By Liz Nickels

Revenue for the first quarter of 2014 increased to US$46.1 million, 23% above revenue ofUS $37.3 million in the first quarter of 2013. This revenue was achieved through a 1% increase in the number of product developers served, combined with an increase of 4% in spending per product developer.

Net income for the first quarter of 2014 increased to US$10.1 million, or $0.39 per diluted share. 

“Our story in the first quarter of 2014 was about execution on many fronts,” said Vicki Holt, president and CEO of Proto Labs. “We successfully prepared for the formal launches in metal injection moulding (MIM) and liquid silicone rubber (LSR), both of which were announced the first week of April. Our revenue growth was strong, especially considering all the weather slow-downs and closures our customers experienced in the eastern half of the country. And of course, we completed the acquisition of FineLine Prototyping which we proudly announced a few days ago."

2014 momentum

“We are confident that our new services, LSR and MIM, will continue to gain momentum through 2014 and into 2015 as product developers become aware of and have experience with these new offerings," she added. "The integration of FineLine and its additive manufacturing service will bring more choices to product developers.”