Faro Announce 3rd Quarter Financial Results
Faro has announced its financial results for the third quarter ended September 30, 2020.
Total sales were $70.7 million for third quarter 2020 representing a 17% sequential quarterly increase when compared to $60.6 million in the second quarter 2020, and a 22% decrease when compared with $90.5 million for third quarter 2019. The sales level fluctuations were primarily a result of the COVID-19 impact on customer demand in markets served. New order bookings of $72.0 million increased 17% sequentially compared to $61.4 million in the second quarter 2020, but were down 24% when compared to $94.9 million for the third quarter 2019
Breakdown by region:
|Total sales to external customers|
Operating expense was $41.2 million for the third quarter 2020 as compared to $56.7 million for the same prior year period. Non-GAAP operating expense was $38.5 million for the third quarter 2020 compared to $51.1 million for the third quarter 2019.
Net loss was $3.0 million for the third quarter 2020, as compared to a net loss of $6.2 million for the third quarter 2019. Non-GAAP net loss was $1.3 million for the third quarter 2020 compared to Non-GAAP net loss of $0.2 million for the third quarter 2019.
“In the third quarter we saw improving sequential performance as global economies began to reopen and our customers resumed their capital investment plans. Additionally, we continued to progress on our strategic initiatives both organically with positive customer response to our recently announced new products and inorganically with our Digital Twin initiative enabled through the August acquisition of Advanced Technical Solutions (“ATS”),” stated Michael Burger, President and Chief Executive Officer. “While near-term demand remains below the 2019 level, we have gained confidence that our second quarter represents the trough in demand, as we continue to experience increased customer activity levels. As importantly, as evidenced by our third quarter results, we expect the cost reduction actions taken earlier this year will drive strong operating leverage and profit growth as demand returns to normalized levels.”
The Company’s cash and short-term investments decreased $10.3 million to $163.6 million as of the end of the third quarter of 2020, and the Company remained debt-free.
For more information: www.faro.com