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Sep 30, 2022
FARO Q3 2022 Earnings Report
FARO's financial results for Q3 2022 were announced, with constant currency revenue increasing by 14% year-over-year, but actual currency revenue increasing by 8% due to the strengthening US dollar.
Key Takeaways
FARO Technologies reported Q3 2022 financial results with total sales of $85.3 million, up 8% compared to the prior year period. Constant currency revenue increased by 14% year-over-year. The company reported a net loss of $6.3 million, or ($0.34) per share, compared to a net loss of $3.9 million, or ($0.21) per share in the prior year period.
Total sales increased by 8% to $85.3 million compared to the prior year period.
Non-GAAP constant currency total sales increased by 14% to $91.5 million compared to the prior year period.
Recurring revenue increased by 2% year-over-year, representing 19% of total revenue.
Net loss was $6.3 million, or ($0.34) per share, compared to a net loss of $3.9 million, or ($0.21) 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 fourth quarter ending December 31, 2022, FARO currently expects revenue in the range of $99.0 to $107.0 million and Non-GAAP earnings per share in the range of $0.25 to $0.45.
Positive Outlook
- Revenue in the range of $99.0 to $107.0 million
Challenges Ahead
- Non-GAAP earnings per share in the range of $0.25 to $0.45