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FARO Technologies reports developments in 3D measurement, imaging, laser projection, and digital reality solutions used to connect physical-world measurement with data-driven workflows. Following its completed acquisition by AMETEK, FARO joined Creaform and Virtek within AMETEK’s Ultra Precision Technologies Division, extending a portfolio that includes portable and automated 3D metrology, laser scanning, and reality capture technologies.
Recurring company updates include product launches such as FARO Blink, software-driven reality capture through the FARO Sphere XG Digital Reality Platform, and organizational changes that created FARO CREAFORM for dimensional measurement and FARO INSIGHT for construction, public safety, geospatial, and related reality capture applications. Historical public-company news also covered operating results, material agreements, governance matters, shareholder votes, and capital-structure disclosures.
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.
FARO Technologies, Inc. (Nasdaq: FARO) introduces the Flatness Check, its first augmented reality app for the concrete construction industry. This innovative tool enhances the visualization of floor flatness and levelness, improving construction quality and reducing rework costs. Integrated with the FARO Sphere ecosystem, it supports various laser scanners and allows project stakeholders to share data efficiently. The app aims to streamline construction processes and is now available for download on Apple's App Store, marking a significant advancement in construction quality control.
FARO Technologies has acquired UK-based GeoSLAM, a leader in mobile scanning solutions. The transaction, valued at £22 million in cash and shares, enhances FARO's capabilities in 4D digital reality with GeoSLAM's proprietary SLAM technology. GeoSLAM reported £14.5 million in revenue with an 18% EBITDA for the fiscal year ending March 31, 2022. This acquisition is expected to accelerate FARO's growth in the mobile scanning sector and is projected to be accretive to Non-GAAP EPS in 2023. The deal closed on September 1, 2022.
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FARO Technologies reported second-quarter 2022 revenue of $79.9 million, down 3% year-over-year, but $83.9 million on a constant currency basis, representing a 3% growth. The launch of new products contributed to demand. Gross margin decreased to 50.6% from 55.4% a year ago, while operating expenses rose to $49.4 million. The company posted a net loss of $8.6 million or ($0.47) per share compared to a loss of $1.2 million in the same quarter last year. For Q3 2022, FARO expects revenue between $79 million and $87 million.
FARO (Nasdaq: FARO) has expanded its Board of Directors to nine members with the appointment of Rajani Ramanathan, effective July 25, 2022. Ms. Ramanathan brings nearly 14 years of experience from Salesforce.com, where she served as Executive Vice President and COO of Technology & Products. Her expertise in SaaS is anticipated to bolster FARO's initiatives in digitalizing the physical world and enhance SaaS offerings through their new FARO Sphere. The company aims to address urban challenges and improve operational efficiencies.
FARO Technologies (NASDAQ: FARO) announced it will release its Q2 2022 financial results after market close on August 3, 2022. The release will be accompanied by a conference call at 5:00 p.m. ET featuring President and CEO Michael D. Burger and CFO Allen Muhich. Interested parties can join the call by dialing (800) 245-3047 in the U.S. or +1 (203) 518-9765 internationally, using the passcode FARO. A live webcast will also be accessible on the company’s website and a replay will be available for 30 days post-call.
FARO Technologies announced that GOLDBECK has adopted its HoloBuilder solution organization-wide, following a successful application on major projects. This enterprise-wide deployment is a testament to the growing acceptance of HoloBuilder in the construction technology sector. The platform enables efficient project management using 360° photo capture technology and integrates with various software tools. Since FARO's acquisition of HoloBuilder in 2021, new features have been introduced, enhancing project tracking and data management capabilities.