The following is a summary of the FARO Technologies, Inc. (FARO) Q1 2024 Earnings Call Transcript:
Financial Performance:
FARO Technologies reported $84.2 million in revenue for Q1 2024, recording strong performance with its strategic plan.
The company recorded positive non-GAAP EPS of $0.09 and generated free cash flow of $4.2 million, marking their first positive Q1 in four years.
Non-GAAP gross margin improved year over year by 420 basis points due to cost productivity initiatives, supply chain localization, and broker fee mitigation.
GAAP net loss for the quarter was $7.3 million while non-GAAP net income was $1.7 million illustrating the impact of certain accounting measures.
Business Progress:
FARO is focused on operational efficiency, new product investments, and expanding gross margins as per their strategic plan.
Demand was strong across industries, led by large manufacturing orders from the Asia Pacific region.
The recently launched Orbis mobile scanner is performing well with revenue from mobile scanning solutions seeing double-digit percent growth year over year.
The R&D roadmap is aimed at increasing their served addressable market by 40% over the strategic horizon.
The company has also announced a stock grant program for all its employees, aligning their interests with the company's long-term goals.
More details: Faro Technologies IR
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