Proto Labs, Inc. (NYSE:PRLB) Q2 2024 Earnings Conference Call August 2, 2024 8:30 AM ET

Company Participants

Jason Frankman - VP and Corporate Controller
Rob Bodor - President and CEO
Dan Schumacher - CFO

Conference Call Participants

Brian Drab - William Blair
Troy Jensen - Cantor Fitzgerald
Jim Ricchiuti - Needham & Company
Greg Palm - Craig-Hallum Capital

Operator

Greetings. Welcome to Proto Labs' Second Quarter 2024 Earnings Call. [Operator Instructions] Please note this conference is being recorded.

At this time, I'll now turn the conference over to Jason Frankman, Vice President and Corporate Controller. Jason, you may now begin your presentation.

Jason Frankman

Thank you and welcome, everyone to Proto Labs second quarter 2024 earnings conference call. I'm joined today by Rob Bodor, President and Chief Executive Officer; and Dan Schumacher, Chief Financial Officer.

This morning, Proto Labs issued a press release announcing its financial results for the second quarter ended June 30, 2024. The release is available on the Company's website. In addition, a prepared slide presentation is available online at the web address provided in our press release. Our discussion today will include statements relating to future performance and expectations that are or may be considered forward-looking statements and subject to many risks and uncertainties that could cause actual results to differ materially from expectations.

Please refer to our earnings press release and recent SEC filings, including our Annual Report on Form 10-K, for information on certain risks that could cause actual outcomes to differ materially and adversely from any forward-looking statements made today. The results and guidance we will discuss include non-GAAP financial measures consistent with our past practice. Please refer to our press release and the accompanying slide presentation at the Investor Relations section of our company website for a complete reconciliation of GAAP to non-GAAP results.

Now. I'll turn the call over to Rob Bodor. Rob?

Rob Bodor

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

Despite operating in a challenging macro environment, on a year-over-year basis, Proto Lab's first half 2024 revenue grew 2% and non-GAAP earnings per share grew 25%. In an environment in which manufacturing activity has contracted in the U.S. and Europe, we continue to take share and improve our industry-leading profitability.

We've improved the efficiency of our AI-enabled pricing algorithms, increased the automation in our digital factories, and managed our costs with volume. No business is immune from the manufacturing headwinds currently at play in the market, but our resilient model has produced growth and improved profitability.