Revenue and Sales Performance - Approximately 85% of the company's revenue in 2024 was attributable to sales to existing customers[86] - Total sales for 2024 were $342,427,000, a decrease of 4.3% from $358,831,000 in 2023[292] - Total product sales for 2024 were $260.194 million, a decrease of 6.5% from $278.572 million in 2023[337] - Service sales for 2024 amounted to $82.233 million, reflecting a slight increase from $80.259 million in 2023[337] - Total sales to external customers in the Americas for 2024 were $158.311 million, down from $167.269 million in 2023, representing a decline of 6.4%[337] - The company recognized revenue from invoicing activity of $34.133 million for the year ended December 31, 2024, compared to $33.7 million in 2023[341] Financial Position and Assets - As of December 31, 2024, the company holds $44.1 million in intangible assets and $106.6 million in goodwill, with potential future impairments impacting financial condition[120] - The outstanding principal balance of the company's Convertible Senior Notes was $72 million as of December 31, 2024, indicating a need for additional capital[122] - The company had short-term investments of $10.0 million and cash equivalents of $20.5 million as of December 31, 2024[271] - The company's total assets decreased from $504.7 million in 2023 to $483.0 million in 2024, a decline of approximately 4.3%[290] - The total current assets decreased from $261.6 million in 2023 to $248.2 million in 2024, a decline of approximately 5.2%[290] - The company reported total property, plant, and equipment at cost of $124.4 million as of December 31, 2024, a decrease from $126.2 million in 2023[314] Profitability and Expenses - The net loss for 2024 was $9,066,000, significantly improved from a net loss of $56,577,000 in 2023[295] - Gross profit increased to $187,153,000 in 2024, compared to $164,999,000 in 2023, reflecting a gross margin improvement[292] - Operating expenses decreased to $183,824,000 in 2024, down from $214,535,000 in 2023, primarily due to lower selling, general and administrative expenses[292] - Research and development expenses were $40,056,000 in 2024, slightly down from $41,806,000 in 2023, reflecting ongoing investment in innovation[292] - The company reported a comprehensive loss of $20,838,000 for 2024, compared to $60,493,000 in 2023, indicating a reduction in overall losses[295] Risks and Challenges - The company faces risks related to attracting and retaining qualified personnel, which could negatively impact profitability[80] - The company is vulnerable to the effects of pandemics, which could materially impact its business and financial condition[97] - Reductions in defense spending could adversely affect the company's financial position, results of operations, and cash flows, particularly due to reliance on U.S. government contracts[105] - The company faces significant exposure to foreign exchange rate risk due to a substantial portion of revenues, expenses, and assets being denominated in foreign currencies[114] - The company is exposed to risks related to the availability and cost of raw materials, which could negatively impact profitability and operational efficiency[144] Compliance and Regulatory Issues - The company is subject to various governmental regulations, including the EU's RoHS2 and WEEE directives, which could impact its operations and results if compliance is not maintained[148] - The company must comply with data protection laws, such as the EU GDPR, which could materially impact its business operations and data handling practices[149] - Compliance with anti-corruption laws is critical, as violations could lead to significant penalties and reputational harm[163] - The company faces significant compliance costs due to evolving data protection regulations in the U.S. and internationally, which may require substantial investments in security measures[150] Market and Competitive Landscape - The company competes in a highly competitive market for measurement systems, requiring continued investment in technology and product development to maintain its competitive edge[145] - The company's financial performance is highly dependent on the automotive, aerospace, and heavy equipment industries, which are cyclical and sensitive to economic conditions[112] - The effectiveness of the company's sales promotions and geographic expansion efforts may significantly influence future operating results[118] Currency and Taxation - In 2024, 59% of the company's revenue was invoiced in foreign currencies, with 41% of its assets also denominated in foreign currencies[270] - The company had U.S. federal net operating loss carryforwards of $13.2 million and state net operating loss carryforwards of $133.5 million as of December 31, 2024[363] - The income tax expense for 2024 was $8,132 million, a significant increase from $2,515 million in 2023[362] - The total deferred tax liabilities increased from $2,583 million in 2023 to $3,120 million in 2024[362] Corporate Governance and Internal Controls - A material weakness in internal controls related to IT general controls was identified, but remediation actions have been implemented and deemed successful as of December 31, 2024[127] - The company has adopted a new sales strategy for government contracts through approved distributors to mitigate compliance risks[161]

Financial Performance - Q4 2024 revenue was $93.5 million, down 5% year-over-year, but at the upper end of guidance range [4] - Q4 2024 net loss was $1.0 million, or $(0.05) per share, compared to net income of $1.6 million, or $0.08 per share in the prior year period [5] - Full year 2024 total sales were $342.4 million, down 5% compared to the prior year period [11] - Full year 2024 net loss was $9.1 million, or $(0.47) per share, compared to a net loss of $56.6 million, or $(2.99) per share in the prior year [11] - The company reported a net loss of $9.1 million for the twelve months ended December 31, 2024, compared to a net loss of $56.6 million in 2023, indicating a positive trend in financial recovery [31] Adjusted Metrics - Adjusted EBITDA for Q4 2024 was $16.7 million, or 17.9% of total sales, compared to $11.9 million, or 12.1% of total sales in the prior year period [10] - Non-GAAP net income for the full year 2024 was $18.5 million, or $0.97 per share, compared to a non-GAAP net loss of $9.9 million, or $(0.52) per share in the prior year [11] - Adjusted EBITDA for the twelve months ended December 31, 2024, was $39.6 million, significantly up from $2.7 million in 2023, reflecting a substantial improvement in operational performance [31] - The company reported a non-GAAP income from operations of $28.2 million for 2024, a significant recovery from a loss of $8.0 million in 2023 [29] Cash and Investments - Cash, cash equivalents, and short-term investments increased to $98.7 million as of December 31, 2024, compared to $88.9 million as of September 30, 2024 [10] - Cash and cash equivalents rose to $88.7 million at the end of 2024, compared to $76.8 million at the end of 2023, an increase of approximately 15.5% [27] Profitability Metrics - The company achieved a decade-high adjusted EBITDA margin of 18% in Q4 2024, marking the first double-digit adjusted EBITDA margin since 2018 [2] - Gross margin improved to 54.7% in 2024 from 46.0% in 2023, reflecting a positive trend in profitability [29] - The company’s GAAP gross margin for the fiscal quarter ending March 31, 2025, is projected to be between 54.5% and 56.0%, with a Non-GAAP gross margin expected between 55.0% and 56.5% [37] Expenses and Liabilities - Operating expenses for Q4 2024 were $48.4 million, a slight decrease from $48.9 million in the prior year period [5] - Total liabilities decreased from $236.1 million in 2023 to $233.4 million in 2024, a reduction of about 1.1% [25] - Research and development expenses for 2024 were $40.1 million, slightly decreased from $41.8 million in 2023 [29] Sales and Revenue Composition - Total recurring revenue for the twelve months ended December 31, 2024, was $68.4 million, representing 20.0% of total sales, an increase from 18.8% in 2023 [33] - Hardware sales for the three months ended December 31, 2024, were $62.3 million, accounting for 66.6% of total sales, compared to 67.4% in the same period of 2023 [33] - The company’s total sales in constant currency for the twelve months ended December 31, 2024, were $349.0 million, a decrease from $361.1 million in 2023 [33] Restructuring and Future Outlook - The company has completed substantially all planned activities under its Restructuring and Integration Plans, with a new restructuring plan approved on November 1, 2024, to address underperforming operations [30] - The company expects Q1 2025 revenue in the range of $77 to $85 million, with a gross margin between 54.5% and 56.0% [11] - The company’s restructuring and other costs for the twelve months ended December 31, 2024, amounted to $8.9 million, down from $19.0 million in 2023, reflecting the completion of planned restructuring activities [31] Shareholder Returns - The company repurchased $10.0 million worth of common stock during the year, indicating a commitment to returning value to shareholders [27]

Core Insights - FARO Technologies, Inc. reported strong financial results for Q4 and full year 2024, achieving a decade-high adjusted EBITDA margin of 18% and positive operating cash flow for five consecutive quarters [2][5][6] - The company experienced a year-over-year increase in operating cash flow of $29.6 million, marking its first double-digit adjusted EBITDA margin since 2018 [2][5] - FARO's multi-phase strategy focuses on operational excellence, organic growth, and strategic investments, positioning the company for sustained market leadership and long-term value creation [2] Financial Summary - Fourth Quarter 2024 - Total sales for Q4 2024 were $93.5 million, a decrease of 5% year-over-year [6] - Gross margin improved to 56.7%, up from 50.9% in the prior year period, with a non-GAAP gross margin of 57.4% compared to 51.3% [6] - Operating expenses decreased to $48.4 million from $48.9 million in the prior year period, with non-GAAP operating expenses at $39.9 million, down from $41.3 million [6] - The company reported a net loss of $1.0 million, or $(0.05) per share, compared to a net income of $1.6 million, or $0.08 per share in the prior year [6] - Non-GAAP net income for Q4 was $9.5 million, or $0.50 per share, compared to $5.8 million, or $0.31 per share in the prior year [6] Financial Summary - Full Year 2024 - Total sales for the full year 2024 were $342.4 million, down 5% compared to the prior year [6] - The net loss for the full year was $9.1 million, or $(0.47) per share, an improvement from a net loss of $56.6 million, or $(2.99) per share in the prior year [6] - Non-GAAP net income for the full year was $18.5 million, or $0.97 per share, compared to a non-GAAP net loss of $9.9 million, or $(0.52) per share in the prior year [6] Outlook for First Quarter 2025 - FARO expects Q1 2025 revenue in the range of $77 to $85 million, with a gross margin between 54.5% and 56.0% [5][6] - The company anticipates operating expenses between $45.0 million and $47.0 million, with non-GAAP operating expenses in the range of $38.5 million to $40.5 million [5][6] - The projected net loss per share is expected to be between $(0.36) and $(0.16), while non-GAAP earnings per share are anticipated to be in the range of $0.10 to $0.30 [5][6] Key Sales Measures - For Q4 2024, total sales to external customers were $93.5 million, with regional breakdowns showing $40.6 million from the Americas, $32.9 million from EMEA, and $20.1 million from APAC [35] - For the full year 2024, total sales were $342.4 million, with $158.3 million from the Americas, $108.4 million from EMEA, and $75.7 million from APAC [35]

Core Viewpoint - FARO Technologies, Inc. will announce its financial results for Q4 and the full year of 2024 on February 24, 2025, after market close, followed by a conference call with key executives [1]. Group 1: Financial Results Announcement - The financial results for the fourth quarter and full year ended December 31, 2024, will be released on February 24, 2025 [1]. - A conference call will be hosted by Peter Lau, President and CEO, and Matthew Horwath, Senior Vice President and CFO, on the same day at 4:30 PM ET [1]. Group 2: Conference Call Access - Interested parties can join the conference call by dialing +1 800-579-2543 (U.S.) or +1 785-424-1789 (International) with the passcode FARO [2]. - A live webcast will be available on FARO's Investor Relations website, and a replay will be accessible approximately two hours after the call for about 30 days [2]. Group 3: Company Overview - FARO has been a leader in technology solutions for over 40 years, enabling customers to measure their world and make informed decisions [3]. - The company focuses on bridging the digital and physical worlds through reliable accuracy, precision, and immediacy in data [3].

Core Insights - FARO Technologies, Inc. has launched the FARO Leap ST, a new handheld scanning solution that enhances its product portfolio and strengthens its position in the manufacturing sector [1][2][7] - The Leap ST features five operating modes designed for various scanning needs, emphasizing speed, accuracy, and versatility in 3D metrology [2] - The updated FARO CAM2 software complements the Leap ST, offering tailored versions for specific manufacturing measurement requirements [3] Company Developments - The launch of Leap ST is part of FARO's strategy to maintain momentum in product innovation, following a series of new product launches in 2024 [2] - FARO has been a pioneer in 3D metrology for over 40 years, focusing on bridging digital and physical worlds through reliable technology solutions [5] Customer Impact - RFK Racing, a long-time customer, has praised the Leap ST for its potential to enhance manufacturing efficiency and streamline processes through integration with CAM2 software [4]

Financial Data and Key Metrics Changes - Non-GAAP gross margin was 56.1%, expanding 730 basis points year-over-year and 110 basis points sequentially [8] - Non-GAAP operating expenses were $40.1 million, remaining at the lower end of the targeted guidance range of $40 million to $43 million per quarter [8] - Non-GAAP EPS was $0.21, above the high end of the guidance range, marking the sixth consecutive quarter of exceeding expectations [9] - Adjusted EBITDA was $8.9 million or 10.7% of sales, bringing year-to-date adjusted EBITDA to $22.9 million [9] - GAAP net loss was $300,000 or $0.02 per share, while non-GAAP net income was $4 million or $0.21 per share [41] Business Line Data and Key Metrics Changes - Hardware revenue was $50.3 million, down 10% year-over-year; software revenue was approximately flat at $11.2 million; service revenue increased by 6% to $21.1 million [37] - Recurring revenue was $17.4 million, representing 21% of sales and growing 2% year-over-year [37] Market Data and Key Metrics Changes - Revenue of $82.6 million was down 5% versus the prior year, with the Americas and European regions down 2% and 1%, respectively; Asia Pacific region experienced a $3.4 million decline or 17% due to weakness in China [36] - Demand in the Americas was consistent with the prior quarter, while demand in EMEA increased sequentially, driven by strength in France and Eastern Europe; demand in Asia declined again due to economic challenges [14] Company Strategy and Development Direction - The company is focused on optimizing operations and has exceeded margin targets set earlier in the year [12][31] - Strategic investments are being made in customer experience, regional diversification, and new products and technologies to improve growth profiles [19] - The company is advancing its product roadmap, including refreshing major product lines to meet evolving customer needs [22][23] Management's Comments on Operating Environment and Future Outlook - Management remains cautious about the outlook beyond the next quarter due to ongoing macroeconomic uncertainties [14][46] - The macro environment is described as choppy, with expected demand challenges, particularly in China [46] - The company anticipates fourth quarter revenue between $88 million and $96 million, with corresponding non-GAAP gross margin between 56% and 57.5% [47] Other Important Information - The company repurchased $10 million of outstanding shares in the third quarter [17] - A restructuring plan has been announced to improve operating performance, particularly in underperforming countries, with expected cash charges of $6 million to $9 million [44] Q&A Session Summary Question: Guidance for Q4 and assumptions behind it - Management indicated that the guidance is based on a cautious outlook due to macroeconomic uncertainties rather than specific observations from October [51] Question: Long-term financial goals and earnings power - Management acknowledged that current gross margin levels are ahead of plan and indicated a potential reset of targets in the future based on revenue growth [54] Question: Restructuring details and revenue offsets - The restructuring plan focuses on reallocating resources to higher growth countries and optimizing operational efficiency [57] Question: Capital allocation and share buyback status - Management confirmed that $10 million was repurchased in Q3, with approximately $8.3 million remaining in the current share repurchase program [59] Question: Trends in the construction end market - Management noted that construction trends vary by region, with healthcare and infrastructure construction performing better than commercial construction [62]

Restructuring and Integration - FARO Technologies achieved approximately $40 million in annualized savings through its Restructuring Plan[80]. - The Integration Plan has incurred total restructuring charges of $26.7 million, with cash payments of $10.1 million as of September 30, 2024[80]. - FARO's cloud-based offerings are being consolidated from three platforms into a single customer offering as part of the Integration Plan[80]. - FARO has not incurred any costs associated with the Integration and Restructuring plans in Q3 2024, compared to $1.6 million in the same period in 2023[80]. Financial Performance - Total sales for the three months ended September 30, 2024, were $82.6 million, a decrease of $4.3 million or 5.2% compared to $86.8 million for the same period in 2023[90]. - Product sales decreased by $5.4 million, or 8.1%, to $61.5 million for the three months ended September 30, 2024, primarily impacted by a $3.4 million decline in the APAC region, particularly in China[90]. - Gross profit increased by $4.3 million, or 10.3%, to $46.0 million for the three months ended September 30, 2024, with gross margin rising to 55.7% from 48.0% in the prior year[90]. - Selling, general and administrative expenses decreased by $4.0 million, or 10.3%, to $34.0 million for the three months ended September 30, 2024, resulting in a decrease in expenses as a percentage of sales to 41.2%[90]. - Research and development expenses increased by $1.6 million, or 19.5%, to $9.8 million for the three months ended September 30, 2024, representing 11.8% of sales[90]. - Net loss for the three months ended September 30, 2024, was $0.3 million, a significant improvement compared to a net loss of $8.8 million for the same period in 2023[90]. - Total sales decreased by $11.1 million, or 4.3%, to $248.9 million for the nine months ended September 30, 2024, compared to $260.0 million for the same period in 2023[92]. - Product sales decreased by $13.4 million, or 6.7%, to $186.3 million, while service sales increased by $2.3 million, or 3.9%, to $62.6 million[92]. - Gross profit increased by $19.4 million, or 16.9%, to $134.1 million, with gross margin rising by 9.8 percentage points to 53.9%[92]. - Selling, general and administrative expenses decreased by $11.7 million, or 9.9%, to $106.2 million, with expenses as a percentage of sales decreasing to 42.7%[92]. - Research and development expenses decreased by $3.9 million, or 12.3%, to $28.6 million, with expenses as a percentage of sales decreasing to 11.5%[92]. - Net loss was $8.1 million for the nine months ended September 30, 2024, compared to a net loss of $58.2 million for the prior year period[94]. - Cash and cash equivalents increased by $12.1 million to $88.9 million as of September 30, 2024, driven by cash generated from operating activities[94]. - Cash provided by operating activities was $13.4 million during the nine months ended September 30, 2024, compared to $17.6 million used in the same period of 2023[94]. Revenue Recognition - FARO's revenue is primarily derived from measurement equipment and related software, recognized upon shipment[77]. - The company recognizes revenue from hardware service contracts and software maintenance on a straight-line basis over the contractual term[77]. - Recurring revenue from hardware service contracts, software maintenance contracts, and subscription-based software applications was $17.4 million for the three months ended September 30, 2024, compared to $17.1 million in 2023[82]. - Revenue from software products for the three months ended September 30, 2024, was $11.2 million, consistent with the same period in 2023[82]. - The company capitalized $1.2 million in costs related to internally developed software for both the three months ended September 30, 2024, and 2023[82]. Operational Changes - The company transitioned manufacturing to Sanmina, completing the phased transition by the beginning of Q3 2022[80]. - FARO's partnership with Sanmina is expected to support production capacity necessary for 2024[79]. - The company has abandoned 17,000 square feet of unused manufacturing space in Exton, Pennsylvania, as part of its cost reduction initiative[80]. Foreign Currency Exposure - As of September 30, 2024, 58% of the company's revenue was invoiced in foreign currencies, with 43% of assets denominated in foreign currencies, indicating significant exposure to foreign exchange risks[100]. - The company has not utilized off-balance sheet financial instruments to hedge foreign currency exchange rate exposure, relying instead on natural hedges from revenue and expenses[100]. Internal Controls and Compliance - A material weakness was identified in the company's internal controls related to information technology general controls (ITGCs), specifically in user access management, which could lead to material misstatements in financial reporting[105]. - Remediation actions include hiring new IT leadership with public company experience and revising user access controls to ensure appropriate segregation of duties[106]. - The company expects to complete the remediation of the identified material weakness prior to the end of fiscal 2024[106]. - No changes in internal control over financial reporting occurred during the three months ended September 30, 2024, that materially affected the company's internal controls[108]. Legal and Regulatory Matters - The company believes that ongoing legal proceedings will not have a material adverse effect on its financial condition or results of operations[110]. Economic Factors - General inflation has negatively impacted the company's cost of sales and operating expenses, affecting customer capital for purchasing products and services[102]. Shareholder Actions - The company repurchased a total of 588,856 shares for a total cash payment of $10.0 million as part of its share repurchase program[94]. Taxation - The effective tax rate was 93.9% for the nine months ended September 30, 2024, compared to 9.1% in the prior year period[92].

Financial Performance - Revenue for Q3 2024 was $82.6 million, down 5% year over year, but at the upper end of guidance range[3] - Gross margin was 55.7%, significantly improved from 48.0% in the prior year period[3] - Non-GAAP earnings per share (EPS) was $0.21, compared to $0.03 in the prior year period, indicating strong profitability improvement[3] - Adjusted EBITDA for Q3 2024 was $8.9 million, representing 10.7% of total sales, up from 4.1% in the prior year[3] - The net loss for Q3 2024 was $0.3 million, or $(0.02) per share, a significant improvement from a net loss of $8.8 million, or $(0.46) per share, in the prior year[3] - Gross profit for the three months ended September 30, 2024, was $45,976,000, compared to $41,674,000 for the same period in 2023, representing a 5.5% increase[19] - Non-GAAP gross profit for the nine months ended September 30, 2024, was $135,159,000, up from $117,011,000 in 2023, reflecting a 15.5% increase[19] - The net loss for the three months ended September 30, 2024, was $289,000, significantly improved from a net loss of $8,756,000 in the same period of 2023[19] - Adjusted EBITDA for the three months ended September 30, 2024, was $3,520,000, compared to a loss of $9,225,000 in 2023, indicating a recovery in operational performance[22] - The company reported a non-GAAP net income of $3,995,000 for the three months ended September 30, 2024, compared to $457,000 in 2023, marking a substantial increase[19] Cash Flow and Assets - Cash flow from operations was $2.6 million, with cash and short-term investments totaling $88.9 million[4] - Net cash provided by operating activities was $13,355 thousand for the nine months ended September 30, 2024, compared to a net cash used of $17,580 thousand in the prior year[18] - Cash and cash equivalents increased from $76,787 thousand to $88,913 thousand, representing a growth of about 15.5%[18] - Total current assets decreased from $261,608 thousand as of December 31, 2023, to $245,428 thousand as of September 30, 2024, a decline of approximately 6.1%[17] - Total liabilities decreased from $236,086 thousand as of December 31, 2023, to $234,112 thousand as of September 30, 2024, a reduction of approximately 0.8%[17] - Total shareholders' equity decreased from $268,606 thousand to $255,518 thousand, reflecting a decline of about 4.9%[17] - The company reported a decrease in accounts receivable from $92,028 thousand to $83,208 thousand, a decline of approximately 9.6%[17] - The company reported an increase in inventories from $34,529 thousand to $39,055 thousand, an increase of approximately 13.5%[17] Future Projections - For Q4 2024, the company expects revenue in the range of $88 to $96 million and gross margin between 55.6% to 57.1%[5] - Operating expenses for Q4 2024 are projected to be between $47.4 million and $49.4 million[5] - The company expects a GAAP gross margin between 55.6% and 57.1% for the fiscal quarter ending December 31, 2024[26] - Non-GAAP diluted earnings per share are projected to be between $0.32 and $0.52 for the fiscal quarter ending December 31, 2024[27] Sales and Revenue Composition - Total sales to external customers for Q3 2024 were $82,563,000, a decrease of 4.0% compared to $86,813,000 in Q3 2023[23] - Hardware sales accounted for 60.9% of total sales in Q3 2024, down from 64.2% in Q3 2023[24] - Total recurring revenue for Q3 2024 was $17,431,000, representing 21.1% of total sales, compared to 19.6% in Q3 2023[24] - Total sales in constant currency for the Americas in Q3 2024 were $40,707,000, slightly down from $40,879,000 in Q3 2023[23] - Total sales in constant currency for EMEA in Q3 2024 were $24,278,000, compared to $24,954,000 in Q3 2023[23] - Total sales in constant currency for APAC in Q3 2024 were $16,497,000, down from $19,883,000 in Q3 2023[23] Strategic Initiatives - The company launched new products including the Quantum X Arm and next generation Focus Premium Max Laser Scanner to drive organic revenue growth[2] - The company is implementing a global restructuring plan aimed at improving operating performance and streamlining operations following recent acquisitions[21] - The company is implementing an Integration Plan to streamline operations following recent acquisitions[25] Shareholder Returns - Share repurchases during the quarter amounted to $10 million, reflecting the company's commitment to returning value to shareholders[1] - The company incurred $10,014 thousand in common stock repurchases during the nine months ended September 30, 2024[18]

Core Insights - FARO Technologies, Inc. reported third-quarter revenue of $82.6 million, which is at the upper end of its guidance range, despite a 5% decline year-over-year [1][3] - The company achieved a gross margin of 55.7%, significantly improved from 48.0% in the prior year, and a non-GAAP gross margin of 56.1% [3][20] - Non-GAAP earnings per share (EPS) reached $0.21, exceeding guidance, while the net loss per share was $(0.02), a substantial improvement from $(0.46) in the same period last year [1][3][21] - Adjusted EBITDA was reported at $8.9 million, representing 10.7% of total sales, compared to $3.5 million or 4.1% of total sales in the prior year [2][3][24] Financial Performance - Total sales for the third quarter were $82.6 million, down from $86.8 million in the prior year [3][25] - Operating expenses decreased to $43.8 million from $48.6 million year-over-year, with non-GAAP operating expenses also declining [3][20] - The company reported a net loss of $0.3 million, a significant improvement from a net loss of $8.8 million in the prior year [3][20] Cash Flow and Shareholder Actions - Cash flow from operations was $2.6 million, and the company executed share repurchases totaling $10 million during the quarter [1][3] - As of September 30, 2024, cash, cash equivalents, and short-term investments amounted to $88.9 million, down from $96.3 million at the end of 2023 [3][20] Future Outlook - For the fourth quarter of 2024, FARO expects revenue in the range of $88 to $96 million, with gross margins projected between 55.6% and 57.1% [4] - The company anticipates operating expenses to be between $47.4 million and $49.4 million, with non-GAAP operating expenses expected to range from $40.5 million to $42.5 million [4]

LAKE MARY, Fla., Oct. 18, 2024 /PRNewswire/ -- FARO® (Nasdaq: FARO), a global leader in 4D digital reality solutions, today announced the appointment of Phillip Delnick to lead FARO's global sales organization as its SVP, Global Sales, effective October 21, 2024. "Phillip brings a wealth of expertise in sales leadership to FARO, with a proven track record of driving revenue growth, profit growth, and customer satisfaction across multiple product sectors over nearly two decades at Ingersoll Rand," said Peter ...