FARO has announced its financial results for the first quarter ended March 31, 2020. Revenue for the first quarter of 2020 was $79.5M, compared to $104.1M for the fourth quarter of 2019. Net loss was $14.8M.
Comparative analysis based on FARO’s financial results in the last 12 quarters (Result source FARO website)
Comparative analysis based on FARO’s financial results in the last 12 quarters (Result source FARO website)
“The implementation of our restructuring plan, which we announced in February, has progressed well in the first quarter and we remain on track to achieve our targeted $40 million in annualized savings by the end of the year. While these changes were not made anticipating COVID-19, when combined with our strong balance sheet they have positioned us well for the current environment,” stated Michael Burger, president and chief executive officer. “Further, while near-term demand visibility remains challenged due to the global pandemic, to date there has been limited disruption to our manufacturing supply chain and our sales team remains enthusiastic about our new go-to-market strategy. I am optimistic that our new strategy will enable FARO to emerge as a stronger, more efficient business with a highly scalable financial model when the business environment returns to normalized levels.”
A complete chart of the financial results is available here.
About FARO
FARO is a leading global source for 3D measurement and imaging solutions for 3D metrology, architecture, engineering, and construction, and public safety analytics applications. The company develops and markets computer-aided measurement and imaging devices and software enabling customers to easily and accurately connect the physical world to the virtual world.
More information is available at www.faro.com.
