FARO Technologies Inc · Q4 2023 earnings

Briefing

FARO's Q4 2023 financial performance improved with revenue at the upper end of guidance, EPS exceeding expectations, and positive cash flow from operations.

FARO Technologies reported Q4 2023 revenue of $98.8 million, achieving the upper end of its guidance range. GAAP EPS was $0.08, and non-GAAP EPS was $0.36, both exceeding guidance. The company generated positive cash flow from operations and saw an increase in adjusted EBITDA by 12% year-over-year.

• Q4 revenue reached $98.8 million, aligning with the higher end of the projected range.
• Earnings per share (EPS) stood at $0.08, while non-GAAP EPS surpassed expectations at $0.36.
• Cash flow saw significant improvement, resulting in positive cash flow from operations for both Q4 and the full year 2023.
• Adjusted EBITDA increased by 12% year-over-year, reaching $13.2 million.

Headline financials

Revenue & EPS history

For the first quarter ending March 31, 2024, FARO expects revenue in the range of $77 to $85 million, gross margin between 49.0% and 50.5%, non-GAAP gross margin between 49.5% and 51.0%, operating expenses between $47.5 and $49.5 million, non-GAAP operating expenses between $41 and $43 million, net loss per share between ($0.66) and ($0.46), and non-GAAP loss per share between ($0.20) and $0.00.