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 (Nasdaq: FARO) announced changes to its Board of Directors, welcoming Jeroen van Rotterdam, who brings 25 years of experience in technology and cloud development, to support the company's strategic goals. Board Chairman John Donofrio highlighted FARO's potential to enhance shareholder value through its portfolio aimed at 3D Metrology, AEC, and Public Safety markets. Effective at the 2021 annual stockholders meeting, board members John E. Caldwell and Jeffrey A. Graves will depart, with Caldwell being a longstanding member since 2002.
FARO (Nasdaq: FARO) reported a strong fourth quarter for 2020, with total sales reaching $93.0 million, a 31% increase from the previous quarter, despite an 11% decline from Q4 2019. The company achieved a net income of $27.4 million, or $1.52 per share, aided by a $19 million tax asset gain. Operating expenses decreased to $48.1 million, significantly lower than $91.8 million in Q4 2019. For the full year, total sales were $303.8 million, down from $381.8 million in 2019, but gross margin improved to 52.6%. FARO enters 2021 with a solid cash position of $185.6 million.
FARO Technologies, Inc. (NASDAQ: FARO) will release its financial results for the fourth quarter and full year ended December 31, 2020, after market close on February 17, 2021. The announcement will be followed by a conference call on February 18, 2021, at 8:00 a.m. ET, hosted by CEO Michael D. Burger and CFO Allen Muhich. Interested parties can access the call via phone or through a live webcast available on FARO's Investor Relations website.
FARO Technologies, Inc. (NASDAQ: FARO) announced the launch of FARO Zone 3D 2021, enhancing tools for crime, crash, fire, and security applications. This updated software improves the accuracy of forensic scene documentation with new features including blood stain analysis, bullet trajectory mapping, and a 3D roof builder. The 'Advanced' option allows users to register scan data into a 3D point cloud, offering functionalities like VR immersion for scene analysis. FARO Zone 3D 2021 will be showcased at the Public Safety & Forensics Tech Summit on December 9, promoting advancements in 3D data capture technology.
FARO Technologies has launched its next-generation Vantage Laser Tracker 6 Degrees of Freedom (6DoF) Probe, designed for enhanced portability and accuracy. This new tool is compatible with the Vantage S6 and E6 Laser Trackers, enabling faster measurement processes. It features kinematic self-identifying styli, allowing quick tip changes without recalibration. Users can save at least 30 minutes a day. The tool boasts a measurement range of up to 80 meters and supports FARO ActiveSeek to facilitate the tracking of active targets, boosting productivity in industrial applications.
FARO Technologies (NASDAQ: FARO) launched its WebShare Software Enterprise, enhancing its 3D Metrology solutions. This feature allows organizations to store data on private servers or cloud infrastructure, improving data security and accessibility. It supports unlimited data sizes and various industry formats, ideal for AEC projects and Digital Twin applications. Following the acquisition of ATS, FARO aims to optimize project efficiency with 10x faster imaging and up to 1mm accuracy in 3D scans.
FARO (Nasdaq: FARO) announced its third quarter 2020 financial results, reporting total sales of $70.7 million, a 17% sequential increase from the second quarter but down 22% year-over-year. New order bookings rose to $72.0 million, also a 17% increase sequentially but 24% below Q3 2019. Gross margin decreased to 51.3% compared to 56.1% in Q3 2019. The company posted a net loss of $3.0 million or $0.17 per share, an improvement from a net loss of $6.2 million or $0.36 per share a year earlier. The company remains debt-free with cash and investments totaling $163.6 million.
FARO Technologies, Inc. (NASDAQ: FARO), a leader in 3D measurement and imaging solutions, is set to announce its financial results for Q3 2020 after market close on October 28, 2020. A conference call will follow on October 29, 2020, at 8:00 a.m. ET, hosted by CEO Michael D. Burger and CFO Allen Muhich. Interested parties can join via phone or through a live webcast available on the company's Investor Relations page. A replay of the call will be accessible for about 30 days post-event.
FARO Technologies, Inc. (NASDAQ: FARO) announced the hiring of two senior executives, Avi Ray-Chaudhuri as VP of Hardware R&D and Wesley Tilley as VP of Software R&D, effective August 31, 2020. This strategic move aims to enhance its focus on cloud-based software applications, accelerating product development and differentiation in the 3D measurement and imaging market. CEO Michael Burger expressed excitement about the addition of these industry veterans, highlighting their extensive backgrounds in technology and R&D leadership.
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