Faro Technologies Inc (NAS:FARO)
$ 31.46 +0.23 (+0.74%) Market Cap: 604.86 Mil Enterprise Value: 594.29 Mil PE Ratio: 0 PB Ratio: 2.32 GF Score: 65/100
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Q4 2024 FARO Technologies Inc Earnings Call Transcript

Feb 24, 2025 / 09:30PM GMT
Release Date Price: $27.07 (+1.54%)

Key Points

Positve
  • Faro Technologies Inc (FARO) exceeded all targets for the fourth quarter, with revenue of $93.5 million above the midpoint of their guidance range.
  • Non-GAAP gross margin expanded over 600 basis points year over year to 57.4%, reaching the high end of their guidance range.
  • The company achieved $0.50 of non-GAAP EPS, marking the seventh consecutive quarter of exceeding expectations.
  • FARO generated $17.3 million in operating cash flow, representing the fifth straight quarter of positive cash flow generation.
  • The company launched several new products, including the FaroArm Quantum X and the Focus Premium laser scanner, enhancing their product portfolio and market reach.
Negative
  • Fourth-quarter revenue was down 5% compared to the previous year, with significant declines in the Asia-Pacific region due to continued weakness in China.
  • Hardware revenue decreased by 7% year over year, while software and service revenues also saw declines.
  • The company faced FX headwinds, which negatively impacted revenue by $2 million and affected gross margins and EPS.
  • FARO's GAAP net loss was $986,000 or $0.05 per share for the fourth quarter.
  • The macroeconomic environment remains challenging, with ongoing softness in certain markets and regions, leading to cautious market outlooks for the near term.
Operator

Good day everyone and welcome to the FARO Technologies fourth-quarter and full-year 2024 earnings call. (Operator Instructions) Also, today's call is being recorded. (Operator Instructions)

Now at this time I'll turn things over to Mr. Mike Funari at Sapphire Investor Relations. Please go ahead, sir.

Mike Funari
Sapphire Investor Relations - Investor Relations

Thank you. Good afternoon. With me today from FARO are Peter Lau, President and Chief Executive Officer; and Matt Horwath, Chief Financial Officer. Today, after market close, the company released its financial results for the fourth quarter and full year of 2024. The related press release in Form 10-K is available on FARO's website at www.faro.com.

Please note certain statements in this conference call, which are not historical facts may be considered forward-looking statements that involve risks and uncertainties, some of which are beyond our control, and include statements regarding future business results, technology

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