<SEC-DOCUMENT>0001193125-12-034170.txt : 20121012
<SEC-HEADER>0001193125-12-034170.hdr.sgml : 20121012
<ACCEPTANCE-DATETIME>20120201151257
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ACCESSION NUMBER:		0001193125-12-034170
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20120201

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Proto Labs Inc
		CENTRAL INDEX KEY:			0001443669
		STANDARD INDUSTRIAL CLASSIFICATION:	FABRICATED STRUCTURAL METAL PRODUCTS [3440]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		5540 Pioneer Creek
		CITY:			Maple Plain
		STATE:			MN
		ZIP:			55359
		BUSINESS PHONE:		763-479-7474

	MAIL ADDRESS:	
		STREET 1:		5540 Pioneer Creek
		CITY:			Maple Plain
		STATE:			MN
		ZIP:			55359
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<TITLE>SEC Correspondence</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">W. M<SMALL>ORGAN</SMALL> B<SMALL>URNS</SMALL> </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">mburns@faegre.com </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">612.766.7136 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:56%" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">February&nbsp;1, 2012 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Via EDGAR Submission and Overnight Delivery </U></B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">100 F
Street, N.E. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Washington, D.C. 20549 </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Attn:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pamela A. Long, Assistant Director </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Re:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Proto Labs, Inc. </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Amendment
No.&nbsp;5 to Registration Statement on Form S-1 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Filed: January&nbsp;31, 2012 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">File No.: 333-175745 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ladies
and Gentlemen: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Proto Labs, Inc., a Minnesota corporation (the &#147;<U>Company</U>&#148;), has today filed with the
Securities and Exchange Commission, pursuant to the requirements of the Securities Act of 1933, as amended, an Amendment No.&nbsp;5 to its Registration Statement on Form S-1 (&#147;<U>Amendment No.&nbsp;4</U>&#148;). </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">On behalf of the Company, we are writing to respond to the comments raised in the letters to the Company dated January&nbsp;10, 2012 from
the staff of the Securities and Exchange Commission (the &#147;<U>Staff</U>&#148;). The Company&#146;s responses below correspond to the captions and numbers of those comments (which are reproduced below in italics). For your convenience, copies of
Amendment No.&nbsp;5 are enclosed, and have been marked to show changes from Amendment No.&nbsp;4 to the Registration Statement on Form S-1 filed on December&nbsp;29, 2011. Where applicable, we have referenced in the Company&#146;s responses the
appropriate page number of Amendment No.&nbsp;5. Capitalized terms used in this letter, but not otherwise defined, have the meanings assigned to them in Amendment No.&nbsp;5. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Results of Operations, page 37 </U></B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>1.</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Based on your segment information on page F-23 we note material changes in segment income as a percentage of segment sales. Please amend your filing to explain the
change in segment income as a percentage of segment sales period over period and quantify the underlying reasons driving the change. For example, we note segment income as a percentage of segment sales for your U.S. segment increased from 26% in
2009 to 32% in 2010 and 13% in 2009 to 20&nbsp;% in 2010 for your Europe segment. Refer to Section&nbsp;501.06a for guidance.</I> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><U>Response</U>: </B>In response to the Staff&#146;s comment, the Company has revised page 44 of Amendment No.&nbsp;5 to explain the change in segment income as a percentage of segment sales period
over period and to quantify the underlying reasons driving the change. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Provision for Income Taxes, page 36 </U></B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>2.</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Please amend your filing to explain to readers how the Japanese tax election created a tax deduction and how this election could impact future tax provisions (i.e.
did the election enable you to deduct Japanese losses on your U.S. tax return whereas in prior years you were not allowed to take the election). Please also clarify whether you will be allowed to get a tax deduction for such Japanese losses in
periods after 2010. If not, please amend your filing to explain the circumstances under which Japanese losses would not generate the same U.S. tax deduction similar to that in 2010.</I> </FONT></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Response</U>:</B> In response to the Staff&#146;s comment, the Company has revised pages 36-37 of Amendment No.&nbsp;5 to explain
how the Japanese tax election created a tax deduction and how this election could impact future tax provisions. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">*&nbsp;&nbsp;*&nbsp;&nbsp;*&nbsp;&nbsp;*&nbsp;&nbsp;* </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Finally, the Company will furnish a letter at the time it requests acceleration of the effective date of the Registration Statement acknowledging the statements set forth in the Staff&#146;s comment
letter. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In connection with responding to your comments, we acknowledge that the Company is responsible for the adequacy and
accuracy of the disclosure in the filing, that Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the filing, and that the Company may not assert Staff
comments as a defense in any proceedings initiated by the Commission or any person under the federal securities laws of the United States. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">We hope that the foregoing has been responsive to the Staff&#146;s comments. Should you have any questions relating to any of the foregoing, please feel free to contact the undersigned at
(612)&nbsp;766-7136. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2 </FONT></P>


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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Very truly yours,</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ W. Morgan Burns</FONT></P></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">W. Morgan Burns</FONT></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Enclosure </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">cc:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Bradley Cleveland </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:5%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Proto
Labs, Inc.</I> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Kenneth Guernsey <I> </I></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:5%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Cooley LLP</I> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Charles Kim </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:5%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Cooley LLP</I> </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">3 </FONT></P>

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