Faro Technologies Inc Stock Price, News & Analysis

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.

FARO Technologies, a leader in 4D digital reality solutions, has appointed Patrick Bohle as President of Building Insights. This decision is part of FARO's strategy to enhance the digitalization of physical assets through targeted software applications aimed at improving customer insights. Bohle's focus will be on Facilities Management and the $7 trillion Construction market, addressing waste and productivity. The leadership transition is expected to enhance FARO's SaaS business in the Architectural, Construction, Engineering, and Operations market.

FARO Technologies has unveiled its new Vantage S6 Max and Vantage E6 Max Laser Tracker series, designed for enhanced 3D measurement accuracy and efficiency in industrial applications. These trackers achieve measurements up to 80 meters while improving productivity by 20%. The Vantage Max series incorporates a 6DoF measurement capability with the optional 6Probe, allowing users to measure hidden areas more effectively and optimize inspection processes. The technology aims to save users up to 60 minutes of work each day by increasing throughput and minimizing the need for device repositioning.