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Business 

FARO Announces Fourth Quarter and Full Year Financial Results

Keith Mills Publishing Editor

Fourth Quarter 2022 Financial Summary

  • Total sales of $103.9 million, up 4% compared to the prior year period
  • Non-GAAP total sales on a constant currency basis of $110.5 million, up 10% compared to the prior year period
  • Software sales, of $12.9 million or 13% of revenue, declined 5% year on year on an actual currency basis primarily as a result of the strengthening US dollar exchange rates as well as the conversion of license revenue to subscription
  • Recurring revenue of $18.1 million or 17% of revenue, up from 16% in the prior year period
  • Net loss of $2.2 million compared to $31.7 million in the prior year period
  • Non-GAAP net income of $7.1 million compared to net income of $8.7 million in the prior year period
  • Cash and short-term investments of $37.8 million, compared to $48.5 million as of September 30, 2022

Full Year 2022 Financial Summary

  • Total sales of $345.8 million, up 2% compared to the prior year period
  • Non-GAAP total sales on a constant currency basis of $361.0 million, up 8% compared to the prior year period
  • Net loss of $26.8 million compared to net loss of $40.0 million in the prior year period
  • Non-GAAP net income of $4.6 million compared to non-GAAP net income of $10.2 million in the prior year period

“Improving fourth quarter customer demand, with strength in Laser Scanners and the European market, as well as the addition of GeoSLAM resulted in year-on-year revenue growth of 10% to $110.5 million on a constant currency basis. Due to a stronger US dollar relative to last year, sales on an actual currency basis were $103.9 million, up 4% compared to the prior year period,” stated Michael Burger, President and Chief Executive Officer. “With our recent acquisition of SiteScape, which enables iOS based low-resolution LiDAR 3D capture, FARO now offers one of the broadest sets of 3D capture devices and technology in the market.  Together with the success of our recent product releases and the launch of FARO Sphere, I am excited by the increasing level of customer engagement and the enormous market opportunity represented by digitalizing the physical world.”

For more information: www.faro.com

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