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Faro Announces Second Quarter Financial Results

FARO Technologies has announced its financial results for the second quarter ended June 30, 2023.

Second Quarter 2023 Financial Summary

Total sales of $88.2 million, up 10% year over year or 6% excluding the impact of prior year acquisitions.

Software sales of $10.8 million, up 2% compared to the prior year period.

Recurring revenue of $16.4 million, down 4% year on year.

Gross margin of 37.8%, compared to 50.6% in the prior year period with the reduction primarily as a result of inventory write-offs that resulted from a sharper focus on core hardware products and material cost increases.

Operating expenses were $58.7 million, compared to $49.4 million in the prior year period with the increase primarily a result of $8.8 million in restructuring and other one-time charges.

Net loss of $28.2 million compared to net loss of $8.6 million.

Revenues by Region

“Second quarter revenue of $88.2 million, increased 10% year over year or 6% excluding the impact of prior year acquisitions, exceeded our expectations and was enabled by improved shipments of Quantum Max Arms and Vantage Laser Trackers,” said Yuval Wasserman, Executive Chairman. “Further,  we were able to execute our cost reduction activities one quarter ahead of plan and now expect to realize our lower cost base in the third quarter. We remain focused on the execution of our hardware and software enabled strategy of providing 4D digital reality solutions to our customers in the large and growing 3D Metrology, AECO and Public Safety Analytics end markets.”

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