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Mar 31, 2023
FARO Q1 2023 Earnings Report
FARO's first quarter revenue remained strong, driven by shipments of the new Focus Premium Laser Scanner, but experienced customer purchase decision delays due to a softening macroeconomic environment.
Key Takeaways
FARO Technologies reported strong first-quarter revenue of $85.0 million, an 11% increase year-over-year, driven by shipments of the new Focus Premium Laser Scanner. The company is implementing cost-saving initiatives to offset the impact of delayed customer purchase decisions and inflationary pressures.
Total sales reached $85.0 million, up 11% compared to the prior year period.
Software sales were $10.3 million, representing 12% of revenue and remaining approximately flat year-over-year.
Recurring revenue was $16.7 million, accounting for 20% of revenue, a decrease from 22% in the prior year period.
Net loss was $21.2 million, or ($1.12) per share, compared to a net loss of $9.7 million, or ($0.53) per share in the prior year period.
FARO
FARO
FARO Revenue by Segment
FARO Revenue by Geographic Location
Revenue by Segment
Service Sales Revenue
CapyFin.comRevenue by Geographic Location
Americas Revenue
CapyFin.comEMEA Revenue
CapyFin.comAPAC Revenue
CapyFin.com Forward Guidance
For the second quarter ending June 30, 2023, FARO currently expects revenue in the range of $79 to $87 million. Gross margin in the range of 44% to 47%. Non-GAAP gross margin in the range of 45% to 48%. Operating expenses in the range of $58.0 to $67.0 million. Non-GAAP operating expenses in the range of $45.0 to $46.5 million Net income (loss) per share in the range of ($1.80) to ($1.13). Non-GAAP net income (loss) per share in the range of ($0.47) to ($0.22).