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 (Nasdaq: FARO) has launched the FARO Leap ST, a new handheld scanner expanding its 3D metrology product portfolio. The device features five operating modes: ultra-fast scanning, hyperfine scanning, deep hole scanning, large area scanning, and photogrammetry. This launch is accompanied by an update to FARO CAM2 Software, which now includes five tailored versions for different manufacturing measurement needs.
The metrology-grade tool is designed for measuring and verifying various surfaces and parts, offering a compact and portable solution suitable for multiple industries. The updated CAM2 software provides options for scanning devices, probing devices, and a hybrid approach integrating both functionalities. RFK Racing, an eight-time NASCAR champion and existing FARO customer, has endorsed the new scanner for its potential to enhance manufacturing efficiency.
FARO Technologies reported its third quarter 2024 financial results. The company achieved revenue of $82.6 million, at the upper end of its guidance range. Gross margin was 55.7%, with a non-GAAP gross margin of 56.1%, both above guidance. The net loss was $0.3 million, or $(0.02) per share, while non-GAAP EPS was $0.21, exceeding expectations. Cash flow from operations was $2.6 million, and the company repurchased $10 million in shares. Operating expenses decreased to $43.8 million, with non-GAAP operating expenses at $40.1 million. Adjusted EBITDA improved to $8.9 million, or 10.7% of revenue. Looking forward, FARO expects fourth-quarter revenue between $88 and $96 million and non-GAAP EPS between $0.32 and $0.52. The company remains focused on growth initiatives despite economic challenges.
FARO Technologies (Nasdaq: FARO) announced it will release its third quarter 2024 financial results after market close on November 6, 2024. The company will host a conference call at 4:30 pm ET the same day, led by CEO Peter Lau and CFO Matthew Horwath. Investors can join via phone (+1 800-343-4849 U.S. or +1 785-424-1699 International) using passcode FARO, or through a live webcast on FARO's investor relations website. A replay will be available online for approximately 30 days.
FARO Technologies, a global leader in 4D digital reality solutions, has appointed Phillip Delnick as Senior Vice President, Global Sales, effective October 21, 2024. Delnick brings extensive sales leadership experience from his nearly two-decade tenure at Ingersoll Rand, where he most recently served as Vice President, Americas – Power Tools and Lifting.
Peter Lau, President & CEO of FARO, expressed confidence in Delnick's ability to drive revenue growth, profit growth, and customer satisfaction. Delnick, in turn, expressed excitement about joining FARO and driving customer value through innovative products. He emphasized FARO's mission to harness digital reality solutions, enabling customers to achieve greater operating efficiencies by blending physical and virtual worlds.
FARO Technologies, Inc. (Nasdaq: FARO) has unveiled the next generation of its Focus 3D Laser Scanner portfolio, introducing the Focus Premium Max with an extended scanning range of 400 meters. This update aims to enhance data capture capabilities for large outdoor environments. The entire Focus lineup now incorporates Hybrid Reality Capture™ powered by Flash Technology, reducing scanning time by up to 50%.
The refreshed portfolio includes improvements to existing Focus Premium and Core laser scanners, offering enhanced range capabilities. These scanners are designed for applications in construction, geospatial, engineering, and public safety. The FARO Stream app, included with all Focus scanners, provides real-time feedback on pre-registered scans, while data can be optionally uploaded to FARO Sphere XG for comprehensive analysis, storage, and collaboration.
FARO Technologies, Inc. (Nasdaq: FARO) has unveiled the Quantum X FaroArm Series of portable coordinate measurement machines. This new series offers an up to 15% increase in accuracy compared to previous Quantum Max FaroArms, enhancing manufacturing efficiency with improved probing and scanning capabilities. The Quantum X Series is available in 5 lengths, ranging from 2 to 4 meters, catering to various manufacturing needs such as quality control and product design.
When combined with the FARO 8-Axis Max integrated rotary worktable, measurement time can be reduced by up to 40%. The series is compatible with FARO's Laser Line Probes (LLPs), allowing users to switch between contact and non-contact scanning without recalibration. The Quantum X Series is now available globally, with demonstrations bookable on FARO.com.
FARO Technologies has released its Q2 2024 financial results. The company reported revenue of $82.1 million, a 7% decline YoY. The gross margin was 54.6%, with a non-GAAP gross margin of 55.0%, both above guidance. The GAAP net loss was $0.5 million or $(0.03) per share, but non-GAAP EPS was $0.18. Cash flow from operations reached $4.2 million.
Despite a challenging macroeconomic environment, FARO achieved adjusted EBITDA of $8.4 million, 10.3% of revenue. Operating expenses fell to $43.0 million from $58.7 million YoY. The company also holds $97.9 million in cash and equivalents.
For Q3 2024, FARO anticipates revenue between $76 and $84 million, with a gross margin of 53.0% to 54.5%. Operating expenses are expected to range from $45 to $47 million.
FARO Technologies, Inc. (Nasdaq: FARO), a leader in 4D digital reality solutions, has announced its plan to release second quarter 2024 financial results on August 8, 2024, after market close. Following the release, the company will host a conference call at 4:30 pm ET on the same day. Peter Lau, President and CEO, and Matthew Horwath, Senior VP and CFO, will lead the call.
Interested parties can join the call by dialing +1 800-267-6316 (U.S.) or +1 203-518-9783 (International) using the passcode FARO. A live webcast will be available on FARO's Investor Relations website. To ensure a timely connection, participants are advised to dial in 10 minutes before the start time. A replay of the webcast will be accessible on the company's website for approximately 30 days after the call.
FARO Technologies, Inc. announced Q1 financial results with revenue of $84.2 million, exceeding guidance. GAAP loss per share was $(0.38), but Non-GAAP EPS was $0.09. The company generated $6.6 million in cash flow from operations. Total sales were down 1% year over year. FARO expects revenue in the range of $79 to $87 million for Q2 2024.
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