Protolabs Brings in New CEO, Keeps Growth Plans on Track

A new CEO is stepping in at Protolabs (NYSE: PRLB). This week, the digital manufacturing company announced that Suresh Krishna is now its President and CEO. Krishna is stepping into the role immediately, replacing former CEO Rob Bodor, who will stay on temporarily in a consulting role to help with the transition.

This leadership change comes at a key moment for the company. Protolabs is working to grow its share in the massive $100 billion digital manufacturing market. And importantly, the company has also reaffirmed its financial outlook for the second quarter of 2025, which tells us that they still feel good that things are moving in the right direction, despite ongoing uncertainty in the wider manufacturing industry.

A New Chapter

Krishna brings decades of experience in manufacturing and operations. Most recently, he led Northern Tool + Equipment, a company known for supplying tools and equipment to millions of customers. At Northern Tool, Krishna focused on improving customer service and modernizing operations, a background that could be helpful at Protolabs as it looks to become more than a prototyping service.

“I’m honored to join Protolabs as its next CEO,” Krishna said. “Protolabs has an amazing team, best-in-class production times and a key competitive advantage as the only digital manufacturer that combines in-house digital manufacturing with a network of manufacturing partners. This next chapter for the company is going to be an extraordinary one, and I am thrilled to be leading the talented Protolabs team forward.”

The Board of Directors at Protolabs believes Krishna has the right mix of experience and energy to take the company to the next level. Rainer Gawlick, the Board’s Chairman, said that Krishna “has the right skills and experience to build on the company’s positive momentum. He will take Protolabs to the next level by growing our customer loyalty and share, accelerating the execution of our production expansion initiatives and continuing to drive profitable growth through our unique digital manufacturing model. Importantly, Suresh brings fresh perspectives and a talent for implementing innovative growth strategies, which will be key to advancing our winning strategy and delivering results.”

Gawlick also said the Board was thankful to Bodor for his leadership over the past four years. Under Bodor’s tenure, Protolabs expanded its capabilities, enhanced manufacturing processes, and broadened the Protolabs Network.

What’s Happening Financially

This announcement doesn’t change Protolabs’ short-term outlook. In fact, management reaffirmed its Q2 2025 guidance, saying it still expects between $124 million and $132 million in revenue. It’s also forecasting adjusted earnings per share between 30 and 38 cents, which is roughly in line with what it shared during its last earnings report earlier this month.

Back in early May, Protolabs reported a steady start to 2025. Revenue decreased slightly from last year, but the company remained profitable and generated a strong cash flow. Its CFO, Dan Schumacher, said Protolabs had zero debt and over $100 million in cash, putting it in a strong position to continue investing in growth even during uncertain times.

The company’s strategy has been to move beyond just making prototypes and expand further into production manufacturing. A big part of this plan involves the Protolabs Network, a group of vetted global manufacturing partners. That part of the business grew 10% year-over-year in the first quarter of 2025 and is key to Protolabs’ future.

There is also growing demand from industries such as aerospace and defense. Last quarter, Bodor said Protolabs was shipping production-grade metal 3D printed parts to customers like NASA and Blue Origin.

Even as traditional 3D printing revenue slipped slightly last quarter, metal 3D printing for production is growing. That’s good news for a company trying to prove it can scale up.

What’s Next

Protolabs expects growth to continue through 2025. The company has been investing in marketing, restructuring its operations in Europe, and focusing on regions where margins and customer demand are stronger. It’s also been buying back stock, more than $20 million in Q1 alone.

With Krishna now on board, the focus will be on putting those plans into action over the next few months. With strong cash reserves, a growing network, and a focus on high-value sectors, Protolabs is hoping that its combination of fast in-house production and a global partner network will keep it competitive.

Images courtesy of Protolabs.