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, will release its third-quarter financial results on November 2, 2022. The announcement follows the company's fiscal period ending September 30, 2022. CEO Michael D. Burger and CFO Allen Muhich will lead a conference call at 5:00 p.m. ET on the same day to discuss the results. Interested parties can join the call through designated phone numbers or via a live webcast on FARO's Investor Relations webpage.
FARO Technologies has launched the Focus Core Laser Scanner, enhancing its 3D reality capture solutions for construction, public safety, and building operations. This scanner offers quick scanning (under a minute per scan), a range of up to 70 meters, and improved Wi-Fi capabilities. It is designed for professionals new to 3D capture, providing a favorable price-performance ratio. The Focus Core pairs with the FARO Stream app for real-time pre-registration and integrates with the FARO Sphere cloud platform for enhanced project collaboration.
FARO Technologies, Inc. (Nasdaq: FARO) has launched its new 4D Construction Progress Management Solution on the Sphere SaaS platform. This solution facilitates efficient data capture and analysis for construction professionals, enhancing site updates and collaboration. Key features include the Sphere Viewer, which unifies 3D models and point cloud data, and ProgressAI, which employs AI for progress reporting. The solution is expected to debut later this year at Autodesk University, further advancing FARO's position in the digital reality insights market.
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.
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