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) delivers cutting-edge 3D measurement, imaging, and reality capture solutions across manufacturing, construction, and public safety sectors. This dedicated news hub provides investors and industry professionals with timely updates on corporate developments shaping the precision measurement landscape.
Track official announcements including quarterly earnings, product innovations, and strategic partnerships. Our curated feed consolidates press releases, financial disclosures, and market analyses to help stakeholders monitor FARO's position in industrial metrology and digital twin technologies.
Discover updates on FARO's laser scanning systems, software enhancements for quality assurance workflows, and global expansion initiatives. Bookmark this page for streamlined access to operational milestones and leadership insights directly impacting the company's trajectory in 3D digitalization markets.
FARO Technologies announced the retirement of Kevin Beadle, Senior Vice President of Global Sales, effective April 29, 2022. Beadle was instrumental in enhancing the sales team's efficiency. Jeff Sexton, who has over 30 years of sales experience and successfully led the Americas sales organization, will take over as Vice President of Global Sales on April 18, 2022. This transition aligns with FARO's long-term succession planning and aims to maintain momentum through Sexton's metrics-driven strategy.
FARO Technologies has launched a cutting-edge cloud-based platform called FARO Sphere™, designed for efficient 3D data capture and collaboration. This platform integrates three new solutions: the FARO Sphere digital ecosystem, the FARO Focus Premium Laser Scanner, and the FARO Stream mobile app. The system aims to enhance data accuracy, ease of use, and speed, while providing real-time data validation and remote collaboration capabilities. Initial feedback suggests that beta customers may improve decision-making speed by up to 50%, which could lead to significant recurring revenue through Software as a Service (SaaS).
FARO Technologies, Inc. (Nasdaq: FARO) announced that Alina Burroughs, a senior manager in Public Safety Analytics, is featured in Investigation Discovery's new series, Crime Scene Confidential, debuting March 8, 2022, at 9:00 PM ET. With 21 years in law enforcement, Burroughs revisits controversial murder cases to analyze forensic evidence. FARO's Vice President, Michael Carris, emphasized the importance of forensic technology in law enforcement. This series showcases the expertise of FARO's team in the critical field of crime scene analysis.
FARO (Nasdaq: FARO) reported fourth quarter 2021 revenue of $100.2 million, a 27% sequential increase driven by strong demand for the Quantum Max ScanArm and pandemic recovery. Gross margin improved to 55.6%, up from 54.6% year-over-year. However, the company faced a net loss of $31.7 million, impacted by a $26.5 million tax expense. For full year 2021, sales totaled $337.8 million, a rise from $303.8 million in 2020, but the net loss widened to $40.0 million. Looking ahead, Q1 2022 revenue is projected between $80 to $88 million.
FARO Technologies, Inc. (NASDAQ: FARO) will announce its financial results for the fourth quarter and full year ended December 31, 2021, after the market closes on February 16, 2022. CEO Michael D. Burger and CFO Allen Muhich will host a conference call at 5:00 p.m. ET on the same day to discuss the results. Interested parties can access the call via phone or through a live webcast on FARO's Investor Relations website. A replay will be available approximately two hours after the call's conclusion for 30 days.
FARO (Nasdaq: FARO) reported third-quarter 2021 financial results, showing total sales of $79.2 million, a 4% sequential decrease from the previous quarter but a 12% year-over-year increase. New order bookings also declined 9% sequentially to $80.4 million, yet increased 12% year-over-year. The gross margin improved to 53.5% compared to 51.3% in the same quarter last year. Despite a net loss of $3.9 million or $0.21 per share, the firm remains optimistic about future demand and product response, particularly in light of logistical challenges affecting order fulfillment.
FARO Technologies, Inc. (Nasdaq: FARO), a leader in 3D measurement and imaging solutions, will release its third-quarter financial results for the period ending September 30, 2021, after market close on October 27, 2021. A conference call featuring President and CEO Michael D. Burger and CFO Allen Muhich will take place on the same day at 5:00 p.m. ET. Interested parties can access the call via phone or through a live webcast on FARO's Investor Relations website.
FARO Technologies has partnered with George Mason University to establish the world's first FARO-certified Forensic Science Research and Training Laboratory. This initiative includes a $300,000 donation of hardware and software for forensic science students, enabling them to gain hands-on experience with cutting-edge technology in crime scene documentation. The partnership aims to enhance forensic education and facilitate collaboration with law enforcement agencies, including the Fairfax County Police and the U.S. Army.
FARO (Nasdaq: FARO) reported second-quarter 2021 sales of $82.1 million, an 8% increase sequentially and 36% year-over-year. New order bookings rose 9% sequentially to $88.2 million, and 44% year-over-year. Gross margin improved to 55.4% from 47.7% in Q2 2020. The company posted a net loss of $1.2 million or $0.06 per share, a significant recovery from the $8.9 million loss recorded in the same quarter last year. Cash and short-term investments fell by $36.6 million to $133.3 million due to the acquisition of HoloBuilder.
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