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Mar 31, 2024
FARO Q1 2024 Earnings Report
FARO's first quarter performance in 2024 demonstrated a strong start to the year, with revenue at the upper end of guidance and Non-GAAP EPS exceeding guidance.
Key Takeaways
FARO Technologies reported Q1 2024 revenue of $84.2 million, a GAAP loss per share of $(0.38), and non-GAAP EPS of $0.09. The company generated $6.6 million in operating cash flow and achieved a gross margin of 51.4%.
Revenue reached $84.2 million, hitting the upper end of the guidance range.
GAAP loss per share was $(0.38), while non-GAAP EPS was $0.09, surpassing the guidance.
Cash flow from operations amounted to $6.6 million.
Gross margin was 51.4%, increasing from 46.7% in the prior year.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For the second quarter ending June 30, 2024, FARO expects revenue in the range of $79 to $87 million, gross margin between 50.5% and 52.0%, operating expenses between $46 and $48 million, and a net loss per share in the range of ($0.43) to ($0.23).
Positive Outlook
- Revenue is expected to be in the range of $79 to $87 million.
- Gross margin is projected to be between 50.5% and 52.0%.
- Non-GAAP gross margin is expected to be between 51.0% and 52.5%.
- Operating expenses are anticipated to be in the range of $46 to $48 million.
- Non-GAAP operating expenses are projected to be between $41 and $43 million.
Challenges Ahead
- Net loss per share is expected to be in the range of ($0.43) to ($0.23).
- Non-GAAP net loss to net income per share is projected to be in the range of $(0.08) to $0.12.
- Stock-based compensation is expected to impact gross margin by 0.5%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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