Proto Labs Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Proto Labs Inc. has filed its 2023 annual report (10-K) detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Proto Labs Inc (PRLB) filed a Annual Report (10-K) with the SEC on February 16, 2024. Proto Labs Inc. filed its 2023 Form 10-K on February 16, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located at 5540 Pioneer Creek, Maple Plain, MN 55359. Proto Labs Inc. operates within the Fabricated Structural Metal Products industry (SIC 3440). The filing includes financial data for the fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking Proto Labs Inc, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Proto Labs' financial health, operational performance, and strategic direction for the past fiscal year, which is crucial for investors to assess the company's current standing and future prospects. As a public company, Proto Labs is required to disclose detailed financial information and risk factors annually, offering transparency to stakeholders regarding its business operations, market position, and potential challenges.

Risk Assessment

Risk Level: — Proto Labs Inc shows moderate risk based on this filing. The company operates in the fabricated structural metal products industry, which can be subject to cyclical demand and competitive pressures, as indicated by its SIC code and the nature of a 10-K filing requiring disclosure of business and risk factors.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand Proto Labs' performance and outlook for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-16 — Filing Date (Date of submission)

Key Players & Entities

• Proto Labs Inc. (company) — Filer name
• Maple Plain, MN (location) — Business address city and state
• 5540 Pioneer Creek (location) — Business address street
• 55359 (location) — Business address zip code
• 20231231 (date) — Fiscal year end
• 20240216 (date) — Filing date

FAQ

Industry Context

Proto Labs Inc. operates in the fabricated structural metal products industry, a sector that involves the manufacturing of metal components for various construction and industrial applications.

Regulatory Implications

As a publicly traded company, Proto Labs Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the annual filing of a Form 10-K.

What Investors Should Do

1. Review Proto Labs' detailed financial statements for the fiscal year 2023.
2. Analyze the risk factors section to understand potential challenges and mitigation strategies.
3. Compare Proto Labs' 2023 performance against previous years and industry benchmarks.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-16: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the annual 10-K for the fiscal year 2023, providing a comprehensive update compared to previous quarterly filings or the prior year's annual report.

Key Financial Figures

• $0.001 — ich registered Common Stock, Par Value $0.001 Per Share PRLB New York Stock Exchange

Filing Documents

• prlb-20231231.htm (10-K) — 1819KB
• prlb-20231231xex211.htm (EX-21.1) — 7KB
• prlb-20231231xex231.htm (EX-23.1) — 2KB
• prlb-20231231xex241.htm (EX-24.1) — 12KB
• prlb-20231231xex311.htm (EX-31.1) — 10KB
• prlb-20231231xex312.htm (EX-31.2) — 11KB
• prlb-20231231xex321.htm (EX-32.1) — 7KB
• prlb-20231231xex97.htm (EX-97) — 30KB
• prlb-20231231_g1.jpg (GRAPHIC) — 102KB
• prlb-20231231_g2.jpg (GRAPHIC) — 152KB
• 0001628280-24-005285.txt (&nbsp;) — 10378KB
• prlb-20231231.xsd (EX-101.SCH) — 49KB
• prlb-20231231_cal.xml (EX-101.CAL) — 108KB
• prlb-20231231_def.xml (EX-101.DEF) — 220KB
• prlb-20231231_lab.xml (EX-101.LAB) — 823KB
• prlb-20231231_pre.xml (EX-101.PRE) — 544KB
• prlb-20231231_htm.xml (XML) — 1635KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 15 Item 1B. Unresolved Staff Comments 26

Cybersecurity

Item 1C. Cybersecurity 26 Item 2.

Properties

Properties 27 Item 3.

Legal Proceedings

Legal Proceedings 28 Item 4. Mine Safety Disclosures 28 PART II Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 28 Item 6. [Reserved] 30 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 30 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 43 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 44 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 75 Item 9A.

Controls and Procedures

Controls and Procedures 75 Item 9B. Other Information 75 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 75 PART III Item 10. Directors, Executive Officers and Corporate Governance 76 Item 11.

Executive Compensation

Executive Compensation 76 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 76 Item 13. Certain Relationships and Related Transactions, and Director Independence 77 Item 14. Principal Accountant Fees and Services 77 PART IV Item 15. Exhibits and Financial Statement Schedules 78 3 Table of Contents Special Note Regarding Forward Looking Statements the level of competition in our industry and our ability to compete; our ability to respond to changes in our industry; our ability to effectively grow our business and manage our growth; our ability to continue to sell to existing and new customers; our ability to meet product developers' and engineers' needs and expectations regarding lead time, breadth of manufacturing processes, price and specifications for quality; the adoption rate of e-commerce and 3D CAD software by product developers and engineers; our ability to process a large volume of designs and identify significant opportunities in our business; our ability to maintain and enhance our brand; our ability to successfully identify, complete and integrate acquisitions o

Business

Item 1. Business Overview Proto Labs, Inc. was incorporated in Minnesota in 1999. The terms "Proto Labs," the "Company," "we," "us," and "our" as used herein refer to the business and operations of Proto Labs, Inc. and its subsidiaries. We are one of the world's largest, fastest, and most comprehensive digital manufacturers of custom parts. Our vision is accelerating innovation by revolutionizing manufacturing. Our mission is to empower companies to bring new ideas to market by offering the fastest and most comprehensive digital manufacturing service in the world. We accomplish this by offering a variety of manufacturing capabilities fulfilled through a combination of owned manufacturing factories and a worldwide network of premium manufacturing partners. Our automated quoting and manufacturing systems are highly integrated with our manufacturing and fulfillment systems, which allow us to offer a vast array of manufacturing technologies in a variety of materials across a continuum of lead times and prices. Our technology-enabled digital engineering and manufacturing applications enable us to produce commercial-grade plastic, metal, and liquid silicone rubber parts in as fast as one day. Our customers engage with us throughout the lifecycle of their product, from early-stage prototyping through end-use production to end-of-life replacement and other parts needs. Through our factories, we manufacture prototype and low volume production parts for companies worldwide, who are under increasing pressure to bring their finished products to market faster than their competition. We utilize injection molding, computer numerical control (CNC) machining, 3D printing and sheet metal fabrication to manufacture custom parts for our customers. Since our inception, we have manufactured over 450 million parts for customers. For most of our offerings, our proprietary technology eliminates most of the time-consuming and expensive skilled labor conventionally required to quote and m

View Full Filing

View this 10-K filing on SEC EDGAR