FARO Announces Third Quarter 2021 Financial Results

Management believes that these non-GAAP financial measures provide investors with relevant period-to-period comparisons of our core operations using the same methodology that management employs in its review of the Company's operating results. These financial measures are not recognized terms under GAAP and should not be considered in isolation or as a substitute for a measure of financial performance prepared in accordance with GAAP.

These non-GAAP financial measures have limitations that should be considered before using these measures to evaluate a company's financial performance. These non-GAAP financial measures, as presented, may not be comparable to similarly titled measures of other companies due to varying methods of calculation. The financial statement tables that accompany this press release include a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties, such as statements about demand for and customer acceptance of FARO's products, FARO's product development and product launches, the anticipated benefits of FARO's acquisition of Holobuilder, FARO's growth, strategic and restructuring plans and initiatives, including but not limited to the additional restructuring charges expected to be incurred in connection with our restructuring plan and the timing and amount of cost savings and other benefits expected to be realized from the restructuring plan and other strategic initiatives, and FARO's growth potential and profitability. Statements that are not historical facts or that describe the Company's plans, objectives, projections, expectations, assumptions, strategies, or goals are forward-looking statements. In addition, words such as "is," "will" and similar expressions or discussions of FARO's plans or other intentions identify forward-looking statements. Forward-looking statements are not guarantees of future performance and are subject to various known and unknown risks, uncertainties, and other factors that may cause actual results, performances, or achievements to differ materially from future results, performances, or achievements expressed or implied by such forward-looking statements. Consequently, undue reliance should not be placed on these forward-looking statements.

Factors that could cause actual results to differ materially from what is expressed or forecasted in such forward- looking statements include, but are not limited to:

  • the Company's ability to realize the intended benefits of its undertaking to transition to a company that is reorganized around functions to improve the efficiency of its sales organization and to improve operational effectiveness;
  • the Company's ability to successfully integrate the acquired Holobuilder business, operations, assets and personnel;
  • the Company's inability to successfully execute its new strategic plan and restructuring plan, including but not limited to additional impairment charges and/or higher than expected severance costs and exit costs, and its inability to realize the expected benefits of such plans;
  • the Company's inability to realize the anticipated benefits of its partnership with Sanmina and to successfully transition its manufacturing operations to Sanmina's production facility;
  • the Company's potential loss of future government sales and potential impacts on customer and supplier relationships and on the Company's reputation that may result from the GSA matter;
  • development by others of new or improved products, processes or technologies that make the Company's products less competitive or obsolete;
  • the Company's inability to maintain its technological advantage by developing new products and enhancing its existing products;
  • declines or other adverse changes, or lack of improvement, in industries that the Company serves or the domestic and international economies in the regions of the world where the Company operates and other general economic, business, and financial conditions;
  • the effect of the COVID-19 pandemic, including on our business operations, as well as its impact on general economic and financial market conditions;
  • the impact of fluctuations in foreign exchange rates; and
  • other risks detailed in Part I, Item 1A. Risk Factors in the Company's Annual Report on Form 10-K for the year ended December 31, 2020 that was filed on February 17, 2021.

Forward-looking statements in this release represent the Company's judgment as of the date of this release. The Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise, unless otherwise required by law.

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)



Three Months Ended


Six Months Ended

(in thousands, except share and per share data)

September 30,
2021


September 30,
2020


September 30,
2021


September 30,
2020

Sales








Product

$

57,838



$

48,082



$

172,748



$

146,866


Service

21,331



22,654



64,862



63,949


Total sales

79,169



70,736



237,610



210,815


Cost of Sales








Product

25,650



22,413



75,909



66,812


Service

11,188



12,025



33,481



34,936


Total cost of sales

36,838



34,438



109,390



101,748


Gross Profit

42,331



36,298



128,220



109,067


Operating Expenses








Selling, general and administrative

33,433



30,163



100,375



96,523


Research and development

12,731



10,754



36,464



31,355


Restructuring costs

1,376



239



3,679



14,563


Total operating expenses

47,540



41,156



140,518



142,441


Loss from operations

(5,209)



(4,858)



(12,298)



(33,374)


Other (income) expense








Interest expense, net

5



161



54



407


Other expense (income), net

299



(256)



(433)



334


Loss before income tax benefit

(5,513)



(4,763)



(11,919)



(34,115)


Income tax benefit

(1,658)



(1,739)



(3,667)



(7,336)


Net loss

$

(3,855)



$

(3,024)



$

(8,252)



$

(26,779)


Net loss per share - Basic

$

(0.21)



$

(0.17)



$

(0.45)



$

(1.51)


Net loss per share - Diluted

$

(0.21)



$

(0.17)



$

(0.45)



$

(1.51)


Weighted average shares - Basic

18,194,960



17,797,390



18,166,930



17,757,359


Weighted average shares - Diluted

18,194,960



17,797,390



18,166,930



17,757,359



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