Proto Labs (NYSE: PRLB) reported Q1 EPS of $0.69, $0.01 worse than the analyst estimate of $0.70. Revenue for the quarter came in at $113.5 million versus the consensus estimate of $115.58 million.

First Quarter 2019 Highlights include:

• Revenue for the first quarter of 2019 was $113.5 million, representing a 5.3 percent increase over revenue of $107.7 million for the first quarter of 2018.
• The number of unique product developers and engineers served through our web-based customer interface totaled 20,573 in the first quarter of 2019, an increase of 9.3 percent over the first quarter of 2018.
• Net income for the first quarter of 2019 was $15.5 million, or $0.57 per diluted share.
• Non-GAAP net income was $18.8 million, or $0.69 per diluted share. See “Non-GAAP Financial Measures” below.

“Protolabs reported another quarter of top-line growth with record revenue in our 3D printing and injection molding services,” said Vicki Holt, President and Chief Executive Officer. “We had strong growth in Europe and Japan; however, we had some challenges with our sheet metal service and expanded CNC offering acquired with the Rapid Manufacturing transaction.”

Additional First Quarter 2019 highlights include:

• Gross margin was 51.9 percent of revenue for the first quarter of 2019, compared with 53.7 percent for the first quarter of 2018.
• GAAP operating margin was 17.1 percent of revenue for the first quarter of 2019, compared to 20.2 percent for the first quarter of 2018.
• Non-GAAP operating margin was 20.6 percent of revenue for the first quarter of 2019, compared to 23.0 percent for the first quarter of 2018. See “Non-GAAP Financial Measures” below.
• Adjusted EBITDA was $29.8 million, or 26.3% of revenue, for the first quarter of 2019.
• The Company repurchased $17.3 million, or 157,716 shares, of common stock.
• Cash and investments balance was $138.7 million at March 31, 2019.
• Recognized by the National Association of Manufacturers for outstanding achievement in engineering and production technology.
• Announced partnership with Wohlers and Associates to offer a new immersive course on Design for Additive Manufacturing.

“In the first quarter of 2019, the headwinds described in our Q1 outlook were greater than anticipated, including a decline in our acquired services,” said John Way, Chief Financial Officer. “The organization is focused on actions to improve the performance of this business, delivering differentiated services to our customers.”

For earnings history and earnings-related data on Proto Labs (PRLB) click here.