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Jun 30, 2023
FARO Q2 2023 Earnings Report
Reported revenue increase of 10% year over year, exceeding expectations, and implemented cost reduction activities to realize targeted expense levels in third quarter.
Key Takeaways
FARO Technologies reported second quarter revenue of $88.2 million, a 10% increase year over year. The company executed cost reduction activities ahead of schedule and expects to realize a lower cost base in the third quarter. The company remains focused on its hardware and software enabled strategy.
Total sales of $88.2 million, up 10% year over year or 6% excluding the impact of prior year acquisitions
Software sales of $10.8 million, up 2% compared to the prior year period
Recurring revenue of $16.4 million, down 4% year on year
Net loss of $28.2 million, or $(1.49) per share compared to net loss of $8.6 million, or $(0.47) 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 third quarter ending September 30, 2023, FARO currently expects:
Positive Outlook
- Revenue in the range of $76 to $84 million
- Gross margin in the range of 45% to 47%
- Non-GAAP gross margin in the range of 46% to 48%
- Operating expenses in the range of $50.9 to $53.4 million
- Non-GAAP operating expenses in the range of $41.0 to $42.5 million
Challenges Ahead
- Net loss per share in the range of ($1.25) to ($0.71)
- Non-GAAP net loss per share in the range of ($0.35) to ($0.10)