0001628280-24-034354 | 10-Q | XBRL Viewer

Net Income (Loss) per Common Share

6 Months Ended

Jun. 30, 2024

Basic net income (loss) per share is computed based on the weighted-average number of common shares outstanding. Diluted net income (loss) per share is computed based on the weighted-average number of common shares outstanding, increased by the number of additional shares that would have been outstanding had potentially dilutive common shares been issued and reduced by the number of shares the Company could have repurchased from the proceeds from issuance of the potentially dilutive shares. Potentially dilutive shares of common stock include stock options and other stock-based awards granted under stock-based compensation plans and shares committed to be purchased under the employee stock purchase plan. Performance stock units are excluded from the calculation of dilutive potential common shares until the performance conditions have been satisfied. Anti-dilutive options were excluded from the calculation of diluted weighted average shares outstanding and were 452,239 and 380,848 for the three months ended June 30, 2024 and 2023, respectively, and 371,313 and 407,119 for the six months ended June 30, 2024 and 2023, respectively.

The table below sets forth the computation of basic and diluted net income (loss) per share:



	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except share and per share amounts)	2024		2023		2024		2023
Net income (loss)	$	4,540	$	(383)	$	9,808	$	2,276

Basic - weighted-average shares outstanding:	25,313,036		26,210,478		25,473,937		26,414,467
Effect of dilutive securities:
Employee stock options and other1	59,936		0		99,407		30,960
Diluted - weighted-average shares outstanding:	25,372,972		26,210,478		25,573,344		26,445,427
Net income (loss) per share:
Basic	$	0.18	$	(0.01)	$	0.39	$	0.09
Diluted	$	0.18	$	(0.01)	$	0.38	$	0.09


1 For the three months ended June 30, 2023, 14,084 of dilutive securities for employee stock options and other were not included in the diluted weighted average shares outstanding due to the net loss for the three months ended June 30, 2023.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 4,540	$ 5,268	$ (383)	$ 2,659	$ 9,808	$ 2,276

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Accumulated Other Comprehensive Income (Loss) - Changes In Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 687,310	$ 683,137	$ 695,295	$ 697,648
Net unrealized gains (losses) on investments in securities
Ending balance	685,236	682,685	685,236	682,685
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(28,845)	(33,494)	(28,013)	(34,355)
Net unrealized gains (losses) on investments in securities
Ending balance	(29,432)	(29,221)	(29,432)	(29,221)
Foreign currency translation adjustments
Foreign currency translation adjustments
Other comprehensive (loss) income before reclassifications	(678)	348	(1,603)	875
Amounts reclassified from accumulated other comprehensive loss	0	3,906	0	3,906
Net unrealized gains (losses) on investments in securities
Other comprehensive income (loss) before reclassifications	(678)	348	(1,603)	875
Amounts reclassified from accumulated other comprehensive loss	0	3,906	0	3,906
Net current-period other comprehensive income (loss)	(678)	4,254	(1,603)	4,781
Net unrealized gains (losses) on investments in securities
Foreign currency translation adjustments
Other comprehensive (loss) income before reclassifications	91	19	184	353
Amounts reclassified from accumulated other comprehensive loss	0	0	0	0
Net unrealized gains (losses) on investments in securities
Other comprehensive income (loss) before reclassifications	91	19	184	353
Amounts reclassified from accumulated other comprehensive loss	0	0	0	0
Net current-period other comprehensive income (loss)	$ 91	$ 19	$ 184	$ 353

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 96,149	$ 83,790
Short-term marketable securities	16,792	19,013
Accounts receivable, net of allowance for doubtful accounts of $2,610 and $2,499 as of June 30, 2024, and December 31, 2023, respectively	70,891	72,848
Inventory	12,357	13,657
Income taxes receivable	1,400	2,228
Prepaid expenses and other current assets	10,034	9,124
Total current assets	207,623	200,660
Property and equipment, net	243,710	253,655
Goodwill	273,991	273,991
Other intangible assets, net	23,427	25,584
Long-term marketable securities	0	8,019
Operating lease assets	3,790	4,628
Finance lease assets	826	960
Other long-term assets	4,839	4,856
Total assets	758,206	772,353
Current liabilities
Accounts payable	15,910	15,636
Accrued compensation	15,544	15,292
Accrued liabilities and other	17,656	16,872
Current operating lease liabilities	1,534	1,585
Current finance lease liabilities	302	296
Total current liabilities	50,946	49,681
Long-term operating lease liabilities	2,203	3,008
Long-term finance lease liabilities	443	595
Long-term deferred tax liabilities	14,588	18,742
Other long-term liabilities	4,790	5,032
Total liabilities	72,970	77,058
Shareholders' equity
Preferred stock, $0.001 par value, authorized 10,000,000 shares; issued and outstanding 0 shares as of each of June 30, 2024, and December 31, 2023	0	0
Common stock, $0.001 par value, authorized 150,000,000 shares; issued and outstanding 25,147,616 and 25,721,957 shares as of June 30, 2024, and December 31, 2023, respectively	26	26
Additional paid-in capital	461,400	466,884
Retained earnings	253,242	256,398
Accumulated other comprehensive loss	(29,432)	(28,013)
Total shareholders' equity	685,236	695,295
Total liabilities and shareholders' equity	$ 758,206	$ 772,353

Net Income (Loss) per Common Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The table below sets forth the computation of basic and diluted net income (loss) per share:



	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except share and per share amounts)	2024		2023		2024		2023
Net income (loss)	$	4,540	$	(383)	$	9,808	$	2,276

Basic - weighted-average shares outstanding:	25,313,036		26,210,478		25,473,937		26,414,467
Effect of dilutive securities:
Employee stock options and other1	59,936		0		99,407		30,960
Diluted - weighted-average shares outstanding:	25,372,972		26,210,478		25,573,344		26,445,427
Net income (loss) per share:
Basic	$	0.18	$	(0.01)	$	0.39	$	0.09
Diluted	$	0.18	$	(0.01)	$	0.38	$	0.09


1 For the three months ended June 30, 2023, 14,084 of dilutive securities for employee stock options and other were not included in the diluted weighted average shares outstanding due to the net loss for the three months ended June 30, 2023.

Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

There were no changes in the carrying amount of goodwill during the three and six months ended June 30, 2024.

Intangible assets other than goodwill at June 30, 2024 and December 31, 2023 were as follows:



	June 30, 2024						December 31, 2023						Useful Life (in years)	Weighted Average Useful Life Remaining (in years)
(in thousands)	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Intangible assets with finite lives:
Marketing assets	$	930	$	(930)	$	—	$	930	$	(900)	$	30	10.0	0.0
Non-compete agreement	827		(653)		174		835		(603)		232		2.0 - 5.0	1.1
Software technology	13,229		(8,439)		4,790		13,229		(7,752)		5,477		10.0	3.5
Software platform	26,026		(7,563)		18,463		26,373		(6,575)		19,798		12.0	8.6
Tradenames	349		(349)		—		354		(347)		7		3.0	0.0
Customer relationships	12,195		(12,195)		—		12,223		(12,183)		40		3.0 - 9.0	0.0
Total intangible assets	$	53,556	$	(30,129)	$	23,427	$	53,944	$	(28,360)	$	25,584

Intangible assets allocated to the Protolabs Network entities consisted of intangible assets of €11.6 million in Europe and $16.6 million in the United States as of the date of the acquisition. The Euro denominated intangible assets are translated at the end of each period using the current exchange rates resulting in a foreign currency translation adjustment that is recorded as a component of Other Comprehensive Income. Foreign currency unrealized losses related to intangible assets were $1.7 million and $1.3 million as of June 30, 2024 and December 31, 2023, respectively. Amortization expense for intangible assets was $0.9 million and $1.5 million for each of the three months ended June 30, 2024 and 2023, respectively, and $1.9 million and $3.1 million for each of the six months ended June 30, 2024 and 2023, respectively.

Estimated aggregated amortization expense based on the current carrying value of the amortizable intangible assets and current exchange rates is as follows:



(in thousands)	Estimated Amortization Expense
Remaining 2024	$	1,815
2025	3,630
2026	3,529
2027	3,520
2028	2,151
Thereafter	8,782
Total estimated amortization expense	$	23,427

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis

The following table summarizes financial assets as of June 30, 2024 and December 31, 2023 measured at fair value on a recurring basis:



	June 30, 2024						December 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Financial Assets:
Cash	$	94,871	$	—	$	—	$	77,423	$	—	$	—
Money market mutual fund	1,278		$	—	—		6,367		—		—
Marketable securities	2,465		14,327		—		4,482		22,550		—
Total	$	98,614	$	14,327	$	—	$	88,272	$	22,550	$	—

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The unaudited interim Consolidated Financial Statements of Proto Labs, Inc. (Protolabs, the Company, we, us or our) have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, the accompanying financial statements reflect all adjustments necessary for a fair presentation of the Company’s statements of financial position, results of operations and cash flows for the periods presented. Except as otherwise disclosed herein, these adjustments consist of normal, recurring items. Operating results for interim periods are not necessarily indicative of results that may be expected for the fiscal year as a whole. The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and the related disclosures at the date of the financial statements and during the reporting period. Actual results could materially differ from these estimates. For further information, refer to the audited Consolidated Financial Statements and Notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange Commission (SEC) on February 16, 2024. The accompanying Consolidated Balance Sheet as of December 31, 2023 was derived from the audited Consolidated Financial Statements but does not include all disclosures required by U.S. GAAP for a full set of financial statements. This Quarterly Report on Form 10-Q should be read in conjunction with the Company’s Consolidated Financial Statements and Notes included in the Company's Annual Report on Form 10-K filed on February 16, 2024 as referenced above.

Marketable Securities

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

The Company invests in short-term and long-term agency, municipal, corporate and other debt securities. The securities are categorized as available-for-sale and are recorded at fair value. The following table summarizes information regarding the Company’s short-term and long-term marketable securities as of June 30, 2024 and December 31, 2023:



	June 30, 2024
(in thousands)	Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. government agency securities	$	13,310	$	—	$	(178)	$	13,132

U.S. municipal securities	3,699		—		(39)		3,660

Total marketable securities	$	17,009	$	—	$	(217)	$	16,792



	December 31, 2023
(in thousands)	Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. government agency securities	$	16,798	$	—	$	(278)	$	16,520
Corporate debt securities	2,511		—		(19)		2,492
U.S. municipal securities	7,876		—		(105)		7,771
Certificates of deposit/time deposits	249		—		—		249
Total marketable securities	$	27,434	$	—	$	(402)	$	27,032

Fair values for the corporate debt securities are primarily determined based on quoted market prices (Level 1). Fair values for the U.S. municipal securities, U.S. government agency securities, certificates of deposit and U.S. treasury securities are primarily determined using dealer quotes or quoted market prices for similar securities (Level 2).

Classification of marketable securities as current or non-current is based upon the security’s maturity date as of the date of these financial statements.

The June 30, 2024 balance of available-for-sale debt securities by contractual maturity is shown in the following table at fair value. Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties.



(in thousands)	June 30, 2024
Due in one year or less	$	16,792
Due after one year through five years	—
Total marketable securities	$	16,792

Stock-Based Compensation

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Under the Amended and Restated Proto Labs Inc. 2022 Long-Term Incentive Plan, the Company has the ability to grant stock options, stock appreciation rights (SARs), restricted stock, restricted stock units, other stock-based awards and cash incentive awards, which was approved by the Company's shareholders at a Special Meeting of Shareholders on August 29, 2022 and was amended and restated by the Company's shareholders at its Annual Meeting of Shareholders on May 23, 2024 (as amended and restated, the 2022 Plan) to increase the number of shares available for issuance pursuant to awards under the 2022 Plan by an additional 430,000 shares, add a minimum vesting requirement, and extend the expiration date so that the term of the 2022 Plan runs for ten years from the date of the shareholder approval. Awards under the 2022 Plan have a maximum term of ten years from the date of grant. The compensation committee may provide that the vesting or payment of any award will be subject to the attainment of specified performance measures in addition to the satisfaction of any continued service requirements and the compensation committee will determine whether such measures have been achieved. The per-share exercise price of stock options and SARs granted under the 2022 Plan generally may not be less than the fair market value of a share of our common stock on the date of the grant.

The Company also has outstanding awards under the 2012 Long-Term Incentive Plan, as amended (the 2012 Plan), although the plan expired in February 2022 and no additional awards have since been or will be made under the 2012 Plan. The 2012 Plan provided the Company the ability to grant stock options, SARs, restricted stock, restricted stock units, other stock-based awards and cash incentive awards. Awards under the 2012 Plan that subsequently expired, were forfeited or cancelled, or settled in cash after August 29, 2022 became available for awards under the 2022 Plan.

Employee Stock Purchase Plan

The Company’s 2012 Employee Stock Purchase Plan (ESPP) allows eligible employees to purchase a variable number of shares of the Company’s common stock each offering period at a discount through payroll deductions of up to 15 percent of their eligible compensation, subject to plan limitations. The ESPP provides for six-month offering periods with a single purchase period ending May 15 and November 15, respectively. At the end of each offering period, employees are able to purchase shares at 85 percent of the lower of the fair market value of the Company’s common stock on the first trading day of the offering period or on the last trading day of the offering period.

Stock-Based Compensation Expense

Stock-based compensation expense was $4.2 million and $3.7 million for the three months ended June 30, 2024 and 2023, respectively, and $8.5 million and $7.4 million for the six months ended June 30, 2024 and 2023, respectively.

Stock Options

The following table summarizes stock option activity during the six months ended June 30, 2024:



	Stock Options	Weighted- Average Exercise Price
Options outstanding at December 31, 2023	371,313	$	59.92
Granted	139,215	33.41
Exercised	—	—
Forfeited	(29,729)	76.23
Expired	(5,094)	67.78
Options outstanding at June 30, 2024	475,705	$	51.06

Exercisable at June 30, 2024	190,014	$	70.24

The outstanding options generally have a term of ten years. For employees, options granted become exercisable ratably over the vesting period, which is generally a period of four years, beginning on the first anniversary of the grant date, subject to the employee’s continuing service to the Company.

The weighted-average grant date fair value of options that were granted during the six months ended June 30, 2024 was $18.15.

The following table provides the assumptions used in the Black-Scholes pricing model valuation of options during the six months ended June 30, 2024 and 2023:



	Six Months Ended June 30,
	2024	2023
Risk-free interest rate	4.28% - 4.30%	3.90% - 4.55%
Expected life (years)	6.25	2.00 - 6.25
Expected volatility	50.62% - 50.72%	49.23% - 55.92%
Expected dividend yield	0%	0%

As of June 30, 2024, there was $5.0 million of unrecognized compensation expense related to unvested stock options, which is expected to be recognized over a weighted-average period of 2.9 years.

Restricted Stock

Restricted stock awards are share-settled awards and restrictions lapse ratably over the vesting period, which is generally a period from three to four years, beginning on the first anniversary of the grant date, subject to the employee's continuing service to the Company. For the board of directors, restrictions generally lapse in full on the first anniversary of the grant date.

The following table summarizes restricted stock activity during the six months ended June 30, 2024:



	Restricted Stock	Weighted- Average Grant Date Fair Value Per Share
Restricted stock at December 31, 2023	653,465	$	45.89
Granted	336,785	33.02
Restrictions lapsed	(191,950)	54.48
Forfeited	(26,289)	42.36
Restricted stock at June 30, 2024	772,011	$	38.26

As of June 30, 2024, there was $23.4 million of unrecognized compensation expense related to non-vested restricted stock, which is expected to be recognized over a weighted-average period of 2.9 years.

Performance Stock

Performance stock units (PSUs) are expressed in terms of a target number of PSUs, with anywhere between 0 percent and 200 percent of that target number capable of being earned and vesting at the end of a three-year performance period depending on the Company’s performance in the final year of the performance period and the award recipient’s continued employment. Certain PSUs granted by the Company in 2021 are based on performance conditions and the related compensation cost is based on the probability that the performance conditions will be achieved. The Company’s PSUs granted in 2022, 2023, 2024 and certain PSUs granted in 2021 are based on market conditions and the related compensation cost is based on the fair value at grant date calculated using a Monte Carlo pricing model.

The following table summarizes performance stock activity during the six months ended June 30, 2024:



	Performance Stock	Weighted- Average Grant Date Fair Value Per Share
Performance stock at December 31, 2023	107,097	$	74.08
Granted	79,436	48.20
Restrictions lapsed	—	—
Performance change	(2,772)	227.14
Forfeited	—
Performance stock at June 30, 2024	183,761	$	60.58

The following table provides the assumptions used in the Monte Carlo pricing model valuation of PSUs during the six months ended June 30, 2024 and 2023:



	Six Months Ended June 30,
	2024	2023
Risk-free interest rate	4.37%	4.35%
Expected life (years)	2.88	2.88
Expected volatility	51.40%	58.00%
Expected dividend yield	0%	0%

As of June 30, 2024, there was $6.2 million of unrecognized compensation expense related to non-vested performance stock, which is expected to be recognized over a weighted-average period of 2.1 years.

Employee Stock Purchase Plan

The following table presents the assumptions used to estimate the fair value of the ESPP during the six months ended June 30, 2024 and 2023:



	Six Months Ended June 30,
	2024	2023
Risk-free interest rate	5.07% - 5.16%	4.60% - 4.82%
Expected life (months)	6.00	6.00
Expected volatility	30.97% - 47.92%	47.38% - 67.84%
Expected dividend yield	0%	0%

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Jul. 30, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-35435
Entity Registrant Name	Proto Labs, Inc.
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	41-1939628
Entity Address, Address Line One	5540 Pioneer Creek Drive
Entity Address, City or Town	Maple Plain
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55359
City Area Code	763
Local Phone Number	479-3680
Title of 12(b) Security	Common Stock, Par Value $0.001 Per Share
Trading Symbol	PRLB
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		25,147,616
Entity Central Index Key	0001443669
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Segment Reporting - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Total revenue	$ 125,631	$ 122,265	$ 253,521	$ 248,124
Injection Molding
Segment Reporting Information [Line Items]
Total revenue	49,080	48,819	101,743	100,767
CNC Machining
Segment Reporting Information [Line Items]
Total revenue	51,239	48,297	101,171	96,401
3D Printing
Segment Reporting Information [Line Items]
Total revenue	21,281	21,005	42,863	42,330
Sheet Metal
Segment Reporting Information [Line Items]
Total revenue	3,922	3,939	7,475	8,187
Other Revenue
Segment Reporting Information [Line Items]
Total revenue	$ 109	$ 205	$ 269	$ 439

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2022		26,888,425
Beginning balance at Dec. 31, 2022	$ 697,648	$ 27	$ 473,740	$ 258,236	$ (34,355)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued on exercise of options and other, net of shares withheld for tax obligations (in shares)		26,798
Common shares issued on exercise of options and other, net of shares withheld for tax obligations	(401)		(401)
Stock-based compensation expense	3,695		3,695
Repurchases of common stock (in shares)		(712,500)
Repurchases of common stock	(21,325)	$ (1)	(11,849)	(9,475)
Net income (loss)	2,659			2,659
Other comprehensive income
Foreign currency translation adjustment	527				527
Net unrealized gains (losses) on investments in securities	334				334
Comprehensive income	3,520
Ending balance (in shares) at Mar. 31, 2023		26,202,723
Ending balance at Mar. 31, 2023	683,137	$ 26	465,185	251,420	(33,494)
Beginning balance (in shares) at Dec. 31, 2022		26,888,425
Beginning balance at Dec. 31, 2022	697,648	$ 27	473,740	258,236	(34,355)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	2,276
Other comprehensive income
Comprehensive income	7,410
Ending balance (in shares) at Jun. 30, 2023		26,095,434
Ending balance at Jun. 30, 2023	682,685	$ 26	464,950	246,930	(29,221)
Beginning balance (in shares) at Mar. 31, 2023		26,202,723
Beginning balance at Mar. 31, 2023	683,137	$ 26	465,185	251,420	(33,494)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued on exercise of options and other, net of shares withheld for tax obligations (in shares)		169,229
Common shares issued on exercise of options and other, net of shares withheld for tax obligations	962		962
Stock-based compensation expense	3,675		3,675
Repurchases of common stock (in shares)		(276,518)
Repurchases of common stock	(8,979)		(4,872)	(4,107)
Net income (loss)	(383)			(383)
Other comprehensive income
Foreign currency translation adjustment	4,254				4,254
Net unrealized gains (losses) on investments in securities	19				19
Comprehensive income	3,890
Ending balance (in shares) at Jun. 30, 2023		26,095,434
Ending balance at Jun. 30, 2023	$ 682,685	$ 26	464,950	246,930	(29,221)
Beginning balance (in shares) at Dec. 31, 2023	25,721,957	25,721,957
Beginning balance at Dec. 31, 2023	$ 695,295	$ 26	466,884	256,398	(28,013)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued on exercise of options and other, net of shares withheld for tax obligations (in shares)		29,974
Common shares issued on exercise of options and other, net of shares withheld for tax obligations	(533)		(533)
Stock-based compensation expense	4,276		4,276
Repurchases of common stock and other (in shares)		(435,861)
Repurchases of common stock and other	(16,164)		(7,912)	(8,252)
Net income (loss)	5,268			5,268
Other comprehensive income
Foreign currency translation adjustment	(925)				(925)
Net unrealized gains (losses) on investments in securities	93				93
Comprehensive income	4,436
Ending balance (in shares) at Mar. 31, 2024		25,316,070
Ending balance at Mar. 31, 2024	$ 687,310	$ 26	462,715	253,414	(28,845)
Beginning balance (in shares) at Dec. 31, 2023	25,721,957	25,721,957
Beginning balance at Dec. 31, 2023	$ 695,295	$ 26	466,884	256,398	(28,013)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	9,808
Other comprehensive income
Comprehensive income	$ 8,389
Ending balance (in shares) at Jun. 30, 2024	25,147,616	25,147,616
Ending balance at Jun. 30, 2024	$ 685,236	$ 26	461,400	253,242	(29,432)
Beginning balance (in shares) at Mar. 31, 2024		25,316,070
Beginning balance at Mar. 31, 2024	687,310	$ 26	462,715	253,414	(28,845)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued on exercise of options and other, net of shares withheld for tax obligations (in shares)		176,780
Common shares issued on exercise of options and other, net of shares withheld for tax obligations	707		707
Stock-based compensation expense	4,244		4,244
Repurchases of common stock and other (in shares)		(345,234)
Repurchases of common stock and other	(10,978)		(6,266)	(4,712)
Net income (loss)	4,540			4,540
Other comprehensive income
Foreign currency translation adjustment	(678)				(678)
Net unrealized gains (losses) on investments in securities	91				91
Comprehensive income	$ 3,953
Ending balance (in shares) at Jun. 30, 2024	25,147,616	25,147,616
Ending balance at Jun. 30, 2024	$ 685,236	$ 26	$ 461,400	$ 253,242	$ (29,432)

Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2024

Regulated Operations [Abstract]

Comprehensive Income (Loss)

The following table presents the changes in accumulated other comprehensive income (loss) balances during the three and six months ended June 30, 2024 and 2023:



	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023

Balance at beginning of period	$	(28,845)	$	(33,494)	$	(28,013)	$	(34,355)
Foreign currency translation adjustments
Other comprehensive (loss) income before reclassifications	(678)		348		(1,603)		875
Amounts reclassified from accumulated other comprehensive loss	—		3,906		—		3,906
Net current-period other comprehensive (loss) income	(678)		4,254		(1,603)		4,781
Net unrealized gains (losses) on investments in securities
Other comprehensive income (loss) before reclassifications	91		19		184		353
Amounts reclassified from accumulated other comprehensive loss	—		—		—		—
Net current-period other comprehensive income (loss)	91		19		184		353
Balance at end of period	$	(29,432)	$	(29,221)	$	(29,432)	$	(29,221)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Goodwill and Other Intangible Assets - Schedule of Intangible Assets Other Than Goodwill (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	$ 53,556	$ 53,944
Accumulated Amortization	(30,129)	(28,360)
Net	23,427	25,584
Marketing assets
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	930	930
Accumulated Amortization	(930)	(900)
Net	$ 0	30
Useful Life (in years)	10 years
Weighted Average Useful Life Remaining (in years)	0 years
Non-compete agreement
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	$ 827	835
Accumulated Amortization	(653)	(603)
Net	$ 174	232
Weighted Average Useful Life Remaining (in years)	1 year 1 month 6 days
Non-compete agreement \| Minimum
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)	2 years
Non-compete agreement \| Maximum
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)	5 years
Software technology
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	$ 13,229	13,229
Accumulated Amortization	(8,439)	(7,752)
Net	$ 4,790	5,477
Useful Life (in years)	10 years
Weighted Average Useful Life Remaining (in years)	3 years 6 months
Software platform
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	$ 26,026	26,373
Accumulated Amortization	(7,563)	(6,575)
Net	$ 18,463	19,798
Useful Life (in years)	12 years
Weighted Average Useful Life Remaining (in years)	8 years 7 months 6 days
Tradenames
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	$ 349	354
Accumulated Amortization	(349)	(347)
Net	$ 0	7
Useful Life (in years)	3 years
Weighted Average Useful Life Remaining (in years)	0 years
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	$ 12,195	12,223
Accumulated Amortization	(12,195)	(12,183)
Net	$ 0	$ 40
Weighted Average Useful Life Remaining (in years)	0 years
Customer relationships \| Minimum
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)	3 years
Customer relationships \| Maximum
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)	9 years

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Revenue from External Customers by Geographic Areas

Revenue and income from operations by reportable segment for the three and six months ended June 30, 2024 and 2023 were as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
(dollars in thousands)	2024		2023		2024		2023
Revenue:
United States	$	98,541	$	96,321	$	200,022	$	194,067
Europe	27,090		25,944		53,499		54,057
Total revenue	$	125,631	$	122,265	$	253,521	$	248,124

Income from Operations by Geographic Area



	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Income (Loss) from Operations:
United States	$	24,241	$	22,053	$	50,573	$	42,534
Europe	(1,732)		(3,380)		(4,176)		(5,863)
Corporate Unallocated and Japan	(16,510)		(13,065)		(33,571)		(27,314)
Total Income from Operations	$	5,999	$	5,608	$	12,826	$	9,357

Long-Lived Assets by Geographic Areas

Total long-lived assets at June 30, 2024 and December 31, 2023 were as follows:



(in thousands)	June 30, 2024		December 31, 2023
Total long-lived assets:
United States	$	192,873	$	201,388
Europe	50,837		52,267
Total Long-lived Assets	$	243,710	$	253,655

Disaggregation of Revenue

Revenue by product line for the three and six months ended June 30, 2024 and 2023 were as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
(dollars in thousands)	2024		2023		2024		2023
Revenue:
Injection Molding	$	49,080	$	48,819	$	101,743	$	100,767
CNC Machining	51,239		48,297		101,171		96,401
3D Printing	21,281		21,005		42,863		42,330
Sheet Metal	3,922		3,939		7,475		8,187
Other Revenue	109		205		269		439
Total Revenue	$	125,631	$	122,265	$	253,521	$	248,124

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		6 Months Ended
	May 23, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense		$ 4.2	$ 3.7	$ 8.5	$ 7.4
Stock-based award, weighted-average grant date fair value (in dollars per share)				$ 18.15
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Discount from market price (in percent)				15.00%
Offering period (in months)				6 months
Purchase price of common stock (in percent)				85.00%
Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based award, term (in years)				10 years
Stock-based award, vesting period (in years)				4 years
Stock based award, unrecognized compensation expense		5.0		$ 5.0
Stock based award, unrecognized compensation expense, period for recognition (in years)				2 years 10 months 24 days
Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based award, unrecognized compensation expense		23.4		$ 23.4
Stock based award, unrecognized compensation expense, period for recognition (in years)				2 years 10 months 24 days
Restricted Stock \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based award, vesting period (in years)				3 years
Restricted Stock \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based award, vesting period (in years)				4 years
Performance Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based award, vesting period (in years)				3 years
Stock based award, unrecognized compensation expense		$ 6.2		$ 6.2
Stock based award, unrecognized compensation expense, period for recognition (in years)				2 years 1 month 6 days
Percentage of target, capable of being earned and vesting, lower limit		0.00%		0.00%
Percentage of target, capable of being earned and vesting, upper limit		200.00%		200.00%
Long-Term Incentive Plan 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares available for issuance pursuant to awards (in shares)	430,000
Stock-based award, term (in years)				10 years

Stock-Based Compensation - Weighted Average Assumptions (Details)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected life (years)	6 years	6 years
Expected dividend yield	0.00%	0.00%
Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected life (years)	6 years 3 months
Expected dividend yield	0.00%	0.00%
Performance Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	4.37%	4.35%
Expected life (years)	2 years 10 months 17 days	2 years 10 months 17 days
Expected volatility	51.40%	58.00%
Expected dividend yield	0.00%	0.00%
Minimum \| Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	5.07%	4.60%
Expected volatility	30.97%	47.38%
Minimum \| Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	4.28%	3.90%
Expected life (years)		2 years
Expected volatility	50.62%	49.23%
Maximum \| Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	5.16%	4.82%
Expected volatility	47.92%	67.84%
Maximum \| Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	4.30%	4.55%
Expected life (years)		6 years 3 months
Expected volatility	50.72%	55.92%

Goodwill and Other Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remaining 2024	$ 1,815
2025	3,630
2026	3,529
2027	3,520
2028	2,151
Thereafter	8,782
Net	$ 23,427	$ 25,584

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company is subject to income tax in multiple jurisdictions and the use of estimates is required to determine the provision for income taxes. For the three months ended June 30, 2024 and 2023, the Company recorded an income tax provision of $2.8 million and $2.6 million, respectively. For the six months ended June 30, 2024 and 2023, the Company recorded an income tax provision of $5.3 million and $5.0 million, respectively. The income tax provision is based on the estimated annual effective tax rate for the year applied to pre-tax income. The effective income tax rate for the three months ended June 30, 2024 was 38.3 percent compared to 117.1 percent in the same period of the prior year. The effective tax rate decreased by 78.8 percent for the three months ended June 30, 2024 when compared to the same period in 2023, primarily due to the prior year one-time tax impact of the foreign currency translation loss from the closure of our Japan business. The effective income tax rate for the six months ended June 30, 2024 was 35.0 percent compared to 68.7 percent in the same period of the prior year. The effective tax rate decreased by 33.7 percent for the six months ended June 30, 2024 when compared to the same period in 2023, primarily due to the prior year one-time tax impact of the foreign currency translation loss from the closure of our Japan business. The effective income tax rate for the three and six months ended June 30, 2024 differs from the U.S. federal statutory rate of 21.0 percent due to various factors, including operating in multiple state and foreign jurisdictions partially offset by tax credits for which the Company qualifies. The Company had unrecognized tax benefits totaling $3.6 million as of June 30, 2024 and $3.6 million as of December 31, 2023, respectively, that if recognized would result in a reduction of the Company’s effective tax rate. The liabilities are classified as other long-term liabilities in the accompanying consolidated balance sheets. The Company recognizes interest and penalties related to income tax matters in income tax expense and reports the liability in current or long-term income taxes payable as appropriate.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
-Section 55
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 740
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-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Debt Securities, Available-for-Sale

The following table summarizes information regarding the Company’s short-term and long-term marketable securities as of June 30, 2024 and December 31, 2023:



	June 30, 2024
(in thousands)	Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. government agency securities	$	13,310	$	—	$	(178)	$	13,132

U.S. municipal securities	3,699		—		(39)		3,660

Total marketable securities	$	17,009	$	—	$	(217)	$	16,792



	December 31, 2023
(in thousands)	Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. government agency securities	$	16,798	$	—	$	(278)	$	16,520
Corporate debt securities	2,511		—		(19)		2,492
U.S. municipal securities	7,876		—		(105)		7,771
Certificates of deposit/time deposits	249		—		—		249
Total marketable securities	$	27,434	$	—	$	(402)	$	27,032

Investments Classified by Contractual Maturity Date



(in thousands)	June 30, 2024
Due in one year or less	$	16,792
Due after one year through five years	—
Total marketable securities	$	16,792

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
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-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Segment Reporting - Income From Operation by Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Total Income from Operations	$ 5,999	$ 5,608	$ 12,826	$ 9,357
Operating Segments
Segment Reporting Information [Line Items]
Total Income from Operations	5,999	5,608	12,826	9,357
Operating Segments \| United States
Segment Reporting Information [Line Items]
Total Income from Operations	24,241	22,053	50,573	42,534
Operating Segments \| Europe
Segment Reporting Information [Line Items]
Total Income from Operations	(1,732)	(3,380)	(4,176)	(5,863)
Operating Segments \| Corporate Unallocated and Japan
Segment Reporting Information [Line Items]
Total Income from Operations	$ (16,510)	$ (13,065)	$ (33,571)	$ (27,314)

Inventory (Tables)

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory, Current

The Company’s inventory consisted of the following as of the dates indicated:



(in thousands)	June 30, 2024		December 31, 2023
Total inventory	$	13,042	$	14,319
Allowance for obsolescence	(685)		(662)
Inventory, net of allowance	$	12,357	$	13,657

Stock-Based Compensation - Option Activity (Details)	6 Months Ended
Stock-Based Compensation - Option Activity (Details)	Jun. 30, 2024 $ / shares shares
Stock Options
Options outstanding, beginning balance (in shares) \| shares	371,313
Granted (in shares) \| shares	139,215
Exercised (in shares) \| shares	0
Forfeited (in shares) \| shares	(29,729)
Expired (in shares) \| shares	(5,094)
Options outstanding, ending balance (in shares) \| shares	475,705
Weighted- Average Exercise Price
Options outstanding, beginning balance, weighted-average exercise price (in dollars per share) \| $ / shares	$ 59.92
Granted, weighted-average exercise price (in dollars per share) \| $ / shares	33.41
Exercised, weighted-average exercise price (in dollars per share) \| $ / shares	0
Forfeited, weighted-average exercise price (in dollars per share) \| $ / shares	76.23
Expired, weighted-average exercise price (in dollars per share) \| $ / shares	67.78
Options outstanding, ending balance, weighted-average exercise price (in dollars per share) \| $ / shares	$ 51.06
Additional Disclosures
Option exercisable (in shares) \| shares	190,014
Options exercisable, weighted-average exercise price (in dollars per share) \| $ / shares	$ 70.24

Inventory

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Inventory

Inventory consists primarily of raw materials, which are recorded at the lower of cost and net realizable value using the standard cost method, which approximates first-in, first-out (FIFO) cost. The Company periodically reviews its inventory for slow-moving, damaged and discontinued items and provides allowances to reduce such items identified to their recoverable amounts.

The Company’s inventory consisted of the following as of the dates indicated:



(in thousands)	June 30, 2024		December 31, 2023
Total inventory	$	13,042	$	14,319
Allowance for obsolescence	(685)		(662)
Inventory, net of allowance	$	12,357	$	13,657

Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Total inventory	$ 13,042	$ 14,319
Allowance for obsolescence	(685)	(662)
Inventory, net of allowance	$ 12,357	$ 13,657

Marketable Securities - Maturities of Available-For-Sale Debt Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale, Fair Value, Fiscal Year Maturity [Abstract]
Due in one year or less	$ 16,792
Due after one year through five years	0
Total marketable securities	$ 16,792	$ 27,032

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
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-Section S99
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479130/326-30-45-1

+ Details

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for credit loss, current	$ 2,610	$ 2,499
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	150,000,000	150,000,000
Common stock, issued (in shares)	25,147,616	25,721,957
Common stock, outstanding (in shares)	25,147,616	25,721,957

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities
Net income	$ 9,808	$ 2,276
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	18,075	18,883
Stock-based compensation expense	8,520	7,370
Deferred taxes	(4,144)	(5,605)
Interest on finance lease obligations	18	568
Loss on foreign currency translation	0	3,906
Gain on disposal of property and equipment	(20)	(428)
Other	64	215
Changes in operating assets and liabilities:
Accounts receivable	113	1,106
Inventories	1,263	(551)
Prepaid expenses and other	(829)	4,193
Income taxes	825	3,524
Accounts payable	537	(961)
Accrued liabilities and other	1,551	(2,629)
Net cash provided by operating activities	35,781	31,867
Investing activities
Purchases of property, equipment and other capital assets	(6,784)	(6,829)
Proceeds from sales of property, equipment and other capital assets	30	623
Proceeds from call redemptions and maturities of marketable securities	10,419	14,020
Net cash provided by investing activities	3,665	7,814
Financing activities
Proceeds from exercises of stock options	2,094	1,986
Purchases of shares withheld for tax obligations	(1,920)	(1,425)
Repurchases of common stock	(26,940)	(30,064)
Principal repayments of finance lease obligations	(146)	(163)
Net cash used in financing activities	(26,912)	(29,666)
Effect of exchange rate changes on cash and cash equivalents	(175)	(80)
Net increase in cash and cash equivalents	12,359	9,935
Cash and cash equivalents, beginning of period	83,790	56,558
Cash and cash equivalents, end of period	$ 96,149	$ 66,493

Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Accounting Standards Codification, Fair Value Measurement (ASC 820), defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that requires classification based on observable and unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value:

Level 1—Quoted prices in active markets for identical assets or liabilities.

Level 2—Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The Company's assets and liabilities that are required to be measured or disclosed at fair value on a recurring basis include cash and cash equivalents and marketable securities. The Company’s cash consists of bank deposits and cash equivalents consist primarily of money market mutual funds. The Company determines the fair value of these investments using Level 1 inputs. The Company's marketable securities consist of short-term and long-term agency, municipal, corporate and other debt securities. Fair value for the corporate debt securities is primarily determined based on quoted market prices (Level 1). Fair values for the U.S. municipal securities, U.S. government agency securities, certificates of deposit and U.S. treasury securities are primarily determined using dealer quotes or quoted market prices for similar securities (Level 2).

The following table summarizes financial assets as of June 30, 2024 and December 31, 2023 measured at fair value on a recurring basis:



	June 30, 2024						December 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Financial Assets:
Cash	$	94,871	$	—	$	—	$	77,423	$	—	$	—
Money market mutual fund	1,278		$	—	—		6,367		—		—
Marketable securities	2,465		14,327		—		4,482		22,550		—
Total	$	98,614	$	14,327	$	—	$	88,272	$	22,550	$	—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Share-Based Payment Arrangement, Option, Activity

The following table summarizes stock option activity during the six months ended June 30, 2024:



	Stock Options	Weighted- Average Exercise Price
Options outstanding at December 31, 2023	371,313	$	59.92
Granted	139,215	33.41
Exercised	—	—
Forfeited	(29,729)	76.23
Expired	(5,094)	67.78
Options outstanding at June 30, 2024	475,705	$	51.06

Exercisable at June 30, 2024	190,014	$	70.24

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The following table provides the assumptions used in the Black-Scholes pricing model valuation of options during the six months ended June 30, 2024 and 2023:



	Six Months Ended June 30,
	2024	2023
Risk-free interest rate	4.28% - 4.30%	3.90% - 4.55%
Expected life (years)	6.25	2.00 - 6.25
Expected volatility	50.62% - 50.72%	49.23% - 55.92%
Expected dividend yield	0%	0%

Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

The following table summarizes restricted stock activity during the six months ended June 30, 2024:



	Restricted Stock	Weighted- Average Grant Date Fair Value Per Share
Restricted stock at December 31, 2023	653,465	$	45.89
Granted	336,785	33.02
Restrictions lapsed	(191,950)	54.48
Forfeited	(26,289)	42.36
Restricted stock at June 30, 2024	772,011	$	38.26

Schedule of Nonvested Performance-Based Units Activity

The following table summarizes performance stock activity during the six months ended June 30, 2024:



	Performance Stock	Weighted- Average Grant Date Fair Value Per Share
Performance stock at December 31, 2023	107,097	$	74.08
Granted	79,436	48.20
Restrictions lapsed	—	—
Performance change	(2,772)	227.14
Forfeited	—
Performance stock at June 30, 2024	183,761	$	60.58

Schedule of Share-based Payment Award, Awards Other Than Stock Options, Valuation Assumptions

The following table provides the assumptions used in the Monte Carlo pricing model valuation of PSUs during the six months ended June 30, 2024 and 2023:



	Six Months Ended June 30,
	2024	2023
Risk-free interest rate	4.37%	4.35%
Expected life (years)	2.88	2.88
Expected volatility	51.40%	58.00%
Expected dividend yield	0%	0%

Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions

The following table presents the assumptions used to estimate the fair value of the ESPP during the six months ended June 30, 2024 and 2023:



	Six Months Ended June 30,
	2024	2023
Risk-free interest rate	5.07% - 5.16%	4.60% - 4.82%
Expected life (months)	6.00	6.00
Expected volatility	30.97% - 47.92%	47.38% - 67.84%
Expected dividend yield	0%	0%

Fair Value Measurements - Financial Assets Measured At Fair Value On A Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Financial Assets:
Debt securities, available-for-sale	$ 16,792	$ 27,032
Level 1 \| Fair Value, Recurring
Financial Assets:
Debt securities, available-for-sale	2,465	4,482
Total	98,614	88,272
Level 2 \| Fair Value, Recurring
Financial Assets:
Debt securities, available-for-sale	14,327	22,550
Total	14,327	22,550
Level 3 \| Fair Value, Recurring
Financial Assets:
Debt securities, available-for-sale	0	0
Total	0	0
Cash \| Level 1 \| Fair Value, Recurring
Financial Assets:
Cash and cash equivalents	94,871	77,423
Cash \| Level 2 \| Fair Value, Recurring
Financial Assets:
Cash and cash equivalents	0	0
Cash \| Level 3 \| Fair Value, Recurring
Financial Assets:
Cash and cash equivalents	0	0
Money market mutual fund \| Level 1 \| Fair Value, Recurring
Financial Assets:
Cash and cash equivalents	1,278	6,367
Money market mutual fund \| Level 2 \| Fair Value, Recurring
Financial Assets:
Cash and cash equivalents	0	0
Money market mutual fund \| Level 3 \| Fair Value, Recurring
Financial Assets:
Cash and cash equivalents	$ 0	$ 0

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 2,820	$ 2,623	$ 5,278	$ 5,003
Effective income tax rate (in percent)	38.30%	117.10%	35.00%	68.70%
Effective income tax rate, increase (decrease) during period (in percent)	(78.80%)		(33.70%)
Federal statutory rate (in percent)	21.00%		21.00%
Unrecognized tax benefits	$ 3,600		$ 3,600		$ 3,600

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-Subparagraph (a)
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2024

Regulated Operations [Abstract]

Accumulated Other Comprehensive Income (Loss)

Other comprehensive income (loss) is comprised of foreign currency translation adjustments and net unrealized gains (losses) on investments in securities.

The following table presents the changes in accumulated other comprehensive income (loss) balances during the three and six months ended June 30, 2024 and 2023:



	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023

Balance at beginning of period	$	(28,845)	$	(33,494)	$	(28,013)	$	(34,355)
Foreign currency translation adjustments
Other comprehensive (loss) income before reclassifications	(678)		348		(1,603)		875
Amounts reclassified from accumulated other comprehensive loss	—		3,906		—		3,906
Net current-period other comprehensive (loss) income	(678)		4,254		(1,603)		4,781
Net unrealized gains (losses) on investments in securities
Other comprehensive income (loss) before reclassifications	91		19		184		353
Amounts reclassified from accumulated other comprehensive loss	—		—		—		—
Net current-period other comprehensive income (loss)	91		19		184		353
Balance at end of period	$	(29,432)	$	(29,221)	$	(29,432)	$	(29,221)

Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

Intangible assets other than goodwill at June 30, 2024 and December 31, 2023 were as follows:



	June 30, 2024						December 31, 2023						Useful Life (in years)	Weighted Average Useful Life Remaining (in years)
(in thousands)	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Intangible assets with finite lives:
Marketing assets	$	930	$	(930)	$	—	$	930	$	(900)	$	30	10.0	0.0
Non-compete agreement	827		(653)		174		835		(603)		232		2.0 - 5.0	1.1
Software technology	13,229		(8,439)		4,790		13,229		(7,752)		5,477		10.0	3.5
Software platform	26,026		(7,563)		18,463		26,373		(6,575)		19,798		12.0	8.6
Tradenames	349		(349)		—		354		(347)		7		3.0	0.0
Customer relationships	12,195		(12,195)		—		12,223		(12,183)		40		3.0 - 9.0	0.0
Total intangible assets	$	53,556	$	(30,129)	$	23,427	$	53,944	$	(28,360)	$	25,584

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Estimated aggregated amortization expense based on the current carrying value of the amortizable intangible assets and current exchange rates is as follows:



(in thousands)	Estimated Amortization Expense
Remaining 2024	$	1,815
2025	3,630
2026	3,529
2027	3,520
2028	2,151
Thereafter	8,782
Total estimated amortization expense	$	23,427

Goodwill and Other Intangible Assets - Narrative (Details) € in Millions, $ in Millions			3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 22, 2021 USD ($)	Jan. 22, 2021 EUR (€)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Foreign currency losses					$ 1.7		$ 1.3
Amortization expense for intangible assets			$ 0.9	$ 1.5	$ 1.9	$ 3.1
Europe \| 3D Hubs, Inc. (Hubs)
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired \| €		€ 11.6
United States \| 3D Hubs, Inc. (Hubs)
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired	$ 16.6

Segment Reporting - Revenue by Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Total revenue	$ 125,631	$ 122,265	$ 253,521	$ 248,124
Operating Segments
Segment Reporting Information [Line Items]
Total revenue	125,631	122,265	253,521	248,124
Operating Segments \| United States
Segment Reporting Information [Line Items]
Total revenue	98,541	96,321	200,022	194,067
Operating Segments \| Europe
Segment Reporting Information [Line Items]
Total revenue	$ 27,090	$ 25,944	$ 53,499	$ 54,057

- Definition

+ References

+ Details

Net Income (Loss) per Common Share -Schedule of Computation Of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net income (loss)	$ 4,540	$ 5,268	$ (383)	$ 2,659	$ 9,808	$ 2,276
Basic - weighted-average shares outstanding (in shares)	25,313,036		26,210,478		25,473,937	26,414,467
Effect of dilutive securities:
Employee stock options and other (in shares)	59,936		0		99,407	30,960
Diluted - weighted-average shares outstanding (in shares)	25,372,972		26,210,478		25,573,344	26,445,427
Net income (loss) per share:
Basic (in dollars per share)	$ 0.18		$ (0.01)		$ 0.39	$ 0.09
Diluted (in dollars per share)	$ 0.18		$ (0.01)		$ 0.38	$ 0.09
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive options excluded from calculation of diluted weighted average shares outstanding (in shares)	452,239		380,848		371,313	407,119
Employee Stock Option and Other
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive options excluded from calculation of diluted weighted average shares outstanding (in shares)			14,084

Recent Accounting Pronouncements	6 Months Ended
Recent Accounting Pronouncements	Jun. 30, 2024
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company did not recently adopt any accounting pronouncements that had a material impact on the Company's Consolidated Financial Statements. In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, that enhances the transparency of income tax disclosures by expanding annual disclosure requirements related to the rate reconciliation and income taxes paid. The Company is required to adopt this guidance for its annual year ending December 31, 2025. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its disclosures. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, that updates reportable segment disclosure requirements primarily through enhanced disclosures about significant expenses and information used to assess segment performance on an annual and interim basis. The Company is required to adopt this guidance for its annual year ending December 31, 2024 and all interim periods thereafter. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its disclosures.

Marketable Securities - Short-Term and Long-Term Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Cost	$ 17,009	$ 27,434
Unrealized Gains	0	0
Unrealized Losses	(217)	(402)
Fair Value	16,792	27,032
U.S. government agency securities
Debt Securities, Available-for-Sale [Line Items]
Cost	13,310	16,798
Unrealized Gains	0	0
Unrealized Losses	(178)	(278)
Fair Value	13,132	16,520
Corporate debt securities
Debt Securities, Available-for-Sale [Line Items]
Cost		2,511
Unrealized Gains		0
Unrealized Losses		(19)
Fair Value		2,492
U.S. municipal securities
Debt Securities, Available-for-Sale [Line Items]
Cost	3,699	7,876
Unrealized Gains	0	0
Unrealized Losses	(39)	(105)
Fair Value	$ 3,660	7,771
Certificates of deposit/time deposits
Debt Securities, Available-for-Sale [Line Items]
Cost		249
Unrealized Gains		0
Unrealized Losses		0
Fair Value		$ 249

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

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-Name Accounting Standards Codification
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-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Segment Reporting

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segment Reporting

The Company’s reportable segments are based on the internal reporting used by the Company’s Chief Executive Officer, who is the chief operating decision maker (CODM), to assess operating performance and make decisions about the allocation of resources. The Corporate Unallocated and Japan category includes non-reportable segments, as well as research and development and general and administrative costs, that the Company does not allocate directly to its operating segments.

Intercompany transactions primarily relate to intercontinental activity and have been eliminated and are excluded from the reported amounts. The difference between income from operations and pre-tax income relates to foreign currency-related gains and losses and interest income on cash balances and investments, which are not allocated to business segments.

Revenue and income from operations by reportable segment for the three and six months ended June 30, 2024 and 2023 were as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
(dollars in thousands)	2024		2023		2024		2023
Revenue:
United States	$	98,541	$	96,321	$	200,022	$	194,067
Europe	27,090		25,944		53,499		54,057
Total revenue	$	125,631	$	122,265	$	253,521	$	248,124



	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Income (Loss) from Operations:
United States	$	24,241	$	22,053	$	50,573	$	42,534
Europe	(1,732)		(3,380)		(4,176)		(5,863)
Corporate Unallocated and Japan	(16,510)		(13,065)		(33,571)		(27,314)
Total Income from Operations	$	5,999	$	5,608	$	12,826	$	9,357

Total long-lived assets at June 30, 2024 and December 31, 2023 were as follows:



(in thousands)	June 30, 2024		December 31, 2023
Total long-lived assets:
United States	$	192,873	$	201,388
Europe	50,837		52,267
Total Long-lived Assets	$	243,710	$	253,655

Revenue by product line for the three and six months ended June 30, 2024 and 2023 were as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
(dollars in thousands)	2024		2023		2024		2023
Revenue:
Injection Molding	$	49,080	$	48,819	$	101,743	$	100,767
CNC Machining	51,239		48,297		101,171		96,401
3D Printing	21,281		21,005		42,863		42,330
Sheet Metal	3,922		3,939		7,475		8,187
Other Revenue	109		205		269		439
Total Revenue	$	125,631	$	122,265	$	253,521	$	248,124

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Stock-Based Compensation - Stock Activity (Details)	6 Months Ended
Stock-Based Compensation - Stock Activity (Details)	Jun. 30, 2024 $ / shares shares
Restricted Stock
Stock
Beginning balance (in shares) \| shares	653,465
Granted (in shares) \| shares	336,785
Restrictions lapsed (in shares) \| shares	(191,950)
Forfeited (in shares) \| shares	(26,289)
Ending balance (in shares) \| shares	772,011
Weighted- Average Grant Date Fair Value Per Share
Beginning balance, weighted-average grant date fair value (in dollars per share) \| $ / shares	$ 45.89
Granted, weighted-average grant date fair value (in dollars per share) \| $ / shares	33.02
Restrictions lapsed, weighted-average grant date fair value (in dollars per share) \| $ / shares	54.48
Forfeited, weighted-average grant date fair value (in dollars per share) \| $ / shares	42.36
Ending balance, weighted-average grant date fair value (in dollars per share) \| $ / shares	$ 38.26
Performance Shares
Stock
Beginning balance (in shares) \| shares	107,097
Granted (in shares) \| shares	79,436
Restrictions lapsed (in shares) \| shares	0
Performance change (in shares) \| shares	(2,772)
Forfeited (in shares) \| shares	0
Ending balance (in shares) \| shares	183,761
Weighted- Average Grant Date Fair Value Per Share
Beginning balance, weighted-average grant date fair value (in dollars per share) \| $ / shares	$ 74.08
Granted, weighted-average grant date fair value (in dollars per share) \| $ / shares	48.20
Restrictions lapsed, weighted-average grant date fair value (in dollars per share) \| $ / shares	0
Performance change, weighted-average grant date fair value (in dollars per share) \| $ / shares	227.14
Forfeited, weighted-average grant date fair value (in dollars per share) \| $ / shares
Ending balance, weighted-average grant date fair value (in dollars per share) \| $ / shares	$ 60.58

Net Income (Loss) per Common Share - Narrative (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Anti-dilutive options excluded from calculation of diluted weighted average shares outstanding (in shares)	452,239	380,848	371,313	407,119

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statements of Operations:
Revenue	$ 125,631	$ 122,265	$ 253,521	$ 248,124
Cost of revenue	69,085	69,142	139,508	141,225
Gross profit	56,546	53,123	114,013	106,899
Operating expenses
Marketing and sales	23,291	21,730	46,451	44,181
Research and development	10,661	9,865	21,828	20,542
General and administrative	16,595	15,822	32,908	32,655
Closure of Japan business	0	98	0	164
Total operating expenses	50,547	47,515	101,187	97,542
Income from operations	5,999	5,608	12,826	9,357
Other income (loss), net	1,361	(3,368)	2,260	(2,078)
Income before income taxes	7,360	2,240	15,086	7,279
Provision for income taxes	2,820	2,623	5,278	5,003
Net income (loss)	$ 4,540	$ (383)	$ 9,808	$ 2,276
Net income (loss) per share:
Basic (in dollars per share)	$ 0.18	$ (0.01)	$ 0.39	$ 0.09
Diluted (in dollars per share)	$ 0.18	$ (0.01)	$ 0.38	$ 0.09
Shares used to compute net income (loss) per share:
Basic (in shares)	25,313,036	26,210,478	25,473,937	26,414,467
Diluted (in shares)	25,372,972	26,210,478	25,573,344	26,445,427
Comprehensive Income (net of tax)
Comprehensive income	$ 3,953	$ 3,890	$ 8,389	$ 7,410

Segment Reporting - Long-Lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total Long-lived Assets	$ 243,710	$ 253,655
Operating Segments
Segment Reporting Information [Line Items]
Total Long-lived Assets	243,710	253,655
Operating Segments \| United States
Segment Reporting Information [Line Items]
Total Long-lived Assets	192,873	201,388
Operating Segments \| Europe
Segment Reporting Information [Line Items]
Total Long-lived Assets	$ 50,837	$ 52,267