FARO Announces Fourth Quarter and Full Year Financial Results
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FARO Announces Fourth Quarter and Full Year Financial Results

LAKE MARY, Fla., Feb. 16, 2022 — (PRNewswire) —  FARO® (Nasdaq: FARO), a leading global source for 3D measurement and imaging solutions for the 3D Metrology, AEC (Architecture, Engineering & Construction), and Public Safety Analytics applications, today announced its financial results for the fourth quarter and full year ended December 31, 2021.

"Fourth quarter revenue grew sequentially 27% to $100.2 million as a result of continued pandemic related market recovery, seasonal strength and a 43% sequential increase in arm shipments fueled by our recently released Quantum Max ScanArm, while a strong dollar exchange rate and supply chain challenges muted overall reported revenue levels," stated Michael Burger, President and Chief Executive Officer. "Additionally, our Holobuilder SaaS revenue remains on track to double over the next year, with the addition of a mid-six figure annual recurring revenue deal signed in the quarter."

Mr. Burger continued, "Looking ahead, we are encouraged by the pace of demand recovery and while the current supply chain environment creates uncertainty, we believe the combination of new product introductions and the launch of FARO Sphere will further strengthen demand as we move through 2022."

Fourth Quarter 2021 Financial Summary

Total sales were $100.2 million for fourth quarter 2021 representing a 27% sequential quarterly increase when compared to $79.2 million in the third quarter 2021, and an 8% increase when compared with total sales of $93.0 million for fourth quarter 2020.  The sales increases were primarily driven by seasonal fourth quarter strength as well as increased demand for our Quantum Max product, and continued recovery from pandemic related softness in the prior year period.

Gross margin was 55.6% for the fourth quarter 2021, as compared to 54.6% for the same prior year period. Non-GAAP gross margin was 55.8% for the fourth quarter 2021 compared to 54.9% for the fourth quarter 2020. The annual increase in gross margin was primarily a result of higher volume compared to the prior year period.

Operating expenses were $51.8 million for the fourth quarter 2021, compared to $48.1 million for the same prior year period. Non-GAAP operating expenses were $44.2 million for the fourth quarter 2021 compared to $42.9 million for the fourth quarter 2020.

Net loss was $31.7 million, or $1.74 per share, for the fourth quarter 2021, as compared to a net income of $27.4 million, or $1.52 per share, for the fourth quarter 2020. Fourth quarter 2021 GAAP net loss included income tax expense of $26.5 million associated with the creation of a valuation allowance against primarily US deferred tax assets. Non-GAAP net income was $8.7 million, or $0.48 per share, for the fourth quarter 2021 compared to non-GAAP net income of $6.3 million, or $0.35 per share, for the fourth quarter 2020. 

Adjusted EBITDA was $14.2 million, or 14.2% of non-GAAP total sales, for the fourth quarter of 2021 compared to $11.0 million, or 11.9% of non-GAAP net sales in the fourth quarter of 2020.

The Company's cash and short-term investments decreased $3.8 million to $122.0 million as of the end of the fourth quarter of 2021 due primarily to timing of customer cash receipts.  Accounts receivable increased $19.6 million in the fourth quarter.  The Company remained debt-free.  

Full Year 2021 Financial Summary

Total sales were $337.8 million for the full year 2021, as compared with $303.8 million for 2020.  New order bookings were $351.5 million for 2021, as compared to $306.4 million for 2020.

Net loss was $40.0 million, or $2.20 per share, for 2021, as compared to net income of approximately $0.6 million, or $0.04 per share, for 2020. Non-GAAP net income was $10.2 million, or $0.56 per share, for 2021 compared to net loss of $1.8 million, or $0.10 per share, for 2020.

* A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures is provided in the financial schedules portion at the end of this press release. An additional explanation of these measures is included below under the heading "Non-GAAP Financial Measures".

Outlook for the First Quarter 2022

For the first quarter ending March 31, 2022, revenues are expected to be in the range of $80 to $88 million with non-GAAP earnings per share in the range of ($0.08) to $0.12. Note that included in our first quarter expectations are approximately 200 basis points of unfavorable material cost that are adversely affecting gross margins.

Conference Call

The Company will host a conference call to discuss these results on Wednesday, February 16, 2022 at 5:00 p.m. ET. Interested parties can access the conference call by dialing (866) 518-6930 (U.S.) or +1 (203) 518-9797 (International) and using the passcode FARO. A live webcast will be available in the Investor Relations section of FARO's website at: https://www.faro.com/en/About-Us/Investor-Relations/Financial-Events-and-Presentations

A replay webcast will be available in the Investor Relations section of the company's web site approximately two hours after the conclusion of the call and will remain available for approximately 30 calendar days.

About FARO

For 40 years, FARO has provided industry-leading technology solutions that enable customers to quickly and easily measure their world, and then use that data to make smarter decisions faster. FARO continues to be a pioneer in bridging the digital and physical worlds through data-driven reliable accuracy, precision and immediacy. For more information, visit http://www.faro.com

Non-GAAP Financial Measures

This press release contains information about our financial results that are not presented in accordance with U.S. generally accepted accounting principles ("GAAP"). These non-GAAP financial measures, including non-GAAP total sales, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income (loss) from operations, non-GAAP other expense, net, non-GAAP net income (loss) and non-GAAP net income (loss) per share, exclude the GSA sales adjustment (as defined in the tables below), the impact of purchase accounting intangible amortization expense, stock-based compensation, imputed interest expense recorded related to the GSA Matter, restructuring charges, and other tax adjustments, and are provided to enhance investors' overall understanding of our historical operations and financial performance.

In addition, we present EBITDA, which is calculated as net (loss) income before interest expense (income), net, income tax expense (benefit) and depreciation and amortization, and Adjusted EBITDA, which is calculated as EBITDA, excluding other expense, net, the GSA sales adjustment, stock-based compensation, and restructuring charges, as measures of our operating profitability. The most directly comparable GAAP measure to EBITDA and Adjusted EBITDA is net (loss) income. We also present Adjusted EBITDA margin, which is calculated as Adjusted EBITDA as a percent of Non-GAAP total sales. 

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, 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:

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


Twelve Months Ended

(in thousands, except share and per share data)

December 31,
2021


December 31,
2020


December 31,
2021


December 31,
2020

Sales








Product

$         78,355


$         71,721


$       251,103


$       218,587

Service

21,849


21,232


86,711


85,181

Total sales

100,204


92,953


337,814


303,768

Cost of Sales








Product

33,115


32,052


109,024


98,864

Service

11,382


10,121


44,863


45,057

Total cost of sales

44,497


42,173


153,887


143,921

Gross Profit

55,707


50,780


183,927


159,847

Operating Expenses








Selling, general and administrative

35,859


35,304


136,234


131,827

Research and development

12,297


11,541


48,761


42,896

Restructuring costs

3,689


1,243


7,368


15,806

Total operating expenses

51,845


48,088


192,363


190,529

Income (loss) from operations

3,862


2,692


(8,436)


(30,682)

Other (income) expense








Interest income


(747)



(340)

Other expense, net

503


97


70


431

Interest expense

1



55


Income (loss) before income tax expense (benefit)

3,358


3,342


(8,561)


(30,773)

Income tax expense (benefit)

35,070


(24,066)


31,403


(31,402)

Net (loss) income

$        (31,712)


$         27,408


$        (39,964)


$               629

Net (loss) income per share - Basic

$            (1.74)


$              1.53


$            (2.20)


$              0.04

Net (loss) income per share - Diluted

$            (1.74)


$              1.52


$            (2.20)


$              0.04

Weighted average shares - Basic

18,204,386


17,872,307


18,187,946


17,769,958

Weighted average shares - Diluted

18,204,386


18,064,754


18,187,946


17,926,324

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)


(in thousands, except share and per share data)

December 31,
2021


December 31,
2020

ASSETS




Current assets:




Cash and cash equivalents

$         121,989


$         185,633

Short-term investments



Accounts receivable, net

78,523


64,616

Inventories, net

53,145


47,391

Prepaid expenses and other current assets

19,793


26,295

Total current assets

273,450


323,935

Non-current assets:




Property, plant and equipment, net

22,194


23,091

Operating lease right-of-use asset

22,543


26,107

Goodwill

82,096


57,541

Intangible assets, net

25,616


13,301

Service and sales demonstration inventory, net

30,554


31,831

Deferred income tax assets, net

21,277


47,450

Other long-term assets

2,010


2,336

Total assets

$         479,740


$         525,592

LIABILITIES AND SHAREHOLDERS' EQUITY




Current liabilities:




Accounts payable

$           14,199


$           14,121

Accrued liabilities

28,208


42,593

Income taxes payable

4,499


3,442

Current portion of unearned service revenues

40,838


39,149

Customer deposits

5,399


2,807

Lease liability

5,738


5,835

Total current liabilities

98,881


107,947

Unearned service revenues - less current portion

22,350


21,757

Lease liability - less current portion

18,648


22,131

Deferred income tax liabilities

1,058


787

Income taxes payable - less current portion

11,297


11,583

Other long-term liabilities

1,047


1,084

Total liabilities

153,281


165,289

Shareholders' equity:




Common stock - par value $0.001, 50,000,000 shares authorized; 19,588,003 and
19,384,350 issued; 18,205,636 and 17,990,707 outstanding, respectively

20


19

Additional paid-in capital

301,061


287,979

Retained earnings

73,544


113,508

Accumulated other comprehensive loss

(17,374)


(10,160)

Common stock in treasury, at cost - 1,382,367 and 1,393,643 shares held, respectively

(30,792)


(31,043)

Total shareholders' equity

326,459


360,303

Total liabilities and shareholders' equity

$         479,740


$         525,592

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)



Years Ended December 31,

(in thousands)

2021


2020

CASH FLOWS FROM:




OPERATING ACTIVITIES:




Net (loss) income

$          (39,964)


$                 629

Adjustments to reconcile net (loss) income to net cash used by operating activities:




Depreciation and amortization

13,396


14,239

Stock-based compensation

11,456


8,314

Provision for bad debts (net of recoveries)

176


440

Loss on disposal of assets

218


383

Provision for excess and obsolete inventory

 

2,297


1,349

Impairment of goodwill


Impairment of acquired intangibles


Impairment of loan to affiliate


Deferred income tax benefit

24,706


(28,444)

Change in operating assets and liabilities, net of acquisitions:




(Increase) decrease in:




Accounts receivable, net

(15,577)


12,346

Inventories

(6,706)


10,343

Prepaid expenses and other assets

5,996


3,862

(Decrease) increase in:




Accounts payable and accrued liabilities

(13,260)


2,390

Income taxes payable

847


(3,357)

Customer deposits

2,627


(374)

Unearned service revenues

312


(726)

Net cash (used in) provided by operating activities

(13,476)


21,394

INVESTING ACTIVITIES:




Purchases of investments


Proceeds from sale of investments


25,000

Purchases of property and equipment

(7,035)


(4,774)

Cash paid for technology development, patents and licenses

(4,905)


(1,298)

Acquisition of business, net of cash received

(33,800)


(6,036)

Other


1,015

Net cash provided by (used in) investing activities

(45,740)


13,907

FINANCING ACTIVITIES:




Payments on capital leases

(296)


(338)

Payments of contingent consideration for acquisitions


(733)

Payments for taxes related to net share settlement of equity awards

(4,002)


(2,602)

Proceeds from issuance of stock related to stock option exercises

5,880


14,731

Net cash provided by financing activities

1,582


11,058

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS

(6,010)


5,640

INCREASE IN CASH AND CASH EQUIVALENTS

(63,644)


51,999

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR

185,633


133,634

CASH AND CASH EQUIVALENTS, END OF YEAR

$         121,989


$         185,633

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP

(UNAUDITED)



Three Months Ended December 31,


Twelve Months Ended December 31,

(dollars in thousands, except per share data)

2021


2020


2021


2020

Total sales, as reported

$    100,204


$      92,953


$    337,814


$    303,768

GSA sales adjustment (1)




608

Non-GAAP total sales

$    100,204


$      92,953


$    337,814


$    304,376









Gross profit, as reported

$      55,707


$      50,780


$    183,927


$    159,847

GSA sales adjustment (1)




608

Stock-based compensation (2)

165


211


635


702

Non-GAAP adjustments to gross profit

165


211


635


1,310

Non-GAAP gross profit

$      55,872


$      50,991


$    184,562


$    161,157

Gross margin, as reported

55.6 %


54.6 %


54.4 %


52.6 %

Non-GAAP gross margin

55.8 %


54.9 %


54.6 %


52.9 %









Selling, general and administrative, as reported

$      35,859


$      35,304


$    136,234


$    131,827

Stock-based compensation (2)

(2,196)


(1,661)


(8,985)


(6,327)

Purchase accounting intangible amortization

(259)


(193)


(908)


(564)

Non-GAAP selling, general and administrative

$      33,404


$      33,450


$    126,341


$    124,936









Research and development, as reported

$      12,297


$      11,541


$      48,761


$      42,896

Stock-based compensation (2)

(438)


(14)


(1,836)


(1,285)

Purchase accounting intangible amortization

(1,072)


(411)


(2,133)


(1,505)

Non-GAAP research and development

$      10,787


$      11,116


$      44,792


$      40,106









Operating expenses, as reported

$      51,845


$      48,088


$    192,363


$    190,529

Stock-based compensation (2)

(2,634)


(1,675)


(10,821)


(7,612)

Restructuring costs (3)

(3,689)


(1,243)


(7,368)


(15,806)

Other product charge (4)


(1,644)



(1,644)

Purchase accounting intangible amortization

(1,331)


(604)


(3,041)


(2,069)

Non-GAAP adjustments to operating expenses

(7,654)


(5,166)


(21,230)


(27,131)

Non-GAAP operating expenses

$      44,191


$      42,922


$    171,133


$    163,398









Income (loss) from operations, as reported

$        3,862


$        2,692


$       (8,436)


$     (30,682)

Non-GAAP adjustments to gross profit

165


211


635


1,310

Non-GAAP adjustments to operating expenses

7,654


5,166


21,230


27,131

Non-GAAP income (loss) from operations

$      11,681


$        8,069


$      13,429


$       (2,241)









Other expense (income), net, as reported

$            521


$          (650)


$            142


$              91

Interest adjustment due to GSA sales adjustment (1)


727



168

Non-GAAP adjustments to other expense (income), net


727



168

Non-GAAP other expense, net

$            521


$              77


$            142


$            259









Net (loss) income, as reported

$     (31,712)


$      27,408


$     (39,964)


$            629

Non-GAAP adjustments to gross profit

165


211


635


1,310

Non-GAAP adjustments to operating expenses

7,654


5,166


21,230


27,131

Non-GAAP adjustments to other expense (income), net


(727)



(168)

Income tax effect of non-GAAP adjustments

(1,191)


(2,305)


(5,432)


(7,235)

Other tax adjustments (5)

33,779


(23,501)


33,779


(23,501)

Non-GAAP net income (loss)

$        8,695


$        6,252


$      10,248


$       (1,834)









Net (loss) income per share - Diluted, as reported

$         (1.74)


$           1.52


$         (2.20)


$           0.04

GSA sales adjustment (1)




0.03

Stock-based compensation (2)

0.16


0.11


0.63


0.46

Restructuring costs (3)

0.20


0.07


0.40


0.88

Other product charges (4)


0.09



0.09

Purchase accounting intangible amortization

0.07


0.03


0.17


0.12

Interest expense increase due to GSA sales adjustment (1)


(0.04)



(0.01)

Income tax effect of non-GAAP adjustments

(0.06)


(0.13)


(0.30)


(0.40)

Other tax adjustments (5)

1.85


(1.30)


1.86


(1.31)

Non-GAAP net income (loss) per share - Diluted

$           0.48


$           0.35


$           0.56


$         (0.10)


(1) Late in the fourth quarter of 2018, during an internal review we preliminarily determined that certain of our pricing practices may have resulted in the U.S. Government being overcharged under our General Services Administration ("GSA") Federal Supply Schedule contracts (the "Contracts") (the "GSA Matter"). During the twelve months ended December 31, 2020, we reduced our total sales by $0.6 million (the "GSA sales adjustment"). During the first nine months of 2020 we recorded an incremental $0.6 million of imputed interest related to the estimated cumulative sales adjustment and in the fourth quarter of 2020 we determined that an adjustment to reduce imputed interest by $0.7 million was required. Effective as of February 25, 2021, as a result of the review, we entered into a settlement agreement with the GSA and have paid in full and final satisfaction of any and all claims, causes of actions, appeals and the like, including damages, costs, attorney's fees and interest arising under or related to the GSA Matter.


(2) We exclude stock-based compensation, which is non-cash, from the non-GAAP financial measures because the Company believes that such exclusion provides a better comparison of results of ongoing operations for current and future periods with such results from past periods.


(3) On February 14, 2020, our Board of Directors approved a global restructuring plan (the "Restructuring Plan"), which is intended to support our strategic plan in an effort to improve operating performance and ensure that we are appropriately structured and resourced to deliver increased and sustainable value to our shareholders and customers. In connection with the Restructuring Plan, during the twelve months ended December 31, 2021 and December 31, 2020 we recorded a pre-tax charge of approximately $7.4 million and $15.8 million, respectively, primarily consisting of severance and related benefits.     


(4) During the fourth quarter of 2020, we recognized a charge related to the replacement of a prior generation product that was exhibiting lower than desired reliability as part of our ongoing focus on customer satisfaction.


(5) The 2021 tax adjustments were driven by an increase in our valuation allowance primarily related to domestic and foreign deferred tax assets that, in the judgment of management, were not more likely than not to be realized. The 2020 tax adjustments were driven primarily by the establishment of deferred tax assets in relation to intra-entity transfers of certain intellectual property rights in December 2020.

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA

(UNAUDITED)



Three Months Ended December 31,


Twelve Months Ended December 31,

(in thousands)

2021


2020


2021


2020

Net (loss) income

$     (31,712)


$      27,408


$     (39,964)


$            629

Interest expense (income), net

1


(747)


55


(340)

Income tax expense (benefit)

35,070


(24,066)


31,403


(31,402)

Depreciation and amortization

3,836


3,608


13,396


14,239

EBITDA

7,195


6,203


4,890


(16,874)

Other expense, net

503


97


70


431

Stock-based compensation

2,799


1,886


11,456


8,314

GSA sales adjustment (1)




608

Other product charges (2)


1,644



1,644

Restructuring costs (3)

3,689


1,243


7,368


15,806

Adjusted EBITDA

$      14,186


$      11,073


$      23,784


$         9,929

Adjusted EBITDA margin (4)

14.2 %


11.9 %


7.0 %


3.3 %


(1)  Late in the fourth quarter of 2018, during an internal review we preliminarily determined that certain of our pricing practices may have resulted in the U.S. Government being overcharged under our General Services Administration ("GSA") Federal Supply Schedule contracts (the "Contracts") (the "GSA Matter"). During the twelve months ended December 31, 2020, we reduced our total sales by $0.6 million (the "GSA sales adjustment"). Effective as of February 25, 2021, as a result of the review, we entered into a settlement agreement with the GSA and have paid in full and final satisfaction of any and all claims, causes of actions, appeals and the like, including damages, costs, attorney's fees and interest arising under or related to the GSA Matter.


(2) During the fourth quarter of 2020, we recognized a charge related to the replacement of a prior generation product that was exhibiting lower than desired reliability as part of our ongoing focus on customer satisfaction.


(3) On February 14, 2020, our Board of Directors approved a global restructuring plan (the "Restructuring Plan"), which is intended to support our strategic plan in an effort to improve operating performance and ensure that we are appropriately structured and resourced to deliver increased and sustainable value to our shareholders and customers. In connection with the Restructuring Plan, during the twelve months ended December 31, 2021 and December 31, 2020 we recorded a pre-tax charge of approximately $7.4 million and $15.8 million, respectively, primarily consisting of severance and related benefits.   


(4) Calculated as Adjusted EBITDA as a percentage of Non-GAAP total sales, which adjusts for the GSA sales adjustment.

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

KEY SALES MEASURES

(UNAUDITED)



Three Months Ended December 31,


Twelve Months Ended December 31,

(in thousands)

2021


2020


2021


2020

Total sales to external customers








Americas (1)

$           40,438


$           36,592


$         140,633


$         128,826

EMEA (1)

29,035


30,332


104,350


91,390

APAC (1)

30,731


26,029


92,831


83,552


$         100,204


$           92,953


$         337,814


$         303,768


(1)     Regions represent North America and South America (Americas); Europe, the Middle East, and Africa (EMEA); and the Asia-Pacific (APAC).

 


Three Months Ended December 31,


Twelve Months Ended December 31,

(in thousands)

2021


2020


2021


2020









Product

$       64,661


$       59,677


$     206,024


$     180,246

Software

13,694


12,044


45,079


38,341

Service

21,849


21,232


86,711


85,181

Total Sales

$     100,204


$       92,953


$     337,814


$     303,768









Product as a percentage of total sales

64.5 %


64.2 %


61.0 %


59.3 %

Software as a percentage of total sales

13.7 %


13.0 %


13.3 %


12.6 %

Service as a percentage of total sales

21.8 %


22.8 %


25.7 %


28.0 %









Total Recurring Revenue (2)

$       16,468


$       14,964


$       64,067


$       61,187

Recurring revenue as a percentage of total sales

16.4 %


16.1 %


19.0 %


20.1 %


(2)   Recurring revenue is comprised of hardware service contracts, software maintenance contracts, and subscription based software applications.

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

RECONCILIATION OF OUTLOOK - GAAP TO NON-GAAP




Fiscal quarter ending March 31, 2022  



GAAP diluted earnings (loss) per share range

($0.41) - ($0.16)

Stock-based compensation

0.16

Purchase accounting intangible amortization

0.05

Restructuring and other costs

0.05

Non-GAAP tax adjustments

0.07 - 0.02

Non-GAAP diluted earnings (loss) per share

($0.08) - $0.12

 

 

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/faro-announces-fourth-quarter-and-full-year-financial-results-301484084.html

SOURCE FARO

Contact:
Company Name: FARO
Investor Contacts, FARO Technologies, Inc., Allen Muhich, Chief Financial Officer
Phone: +1 407-562-5005
Email Contact Sapphire Investor Relations, LLC, Michael Funari or Erica Mannion
Phone: +1 617-542-6180
Email Contact
Financial data for FARO