The following is a summary of the FARO Technologies, Inc. (FARO) Q1 2024 Earnings Call Transcript:

Financial Performance:

• FARO Technologies reported $84.2 million in revenue for Q1 2024, recording strong performance with its strategic plan.

• The company recorded positive non-GAAP EPS of $0.09 and generated free cash flow of $4.2 million, marking their first positive Q1 in four years.

• Non-GAAP gross margin improved year over year by 420 basis points due to cost productivity initiatives, supply chain localization, and broker fee mitigation.

• GAAP net loss for the quarter was $7.3 million while non-GAAP net income was $1.7 million illustrating the impact of certain accounting measures.

Business Progress:

• FARO is focused on operational efficiency, new product investments, and expanding gross margins as per their strategic plan.

• Demand was strong across industries, led by large manufacturing orders from the Asia Pacific region.

• The recently launched Orbis mobile scanner is performing well with revenue from mobile scanning solutions seeing double-digit percent growth year over year.

• The R&D roadmap is aimed at increasing their served addressable market by 40% over the strategic horizon.

• The company has also announced a stock grant program for all its employees, aligning their interests with the company's long-term goals.

More details: Faro Technologies IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.