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 reported a Q1 2022 revenue of $76.7 million, meeting the previous year’s figures. However, net loss surged to $9.7 million or ($0.53) per share, compared to $3.2 million in Q1 2021. Contributing factors included COVID-related disruptions in China and supply chain shortages. The company noted a 6.5% increase in recurring revenue to $16.5 million and a gross margin of 53.5%. For Q2 2022, FARO expects revenue between $77 million and $85 million, with non-GAAP EPS projected between ($0.17) and $0.04.
FARO Technologies, a leader in 4D digital reality, will release its first quarter financial results for 2022 after market close on April 27, 2022. A conference call led by CEO Michael D. Burger and CFO Allen Muhich is set for the same day at 5:00 p.m. ET. Investors can access the call via phone or by live webcast on FARO's Investor Relations website. A replay will be available for 30 days post-call. FARO serves various markets, including 3D Metrology and Public Safety Analytics, offering solutions that enhance decision-making through digital data.
FARO Technologies announced the retirement of Kevin Beadle, Senior Vice President of Global Sales, effective April 29, 2022. Beadle was instrumental in enhancing the sales team's efficiency. Jeff Sexton, who has over 30 years of sales experience and successfully led the Americas sales organization, will take over as Vice President of Global Sales on April 18, 2022. This transition aligns with FARO's long-term succession planning and aims to maintain momentum through Sexton's metrics-driven strategy.
FARO Technologies has launched a cutting-edge cloud-based platform called FARO Sphere™, designed for efficient 3D data capture and collaboration. This platform integrates three new solutions: the FARO Sphere digital ecosystem, the FARO Focus Premium Laser Scanner, and the FARO Stream mobile app. The system aims to enhance data accuracy, ease of use, and speed, while providing real-time data validation and remote collaboration capabilities. Initial feedback suggests that beta customers may improve decision-making speed by up to 50%, which could lead to significant recurring revenue through Software as a Service (SaaS).
FARO Technologies, Inc. (Nasdaq: FARO) announced that Alina Burroughs, a senior manager in Public Safety Analytics, is featured in Investigation Discovery's new series, Crime Scene Confidential, debuting March 8, 2022, at 9:00 PM ET. With 21 years in law enforcement, Burroughs revisits controversial murder cases to analyze forensic evidence. FARO's Vice President, Michael Carris, emphasized the importance of forensic technology in law enforcement. This series showcases the expertise of FARO's team in the critical field of crime scene analysis.
FARO (Nasdaq: FARO) reported fourth quarter 2021 revenue of $100.2 million, a 27% sequential increase driven by strong demand for the Quantum Max ScanArm and pandemic recovery. Gross margin improved to 55.6%, up from 54.6% year-over-year. However, the company faced a net loss of $31.7 million, impacted by a $26.5 million tax expense. For full year 2021, sales totaled $337.8 million, a rise from $303.8 million in 2020, but the net loss widened to $40.0 million. Looking ahead, Q1 2022 revenue is projected between $80 to $88 million.
FARO Technologies, Inc. (NASDAQ: FARO) will announce its financial results for the fourth quarter and full year ended December 31, 2021, after the market closes on February 16, 2022. CEO Michael D. Burger and CFO Allen Muhich will host a conference call at 5:00 p.m. ET on the same day to discuss the results. Interested parties can access the call via phone or through a live webcast on FARO's Investor Relations website. A replay will be available approximately two hours after the call's conclusion for 30 days.
FARO (Nasdaq: FARO) reported third-quarter 2021 financial results, showing total sales of $79.2 million, a 4% sequential decrease from the previous quarter but a 12% year-over-year increase. New order bookings also declined 9% sequentially to $80.4 million, yet increased 12% year-over-year. The gross margin improved to 53.5% compared to 51.3% in the same quarter last year. Despite a net loss of $3.9 million or $0.21 per share, the firm remains optimistic about future demand and product response, particularly in light of logistical challenges affecting order fulfillment.
FARO Technologies, Inc. (Nasdaq: FARO), a leader in 3D measurement and imaging solutions, will release its third-quarter financial results for the period ending September 30, 2021, after market close on October 27, 2021. A conference call featuring President and CEO Michael D. Burger and CFO Allen Muhich will take place on the same day at 5:00 p.m. ET. Interested parties can access the call via phone or through a live webcast on FARO's Investor Relations website.
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