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 (Nasdaq: FARO) announces the appointment of Moonhie Chin and Alex Davern to its Board of Directors, effective October 1, 2021. Chin has extensive leadership experience at Autodesk and will enhance FARO's cloud-based 3D software platform. Davern, with over 25 years at National Instruments, brings invaluable experience in hardware-software integration. Both appointments align with FARO's strategy to leverage its strengths in 3D measurement and imaging solutions, enhancing its competitive position within the AEC and public safety markets.
FARO Technologies, Inc. (Nasdaq: FARO) will release its financial results for Q2 2021 on July 28, 2021, after market close. The results cover the period ending June 30, 2021. A conference call hosted by President and CEO Michael D. Burger and CFO Allen Muhich is scheduled for July 29, 2021, at 8:00 a.m. ET. Interested parties can join via phone or through a live webcast on the company's Investor Relations website. A recording will be available for 30 days post-call.
On July 16, 2021, FARO Technologies, Inc. (Nasdaq: FARO) announced a significant operational shift by outsourcing its manufacturing to Sanmina Corporation. This decision follows a comprehensive selection process aimed at enhancing operational efficiency. The transition, projected to conclude within a year, is expected to result in annualized savings of approximately $12 million. However, the company anticipates incurring cash charges of about $6 million in 2021 and total pre-tax charges of $15 to $20 million through mid-2022. The full financial benefits are expected by Q1 2023.
FARO Technologies, Inc. (NASDAQ: FARO) has launched the Quantum Max ScanArm, the latest innovation in portable measurement tools featuring three hot-swappable Laser Line Probes (LLPs) designed for various measurement needs. The Quantum Max enhances productivity by over 30% with superior scanning capabilities and FARO CLR technology, ensuring high-quality data capture on challenging surfaces. It allows quick probe changes without recalibration and is compatible with FARO CAM2 software for efficient inspection routines.
FARO Technologies has acquired HoloBuilder, enhancing its digital twin capabilities. The acquisition, valued at $34 million, aims to bolster FARO's offerings in 3D measurement and construction management. HoloBuilder's photogrammetry-based platform will integrate with FARO's laser scanning technology, creating a comprehensive digital twin solution for various industries. As of April 30, 2021, HoloBuilder reported an annual recurring revenue of $4 million with a compound annual growth rate of nearly 75% since 2019. The transaction closed on June 4, funded with FARO's cash reserves.
FARO, a leader in 3D measurement and imaging solutions, announced participation in several upcoming virtual investor conferences. Key dates include:
- May 19, 2021 - Needham Virtual Technology & Media Conference at 11:00 a.m. ET
- June 2, 2021 - Craig-Hallum Institutional Investor Conference
- June 8, 2021 - Robert W. Baird Global Conference at 12:50 p.m. ET
- June 10, 2021 - Stifel Virtual Conference at 2:00 p.m. ET
- June 15, 2021 - Berenberg Design Software Conference
Live webcasts will be available on FARO's investor relations website.
FARO (Nasdaq: FARO) reported Q1 2021 sales of $76.3 million, down from $79.5 million in Q1 2020, driven by the ongoing impacts of the COVID-19 pandemic. However, new order bookings increased by 3% to $80.6 million. The gross margin declined to 52.9% from 55.2% year-over-year, while operating expenses dropped to $46.8 million. The net loss narrowed to $3.2 million or $0.18 per share, compared to a loss of $14.8 million or $0.84 per share a year prior. Cash reserves decreased by $15.7 million to $170 million, maintaining a debt-free status.
FARO (Nasdaq: FARO) will report its first-quarter financial results for the period ending March 31, 2021, after market close on April 28, 2021. A conference call will be hosted by President and CEO Michael D. Burger and CFO Allen Muhich on April 29, 2021, at 8:00 a.m. ET. Interested participants can join by dialing (877) 876-9176 for the U.S. or +1 (785) 424-1670 internationally, using the passcode FARO. Additionally, a live webcast will be available on FARO’s Investor Relations website.
FARO (Nasdaq: FARO) announced changes to its Board of Directors, welcoming Jeroen van Rotterdam, who brings 25 years of experience in technology and cloud development, to support the company's strategic goals. Board Chairman John Donofrio highlighted FARO's potential to enhance shareholder value through its portfolio aimed at 3D Metrology, AEC, and Public Safety markets. Effective at the 2021 annual stockholders meeting, board members John E. Caldwell and Jeffrey A. Graves will depart, with Caldwell being a longstanding member since 2002.
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