Faro Technologies Inc Stock Price, News & Analysis

FARO Technologies, Inc. (NASDAQ: FARO) will release its financial results for the fourth quarter and full year ended December 31, 2020, after market close on February 17, 2021. The announcement will be followed by a conference call on February 18, 2021, at 8:00 a.m. ET, hosted by CEO Michael D. Burger and CFO Allen Muhich. Interested parties can access the call via phone or through a live webcast available on FARO's Investor Relations website.

FARO Technologies, Inc. (NASDAQ: FARO) announced the launch of FARO Zone 3D 2021, enhancing tools for crime, crash, fire, and security applications. This updated software improves the accuracy of forensic scene documentation with new features including blood stain analysis, bullet trajectory mapping, and a 3D roof builder. The 'Advanced' option allows users to register scan data into a 3D point cloud, offering functionalities like VR immersion for scene analysis. FARO Zone 3D 2021 will be showcased at the Public Safety & Forensics Tech Summit on December 9, promoting advancements in 3D data capture technology.

FARO Technologies has launched its next-generation Vantage Laser Tracker 6 Degrees of Freedom (6DoF) Probe, designed for enhanced portability and accuracy. This new tool is compatible with the Vantage S6 and E6 Laser Trackers, enabling faster measurement processes. It features kinematic self-identifying styli, allowing quick tip changes without recalibration. Users can save at least 30 minutes a day. The tool boasts a measurement range of up to 80 meters and supports FARO ActiveSeek to facilitate the tracking of active targets, boosting productivity in industrial applications.

FARO Technologies (NASDAQ: FARO) launched its WebShare Software Enterprise, enhancing its 3D Metrology solutions. This feature allows organizations to store data on private servers or cloud infrastructure, improving data security and accessibility. It supports unlimited data sizes and various industry formats, ideal for AEC projects and Digital Twin applications. Following the acquisition of ATS, FARO aims to optimize project efficiency with 10x faster imaging and up to 1mm accuracy in 3D scans.

FARO (Nasdaq: FARO) announced its third quarter 2020 financial results, reporting total sales of $70.7 million, a 17% sequential increase from the second quarter but down 22% year-over-year. New order bookings rose to $72.0 million, also a 17% increase sequentially but 24% below Q3 2019. Gross margin decreased to 51.3% compared to 56.1% in Q3 2019. The company posted a net loss of $3.0 million or $0.17 per share, an improvement from a net loss of $6.2 million or $0.36 per share a year earlier. The company remains debt-free with cash and investments totaling $163.6 million.

FARO Technologies, Inc. (NASDAQ: FARO), a leader in 3D measurement and imaging solutions, is set to announce its financial results for Q3 2020 after market close on October 28, 2020. A conference call will follow on October 29, 2020, at 8:00 a.m. ET, hosted by CEO Michael D. Burger and CFO Allen Muhich. Interested parties can join via phone or through a live webcast available on the company's Investor Relations page. A replay of the call will be accessible for about 30 days post-event.

FARO Technologies, Inc. (NASDAQ: FARO) announced the hiring of two senior executives, Avi Ray-Chaudhuri as VP of Hardware R&D and Wesley Tilley as VP of Software R&D, effective August 31, 2020. This strategic move aims to enhance its focus on cloud-based software applications, accelerating product development and differentiation in the 3D measurement and imaging market. CEO Michael Burger expressed excitement about the addition of these industry veterans, highlighting their extensive backgrounds in technology and R&D leadership.

FARO Technologies, Inc. (NASDAQ: FARO) has acquired Advanced Technical Solutions in Scandinavia AB (ATS), a leader in 3D digital twin technology, enhancing FARO's capabilities in the 3D digital twin market. The acquisition integrates ATS' software and 3D system into FARO's Webshare Cloud, enabling 10x faster 3D imaging with up to 1mm accuracy. This strategic move aims to accelerate the adoption of digital twin technology in capital-intensive industries, such as automotive and aerospace. FARO expects to leverage ATS to boost its cloud-based subscription offerings.

FARO Technologies, Inc. (NASDAQ: FARO) has unveiled FARO Trek, an autonomous 3D mobile scanning solution developed with Boston Dynamics. Trek integrates the FARO Focus S Laser Scanner with the Spot robot, enabling efficient data capture on construction sites. The robot's Autowalk feature allows for automated inspection processes, improving workflow and data consistency. This collaboration aims to enhance reality capture, offering clients a reliable method for documenting site conditions accurately and efficiently, crucial for timely project delivery.