Faro Announce First Quarter Financial Results
FARO Technologies has announced its financial results for the first quarter ended March 31, 2024.
First Quarter 2024 Financial Summary
➤ Total sales of $84.2 million, down 1% year over year
➤ Gross margin of 51.4%, compared to 46.7% in the prior year period
➤ Non-GAAP gross margin of 51.8%, compared to 47.6% in the prior year period
➤ Operating expenses of $48.6 million, compared to $58.3 million in the prior year period
➤ Non-GAAP operating expenses of $40.7 million, compared to $48.8 million in the prior year period
➤ Net loss of $7.3 million compared to net loss of $21.2 million in the prior year period
➤ Adjusted EBITDA of $5.6 million, or 6.6% of total sales compared to negative $5.5 million, or 6.5% of total sales in the prior year period
➤ Cash, cash equivalents & short-term investments of $99.3 million compared to $96.3 million as of December 31, 2023
“We’re pleased with our strong start to the year, with our first quarter financial performance providing a solid foundation from which we expect to continue to invest in our strategic initiatives within our core markets,” said Peter Lau, President & Chief Executive Officer.
Regional Breakdown
For more information: www.faro.com
