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. (FARO) generates a steady flow of news as a global provider of 3D metrology, laser scanning, and digital reality solutions. Company announcements highlight new product launches, strategic partnerships, financial results, and major corporate developments, giving investors and industry professionals insight into how FARO’s technologies are evolving and where they are being applied.
Product-focused news often features advances in handheld and portable 3D metrology, such as the introduction of FARO Leap ST, a handheld scanner with multiple operating modes for metrology-grade measurement of parts and surfaces. FARO also issues updates on reality capture innovations like the Blink solution, which integrates with the FARO Sphere XG Digital Reality Platform to provide automated workflows and visualization for construction, real estate, and geospatial users.
FARO’s news flow includes earnings releases and outlook updates, where the company discusses product and service sales, margins, and non-GAAP performance metrics such as Adjusted EBITDA. These releases also outline strategic priorities, including operational initiatives and restructuring plans, and provide context on demand for FARO’s 4D digital reality solutions.
Strategic and corporate news items cover agreements and transactions that shape FARO’s position in the market. Examples include a strategic agreement with Topcon Corporation to collaborate on laser scanning solutions for construction, surveying, mapping, architecture, forensics, BIM, and industrial plant and process applications, as well as AMETEK’s agreement to acquire FARO and subsequent announcement of the acquisition’s completion.
This news page brings together these categories of updates so readers can follow FARO’s product roadmap, financial performance, partnerships, and corporate milestones in one place.
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.