Faro Technologies Inc Stock Price, News & Analysis

FARO Technologies, Inc. (NASDAQ: FARO) announced the pricing of $60 million in 5.50% convertible senior notes due 2028, set to close on January 24, 2023. The notes have an initial conversion rate of 23.6072 shares per $1,000 principal, equivalent to a price of approximately $42.36 per share, a 20% premium over the closing price on January 19, 2023. Proceeds are expected to total about $57.7 million, aimed at working capital and general corporate purposes. The company may redeem the notes after February 5, 2026, if its stock price meets certain conditions. The offering complies with Rule 144A under the Securities Act.

FARO Technologies announced a proposed offering of $60 million in convertible senior notes due 2028, subject to market conditions. The private placement will be made to qualified institutional buyers under Rule 144A. An additional $15 million in notes may be purchased by the initial purchaser. The notes will be general unsecured obligations of FARO and will accrue interest payable semiannually, maturing on February 1, 2028. Holders can convert notes under specified conditions, and FARO may redeem them starting February 5, 2026, if the stock price meets certain criteria. Proceeds from the offering will be used for working capital and corporate purposes.

FARO (Nasdaq: FARO) announced on January 19, 2023, the appointment of Jawad Ahsan to its Board of Directors effective February 1, 2023. Ahsan, previously the CFO of Axon and with extensive experience at General Electric, is expected to aid FARO's strategic shift toward hardware-software solutions. The company also confirmed the retirement of long-serving board member Stephen Cole, with Alex Davern stepping in as Audit Committee Chair. This leadership transition is crucial as FARO continues to innovate in 3D measurement and analytics.

FARO Technologies announced the acquisition of SiteScape, a leader in LiDAR 3D scanning software for AEC and O&M markets, on December 1, 2022. This strategic move enhances FARO's Sphere Platform by integrating SiteScape's low-resolution LiDAR capture capability, streamlining various capture methods into a unified platform. The integration aims to expand FARO's reality capture solutions, leveraging the broad market of existing LiDAR-enabled mobile devices. FARO's President and CEO highlighted the potential for significant user benefits from this addition.

FARO Technologies, a global leader in 4D digital reality solutions, announced the launch of the latest FARO Zone 3D Software, designed for public safety professionals. This edition features advanced graphics, customizable vehicle modeling, and the ability to measure from photographs using photogrammetry. With improved point cloud capabilities and integration of 3D data from various capture devices, the software allows for comprehensive forensic scene documentation and analysis. It aims to enhance the courtroom experience by creating realistic 3D models, ultimately aiding in solving cases.

FARO Technologies reported Q3 2022 financial results with total sales of $85.3 million, an 8% increase year-on-year. On a constant currency basis, revenue was $91.5 million, marking a 14% rise. Software sales dropped to 12% of revenue, down from 14% in the prior year. The net loss widened to $6.3 million or ($0.34) per share. Operating expenses rose to $50.4 million. The guidance for Q4 2022 anticipates revenue between $99.0 million and $107.0 million with non-GAAP EPS of $0.25 to $0.45.

FARO Technologies, a leader in 4D digital reality solutions, will release its third-quarter financial results on November 2, 2022. The announcement follows the company's fiscal period ending September 30, 2022. CEO Michael D. Burger and CFO Allen Muhich will lead a conference call at 5:00 p.m. ET on the same day to discuss the results. Interested parties can join the call through designated phone numbers or via a live webcast on FARO's Investor Relations webpage.

FARO Technologies has launched the Focus Core Laser Scanner, enhancing its 3D reality capture solutions for construction, public safety, and building operations. This scanner offers quick scanning (under a minute per scan), a range of up to 70 meters, and improved Wi-Fi capabilities. It is designed for professionals new to 3D capture, providing a favorable price-performance ratio. The Focus Core pairs with the FARO Stream app for real-time pre-registration and integrates with the FARO Sphere cloud platform for enhanced project collaboration.

FARO Technologies, Inc. (Nasdaq: FARO) has launched its new 4D Construction Progress Management Solution on the Sphere SaaS platform. This solution facilitates efficient data capture and analysis for construction professionals, enhancing site updates and collaboration. Key features include the Sphere Viewer, which unifies 3D models and point cloud data, and ProgressAI, which employs AI for progress reporting. The solution is expected to debut later this year at Autodesk University, further advancing FARO's position in the digital reality insights market.