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Proto Labs (PRLB) Q2 2022 Earnings Name Transcript

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Proto Labs (PRLB -9.64%)
Q2 2022 Earnings Name
Aug 05, 2022, 8:30 a.m. ET

Contents:

  • Ready Remarks
  • Questions and Solutions
  • Name Contributors

Ready Remarks:

Operator

Greetings, and welcome to Proto Labs’ second quarter 2022 earnings convention name. Right now, all members are in a listen-only mode. A matter-and-answer session will observe the formal presentation. [Operator instructions].

As a reminder, this convention is being recorded. It’s now my pleasure to introduce your host, Mr. Jason Frankman, vice chairman and company controller. Thanks.

Please go forward.

Jason FrankmanVice President and Company Controller

Thanks, Donna, and welcome, everybody, to Proto Labs’ second quarter 2022 earnings convention name. I am joined immediately by Rob Bodor, Proto Labs’ president and chief govt officer, and Dan Schumacher, chief monetary officer. This morning, Proto Labs issued a press launch asserting its monetary outcomes for the second quarter ended June 30, 2022. The discharge is offered on the corporate’s web site.

As well as, our ready slide presentation is offered on-line on the internet deal with offered in our press launch. Our dialogue immediately will embrace statements regarding future efficiency and expectations which are or could also be thought of forward-looking statements and topic to many dangers and uncertainties that would trigger precise outcomes to vary materially from expectations. Please seek advice from our earnings press launch and up to date SEC filings, together with our annual report on Type 10-Ok for info on sure dangers that would trigger precise outcomes to vary materially and adversely from any forward-looking statements made immediately. The outcomes and steering we’ll talk about embrace non-GAAP monetary measures per our previous observe.

Please seek advice from our press launch and the accompanying slide presentation on the investor relations part of our firm web site for a whole reconciliation of GAAP to non-GAAP outcomes. Now, I am going to flip the decision over to Rob Bodor. Rob?

Rob BodorPresident and Chief Govt Officer

Thanks, Jason. Good morning, everybody, and thanks for becoming a member of our second quarter earnings name. I am completely happy to report one other robust quarter with income and EPS inside or above our steering ranges. Regardless of ongoing provide chain challenges within the broader manufacturing trade and macroeconomic progress considerations, Proto Labs complete digital manufacturing provide continues to please our clients.

Highlights of our second quarter efficiency consists of robust progress in our CNC machining, 3D printing, and sheet metallic providers, in addition to one other quarter of robust progress at Hubs. Each the Proto Labs and Hubs affords proceed to resonate within the market, and we are actually extra excited than ever to deliver the 2 affords collectively by the top of this yr. As well as, pricing optimization and price controls drove sequential enhancements in each gross and working margins. Whereas we’re more than happy with the efficiency in our CNC machining, 3D printing, and sheet metallic providers, income in our injection molding service didn’t meet our expectations within the second quarter.

As was the case within the first quarter, our injection molding progress price was negatively impacted by the absence of a number of massive code associated medical orders that occurred within the first half of 2021. As well as, we skilled many purchasers putting unusually massive orders in 2021 with a purpose to stockpile stock throughout that point of excessive uncertainty. In 2022, that habits has considerably decreased amongst our clients, in keeping with macro stock traits within the industries we serve. Moreover, the unprecedented surge of orders in 2021 led to file excessive backlogs for us.

These prolonged lead occasions, coupled with system inefficiencies we described in prior quarters, impacted our clients. We have now addressed this operationally, and our quickest lead occasions are absolutely accessible immediately. We’re specializing in go-to-market groups, on focused campaigns to tell and reengage impacted clients with our world-class providing. We’re nonetheless very assured within the aggressive benefits of our injection molding service, and are centered on offering nice buyer expertise going ahead as we return to progress.

Earlier than I present an replace on our 2022 strategic priorities, I want to take a couple of moments to handle vital actions that occurred throughout the second quarter of 2022. First, I am excited to announce that in early June, after an intensive search course of, Dan Schumacher was named Proto Labs’ chief monetary officer. Dan has been with Proto Labs for 5 years and most lately served as interim CFO for six months. Dan brings a powerful pedigree of management expertise and operational excellence to the Proto Labs management group.

He is an important asset to the enterprise and an important companion to me. I am very excited to work alongside him and all of our nice staff as we proceed to revolutionize manufacturing and delight our clients. Secondly, I need to talk about our technique for managing our portfolio of companies and initiatives. We’re actively working to focus our investments in areas that promise the best return, and in the end, the best shareholder worth.

Proto Labs has the best alternative for worthwhile progress by way of the combination of our manufacturing companion community and our inside digital manufacturing. Our assets and investments are centered on alternatives with the very best potential return, which implies making selections to reallocate assets away from these areas which are now not aligned with our long-term goals. In step with that philosophy, in Could, our board of administrators authorised a plan to stop operations in Japan and shut our manufacturing facility within the area. Proto Labs entered Japan in 2009, however our Japanese enterprise solely grew to three% of our complete income over that interval and didn’t meet our profitability expectations.

Our low-touch e-commerce digital manufacturing enterprise mannequin didn’t resonate particularly effectively in a area the place clients place monumental worth in long-term private relationships. This was a tough resolution that I didn’t take frivolously, and I really need to thank all our staff in Japan for his or her exhausting work and loyalty to Proto Labs through the years. Affected staff in Japan will obtain severance and different transition help. We’ll ship closing elements to clients by way of September.

Dan will present particulars on the monetary impression later within the name. Subsequent, throughout the second quarter, Proto Labs obtained one other spectacular piece of exterior recognition. In June, Proto Labs was awarded Producer of the 12 months from the Manufacturing Management Council, or MLC, a division of the Nationwide Affiliation of Producers. Proto Labs has gained quite a few management awards from the MLC through the years, and that is the primary time we have taken residence the highest prize.

The award acknowledges our all-around excellence as a small to medium-sized producer. Proto Labs joins an esteemed alumni group of current Producer of the 12 months award winners that features Common Robotics, InBev, IBM and Merck. Proto Labs continues to be acknowledged externally frequently for our best-in-class digital manufacturing capabilities. It is a testomony to the good work that our staff do and the worth we offer to our clients.

Now, let me remind you of our 2022 strategic priorities that proceed to information us as we ship on our mission to empower corporations to deliver new concepts to market by providing the quickest and most complete digital manufacturing service on the earth. Our first precedence is accelerating our income progress by way of expanded choices, pricing optimization and integrating the hubs community into our e-commerce expertise. As I discussed earlier, we noticed very robust progress in our CNC machining and 3D printing providers. Sheet metallic progress was additionally strong within the quarter.

Going ahead, we’re centered on accelerating progress in our injection molding service. Relating to the combination of the Proto Labs and Hubs affords into one e-commerce platform, we proceed to make good progress with a devoted give attention to the client expertise. We’re on observe and we’ll have the preliminary built-in CNC machining launch by the top of the yr. We’re very excited to supply a unified digital expertise, combining our digital manufacturing with our digital community.

Bringing collectively the strengths of Proto Labs and Hubs will present a buyer providing that nobody else out there can replicate with unmatched breadth of producing capabilities, lead occasions and costs, furthering our trade management and worthwhile progress. Our subsequent precedence in 2022 is to please our clients. And we proceed to ship on our robust on-time supply and high quality charges whereas providing the quickest lead occasions within the trade. Our greatest-in-class pace and reliability permits Proto Labs to companion with clients as they innovate and create new and improved merchandise.

Merchandise like electrical autos to scale back carbon emissions, medical gadgets to assist individuals reside extra lively lives, habitats to assist astronauts reside and discover the lunar floor, and superior prosthetic limbs that assist athletes compete. A lot of our clients are working to alter the world for the higher, and we’re proud to collaborate alongside them towards that goal. Our third precedence is to be the digital chief in scale by rising our ranges of automation within the manufacturing facility and again workplace. We’re happy with sequential enhancements in each gross and working margins within the second quarter, and we’ll proceed to optimize worth and drive diligent working efficiencies to proceed this pattern.

We’ll proceed to drive the group to ship on our goal gross margins of fifty% in inside digital manufacturing, and 25% to 30% by way of the Hubs manufacturing companion community. Our subsequent precedence for 2022 is to be a Nice Place to Work. Proto Labs staff drive the success of our firm, and we’ll proceed to speculate to recruit and retain the very best expertise. I’m very inspired by the power and keenness our staff have demonstrated by collaborating to make a optimistic impression on all of us at Proto Labs and the communities that we reside in.

In the course of the quarter, a number of employee-led teams organized cross-functional group constructing actions and initiatives to boost donations for varied charities. Thanks to the inexperienced group, the Variety, Fairness and Inclusion Management Council, Proto Givers and lots of others to your continued efforts. You are actually inspirational. With these clear priorities in place, I’m assured in our potential to execute on each our short-term and long-term goals.

The mix of Proto Labs best-in-class fast digital manufacturing providers and Hubs outsourced manufacturing companion community is a novel and profitable mannequin in a quickly rising market. Whereas we could face near-term disruption on macroeconomic uncertainty, we stay assured in our long-term technique and are centered on execution. With that, Dan will now take you thru our second quarter monetary outcomes and our outlook for the third quarter.

Dan SchumacherChief Monetary Officer

Thanks, Rob, and good morning, everybody. We’re happy with our monetary leads to the quarter, together with file quarterly income and non-GAAP earnings per share above our steering vary. Earlier than I stroll by way of our monetary leads to element, I would like to focus on the monetary rationale behind our resolution to exit Japan. After 13 years of operation, Japan represented 3% of our complete income in 2021 or $13 million.

In the identical period of time, our Americas and Europe enterprise had grown to over 5 occasions that measurement. As well as, between 2009 and 2021, Professional Labs Japan achieved profitability in solely 4 of these years. Based mostly on this, we decided that we may obtain greater potential returns by investing extra capital, time, and assets in different areas of the enterprise. Now, onto the numbers.

Our second quarter monetary outcomes start on web page seven of the presentation. Second quarter income of $126.9 million was inside our steering vary and represents a 3.1% enhance yr over yr, or 5.4% in fixed currencies. Hubs generated $11.3 million of income within the second quarter, representing progress of 26.3% yr over yr. With the strengthening of the U.S.

greenback all through the second quarter, we skilled a $2.7 million unfavorable impression to income within the quarter, barely above our steering of $2.5 million. Second quarter income by area is summarized on slide 11. Within the Americas, our largest area, second quarter income grew 5.6% yr over yr. In Europe, second quarter income grew 3.9% yr over yr in fixed currencies.

Transitioning to income by service. Our CNC and 3D printing providers continued their robust efficiency year-to-date with second quarter income progress of 17.7% and 12.6% yr over yr in fixed currencies, respectively. Sheet metallic income progress was additionally robust at 9.4% yr over yr. As Rob famous, our injection molding enterprise has underperformed expectations within the first half of 2022, and we’re actively working to drive demand.

Injection molding income declined 5.6% yr over yr in fixed currencies. We served 24,058 distinctive product builders within the second quarter, up 3.5% yr over yr, per income progress. Turning to slip 15 and our detailed earnings assertion. General, second quarter non-GAAP gross margin elevated 20 foundation factors sequentially to 45.9%.

Gross margin enchancment was pushed by greater quantity, worth optimization and prudent price administration in our manufacturing amenities. Hubs’ gross margin within the second quarter was 26.4% in comparison with 24.2% within the first quarter of 2022. The sequential enchancment was largely pushed by elevated quantity and enhancements to pricing algorithms. Within the second quarter, Hub’s lower-margin outsourced manufacturing mannequin represented a 180-basis-point drag on our total gross margins because it continues to develop quicker than our inside digital manufacturing providers.

Complete non-GAAP working bills have been $42.3 million within the quarter, down $600,000 from the primary quarter of 2022. Wages and contractor bills declined barely sequentially as headcount was under expectations all through the second quarter. This was partially offset by a rise in Hubs working bills as Hubs continues to put money into go-to-market initiatives in addition to a rise in skilled providers. Relating to the eventual exit of our Japanese operations, the choice to shut Proto Labs Japan enterprise resulted in a $5.2 million in GAAP working bills throughout the second quarter, together with $2.2 million of worker severance, $1.2 million associated to the write-down of mounted property, $900,000 of facility-related expenses, $600,000 in goodwill impairment expenses and $300,000 in different closure associated expenses.

These bills have been excluded from our non-GAAP monetary outcomes to allow clear comparisons to prior and future intervals. See slide 15 within the appendix of our accompanying slide presentation for GAAP to non-GAAP reconciliations. Shifting to taxes. Our non-GAAP efficient tax price within the second quarter was 21.1% in comparison with 23.3% within the prior quarter and 26.7% within the second quarter of 2021.

Our non-GAAP efficient tax price was decrease in comparison with prior intervals attributable to a launch of reserves for unsure tax positions. Second quarter non-GAAP diluted web earnings per share was $0.46, representing a sequential enhance of $0.08 per share. This sequential enhance was pushed by greater quantity, gross margin enchancment within the Americas and Hub and decrease promoting, basic and administrative headcount. Non-GAAP earnings per share have been above the excessive finish of our steering vary, primarily attributable to decrease headcount and a decrease tax price as a result of reserve launch.

Transitioning to money movement and steadiness sheet highlights on slide 16. We generated $13.3 million in money from operations within the second quarter. We additionally deployed capital within the type of share repurchases within the second quarter with a purpose to offset dilution from stock-based compensation. We repurchased 5.2 million in shares throughout the quarter.

At June 30, we had $110.1 million in money and investments on our steadiness sheet, and we stay debt-free. Now, I am going to present our outlook for the third quarter of 2022, as outlined on slide 18. We anticipate to generate income between $121 million and $129 million within the third quarter, representing year-over-year progress of as much as 7% in fixed currencies, excluding the impression of the closure of Japan. This steering incorporates July efficiency, present demand traits and typical seasonality patterns.

We anticipate international foreign money to have roughly a $2.9 million unfavorable impression on income in comparison with the third quarter of 2021. The closure of our Japan operations is anticipated to have a $1.8 million unfavourable year-over-year impression on our income progress. Shifting to earnings steering. We anticipate non-GAAP add-backs within the third quarter to incorporate stock-based compensation expense of roughly $3.8 million and amortization of expense of $1.5 million.

We anticipate the closure of Japan to negatively impression our non-GAAP gross margins within the third quarter. We at the moment estimate our non-GAAP efficient tax price might be between 23% and 24% within the third quarter. In abstract, we anticipate third quarter non-GAAP earnings per share between $0.36 and $0.44. That concludes our ready remarks.

Rob and I’ll now gladly take your questions.

Questions & Solutions:

Operator

Thanks. [Operator instructions] The primary query is coming from Brian Drab of William Blair.

Brian DrabWilliam Blair and Firm — Analyst

Hello. Good morning. Thanks for taking my questions.

Rob BodorPresident and Chief Govt Officer

Good morning, Brian.

Brian DrabWilliam Blair and Firm — Analyst

Good morning. On injection molding, so it is declined in some quarters. The sequential decline’s principally flat, but it surely’s declined sequentially for the final 4 quarters. So is there any particular purpose which you could level to? Or are you able to give us some confidence that that enterprise particularly goes to show round within the second half? Simply attempting to determine learn how to mannequin this enterprise now at this level.

Rob BodorPresident and Chief Govt Officer

Sure. So while you have a look at it yr over yr, proper, a yr in the past, we had various COVID-related orders that did not recur. However as you look extra broadly, throughout that interval, we noticed an unprecedented surge of orders throughout many purchasers and throughout many industries, proper, as corporations have been stocking reserve stock to climate the availability chain disruptions on the time. And so, along with that, the impression of that for our enterprise particularly was that was — that surge in orders was coming at a time when there was problem in direct labor head depend, proper, there was a scarcity of direct labor headcount.

And the timing was such that we had lately launched our new techniques, and we had some inefficiencies attributable to these techniques, proper, that we have talked about. And so all of these collectively impacted our time and led to file backlogs for us that took a number of quarters to resolve. Since then, we’ve made vital enhancements operationally throughout all of that. We launched automation within the manufacturing facility, which improved our operational effectivity and in addition decreased our want for a similar form of degree of direct labor as we scale income, and we improved — made enhancements to our techniques and made these extra environment friendly.

So immediately, we stand completely able to take all orders. We will provide all our world-class lead occasions. We will make molds in a day. And so, we’re a lot better-positioned really to cope with that degree of demand immediately than we have been a yr in the past.

So we’re working proper now to reengage these clients that have been impacted, and our go-to-market groups are within the technique of doing that to assist us proceed to drive demand.

Brian DrabWilliam Blair and Firm — Analyst

So thanks for reviewing the year-over-year dynamics. I suppose, so that you do really feel like it is a enterprise that, given these actions that you just simply talked about, that that is going to extend sequentially going ahead? Or do you — or is it — is there much less — there’s extra uncertainty now simply due to the macro surroundings as effectively, I suppose. Are you able to make any assertion on whether or not you see this injection molding enterprise producing extra income within the second half of ’22 than it did within the first half? As a result of it is simply exhausting for me to mannequin it within the — I perceive the year-over-year dynamics, however the final three quarters have been $53 million to $54 million in that vary. So any — with none elevated confidence, I do not know why — and the macro the place it’s, I do not know why I’d forecast something above $53 million or $54 million for injection molding.

Dan SchumacherChief Monetary Officer

Sure. So Brian, we’re nonetheless feeling pressures from a macro perspective. After we speak to economists, they’re speaking about elevated inventories at our clients, leading to much less demand from our perspective. So we’re working to enhance, from a go-to-market perspective, to proceed to deliver clients into our injection molding service provide, but it surely’s unsure proper now with the macro headwinds.

Brian DrabWilliam Blair and Firm — Analyst

Sure. That is honest. OK. I obtained it.

And in that enterprise can simply drill down just a little bit, it sounds just like the problem is extra within the new molds enterprise relatively than the elements enterprise? Or is it additionally elements simply because manufacturing at a few of these larger orders that you just have been speaking about have been manufacturing and elements enterprise?

Rob BodorPresident and Chief Govt Officer

Sure. Nicely, a whole lot of what we have been seeing was in elements, proper, as a result of we noticed actually robust surge in manufacturing elements enterprise, and that is what we’re seeing not recur. As Dan talks about, there’s proof that corporations are sitting on excessive inventories. In order that’s actually the place we anticipate some headwind.

Brian DrabWilliam Blair and Firm — Analyst

OK. After which simply the final query for me is simply what — are you able to remind me what impression this dynamic — the extra challenged injection molding enterprise has on total firm gross margin?

Dan SchumacherChief Monetary Officer

Sure. So if we check out it, our injection molding gross margins, proper, have historically been round mid-50s. With the decrease quantity, our injection molding gross margins have been round 50% within the quarter.

Brian DrabWilliam Blair and Firm — Analyst

OK. I am going to get again in line. I might need a pair extra. Thanks.

Operator

The following query is coming from Jim Ricchiuti of Needham & Firm. Please go forward.

Jim RicchiutiNeedham and Firm — Analyst

Thanks. Just a few follow-ups on the subject of injection molding. Curious, are you seeing any modifications within the aggressive dynamics out there that could be contributing to a few of the demand points that you just’re seeing on this a part of the enterprise?

Rob BodorPresident and Chief Govt Officer

Clearly, we’re identified for pace and we provide the quickest lead occasions on the earth in injection molding. In these lead occasions, we do not actually run into competitors. In the course of the interval that I described once we had the numerous backlogs and our lead occasions have been longer throughout that interval, our clients may have a look at different alternate options. There are native molders.

So I believe that is the dynamic that we’re now actually centered on overcoming as we drive our go-to-market groups, proper, to reengage these clients.

Jim RicchiutiNeedham and Firm — Analyst

OK. And perhaps simply to speak in regards to the total degree of demand. Are you seeing out there — simply in mild of all the considerations individuals have about macro, how did the enterprise tracked or pattern as you went by way of the June quarter? And the way — what are you seeing to date in Q3 and whether or not you need to cope with that by geographic area, the U.S. versus Europe, however — and even discuss it when it comes to modifications you could be seeing in any of your main vertical markets.

Dan SchumacherChief Monetary Officer

Sure. Let me first say on a continuing foreign money foundation, our providers outdoors of injection molding grew 15% yr over yr. So we’re very proud of what occurred there. When it comes to what we’re seeing in markets, like what we talked about from an injection molding perspective the place we had some bigger COVID orders within the final yr.

So medical was on the decrease — declined barely yr over yr, after which automotive was a headwind. However we noticed issues actually robust from the top markets of aerospace and each industrial and business equipment, each have been robust. In case you check out in our non-GAAP disclosures, you’ll be able to see that we had progress — fixed foreign money progress throughout all areas. So we have been more than happy with that within the quarter.

Jim RicchiutiNeedham and Firm — Analyst

And going into Q3, the ultimate query, simply any change in buyer habits, someway, in a few of the markets that — your bigger markets?

Rob BodorPresident and Chief Govt Officer

Sure. I imply, so it is — we have gone by way of July. We actually have not seen a lot change proper now when it comes to finish buyer habits.

Jim RicchiutiNeedham and Firm — Analyst

OK. Thanks. I am going to bounce again within the queue.

Operator

[Operator instructions] The following query is coming from Greg Palm of Craig-Hallum.

Greg PalmCraig-Hallum Capital Group — Analyst

Good morning. Thanks for taking the questions. I wished to observe up on the final query from Jim. If I look sequentially from Q2 on the midpoint, you are guiding down, name it a few million, principally offsets the impression from the exit from Japan.

Often, Q3 is up at the very least a few million, $2 million, $3 million. So that you stated you are not likely seeing a lot of a change, however steering suggests perhaps just a little bit softer exercise. Are you able to simply perhaps tie that out. Am I lacking one thing?

Dan SchumacherChief Monetary Officer

I believe the query was if I am seeing something from any particular finish market. I learn that by trade, proper? I am not listening to one thing completely different by trade. We set our steering the identical means we have achieved at all times, we’re having a look at what has occurred by way of July, after which making an allowance for  what we’re seeing from an add pattern, what we’re seeing seasonality. And in order that’s how we constructed our information.

And clearly, with that, proper, as you’ll be able to see from our steering, we’re not seeing proper now as robust as a sequential uplift Q2 to Q3, at the very least as we glance by way of preliminary outcomes, proper? In order that’s the place that stands. We’re persevering with, from a macro headwind perspective, to have a look at injection molding, proper? And perceive what’s taking place there when it comes to clients with the quantity of stock that they’ve readily available immediately and what that demand is. Some would possibly sign there that with that pattern, we might see a much bigger upward pattern in injection molding if the macro market was completely different.

Greg PalmCraig-Hallum Capital Group — Analyst

OK. No, that is useful. mild up. Because it pertains to the Japan exit.

I believe you stated over that point span solely worthwhile 4 years. Are you able to say whether or not it was worthwhile in ’21, or was it worthwhile in current quarters, at the very least on a full run price foundation?

Dan SchumacherChief Monetary Officer

It was not worthwhile in ’21, and it was not worthwhile this quarter.

Greg PalmCraig-Hallum Capital Group — Analyst

And did you say the exit goes to have a unfavourable impression on gross margins. Are you able to disclose what gross margins have been in that area?

Dan SchumacherChief Monetary Officer

What I stated, it should have a unfavourable impression on gross margins within the subsequent quarter. The explanation it is having a unfavourable impression on gross margins the following quarter is we’ve the tools, proper, we’ve the depreciation, we’ve a workers that is on manufacturing, and we’re slowly transport out the ultimate orders. We anticipate to have that accomplished on the finish of August or early September. And that is what’s creating an unusually unfavourable gross margin for Japan.

It isn’t massive sufficient to be a discontinued ops, so we won’t utterly take away it from our reporting from that perspective. And that is why in that quarter, it has a unfavourable impression. From a P&L perspective, the largest problem, and I talked about that is that Japan was solely attending to a $13 million income quantity. And with the quantity of gross sales and advertising and marketing and form of infrastructure that you just want total, that was Japan’s problem to get to profitability.

Greg PalmCraig-Hallum Capital Group — Analyst

Sure. Understood. All proper. I am going to depart it there.

Thanks, and good luck going ahead.

Dan SchumacherChief Monetary Officer

Thanks.

Operator

Right now, I would like to show the ground again over to Mr. Bodor for closing feedback.

Rob BodorPresident and Chief Govt Officer

Thanks for becoming a member of us on our second quarter earnings name. We’re happy with our efficiency within the first half of 2022, significantly in increasing our earnings. We have now clear priorities in place and are centered on the execution of our technique, which can result in the long-term worthwhile progress. Thanks to our clients and shareholders for his or her continued help and to our staff for his or her continued efforts.

We sit up for updating you on our efficiency subsequent quarter. Have an important day.

Operator

[Operator signoff]

Length: 0 minutes

Name members:

Jason FrankmanVice President and Company Controller

Rob BodorPresident and Chief Govt Officer

Dan SchumacherChief Monetary Officer

Brian DrabWilliam Blair and Firm — Analyst

Jim RicchiutiNeedham and Firm — Analyst

Greg PalmCraig-Hallum Capital Group — Analyst

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