Proto Labs (PRLB) Expands Share Buyback Program by Additional $50M

Protolabs (NYSE: PRLB) announced today that on December 8, 2021 its Board of Directors approved a $50 million increase in its authorized stock repurchase program currently in effect, with an expiration date of December 31, 2023. This authorization increases the stock repurchase program to $150 million. As of December 7, 2021, Protolabs had repurchased an aggregate dollar value of $87 million, resulting in $63 million remaining available to purchase common stock under the expanded stock repurchase program.

Under this authorization, Protolabs is not required to purchase shares, but may choose to do so in the open market or through private transactions at times and amounts determined by the company based on its evaluation of market conditions and other factors.

Protolabs’ capital allocation strategy remains unchanged. Protolabs prioritizes organic investment to enhance its platform and capacity with a focus on serving customers with world-class lead times. The company also invests in research and development to expand and enhance its envelope of service offerings to meet additional customer needs. Next, Protolabs looks for potential strategic acquisition opportunities that further the company’s growth strategy. Finally, the company provides the return realized by these investments to its shareholders through opportunistic stock repurchases.

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