4Q24 Pricing Analysis: Protolabs vs Xometry

We believe Protolabs and Xometry are the two behemoths in the digital manufacturing space, and offer the two best on-demand manufacturing marketplaces.

Since March 1st, 2024, we have been uploading 3 different CNC part files and 3 different 3D printable files weekly to both Protolabs Network and Xometry to track pricing trends across the two marketplaces. By tracking prices on the same parts over time we believe we can gauge demand trends as prices should theoretically rise on these marketplaces as demand increases (assuming supply remains constant). In addition, we believe analyzing how each marketplace prices the same part can provide additional competitive insights. We focus on CNC and 3D printing prices as these services account for ~50% and ~75% of total sales for Protolabs and Xometry, respectively.

Historically our analysis as been a robust read-through into Xometry XMTR 0.00%↑ and Protolabs PRLB 0.00%↑ quarterly results. Below we highlight pricing trends through 4Q24, and provide implications to Xometry and Protolabs 4Q24 earnings results.

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