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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.
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.
FARO Technologies, Inc. announced Q1 financial results with revenue of $84.2 million, exceeding guidance. GAAP loss per share was $(0.38), but Non-GAAP EPS was $0.09. The company generated $6.6 million in cash flow from operations. Total sales were down 1% year over year. FARO expects revenue in the range of $79 to $87 million for Q2 2024.
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