			5,140			3,562
	EBITDA		15,095			26,244			32,872			40,164
	EBITDA Margin		11.9	%		21.3	%		13.1	%		16.8	%
	Add back:
	Stock-based compensation expense		4,031			4,941			8,428			10,561
	Unrealized (gain) loss on foreign currency		271			(402	)		360			220
	Costs related to Japan closure activities		5,194			-			5,194			-
	Transaction costs¹		-			(7,655	)		-			(5,140	)
	Total adjustments		9,496			(3,116	)		13,982			5,641
	Adjusted EBITDA	$	24,591		$	23,128		$	46,854		$	45,805
	Adjusted EBITDA Margin		19.4	%		18.8	%		18.7	%		19.2	%


	¹Transaction costs include direct costs incurred in the Company's acquisition of Hubs, Inc. and the impact of changes in the fair value of acquisition-related contingent consideration obligations.



Proto Labs, Inc.
Comparison of GAAP to Non-GAAP Revenue Growth by Region
(In thousands)
(Unaudited)

		Three Months Ended June 30, 2022									Three Months Ended June 30, 2021
		GAAP		Foreign Currency¹		Hubs Acquisition			Non-GAAP		GAAP		% Change³			% Change Organic⁴
	Revenues
	United States	$	100,655	$	-	$	-		$	100,655	$	95,344	5.6		%	5.6	%
	Europe		23,391		2,225		-			25,616		24,655	(5.1	)		3.9
	Japan		2,856		524		-			3,380		3,049	(6.3	)		10.9
	Total Revenue	$	126,902	$	2,749	$	-		$	129,651	$	123,048	3.1		%	5.4	%


		Six Months Ended June 30, 2022									Six Months Ended June 30, 2021
		GAAP		Foreign Currency¹		Hubs Acquisition²			Non-GAAP		GAAP		% Change³			% Change Organic⁴
	Revenues
	United States	$	196,151	$	-	$	(1,049	)	$	195,102	$	186,397	5.2		%	4.7	%
	Europe		47,977		3,376		(1,279	)		50,074		46,104	4.1			8.6
	Japan		6,942		916		-			7,858		6,673	4.0			17.8
	Total Revenue	$	251,070	$	4,292	$	(2,328	)	$	253,034	$	239,174	5.0		%	5.8	%

	¹ Revenue for the three- and six-month periods ended June 30, 2022 has been recalculated using 2021 foreign currency exchange rates in effect during comparable periods to provide information useful in evaluating the underlying business trends excluding the impact of changes in foreign currency exchange rates.
	²Revenue for the six-month period ended June 30, 2022 has been recalculated to exclude revenue earned from the Company's acquisition of Hubs, Inc. for the period from January 1, 2022 to January 21, 2022 to provide information useful in evaluating the underlying business trends excluding the impact of acquisitions. The Hubs, Inc. acquisition occurred on January 22, 2021 and was included in 2021 revenue after that date.
	³This column presents the percentage change from GAAP revenue for the three- and six-month periods ended June 30, 2021 to GAAP revenue for the three- and six-month periods ended June 30, 2022.
	4 This column presents the percentage change from GAAP revenue for the three- and six-month periods ended June 30, 2021 to non-GAAP revenue for the three- and six-month periods ended June 30, 2022 (as recalculated using the foreign currency exchange rates in effect during the three-month period ended June 30, 2021, excluding the impact of Hubs, Inc. acquisition) in order to provide a constant-currency comparison.



Proto Labs, Inc.
Comparison of GAAP to Non-GAAP Revenue Growth by Service Line
(In thousands)
(Unaudited)

	Three Months Ended June 30, 2022									Three Months Ended June 30, 2021
	GAAP		Foreign Currency¹		Hubs Acquisition			Non-GAAP		GAAP		% Change³			% Change Organic⁴
Revenues
Injection Molding	$	53,355	$	1,541	$	-		$	54,896	$	58,168	(8.3	)	%	(5.6	)	%
CNC Machining		48,222		717		-			48,939		41,592	15.9			17.7
3D Printing		19,963		490		-			20,453		18,170	9.9			12.6
Sheet Metal		5,160		-		-			5,160		4,717	9.4			9.4
Other		202		1		-			203		401	(49.6	)		(49.4	)
Total Revenue	$	126,902	$	2,749	$	-		$	129,651	$	123,048	3.1		%	5.4		%


	Six Months Ended June 30, 2022									Six Months Ended June 30, 2021
	GAAP		Foreign Currency¹		Hubs Acquisition²			Non-GAAP		GAAP		% Change³			% Change Organic⁴
Revenues
Injection Molding	$	106,753	$	2,425	$	(189	)	$	108,989	$	114,527	(6.8	)	%	(4.8	)	%
CNC Machining		94,320		1,113		(1,637	)		93,796		78,295	20.5			19.8
3D Printing		39,635		750		(408	)		39,977		35,405	11.9			12.9
Sheet Metal		9,847		-		(84	)		9,763		9,936	(0.9	)		(1.7	)
Other		515		4		(10	)		509		1,011	(49.1	)		(49.6	)
Total Revenue	$	251,070	$	4,292	$	(2,328	)	$	253,034	$	239,174	5.0		%	5.8		%

¹ Revenue for the three- and six-month periods ended June 30, 2022 has been recalculated using 2021 foreign currency exchange rates in effect during comparable periods to provide information useful in evaluating the underlying business trends excluding the impact of changes in foreign currency exchange rates.
²Revenue for the six-month period ended June 30, 2022 has been recalculated to exclude revenue earned from the Company's acquisition of Hubs, Inc. for the period from January 1, 2022 to January 21, 2022 to provide information useful in evaluating the underlying business trends excluding the impact of acquisitions. The Hubs, Inc. acquisition occurred on January 22, 2021 and was included in 2021 revenue after that date.
³This column presents the percentage change from GAAP revenue for the three- and six-month periods ended June 30, 2021 to GAAP revenue for the three- and six-month periods ended June 30, 2022.
4 This column presents the percentage change from GAAP revenue for the three- and six-month periods ended June 30, 2021 to non-GAAP revenue for the three- and six-month periods ended June 30, 2022 (as recalculated using the foreign currency exchange rates in effect during the three-month period ended June 30, 2021, excluding the impact of Hubs, Inc. acquisition) in order to provide a constant-currency comparison.


Proto Labs, Inc.
Product Developer Information
(Unaudited)

		Three Months Ended		Six Months Ended
		June 30,		June 30,
		2022	2021	2022	2021
	Unique product developers and engineers served	24,058	23,253	36,878	35,065

View source version on businesswire.com: https://www.businesswire.com/news/home/20220805005030/en/

Protolabs Reports Financial Results for the Second Quarter of 2022