Faro Announce Fourth Quarter and Full Year Financial Results
FARO Technologies has announced its financial results for the fourth quarter ended December 31, 2023 together with its full year financial results.
Fourth Quarter 2023 Financial Summary
➤ Total sales of $98.8 million, down 5% year over year
➤ Gross margin of 50.9%, compared to 49.1% in the prior year period
➤ Non-GAAP gross margin of 52.5%, compared to 52.8% in the prior year period
➤ Operating expenses of $48.9 million, compared to $52.7 million in the prior year period
➤ Non-GAAP operating expenses of $41.3 million, compared to $45.8 million in the prior year period
➤ Net income of $1.6 million compared to net loss of $2.2 million in the prior year period
➤ Non-GAAP net income of $6.8 million compared to net income of $7.1 million in the prior year period
➤ Adjusted EBITDA of $13.2 million, or 13.3% of total sales compared to $11.7 million, or 11.3% of total sales in the prior year period
➤ Cash, cash equivalents & short-term investments of $96.3 million, compared to $79.9 million as of September 30, 2023
Full Year 2023 Financial Summary
➤ Total sales of $358.8 million, up 4% compared to the prior year period
➤ Net loss of $56.6 million compared to net loss of $26.8 million in the prior year period
➤ Non-GAAP net loss of $2.4 million compared to non-GAAP net income in the prior year period
“We are pleased with our improved financial performance and remain excited about the long term prospects of our integrated hardware and software solutions strategy to create customer value in our core markets,” said Peter Lau, President & Chief Executive Officer. “GAAP net income of $1.6 million and Adjusted EBITDA of $13.2 million, an increase of 12% year over year, attributed to higher than anticipated revenue and continued improvement in operational execution. We also expanded our cash position by generating $18.7 million of operating cash flow in the quarter, driven by profitability and efficiencies in working capital.”
For more information: www.faro.com
