Faro Technologies Inc Stock Price, News & Analysis

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.

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.

On June 2, 2022, FARO Technologies announced the election of Yuval Wasserman as the new Chairman of the Board, effective May 26, 2022. Mr. Wasserman, a board member since December 2017, brings extensive experience in driving profitable growth, notably as President and CEO of Advanced Energy Industries. Michael Burger, FARO's CEO, praised Wasserman's leadership capabilities. Former Chairman John Donofrio will continue on the Board and lead the Talent Development and Compensation Committee. FARO focuses on 3D technology solutions for various markets, enhancing digitization and decision-making.

FARO Technologies reported a Q1 2022 revenue of $76.7 million, meeting the previous year’s figures. However, net loss surged to $9.7 million or ($0.53) per share, compared to $3.2 million in Q1 2021. Contributing factors included COVID-related disruptions in China and supply chain shortages. The company noted a 6.5% increase in recurring revenue to $16.5 million and a gross margin of 53.5%. For Q2 2022, FARO expects revenue between $77 million and $85 million, with non-GAAP EPS projected between ($0.17) and $0.04.

FARO Technologies, a leader in 4D digital reality, will release its first quarter financial results for 2022 after market close on April 27, 2022. A conference call led by CEO Michael D. Burger and CFO Allen Muhich is set for the same day at 5:00 p.m. ET. Investors can access the call via phone or by live webcast on FARO's Investor Relations website. A replay will be available for 30 days post-call. FARO serves various markets, including 3D Metrology and Public Safety Analytics, offering solutions that enhance decision-making through digital data.