Welcome to our dedicated page for Faro Technologies news (Ticker: FARO), a resource for investors and traders seeking the latest updates and insights on Faro Technologies stock.
FARO Technologies, Inc. (symbol: FARO) is a leading global provider of 3D measurement, imaging, and realization solutions. Headquartered in Lake Mary, Florida, with branches around the world, FARO is renowned for pioneering technology that bridges the digital and physical worlds. The company designs, develops, manufactures, markets, and supports software-driven solutions for 3D metrology, architecture, engineering, construction (AEC), operations and maintenance (O&M), and public safety analytics.
FARO's products enable customers to capture, measure, manipulate, interact with, and share 3D and 2D data from the physical world in a virtual environment. This technology is crucial for the inspection of components and assemblies, rapid prototyping, reverse engineering, and documenting large volumes or structures in 3D. The company's solutions are also widely used in surveying, construction, and the investigation and reconstruction of accident and crime scenes.
FARO's core offerings include high-precision 3D measurement devices and software that enhance production and quality assurance processes. Worldwide, around 15,000 customers operate more than 30,000 installations of FARO systems. Some of the latest advancements from FARO include the Orbis Mobile Scanner and an enhanced version of FARO Sphere XG, which have been well-received in the market.
Financially, FARO has demonstrated strong performance. In the third quarter of 2023, the company reported revenues of $86.8 million and non-GAAP EPS of $0.02, surpassing expectations. The recent promotion of Matthew Horwath to SVP & Chief Financial Officer highlights the company's strategic focus on strengthening its leadership team to drive long-term growth and operational efficiency.
FARO's commitment to security and compliance is evident from its successful completion of the SOC 2 Type II audit for Sphere XG, ensuring protection of customer data. The company continues to innovate and expand its product portfolio, maintaining its status as a trusted source for 3D measurement technology.
For 40 years, FARO has been at the forefront of #RealityCapture, providing industry-leading technology that enables customers to measure their world and use that data to make smarter, faster decisions. Keep up to date with FARO's latest news and developments through their Investor Relations webpage.
Topcon and FARO Technologies have announced a strategic agreement to develop and distribute innovative solutions in the laser scanning market. The collaboration aims to integrate Topcon and Sokkia solutions with FARO's offerings, focusing on key sectors including construction, surveying, mapping, architecture, forensics, BIM, and industrial applications.
The partnership will leverage both companies' expertise in laser scanning technologies to enhance their product offerings and provide added value to users. Through this agreement, both companies plan to introduce new initiatives, including product offerings and enhanced software integrations. The collaboration is expected to expand access to digital reality solutions and strengthen both companies' market positions.
FARO Technologies (Nasdaq: FARO) announced it will release its financial results for Q4 and full year 2024 after market close on Monday, February 24, 2025. The company will host a conference call at 4:30 pm ET on the same day, featuring President and CEO Peter Lau and CFO Matthew Horwath.
Participants can join via phone using the numbers +1 800-579-2543 (U.S.) or +1 785-424-1789 (International) with passcode FARO. A live webcast will be available on FARO's investor relations website, with a replay accessible for approximately 30 days after the call.
FARO Technologies (Nasdaq: FARO) has launched the FARO Leap ST, a new handheld scanner expanding its 3D metrology product portfolio. The device features five operating modes: ultra-fast scanning, hyperfine scanning, deep hole scanning, large area scanning, and photogrammetry. This launch is accompanied by an update to FARO CAM2 Software, which now includes five tailored versions for different manufacturing measurement needs.
The metrology-grade tool is designed for measuring and verifying various surfaces and parts, offering a compact and portable solution suitable for multiple industries. The updated CAM2 software provides options for scanning devices, probing devices, and a hybrid approach integrating both functionalities. RFK Racing, an eight-time NASCAR champion and existing FARO customer, has endorsed the new scanner for its potential to enhance manufacturing efficiency.
FARO Technologies reported its third quarter 2024 financial results. The company achieved revenue of $82.6 million, at the upper end of its guidance range. Gross margin was 55.7%, with a non-GAAP gross margin of 56.1%, both above guidance. The net loss was $0.3 million, or $(0.02) per share, while non-GAAP EPS was $0.21, exceeding expectations. Cash flow from operations was $2.6 million, and the company repurchased $10 million in shares. Operating expenses decreased to $43.8 million, with non-GAAP operating expenses at $40.1 million. Adjusted EBITDA improved to $8.9 million, or 10.7% of revenue. Looking forward, FARO expects fourth-quarter revenue between $88 and $96 million and non-GAAP EPS between $0.32 and $0.52. The company remains focused on growth initiatives despite economic challenges.
FARO Technologies (Nasdaq: FARO) announced it will release its third quarter 2024 financial results after market close on November 6, 2024. The company will host a conference call at 4:30 pm ET the same day, led by CEO Peter Lau and CFO Matthew Horwath. Investors can join via phone (+1 800-343-4849 U.S. or +1 785-424-1699 International) using passcode FARO, or through a live webcast on FARO's investor relations website. A replay will be available online for approximately 30 days.
FARO Technologies, a global leader in 4D digital reality solutions, has appointed Phillip Delnick as Senior Vice President, Global Sales, effective October 21, 2024. Delnick brings extensive sales leadership experience from his nearly two-decade tenure at Ingersoll Rand, where he most recently served as Vice President, Americas – Power Tools and Lifting.
Peter Lau, President & CEO of FARO, expressed confidence in Delnick's ability to drive revenue growth, profit growth, and customer satisfaction. Delnick, in turn, expressed excitement about joining FARO and driving customer value through innovative products. He emphasized FARO's mission to harness digital reality solutions, enabling customers to achieve greater operating efficiencies by blending physical and virtual worlds.
FARO Technologies, Inc. (Nasdaq: FARO) has unveiled the next generation of its Focus 3D Laser Scanner portfolio, introducing the Focus Premium Max with an extended scanning range of 400 meters. This update aims to enhance data capture capabilities for large outdoor environments. The entire Focus lineup now incorporates Hybrid Reality Capture™ powered by Flash Technology, reducing scanning time by up to 50%.
The refreshed portfolio includes improvements to existing Focus Premium and Core laser scanners, offering enhanced range capabilities. These scanners are designed for applications in construction, geospatial, engineering, and public safety. The FARO Stream app, included with all Focus scanners, provides real-time feedback on pre-registered scans, while data can be optionally uploaded to FARO Sphere XG for comprehensive analysis, storage, and collaboration.
FARO Technologies, Inc. (Nasdaq: FARO) has unveiled the Quantum X FaroArm Series of portable coordinate measurement machines. This new series offers an up to 15% increase in accuracy compared to previous Quantum Max FaroArms, enhancing manufacturing efficiency with improved probing and scanning capabilities. The Quantum X Series is available in 5 lengths, ranging from 2 to 4 meters, catering to various manufacturing needs such as quality control and product design.
When combined with the FARO 8-Axis Max integrated rotary worktable, measurement time can be reduced by up to 40%. The series is compatible with FARO's Laser Line Probes (LLPs), allowing users to switch between contact and non-contact scanning without recalibration. The Quantum X Series is now available globally, with demonstrations bookable on FARO.com.
FARO Technologies has released its Q2 2024 financial results. The company reported revenue of $82.1 million, a 7% decline YoY. The gross margin was 54.6%, with a non-GAAP gross margin of 55.0%, both above guidance. The GAAP net loss was $0.5 million or $(0.03) per share, but non-GAAP EPS was $0.18. Cash flow from operations reached $4.2 million.
Despite a challenging macroeconomic environment, FARO achieved adjusted EBITDA of $8.4 million, 10.3% of revenue. Operating expenses fell to $43.0 million from $58.7 million YoY. The company also holds $97.9 million in cash and equivalents.
For Q3 2024, FARO anticipates revenue between $76 and $84 million, with a gross margin of 53.0% to 54.5%. Operating expenses are expected to range from $45 to $47 million.
FARO Technologies, Inc. (Nasdaq: FARO), a leader in 4D digital reality solutions, has announced its plan to release second quarter 2024 financial results on August 8, 2024, after market close. Following the release, the company will host a conference call at 4:30 pm ET on the same day. Peter Lau, President and CEO, and Matthew Horwath, Senior VP and CFO, will lead the call.
Interested parties can join the call by dialing +1 800-267-6316 (U.S.) or +1 203-518-9783 (International) using the passcode FARO. A live webcast will be available on FARO's Investor Relations website. To ensure a timely connection, participants are advised to dial in 10 minutes before the start time. A replay of the webcast will be accessible on the company's website for approximately 30 days after the call.
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