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Dec 31, 2021
FARO Q4 2021 Earnings Report
Announced fourth quarter and full year financial results
Key Takeaways
FARO's fourth quarter revenue grew 27% sequentially to $100.2 million, driven by market recovery and increased arm shipments, while a strong dollar and supply chain issues muted revenue levels. Holobuilder SaaS revenue is on track to double, with a mid-six figure annual recurring revenue deal signed in the quarter.
Total sales were $100.2 million, an 8% increase compared to Q4 2020.
Gross margin was 55.6%, up from 54.6% in the prior year period.
Net loss was $31.7 million, or $1.74 per share, compared to a net income of $27.4 million, or $1.52 per share, for the fourth quarter 2020 which included income tax expense of $26.5 million associated with the creation of a valuation allowance against primarily US deferred tax assets
Non-GAAP net income was $8.7 million, or $0.48 per share, compared to $6.3 million, or $0.35 per share, for the fourth quarter 2020.
FARO
FARO
FARO Revenue by Geographic Location
Revenue by Geographic Location
Americas Revenue
CapyFin.comEMEA Revenue
CapyFin.comAPAC Revenue
CapyFin.com Forward Guidance
For the first quarter ending March 31, 2022, revenues are expected to be in the range of $80 to $88 million with non-GAAP earnings per share in the range of ($0.08) to $0.12. Included in our first quarter expectations are approximately 200 basis points of unfavorable material cost that are adversely affecting gross margins.
Challenges Ahead
- Revenues are expected to be in the range of $80 to $88 million.
- Non-GAAP earnings per share in the range of ($0.08) to $0.12.
- Approximately 200 basis points of unfavorable material cost that are adversely affecting gross margins.
Revenue & Expenses
Visualization of income flow from segment revenue to net income