The following is a summary of the FARO Technologies, Inc. (FARO) Q2 2024 Earnings Call Transcript:

Financial Performance:

• FARO Technologies reported a non-GAAP gross margin of 55% in Q2 2024, representing a 300 basis point increase sequentially.

• Non-GAAP operating expenses were $40 million, down 9% over the previous year and 2% sequentially.

• The company's adjusted EBITDA was $8.4 million, or 10.3% of sales, doubling the full year 2023 adjusted EBITDA of $14 million as a percentage of revenue.

• FARO generated non-GAAP EPS of $0.18, above the high end of guidance, and achieved positive operating cash flow for the third consecutive quarter.

Business Progress:

• FARO is making significant progress in operational efficiency and has introduced a new Sphere XG workflow for mobile scanning which merges two fully processed 3D scans in the cloud automatically.

• They achieved an NPS score increase of 10 points year-over-year and received an 80% brand loyalty score.

• FARO repurchased $3 million of convertible debt, demonstrating a strategic use of capital to optimize shareholder value.

Opportunities:

• FARO plans to introduce new products in the coming quarters, targeting opportunities to outgrow market sectors they serve and beyond.

• Continued robust demand and receptivity for their Orbis Mobile Scanner and Sphere XG software platform shows potential for further revenue growth.

Risks:

• Persistent macroeconomic challenges in China affect market demand, especially evident in the decline of revenue from the Asia region by over 20% compared to the previous year.

More details: Faro Technologies IR

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