0001628280-24-046196 | 10-Q | XBRL Viewer

Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2024

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 nine months ended September 30, 2024 and 2023:



	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023

Balance at beginning of period	$	(29,432)	$	(29,221)	$	(28,013)	$	(34,355)
Foreign currency translation adjustments
Other comprehensive income (loss) before reclassifications	2,430		(1,307)		827		(432)
Amounts reclassified from accumulated other comprehensive loss	—		—		—		3,906
Net current-period other comprehensive income (loss)	2,430		(1,307)		827		3,474
Net unrealized gains (loss) on investments in securities
Other comprehensive income before reclassifications	150		240		334		593
Amounts reclassified from accumulated other comprehensive loss	—		—		—		—
Net current-period other comprehensive income	150		240		334		593
Balance at end of period	$	(26,852)	$	(30,288)	$	(26,852)	$	(30,288)

Marketable Securities (Tables)

9 Months Ended

Sep. 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 September 30, 2024 and December 31, 2023:



	September 30, 2024
(in thousands)	Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. government agency securities	$	9,817	$	—	$	(72)	$	9,745
Corporate debt securities	14,242		36		(15)		14,263
U.S. municipal securities	5,767		—		(17)		5,750

Total marketable securities	$	29,826	$	36	$	(104)	$	29,758



	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

The September 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)	September 30, 2024
Due in one year or less	$	12,638
Due after one year through five years	17,120
Total marketable securities	$	29,758

- 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
-Topic 320
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

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 5: 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 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities
Net income	$ 16,997	$ 10,230
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	26,984	28,213
Stock-based compensation expense	12,716	11,811
Deferred taxes	(6,140)	(9,197)
Interest on finance lease obligations	26	859
Loss on impairment of equipment	256	0
Loss on foreign currency translation	0	3,906
Gain on disposal of property and equipment	(24)	(498)
Other	103	122
Changes in operating assets and liabilities:
Accounts receivable	4,581	(3,058)
Inventories	1,321	(150)
Prepaid expenses and other	(312)	4,127
Income taxes	2,583	4,693
Accounts payable	(2,709)	746
Accrued liabilities and other	4,153	4,242
Net cash provided by operating activities	60,535	56,046
Investing activities
Purchases of property, equipment and other capital assets	(8,339)	(9,935)
Proceeds from sales of property, equipment and other capital assets	34	693
Purchases of marketable securities	(18,087)	0
Proceeds from call redemptions and maturities of marketable securities	15,709	19,115
Net cash (used in) provided by investing activities	(10,683)	9,873
Financing activities
Proceeds from exercises of stock options and employee stock purchases	2,094	1,986
Purchases of shares withheld for tax obligations	(1,920)	(1,436)
Repurchases of common stock	(45,958)	(39,053)
Principal repayments of finance lease obligations	(220)	(234)
Net cash used in financing activities	(46,004)	(38,737)
Effect of exchange rate changes on cash and cash equivalents	235	(244)
Net increase in cash and cash equivalents	4,083	26,938
Cash and cash equivalents, beginning of period	83,790	56,558
Cash and cash equivalents, end of period	$ 87,873	$ 83,496

Net Income per Common Share (Tables)

9 Months Ended

Sep. 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 per share:



	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except share and per share amounts)	2024		2023		2024		2023
Net income	$	7,189	$	7,954	$	16,997	$	10,230

Basic - weighted-average shares outstanding:	24,980,536		26,023,830		25,304,985		26,296,304
Effect of dilutive securities:
Employee stock options and other	41,949		4,626		77,295		31,302
Diluted - weighted-average shares outstanding:	25,022,485		26,028,456		25,382,280		26,327,606
Net income per share:
Basic	$	0.29	$	0.31	$	0.67	$	0.39
Diluted	$	0.29	$	0.31	$	0.67	$	0.39

Fair Value Measurements - Financial Assets Measured At Fair Value On A Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Financial Assets:
Debt securities, available-for-sale	$ 29,758	$ 27,032
Level 1 \| Fair Value, Recurring
Financial Assets:
Debt securities, available-for-sale	20,290	4,482
Total	108,163	88,272
Level 2 \| Fair Value, Recurring
Financial Assets:
Debt securities, available-for-sale	9,468	22,550
Total	9,468	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	83,643	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	4,230	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

Subsequent Event	9 Months Ended
Subsequent Event	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On October 21, 2024, the Board of Directors of Proto Labs, Inc. approved a plan related to the Company's manufacturing facilities in Germany. The plan includes the closure of the Company's prototype injection molding manufacturing facility in Eschenlohe, Germany, and the discontinuation of Direct Metal Laser Sintering 3D printing services through its Putzbrunn, Germany, 3D printing facility. Affected employees in Germany will receive severance and other transition assistance that meet or exceed local requirements. The Company expects to substantially complete the plan within the next year. The Company will continue offering all its manufacturing services to customers across Europe, including injection molding and metal 3D printing. These services will be fulfilled through internal manufacturing facilities and a network of manufacturing partners, consistent with the Company's recently announced global operations organization. The approved plan is expected to lead to total restructuring charges in the range of $4.5 million to $6.0 million consisting of approximately $2.5 million to $3.5 million in severance and other employee-related costs, and $2.0 million to $2.5 million in fixed asset and facility related write-down expenses. The company expects to incur approximately $4.0 million of the total restructuring charge in the fourth quarter of 2024, with the remaining charge to be incurred throughout the remainder of the restructuring process. The total cash expenditures associated with the plan are expected to be in the range of $3.0 million to $4.0 million, consisting primarily of severance and other employee related costs.

Stock-Based Compensation - Stock Activity (Details)	9 Months Ended
Stock-Based Compensation - Stock Activity (Details)	Sep. 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	(51,475)
Ending balance (in shares) \| shares	746,825
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	39.06
Ending balance, weighted-average grant date fair value (in dollars per share) \| $ / shares	$ 38.34
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	0
Ending balance, weighted-average grant date fair value (in dollars per share) \| $ / shares	$ 60.58

Stock-Based Compensation

9 Months Ended

Sep. 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 $4.4 million for the three months ended September 30, 2024 and 2023, respectively, and $12.7 million and $11.8 million for the nine months ended September 30, 2024 and 2023, respectively.

Stock Options

The following table summarizes stock option activity during the nine months ended September 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	(42,220)	64.43
Expired	(5,094)	67.78
Options outstanding at September 30, 2024	463,214	$	51.46

Exercisable at September 30, 2024	189,816	$	70.28

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 nine months ended September 30, 2024 was $18.15.

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



	Nine Months Ended September 30,
	2024	2023
Risk-free interest rate	4.28% - 4.30%	3.55% - 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 September 30, 2024, there was $4.3 million of unrecognized compensation expense related to unvested stock options, which is expected to be recognized over a weighted-average period of 2.7 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 nine months ended September 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	(51,475)	39.06
Restricted stock at September 30, 2024	746,825	$	38.34

As of September 30, 2024, there was $20.0 million of unrecognized compensation expense related to non-vested restricted stock, which is expected to be recognized over a weighted-average period of 2.7 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 nine months ended September 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 September 30, 2024	183,761	$	60.58

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



	Nine Months Ended September 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 September 30, 2024, there was $5.3 million of unrecognized compensation expense related to non-vested performance stock, which is expected to be recognized over a weighted-average period of 1.9 years.

Employee Stock Purchase Plan

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



	Nine Months Ended September 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%

Net Income per Common Share -Schedule of Computation Of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net income	$ 7,189	$ 4,540	$ 5,268	$ 7,954	$ (383)	$ 2,659	$ 16,997	$ 10,230
Basic - weighted-average shares outstanding (in shares)	24,980,536			26,023,830			25,304,985	26,296,304
Effect of dilutive securities:
Employee stock options and other (in shares)	41,949			4,626			77,295	31,302
Diluted - weighted-average shares outstanding (in shares)	25,022,485			26,028,456			25,382,280	26,327,606
Net income per share:
Basic (in dollars per share)	$ 0.29			$ 0.31			$ 0.67	$ 0.39
Diluted (in dollars per share)	$ 0.29			$ 0.31			$ 0.67	$ 0.39

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- 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) (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2024 and 2023:



	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023

Balance at beginning of period	$	(29,432)	$	(29,221)	$	(28,013)	$	(34,355)
Foreign currency translation adjustments
Other comprehensive income (loss) before reclassifications	2,430		(1,307)		827		(432)
Amounts reclassified from accumulated other comprehensive loss	—		—		—		3,906
Net current-period other comprehensive income (loss)	2,430		(1,307)		827		3,474
Net unrealized gains (loss) on investments in securities
Other comprehensive income before reclassifications	150		240		334		593
Amounts reclassified from accumulated other comprehensive loss	—		—		—		—
Net current-period other comprehensive income	150		240		334		593
Balance at end of period	$	(26,852)	$	(30,288)	$	(26,852)	$	(30,288)

Net Income per Common Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net Income per Common Share

Basic net income per share is computed based on the weighted-average number of common shares outstanding. Diluted net income 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 466,127 and 393,592 for the three months ended September 30, 2024 and 2023, respectively, and 450,275 and 372,353 for the nine months ended September 30, 2024 and 2023, respectively.

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



	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except share and per share amounts)	2024		2023		2024		2023
Net income	$	7,189	$	7,954	$	16,997	$	10,230

Basic - weighted-average shares outstanding:	24,980,536		26,023,830		25,304,985		26,296,304
Effect of dilutive securities:
Employee stock options and other	41,949		4,626		77,295		31,302
Diluted - weighted-average shares outstanding:	25,022,485		26,028,456		25,382,280		26,327,606
Net income per share:
Basic	$	0.29	$	0.31	$	0.67	$	0.39
Diluted	$	0.29	$	0.31	$	0.67	$	0.39

Segment Reporting - Revenue by Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Total revenue	$ 125,619	$ 130,705	$ 379,140	$ 378,829
Operating Segments
Segment Reporting Information [Line Items]
Total revenue	125,619	130,705	379,140	378,829
Operating Segments \| United States
Segment Reporting Information [Line Items]
Total revenue	99,571	103,940	299,593	298,007
Operating Segments \| Europe
Segment Reporting Information [Line Items]
Total revenue	$ 26,048	$ 26,765	$ 79,547	$ 80,822

- 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.

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+ Details

Marketable Securities - Short-Term and Long-Term Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Cost	$ 29,826	$ 27,434
Unrealized Gains	36	0
Unrealized Losses	(104)	(402)
Fair Value	29,758	27,032
U.S. government agency securities
Debt Securities, Available-for-Sale [Line Items]
Cost	9,817	16,798
Unrealized Gains	0	0
Unrealized Losses	(72)	(278)
Fair Value	9,745	16,520
Corporate debt securities
Debt Securities, Available-for-Sale [Line Items]
Cost	14,242	2,511
Unrealized Gains	36	0
Unrealized Losses	(15)	(19)
Fair Value	14,263	2,492
U.S. municipal securities
Debt Securities, Available-for-Sale [Line Items]
Cost	5,767	7,876
Unrealized Gains	0	0
Unrealized Losses	(17)	(105)
Fair Value	$ 5,750	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).

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+ 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.

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+ Details

Accumulated Other Comprehensive Income (Loss) - Changes In Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 685,236	$ 682,685	$ 695,295	$ 697,648
Net unrealized gains (loss) on investments in securities
Ending balance	679,993	684,922	679,993	684,922
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(29,432)	(29,221)	(28,013)	(34,355)
Net unrealized gains (loss) on investments in securities
Ending balance	(26,852)	(30,288)	(26,852)	(30,288)
Foreign currency translation adjustments
Foreign currency translation adjustments
Other comprehensive income (loss) before reclassifications	2,430	(1,307)	827	(432)
Amounts reclassified from accumulated other comprehensive loss	0	0	0	3,906
Net unrealized gains (loss) on investments in securities
Other comprehensive income before reclassifications	2,430	(1,307)	827	(432)
Amounts reclassified from accumulated other comprehensive loss	0	0	0	3,906
Net current-period other comprehensive income (loss)	2,430	(1,307)	827	3,474
Net unrealized gains (loss) on investments in securities
Foreign currency translation adjustments
Other comprehensive income (loss) before reclassifications	150	240	334	593
Amounts reclassified from accumulated other comprehensive loss	0	0	0	0
Net unrealized gains (loss) on investments in securities
Other comprehensive income before reclassifications	150	240	334	593
Amounts reclassified from accumulated other comprehensive loss	0	0	0	0
Net current-period other comprehensive income (loss)	$ 150	$ 240	$ 334	$ 593

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Revenue from External Customers by Geographic Areas

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



	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in thousands)	2024		2023		2024		2023
Revenue:
United States	$	99,571	$	103,940	$	299,593	$	298,007
Europe	26,048		26,765		79,547		80,822
Total revenue	$	125,619	$	130,705	$	379,140	$	378,829

Income from Operations by Geographic Area



	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Income (Loss) from Operations:
United States	$	25,687	$	27,178	$	76,260	$	69,713
Europe	(2,398)		(3,006)		(6,574)		(8,870)
Corporate Unallocated and Japan	(14,709)		(13,757)		(48,280)		(41,071)
Total Income from Operations	$	8,580	$	10,415	$	21,406	$	19,772

Long-Lived Assets by Geographic Areas

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



(in thousands)	September 30, 2024		December 31, 2023
Total long-lived assets:
United States	$	187,130	$	201,388
Europe	50,812		52,267
Total Long-lived Assets	$	237,942	$	253,655

Disaggregation of Revenue

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



	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in thousands)	2024		2023		2024		2023
Revenue:
Injection Molding	$	46,831	$	51,688	$	148,574	$	152,455
CNC Machining	53,327		52,916		154,498		149,317
3D Printing	21,437		21,622		64,300		63,952
Sheet Metal	3,743		4,291		11,218		12,478
Other Revenue	281		188		550		627
Total Revenue	$	125,619	$	130,705	$	379,140	$	378,829

Marketable Securities

9 Months Ended

Sep. 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 September 30, 2024 and December 31, 2023:



	September 30, 2024
(in thousands)	Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. government agency securities	$	9,817	$	—	$	(72)	$	9,745
Corporate debt securities	14,242		36		(15)		14,263
U.S. municipal securities	5,767		—		(17)		5,750

Total marketable securities	$	29,826	$	36	$	(104)	$	29,758



	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.



(in thousands)	September 30, 2024
Due in one year or less	$	12,638
Due after one year through five years	17,120
Total marketable securities	$	29,758

Goodwill and Other Intangible Assets - Schedule of Intangible Assets Other Than Goodwill (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	$ 54,065	$ 53,944
Accumulated Amortization	(31,175)	(28,360)
Net	22,890	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	$ 837	835
Accumulated Amortization	(688)	(603)
Net	$ 149	232
Weighted Average Useful Life Remaining (in years)	10 months 24 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	(8,781)	(7,752)
Net	$ 4,448	5,477
Useful Life (in years)	10 years
Weighted Average Useful Life Remaining (in years)	3 years 3 months 18 days
Software platform
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	$ 26,481	26,373
Accumulated Amortization	(8,188)	(6,575)
Net	$ 18,293	19,798
Useful Life (in years)	12 years
Weighted Average Useful Life Remaining (in years)	8 years 3 months 18 days
Tradenames
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	$ 356	354
Accumulated Amortization	(356)	(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	$ 12,232	12,223
Accumulated Amortization	(12,232)	(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

Subsequent Event (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
Subsequent Event (Details) - USD ($) $ in Millions	Dec. 31, 2024	Sep. 30, 2025	Oct. 21, 2024
Forecast
Subsequent Event [Line Items]
Restructuring charges	$ 4.0
Minimum \| Employee Severance \| Forecast
Subsequent Event [Line Items]
Payments for restructuring		$ 3.0
Minimum \| Subsequent Event
Subsequent Event [Line Items]
Restructuring charge expected to incur			$ 4.5
Minimum \| Subsequent Event \| Employee Severance
Subsequent Event [Line Items]
Restructuring charge expected to incur			2.5
Minimum \| Subsequent Event \| Facility Closing
Subsequent Event [Line Items]
Restructuring charge expected to incur			2.0
Maximum \| Employee Severance \| Forecast
Subsequent Event [Line Items]
Payments for restructuring		$ 4.0
Maximum \| Subsequent Event
Subsequent Event [Line Items]
Restructuring charge expected to incur			6.0
Maximum \| Subsequent Event \| Employee Severance
Subsequent Event [Line Items]
Restructuring charge expected to incur			3.5
Maximum \| Subsequent Event \| Facility Closing
Subsequent Event [Line Items]
Restructuring charge expected to incur			$ 2.5

Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

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



	September 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	837		(688)		149		835		(603)		232		2.0 - 5.0	0.9
Software technology	13,229		(8,781)		4,448		13,229		(7,752)		5,477		10.0	3.3
Software platform	26,481		(8,188)		18,293		26,373		(6,575)		19,798		12.0	8.3
Tradenames	356		(356)		—		354		(347)		7		3.0	0.0
Customer relationships	12,232		(12,232)		—		12,223		(12,183)		40		3.0 - 9.0	0.0
Total intangible assets	$	54,065	$	(31,175)	$	22,890	$	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	$	919
2025	3,676
2026	3,574
2027	3,564
2028	2,195
Thereafter	8,962
Total estimated amortization expense	$	22,890

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for credit loss, current	$ 2,261	$ 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)	24,510,076	25,721,957
Common stock, outstanding (in shares)	24,510,076	25,721,957

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statements of Operations:
Revenue	$ 125,619	$ 130,705	$ 379,140	$ 378,829
Cost of revenue	68,389	71,423	207,897	212,648
Gross profit	57,230	59,282	171,243	166,181
Operating expenses
Marketing and sales	22,619	21,682	69,070	65,863
Research and development	9,772	10,105	31,600	30,647
General and administrative	16,259	17,058	49,167	49,713
Closure of Japan business	0	22	0	186
Total operating expenses	48,650	48,867	149,837	146,409
Income from operations	8,580	10,415	21,406	19,772
Other income (loss), net	1,288	320	3,548	(1,758)
Income before income taxes	9,868	10,735	24,954	18,014
Provision for income taxes	2,679	2,781	7,957	7,784
Net income	$ 7,189	$ 7,954	$ 16,997	$ 10,230
Net income per share:
Basic (in dollars per share)	$ 0.29	$ 0.31	$ 0.67	$ 0.39
Diluted (in dollars per share)	$ 0.29	$ 0.31	$ 0.67	$ 0.39
Shares used to compute net income per share:
Basic (in shares)	24,980,536	26,023,830	25,304,985	26,296,304
Diluted (in shares)	25,022,485	26,028,456	25,382,280	26,327,606
Comprehensive Income (net of tax)
Comprehensive income	$ 9,769	$ 6,887	$ 18,158	$ 14,297

Segment Reporting - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Total revenue	$ 125,619	$ 130,705	$ 379,140	$ 378,829
Injection Molding
Segment Reporting Information [Line Items]
Total revenue	46,831	51,688	148,574	152,455
CNC Machining
Segment Reporting Information [Line Items]
Total revenue	53,327	52,916	154,498	149,317
3D Printing
Segment Reporting Information [Line Items]
Total revenue	21,437	21,622	64,300	63,952
Sheet Metal
Segment Reporting Information [Line Items]
Total revenue	3,743	4,291	11,218	12,478
Other Revenue
Segment Reporting Information [Line Items]
Total revenue	$ 281	$ 188	$ 550	$ 627

- Definition

+ References

+ Details

Goodwill and Other Intangible Assets - Narrative (Details) € in Millions, $ in Millions			3 Months Ended		9 Months Ended		12 Months Ended
	Jan. 22, 2021 USD ($)	Jan. 22, 2021 EUR (€)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Foreign currency losses					$ 1.2		$ 1.3
Amortization expense for intangible assets			$ 0.9	$ 1.5	$ 2.8	$ 4.5
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

Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Total inventory	$ 13,067	$ 14,319
Allowance for obsolescence	(652)	(662)
Inventory, net of allowance	$ 12,415	$ 13,657

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Oct. 28, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		24,510,076
Entity Central Index Key	0001443669
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 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

Income Taxes	9 Months Ended
Income Taxes	Sep. 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 September 30, 2024 and 2023, the Company recorded an income tax provision of $2.7 million and $2.8 million, respectively. For the nine months ended September 30, 2024 and 2023, the Company recorded an income tax provision of $8.0 million and $7.8 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 September 30, 2024 was 27.1 percent compared to 25.9 percent in the same period of the prior year. The effective tax rate increased by 1.2 percent for the three months ended September 30, 2024 when compared to the same period in 2023, primarily due to a reduction in expenditures that qualify for the research and development credit. The effective income tax rate for the nine months ended September 30, 2024 was 31.9 percent compared to 43.2 percent in the same period of the prior year. The effective tax rate decreased by 11.3 percent for the nine months ended September 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 nine months ended September 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 $3.7 million as of September 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
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 12C
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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 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis

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



	September 30, 2024						December 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Financial Assets:
Cash	$	83,643	$	—	$	—	$	77,423	$	—	$	—
Money market mutual fund	4,230		$	—	—		6,367		—		—
Marketable securities	20,290		9,468		—		4,482		22,550		—
Total	$	108,163	$	9,468	$	—	$	88,272	$	22,550	$	—

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 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.

Segment Reporting - Income From Operation by Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Total Income from Operations	$ 8,580	$ 10,415	$ 21,406	$ 19,772
Operating Segments
Segment Reporting Information [Line Items]
Total Income from Operations	8,580	10,415	21,406	19,772
Operating Segments \| United States
Segment Reporting Information [Line Items]
Total Income from Operations	25,687	27,178	76,260	69,713
Operating Segments \| Europe
Segment Reporting Information [Line Items]
Total Income from Operations	(2,398)	(3,006)	(6,574)	(8,870)
Operating Segments \| Corporate Unallocated and Japan
Segment Reporting Information [Line Items]
Total Income from Operations	$ (14,709)	$ (13,757)	$ (48,280)	$ (41,071)

Marketable Securities - Maturities of Available-For-Sale Debt Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale, Fair Value, Fiscal Year Maturity [Abstract]
Due in one year or less	$ 12,638
Due after one year through five years	17,120
Total marketable securities	$ 29,758	$ 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

+ Details

Goodwill and Other Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remaining 2024	$ 919
2025	3,676
2026	3,574
2027	3,564
2028	2,195
Thereafter	8,962
Net	$ 22,890	$ 25,584

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 87,873	$ 83,790
Short-term marketable securities	12,638	19,013
Accounts receivable, net of allowance for doubtful accounts of $2,261 and $2,499 as of September 30, 2024, and December 31, 2023, respectively	69,464	72,848
Inventory	12,415	13,657
Income taxes receivable	665	2,228
Prepaid expenses and other current assets	10,019	9,124
Total current assets	193,074	200,660
Property and equipment, net	237,942	253,655
Goodwill	273,991	273,991
Other intangible assets, net	22,890	25,584
Long-term marketable securities	17,120	8,019
Operating lease assets	3,519	4,628
Finance lease assets	759	960
Other long-term assets	4,491	4,856
Total assets	753,786	772,353
Current liabilities
Accounts payable	15,004	15,636
Accrued compensation	17,549	15,292
Accrued liabilities and other	18,455	16,872
Current operating lease liabilities	1,450	1,585
Current finance lease liabilities	306	296
Income taxes payable	994	0
Total current liabilities	53,758	49,681
Long-term operating lease liabilities	1,979	3,008
Long-term finance lease liabilities	365	595
Long-term deferred tax liabilities	12,688	18,742
Other long-term liabilities	5,003	5,032
Total liabilities	73,793	77,058
Shareholders' equity
Preferred stock, $0.001 par value, authorized 10,000,000 shares; issued and outstanding 0 shares as of each of September 30, 2024, and December 31, 2023	0	0
Common stock, $0.001 par value, authorized 150,000,000 shares; issued and outstanding 24,510,076 and 25,721,957 shares as of September 30, 2024, and December 31, 2023, respectively	25	26
Additional paid-in capital	454,025	466,884
Retained earnings	252,795	256,398
Accumulated other comprehensive loss	(26,852)	(28,013)
Total shareholders' equity	679,993	695,295
Total liabilities and shareholders' equity	$ 753,786	$ 772,353

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 2,679	$ 2,781	$ 7,957	$ 7,784
Effective income tax rate (in percent)	27.10%	25.90%	31.90%	43.20%
Effective income tax rate, increase (decrease) during period (in percent)	1.20%		(11.30%)
Federal statutory rate (in percent)	21.00%		21.00%
Unrecognized tax benefits	$ 3,700		$ 3,700		$ 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: 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 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

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

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

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-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
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-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

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		9 Months Ended
	May 23, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense		$ 4.2	$ 4.4	$ 12.7	$ 11.8
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		4.3		$ 4.3
Stock based award, unrecognized compensation expense, period for recognition (in years)				2 years 8 months 12 days
Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based award, unrecognized compensation expense		20.0		$ 20.0
Stock based award, unrecognized compensation expense, period for recognition (in years)				2 years 8 months 12 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		$ 5.3		$ 5.3
Stock based award, unrecognized compensation expense, period for recognition (in years)				1 year 10 months 24 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

Segment Reporting - Long-Lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total Long-lived Assets	$ 237,942	$ 253,655
Operating Segments
Segment Reporting Information [Line Items]
Total Long-lived Assets	237,942	253,655
Operating Segments \| United States
Segment Reporting Information [Line Items]
Total Long-lived Assets	187,130	201,388
Operating Segments \| Europe
Segment Reporting Information [Line Items]
Total Long-lived Assets	$ 50,812	$ 52,267

Inventory

9 Months Ended

Sep. 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)	September 30, 2024		December 31, 2023
Total inventory	$	13,067	$	14,319
Allowance for obsolescence	(652)		(662)
Inventory, net of allowance	$	12,415	$	13,657

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Share-Based Payment Arrangement, Option, Activity

The following table summarizes stock option activity during the nine months ended September 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	(42,220)	64.43
Expired	(5,094)	67.78
Options outstanding at September 30, 2024	463,214	$	51.46

Exercisable at September 30, 2024	189,816	$	70.28

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 nine months ended September 30, 2024 and 2023:



	Nine Months Ended September 30,
	2024	2023
Risk-free interest rate	4.28% - 4.30%	3.55% - 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 nine months ended September 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	(51,475)	39.06
Restricted stock at September 30, 2024	746,825	$	38.34

Schedule of Nonvested Performance-Based Units Activity

The following table summarizes performance stock activity during the nine months ended September 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 September 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 nine months ended September 30, 2024 and 2023:



	Nine Months Ended September 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 nine months ended September 30, 2024 and 2023:



	Nine Months Ended September 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%

Stock-Based Compensation - Option Activity (Details)	9 Months Ended
Stock-Based Compensation - Option Activity (Details)	Sep. 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	(42,220)
Expired (in shares) \| shares	(5,094)
Options outstanding, ending balance (in shares) \| shares	463,214
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	64.43
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	$ 51.46
Additional Disclosures
Option exercisable (in shares) \| shares	189,816
Options exercisable, weighted-average exercise price (in dollars per share) \| $ / shares	$ 70.28

Stock-Based Compensation - Weighted Average Assumptions (Details)	9 Months Ended
	Sep. 30, 2024	Sep. 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%	3.55%
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%

Recent Accounting Pronouncements	9 Months Ended
Recent Accounting Pronouncements	Sep. 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.

Inventory (Tables)

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory, Current

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



(in thousands)	September 30, 2024		December 31, 2023
Total inventory	$	13,067	$	14,319
Allowance for obsolescence	(652)		(662)
Inventory, net of allowance	$	12,415	$	13,657

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income (loss)	$ 7,189	$ 4,540	$ 5,268	$ 7,954	$ (383)	$ 2,659	$ 16,997	$ 10,230

- Definition

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

+ References

+ Details

Net Income per Common Share - Narrative (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Anti-dilutive options excluded from calculation of diluted weighted average shares outstanding (in shares)	466,127	393,592	450,275	372,353

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)	10,230
Other comprehensive income
Comprehensive income	14,297
Ending balance (in shares) at Sep. 30, 2023		25,785,903
Ending balance at Sep. 30, 2023	684,922	$ 26	463,908	251,276	(30,288)
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)
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)		1,037
Common shares issued on exercise of options and other, net of shares withheld for tax obligations	(11)		(11)
Stock-based compensation expense	4,441		4,441
Repurchases of common stock (in shares)		(310,568)
Repurchases of common stock	(9,080)		(5,472)	(3,608)
Net income (loss)	7,954			7,954
Other comprehensive income
Foreign currency translation adjustment	(1,307)				(1,307)
Net unrealized gains (losses) on investments in securities	240				240
Comprehensive income	6,887
Ending balance (in shares) at Sep. 30, 2023		25,785,903
Ending balance at Sep. 30, 2023	$ 684,922	$ 26	463,908	251,276	(30,288)
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)	16,997
Other comprehensive income
Comprehensive income	$ 18,158
Ending balance (in shares) at Sep. 30, 2024	24,510,076	24,510,076
Ending balance at Sep. 30, 2024	$ 679,993	$ 25	454,025	252,795	(26,852)
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
Ending balance at Jun. 30, 2024	685,236	$ 26	461,400	253,242	(29,432)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	4,196		4,196
Repurchases of common stock and other (in shares)		(637,540)
Repurchases of common stock and other	(19,208)	$ (1)	(11,571)	(7,636)
Net income (loss)	7,189			7,189
Other comprehensive income
Foreign currency translation adjustment	2,430				2,430
Net unrealized gains (losses) on investments in securities	150				150
Comprehensive income	$ 9,769
Ending balance (in shares) at Sep. 30, 2024	24,510,076	24,510,076
Ending balance at Sep. 30, 2024	$ 679,993	$ 25	$ 454,025	$ 252,795	$ (26,852)

Goodwill and Other Intangible Assets

9 Months Ended

Sep. 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 nine months ended September 30, 2024.

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



	September 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	837		(688)		149		835		(603)		232		2.0 - 5.0	0.9
Software technology	13,229		(8,781)		4,448		13,229		(7,752)		5,477		10.0	3.3
Software platform	26,481		(8,188)		18,293		26,373		(6,575)		19,798		12.0	8.3
Tradenames	356		(356)		—		354		(347)		7		3.0	0.0
Customer relationships	12,232		(12,232)		—		12,223		(12,183)		40		3.0 - 9.0	0.0
Total intangible assets	$	54,065	$	(31,175)	$	22,890	$	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 $1.2 million and $1.3 million as of September 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 September 30, 2024 and 2023, respectively, and $2.8 million and $4.5 million for each of the nine months ended September 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	$	919
2025	3,676
2026	3,574
2027	3,564
2028	2,195
Thereafter	8,962
Total estimated amortization expense	$	22,890

Segment Reporting

9 Months Ended

Sep. 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 nine months ended September 30, 2024 and 2023 were as follows:



	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in thousands)	2024		2023		2024		2023
Revenue:
United States	$	99,571	$	103,940	$	299,593	$	298,007
Europe	26,048		26,765		79,547		80,822
Total revenue	$	125,619	$	130,705	$	379,140	$	378,829



	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Income (Loss) from Operations:
United States	$	25,687	$	27,178	$	76,260	$	69,713
Europe	(2,398)		(3,006)		(6,574)		(8,870)
Corporate Unallocated and Japan	(14,709)		(13,757)		(48,280)		(41,071)
Total Income from Operations	$	8,580	$	10,415	$	21,406	$	19,772

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



(in thousands)	September 30, 2024		December 31, 2023
Total long-lived assets:
United States	$	187,130	$	201,388
Europe	50,812		52,267
Total Long-lived Assets	$	237,942	$	253,655

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



	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in thousands)	2024		2023		2024		2023
Revenue:
Injection Molding	$	46,831	$	51,688	$	148,574	$	152,455
CNC Machining	53,327		52,916		154,498		149,317
3D Printing	21,437		21,622		64,300		63,952
Sheet Metal	3,743		4,291		11,218		12,478
Other Revenue	281		188		550		627
Total Revenue	$	125,619	$	130,705	$	379,140	$	378,829

- 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.

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+ Details

Fair Value Measurements

9 Months Ended

Sep. 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 September 30, 2024 and December 31, 2023 measured at fair value on a recurring basis:



	September 30, 2024						December 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Financial Assets:
Cash	$	83,643	$	—	$	—	$	77,423	$	—	$	—
Money market mutual fund	4,230		$	—	—		6,367		—		—
Marketable securities	20,290		9,468		—		4,482		22,550		—
Total	$	108,163	$	9,468	$	—	$	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.

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+ Details