FARO Announces Third Quarter 2021 Financial Results
FARO has announced its financial results for the third quarter ended September 30, 2021.
Third Quarter 2021 Financial Summary
Total sales were $79.2 million for third quarter 2021 representing a 4% sequential quarterly decrease when compared to $82.1 million in the second quarter 2021, and a 12% increase when compared with total sales of $70.7 million for third quarter 2020. The sequential sales decrease was driven both by typical seasonal softness in European markets as well as pandemic related logistical constraints on behalf of our customers while the year over year growth was primarily a result of pandemic related softness in the prior year period. Similarly, new order bookings of $80.4 million decreased 9% sequentially compared to $88.2 million in the second quarter 2021 and increased 12% when compared to $72.0 million for the third quarter 2020.
Operating expenses were $47.5 million for the third quarter 2021, compared to $41.2 million for the same prior year period.
Net loss was $3.9 million as compared to a net loss of $3.0 million for the third quarter 2020.
The Company’s cash and short-term investments decreased $7.5 million to $125.8 million as of the end of the third quarter of 2021 due primarily to inventory purchases to increase inventory safety stock levels. The Company remained debt-free.
“Demand remained strong in the third quarter, while customer COVID-related logistical challenges shifted some orders into the fourth quarter,” stated Michael Burger, President and Chief Executive Officer. “As we focus on the growth drivers ahead, we are encouraged by the customer response to our new products, namely our next generation Quantum Max ScanArm and our Holobuilder photogrammetry products which are on track to double over the next year.”
Mr. Burger continued, “Looking ahead, we continue to see strong fourth quarter demand indicators and as revenue returns to pre-pandemic levels, we look forward to demonstrating the operating leverage we have built into the business over the past two years.”
Faro Technologies Sales by Region
For more information: www.faro.com