Proto Labs Q1 Results Surpass Street Expectations - Proto Labs (NYSE:PRLB)

Proto Labs Inc PRLB reported first-quarter revenue growth of 6.9% year-over-year to $124.2 million, beating the consensus of $122.02 million.
Hubs generated $10.3 million of revenue, an increase of 78.6% Y/Y, or ~38.2% organically.
Adjusted EPS decreased to $0.38 from $0.40 in 1Q21, beating the consensus of $0.29.
The gross margin contracted by 270 bps to 44.9%. The operating income increased 85.2% Y/Y to $7.89 million, and the margin expanded by 270 bps to 6.4%.
Adjusted gross margin declined to 45.7% from 48.5% in 1Q21. Adjusted operating margin contracted to 11.1% from 12%.
Adjusted EBITDA was $22.26 million (-1.8% Y/Y), and the margin contracted by 160 bps to 17.9%.
PRLB’s net cash provided by operating activities totaled $17.78 million for Q1, compared to $6.43 million a year ago. It held cash and equivalents of $105.3 million as of March 31, 2022.
Price Action: PRLB shares traded higher by 5.79% at $46.14 on the last check Friday.