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Faro Announces Third Quarter Financial Results

FARO Technologies has announced its financial results for the third quarter ended September 30, 2023.

Third Quarter 2023 Financial Summary

➤ Total sales of $86.8 million, up 2% year over year

➤ Software sales of $11.2 million, up 6% compared to the prior year period

➤ Recurring revenue of $17.1 million, up 3% year on year

➤ Gross margin of 48.0%, compared to 50.7% in the prior year period

➤ Non-GAAP gross margin of 48.9%, compared to 51.0% in the prior year period

➤ Operating expenses of $48.6 million, compared to $50.4 million in the prior year period

➤ Net loss of $8.8 million, compared to net loss of $6.3 million in the prior year period

➤ Adjusted EBITDA of $3.5 million, or 4.1% of total sales compared to $2.0 million, or 2.3% of total sales in the prior year period

➤ Cash and cash equivalent of $79.9 million, compared to $88.5 million as of June 30, 2023

Revenues by Region

“Third quarter financial performance with revenue of $86.8 million and non-GAAP EPS of $0.02, exceeded the high-end of our expectations driven by a combination of moderate improvements in end market demand and operational performance,” said Peter Lau, President & Chief Executive Office of FARO. “We are excited about the mid to long-term prospects for our business and remain focused on improved execution of our hardware and software enabled strategy, exemplified by the recent launch of the highly differentiated Orbis Mobile Scanner and release of an enhanced version of FARO Sphere XG.”

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