Fathom Digital reports Q3 EPS ($1.24), consensus ($1.00)

Reports Q3 revenue $ $31.50M, consensus $32.19M…On October 23 Fathom appointed Carey Chen as Chief Executive Officer of the company succeeding Ryan Martin. Mr. Chen has significant global manufacturing experience and an extensive background in supporting companies across the industrial landscape. He has served as a member of Fathom’s Board of Directors since April 2021 and as a Director to Fathom’s predecessor companies since 2019. “I am optimistic that there are opportunities to return to revenue growth and sustainable profitability over time. We’ve added new sales and operating leadership,” said Carey Chen, Fathom’s Chief Executive Officer. “Together with the valued employees throughout Fathom, we will move with urgency to optimize the performance of the company.” In commenting on the third quarter financial results, Mark Frost, Chief Financial Officer, said, “Revenue in the quarter came in at the low-end of our expectations. We saw more stable order rates as the quarter progressed and believe we are set up to return to profitable growth in 2024 as we realize the full benefits of our cost optimization efforts.”