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FARO Third Quarter Financial Results Report 5% Revenue Decline

Keith Mills Publishing Editor

FARO Technologies has announced its financial results for the third quarter ended September 30, 2024.

Third Quarter 2024 Financial Summary

  • Total sales of $82.6 million, down 5% year over year
  • Total YTD sales of $248.9 million, down 4.3% year over year
  • Hardware sales reduced by 9.7% for the period year over year
  • YTD hardware sales reduced by 8.7% for the period year over year
  • Gross margin of 55.7%, compared to 48.0% in the prior year period
  • Non-GAAP gross margin of 56.1%, compared to 48.9% in the prior year period
  • Operating expenses of $43.8 million, compared to $48.6 million in the prior year period
  • Non-GAAP operating expenses of $40.1 million, compared to $41.5 million in the prior year period
  • Net loss of $0.3 million compared to net loss of $8.8 million in the prior year period
  • Non-GAAP net income of $4.0 million compared to non-GAAP net income of $0.5 million in the prior year period
  • Adjusted EBITDA of $8.9 million, or 10.7% of total sales compared to $3.5 million, or 4.1% of total sales in the prior year period
  • Cash, cash equivalents & short-term investments of $88.9 million compared to $96.3 million as of December 31, 2023

“I am proud of our ongoing progress in profitability, achieving 55.7% gross margins, GAAP net loss of $0.3 million and $8.9 million of adjusted EBITDA, or 10.7% of revenue, all exceeding our expectations for the third quarter. This marks a significant transformation in our operations over the past year, as its the first time that we have delivered back-to-back double-digit quarterly adjusted EBITDA margins in almost a decade,” said Peter Lau, President & Chief Executive Officer. “Looking ahead, we are committed to executing on our growth initiatives, even in a difficult macroeconomic environment. With our recent product launches, including the Quantum X Arm and next generation Focus Premium Max Laser Scanner, we are excited about the actions we are taking to drive organic revenue growth over the longer term.”

For more information: www.faro.com

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