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Sep 30, 2023
FARO Q3 2023 Earnings Report
FARO's Q3 2023 financial performance exceeded expectations with revenue of $86.8 million and non-GAAP EPS of $0.02, driven by end market demand and operational performance improvements.
Key Takeaways
FARO Technologies, Inc. reported Q3 2023 financial results with revenue of $86.8 million and non-GAAP EPS of $0.02, exceeding expectations. The company saw a 2% year-over-year increase in total sales and focused on improved execution of its hardware and software enabled strategy.
Total sales reached $86.8 million, a 2% increase year-over-year.
Software sales increased by 6% to $11.2 million compared to the prior year period.
Recurring revenue grew by 3% year-on-year to $17.1 million.
Non-GAAP net income was $0.5 million, or $0.02 per share, compared to $0.5 million, or $0.03 per share in the prior year period.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For the fourth quarter ending December 31, 2023, FARO expects revenue in the range of $92 to $100 million, gross margin in the range of 49.5% to 51.0%, operating expenses in the range of $47.5 to $49.5 million, and a net loss per share in the range of ($0.30) to ($0.15).
Positive Outlook
- Revenue in the range of $92 to $100 million
- Gross margin in the range of 49.5% to 51.0%
- Non-GAAP gross margin in the range of 50.5% to 52.0%
- Non-GAAP net income per share in the range of $0.18 to $0.34
- Operating expenses in the range of $47.5 to $49.5 million
Challenges Ahead
- Net loss per share in the range of ($0.30) to ($0.15)
- Potential impacts on customer and supplier relationships and the Company's reputation
- Assumptions regarding the Company’s financial condition or future financial performance may be incorrect
Historical Earnings Impact
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Avg. Return Before/After Earnings
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