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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 has partnered with George Mason University to establish the world's first FARO-certified Forensic Science Research and Training Laboratory. This initiative includes a $300,000 donation of hardware and software for forensic science students, enabling them to gain hands-on experience with cutting-edge technology in crime scene documentation. The partnership aims to enhance forensic education and facilitate collaboration with law enforcement agencies, including the Fairfax County Police and the U.S. Army.
FARO (Nasdaq: FARO) reported second-quarter 2021 sales of $82.1 million, an 8% increase sequentially and 36% year-over-year. New order bookings rose 9% sequentially to $88.2 million, and 44% year-over-year. Gross margin improved to 55.4% from 47.7% in Q2 2020. The company posted a net loss of $1.2 million or $0.06 per share, a significant recovery from the $8.9 million loss recorded in the same quarter last year. Cash and short-term investments fell by $36.6 million to $133.3 million due to the acquisition of HoloBuilder.
FARO (Nasdaq: FARO) announces the appointment of Moonhie Chin and Alex Davern to its Board of Directors, effective October 1, 2021. Chin has extensive leadership experience at Autodesk and will enhance FARO's cloud-based 3D software platform. Davern, with over 25 years at National Instruments, brings invaluable experience in hardware-software integration. Both appointments align with FARO's strategy to leverage its strengths in 3D measurement and imaging solutions, enhancing its competitive position within the AEC and public safety markets.
FARO Technologies, Inc. (Nasdaq: FARO) will release its financial results for Q2 2021 on July 28, 2021, after market close. The results cover the period ending June 30, 2021. A conference call hosted by President and CEO Michael D. Burger and CFO Allen Muhich is scheduled for July 29, 2021, at 8:00 a.m. ET. Interested parties can join via phone or through a live webcast on the company's Investor Relations website. A recording will be available for 30 days post-call.
On July 16, 2021, FARO Technologies, Inc. (Nasdaq: FARO) announced a significant operational shift by outsourcing its manufacturing to Sanmina Corporation. This decision follows a comprehensive selection process aimed at enhancing operational efficiency. The transition, projected to conclude within a year, is expected to result in annualized savings of approximately $12 million. However, the company anticipates incurring cash charges of about $6 million in 2021 and total pre-tax charges of $15 to $20 million through mid-2022. The full financial benefits are expected by Q1 2023.
FARO Technologies, Inc. (NASDAQ: FARO) has launched the Quantum Max ScanArm, the latest innovation in portable measurement tools featuring three hot-swappable Laser Line Probes (LLPs) designed for various measurement needs. The Quantum Max enhances productivity by over 30% with superior scanning capabilities and FARO CLR technology, ensuring high-quality data capture on challenging surfaces. It allows quick probe changes without recalibration and is compatible with FARO CAM2 software for efficient inspection routines.
FARO Technologies has acquired HoloBuilder, enhancing its digital twin capabilities. The acquisition, valued at $34 million, aims to bolster FARO's offerings in 3D measurement and construction management. HoloBuilder's photogrammetry-based platform will integrate with FARO's laser scanning technology, creating a comprehensive digital twin solution for various industries. As of April 30, 2021, HoloBuilder reported an annual recurring revenue of $4 million with a compound annual growth rate of nearly 75% since 2019. The transaction closed on June 4, funded with FARO's cash reserves.
FARO, a leader in 3D measurement and imaging solutions, announced participation in several upcoming virtual investor conferences. Key dates include:
- May 19, 2021 - Needham Virtual Technology & Media Conference at 11:00 a.m. ET
- June 2, 2021 - Craig-Hallum Institutional Investor Conference
- June 8, 2021 - Robert W. Baird Global Conference at 12:50 p.m. ET
- June 10, 2021 - Stifel Virtual Conference at 2:00 p.m. ET
- June 15, 2021 - Berenberg Design Software Conference
Live webcasts will be available on FARO's investor relations website.
FARO (Nasdaq: FARO) reported Q1 2021 sales of $76.3 million, down from $79.5 million in Q1 2020, driven by the ongoing impacts of the COVID-19 pandemic. However, new order bookings increased by 3% to $80.6 million. The gross margin declined to 52.9% from 55.2% year-over-year, while operating expenses dropped to $46.8 million. The net loss narrowed to $3.2 million or $0.18 per share, compared to a loss of $14.8 million or $0.84 per share a year prior. Cash reserves decreased by $15.7 million to $170 million, maintaining a debt-free status.
FARO (Nasdaq: FARO) will report its first-quarter financial results for the period ending March 31, 2021, after market close on April 28, 2021. A conference call will be hosted by President and CEO Michael D. Burger and CFO Allen Muhich on April 29, 2021, at 8:00 a.m. ET. Interested participants can join by dialing (877) 876-9176 for the U.S. or +1 (785) 424-1670 internationally, using the passcode FARO. Additionally, a live webcast will be available on FARO’s Investor Relations website.
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