LAKE MARY, FL, May 4, 2023 – FARO has announced its financial results for the first quarter ended March 31, 2023. Revenue for the first quarter of 2023 was $84.9M, down 18.3% compared to $103.8M for the fourth quarter of 2022. Net loss was $21.2M.

“First quarter revenue remained strong at $85.0 million, growing 11% year-on-year, driven primarily by shipments of our new Focus Premium Laser Scanner,” said Michael Burger, president and chief executive officer. “After experiencing delays in customer purchase decisions late in the first quarter due to a softening macroeconomic environment, we are implementing additional annualized cost saving initiatives in the range of $10 million to $20 million, to offset both the expected revenue impact and continued near-term inflationary pressures. Looking ahead, we continue to believe the combination of investments in our latest product innovations and the integration of recent acquisitions positions us well to capture the significant market opportunity inherent in digitalizing the physical world.”

A complete chart of the financial results is available here.

About FARO

For 40 years, FARO has provided industry-leading technology solutions that enable customers to 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.

More information is available at www.faro.com.