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.
FARO Technologies, a leader in 4D digital reality solutions, has appointed Patrick Bohle as President of Building Insights. This decision is part of FARO's strategy to enhance the digitalization of physical assets through targeted software applications aimed at improving customer insights. Bohle's focus will be on Facilities Management and the $7 trillion Construction market, addressing waste and productivity. The leadership transition is expected to enhance FARO's SaaS business in the Architectural, Construction, Engineering, and Operations market.
FARO Technologies has unveiled its new Vantage S6 Max and Vantage E6 Max Laser Tracker series, designed for enhanced 3D measurement accuracy and efficiency in industrial applications. These trackers achieve measurements up to 80 meters while improving productivity by 20%. The Vantage Max series incorporates a 6DoF measurement capability with the optional 6Probe, allowing users to measure hidden areas more effectively and optimize inspection processes. The technology aims to save users up to 60 minutes of work each day by increasing throughput and minimizing the need for device repositioning.
FARO Technologies, Inc. (Nasdaq: FARO) introduces the Flatness Check, its first augmented reality app for the concrete construction industry. This innovative tool enhances the visualization of floor flatness and levelness, improving construction quality and reducing rework costs. Integrated with the FARO Sphere ecosystem, it supports various laser scanners and allows project stakeholders to share data efficiently. The app aims to streamline construction processes and is now available for download on Apple's App Store, marking a significant advancement in construction quality control.
FARO Technologies has acquired UK-based GeoSLAM, a leader in mobile scanning solutions. The transaction, valued at £22 million in cash and shares, enhances FARO's capabilities in 4D digital reality with GeoSLAM's proprietary SLAM technology. GeoSLAM reported £14.5 million in revenue with an 18% EBITDA for the fiscal year ending March 31, 2022. This acquisition is expected to accelerate FARO's growth in the mobile scanning sector and is projected to be accretive to Non-GAAP EPS in 2023. The deal closed on September 1, 2022.
FARO Technologies reported second-quarter 2022 revenue of $79.9 million, down 3% year-over-year, but $83.9 million on a constant currency basis, representing a 3% growth. The launch of new products contributed to demand. Gross margin decreased to 50.6% from 55.4% a year ago, while operating expenses rose to $49.4 million. The company posted a net loss of $8.6 million or ($0.47) per share compared to a loss of $1.2 million in the same quarter last year. For Q3 2022, FARO expects revenue between $79 million and $87 million.
FARO (Nasdaq: FARO) has expanded its Board of Directors to nine members with the appointment of Rajani Ramanathan, effective July 25, 2022. Ms. Ramanathan brings nearly 14 years of experience from Salesforce.com, where she served as Executive Vice President and COO of Technology & Products. Her expertise in SaaS is anticipated to bolster FARO's initiatives in digitalizing the physical world and enhance SaaS offerings through their new FARO Sphere. The company aims to address urban challenges and improve operational efficiencies.
FARO Technologies (NASDAQ: FARO) announced it will release its Q2 2022 financial results after market close on August 3, 2022. The release will be accompanied by a conference call at 5:00 p.m. ET featuring President and CEO Michael D. Burger and CFO Allen Muhich. Interested parties can join the call by dialing (800) 245-3047 in the U.S. or +1 (203) 518-9765 internationally, using the passcode FARO. A live webcast will also be accessible on the company’s website and a replay will be available for 30 days post-call.
FARO Technologies announced that GOLDBECK has adopted its HoloBuilder solution organization-wide, following a successful application on major projects. This enterprise-wide deployment is a testament to the growing acceptance of HoloBuilder in the construction technology sector. The platform enables efficient project management using 360° photo capture technology and integrates with various software tools. Since FARO's acquisition of HoloBuilder in 2021, new features have been introduced, enhancing project tracking and data management capabilities.
On June 2, 2022, FARO Technologies announced the election of Yuval Wasserman as the new Chairman of the Board, effective May 26, 2022. Mr. Wasserman, a board member since December 2017, brings extensive experience in driving profitable growth, notably as President and CEO of Advanced Energy Industries. Michael Burger, FARO's CEO, praised Wasserman's leadership capabilities. Former Chairman John Donofrio will continue on the Board and lead the Talent Development and Compensation Committee. FARO focuses on 3D technology solutions for various markets, enhancing digitization and decision-making.
FAQ
What is the current stock price of Faro Technologies (FARO)?
What is the market cap of Faro Technologies (FARO)?
What is FARO Technologies known for?
Where is FARO Technologies headquartered?
What are some of the key markets FARO serves?
How many customers use FARO technologies worldwide?
What is #RealityCapture?
What recent products has FARO Technologies launched?
How has FARO Technologies performed financially in recent quarters?
Who is the new Chief Financial Officer of FARO Technologies?
What does the SOC 2 Type II audit signify for FARO Technologies?
How can I stay updated on FARO Technologies' latest news and developments?
