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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 (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.
FARO Technologies, Inc. (NASDAQ: FARO) has acquired Advanced Technical Solutions in Scandinavia AB (ATS), a leader in 3D digital twin technology, enhancing FARO's capabilities in the 3D digital twin market. The acquisition integrates ATS' software and 3D system into FARO's Webshare Cloud, enabling 10x faster 3D imaging with up to 1mm accuracy. This strategic move aims to accelerate the adoption of digital twin technology in capital-intensive industries, such as automotive and aerospace. FARO expects to leverage ATS to boost its cloud-based subscription offerings.
FARO Technologies, Inc. (NASDAQ: FARO) has unveiled FARO Trek, an autonomous 3D mobile scanning solution developed with Boston Dynamics. Trek integrates the FARO Focus S Laser Scanner with the Spot robot, enabling efficient data capture on construction sites. The robot's Autowalk feature allows for automated inspection processes, improving workflow and data consistency. This collaboration aims to enhance reality capture, offering clients a reliable method for documenting site conditions accurately and efficiently, crucial for timely project delivery.
FARO® reported second-quarter 2020 sales of $60.6 million, down from $93.5 million a year prior, largely due to COVID-19's impact on market demand. The company posted a net loss of $8.9 million, or $0.50 per share, compared to a loss of $6.4 million in Q2 2019. Operating expenses fell to $40.9 million, supported by cost control measures. Despite challenges, the company remains confident in its strategic initiatives and aims for growth and profitability improvements. Cash and short-term investments increased to $173.7 million, remaining debt-free.
FARO Technologies, Inc. (NASDAQ: FARO) will announce its second-quarter financial results on August 4, 2020, following the market close. The results will cover the period ending June 30, 2020. A conference call with President and CEO Michael D. Burger and CFO Allen Muhich is scheduled for August 5, 2020, at 8:00 a.m. ET. Interested parties can join by phone or via a live webcast. FARO is recognized as a leader in 3D measurement and imaging solutions for various applications.
FARO Technologies has launched the Focus Swift, the first fully integrated indoor mobile mapping solution that enhances the capabilities of the existing FARO Focus Laser Scanner. This innovative device can perform mobile scans up to 10 times faster than traditional methods, enabling efficient large-area capturing. Powered by the advanced FARO SCENE software, it produces accurate 3D point clouds and integrates seamlessly with CAD systems. The lightweight design and easy transport features make it an ideal choice for AEC professionals seeking to balance speed and precision.
FARO Technologies (NASDAQ: FARO) has launched the Freestyle 2, an advanced handheld 3D forensic scanner, aimed at enhancing fast and accurate scene documentation for investigators. The device offers real-time visualizations and photorealistic reality capture, operating effectively in various lighting conditions including complete darkness. The compact scanner allows one-handed use, facilitating easier navigation in confined spaces. Its user-friendly features include a training mode and haptic feedback for optimal data capture. This innovation positions FARO to support law enforcement and reconstructionists under significant operational pressures.
FARO Technologies (NASDAQ: FARO) has launched the FARO Gage, an affordable and accurate portable coordinate measurement machine (CMM) designed for small and medium-sized businesses. The Gage improves efficiency and reduces costs by minimizing the need for traditional hand tools, while offering 20% more reach than previous models. Its lightweight, ergonomic design facilitates fast setup and reduces inspection time, thus enhancing productivity. This product aims to support the anticipated recovery of machine shops as global industry rebounds post-COVID-19.
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