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Faro Technologies Inc   (FARO)
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Price: $20.1100 $-0.09 -0.446%
Day's High: $20.34 Week Perf: -3.64 %
Day's Low: $ 19.90 30 Day Perf: -9.74 %
Volume (M): 1,255 52 Wk High: $ 25.23
Volume (M$): $ 25,240 52 Wk Avg: $18.22
Open: $20.08 52 Wk Low: $10.30



 Market Capitalization (Millions $) 381
 Shares Outstanding (Millions) 19
 Employees 1,288
 Revenues (TTM) (Millions $) 358
 Net Income (TTM) (Millions $) -57
 Cash Flow (TTM) (Millions $) 39
 Capital Exp. (TTM) (Millions $) 14

Faro Technologies Inc

We design, develop, manufacture, market and support software driven, three-dimensional (3D) measurement, imaging and realization systems. We sell the majority of our products through a direct sales force across a broad number of customers in a range of manufacturing, industrial, architecture, surveying, building information modeling, construction, public safety, cultural heritage and other applications. Our FaroArm®, FARO Laser ScanArm®, FARO Gage, FARO Laser Tracker™, FARO Cobalt Array 3D Imager, and their companion CAM2® software, provide for Computer-Aided Design, or CAD, based inspection and/or factory-level statistical process control and high-density surveying. Together, these products integrate the measurement, quality inspection, and reverse engineering functions with CAD software to improve productivity, enhance product quality and decrease rework and scrap in the manufacturing process. Our FARO Focus3D and FARO Freestyle3D laser scanners, and their companion SCENE, FARO public safety software and FARO 3D software, are utilized for a wide variety of 3D modeling, documentation and high-density surveying applications, including in two of our key vertical markets – Building Information Modeling (BIM)/Construction Information Management (CIM) and public safety.

We believe four principal forces drive the need for our products and services: 1) the widespread use by manufacturers of CAD in product development, which shortens product cycles; 2) the adoption by manufacturers of quality standards such as Six Sigma and ISO-9001 (and its offshoot QS-9000), which stress the measurement of every step in a manufacturing process to reduce or eliminate defects; 3) the inability of traditional measurement devices to address many manufacturing problems such as throughput, efficiency, and accuracy, especially with respect to large components for products such as automobiles, aircraft, heavy duty construction equipment and factory retrofits; and 4) the growing demand to capture large volumes of three-dimensional data for modeling and analysis.


CAD improves the manufacturing process. The creation of physical products involves the processes of design, engineering, production, and measurement and quality inspection. These basic processes have been profoundly affected by the computer hardware and software revolution that began in the 1980s. CAD software was developed to automate the design process, providing manufacturers with computerized 3D design capability and shortening the time between design changes. Today, most manufacturers use some form of CAD software to create designs and engineering specifications for new products and to quantify and modify designs and specifications for existing products. While manufacturers previously designed their products to remain in production for longer periods of time, current manufacturing practices must accommodate more frequent product introductions and modifications, while satisfying more stringent quality and safety standards. Assembly fixtures and measurement tools must be linked to the CAD design to enable production to keep up with the rate of design change.


Quality standards dictate measurement to reduce defects. QS-9000 is the name given to the Quality System requirements of the automotive industry developed by Chrysler, Ford, General Motors and major truck manufacturers. Companies registered under QS-9000 are considered to have higher standards and better quality products. Six Sigma is a set of quality standards that embodies the principles of total quality management, focused on measuring results and reducing product or service failure rates to 3.4 per million. All aspects of a Six Sigma company’s infrastructure must be analyzed and, if necessary, restructured to increase revenues and raise customer satisfaction levels. The all-encompassing nature of these and other quality standards has resulted in manufacturers measuring every aspect of their process, including stages of product assembly that may never have been measured before, in part because of the lack of suitable measurement equipment.


Traditional products do not measure up. A significant aspect of the manufacturing process entails measurement and quality inspection. Historically, manufacturers have measured and inspected products using hand-measurement tools such as scales, calipers, micrometers and plumb lines for simple measuring tasks, test (or check) fixtures for certain large manufactured products, and traditional (or fixed) coordinate measurement machines, or CMM, for objects that require higher precision measurement. However, the broader utility of each of these measurement methods is limited.


Although hand-measurement tools are often appropriate for simple geometric measurements, including hole diameters or length and width of a rectangular component, their use for complex part measurements, such as the fender of a car, is limited. Also, these devices do not allow for the measurements to be directly compared electronically to the CAD model of the part. Test fixtures (customized fixed tools used to make comparative measurements of complex production parts to “master parts”) are relatively expensive and must be reworked or discarded each time a dimensional change is made in the part being measured. In addition, these manual measuring devices do not permit the manufacturer to electronically compare the dimensions of an object with its CAD model.


Conventional CMMs are generally large, fixed-base machines that provide very high levels of precision and provide a link to the CAD model of the object being measured. However, fixed-base CMMs require that the object being measured be brought to the CMM and fit within the CMM’s measurement grid. As manufactured subassemblies increase in size and become integrated into even larger assemblies, they become less transportable, thus diminishing the utility of a conventional CMM. Consequently, manufacturers must continue to use hand-measurement tools, or expensive customized test fixtures, to measure large or unconventionally shaped objects. In addition, some parts or assemblies are not easily accessible and cannot be measured using traditional devices.


The market demands three-dimensional data. Various factors contribute to market demand for FARO products and services. Conventional surveying equipment is limited to single-point measurements and does not have the capacity to capture and analyze large volumes of three-dimensional data. As data requirements for construction, civil engineering and public safety projects become more complex, single-point measurement devices will become increasingly more difficult to utilize in those applications.



   Company Address: 125 Technology Park, Lake Mary, 32746 FL
   Company Phone Number: 333-9911   Stock Exchange / Ticker: NASDAQ FARO
   


   

Stock Performances by Major Competitors

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Faro Technologies Inc

FARO Technologies Inc. Sees Earnings Boosted by $2.35 Million Income Tax Refund

The stock market has been closely monitoring FARO Technologies Inc as it navigates through a challenging period of financial instability. Despite facing significant losses in the past fiscal year, the company has shown promise with a turnaround to profits in the fourth quarter of 2023. The appointment of Matthew Horwath as the new Senior Vice President and Chief Financial Officer is a strategic move that signals FARO's commitment to addressing its financial challenges head-on.
It is important to note that FARO Technologies Inc's recent positive financial performance was influenced by a one-time income tax refund of $2.35 million. Excluding this refund, the company's profits may appear more modest. However, the improvement in profit margins, as evidenced by the rise in net margin to 1.62% and operating margin to 1.38%, demonstrates progress in the company's financial management.

Personnel Announcements

FARO Technologies Appoints Matthew Horwath as CFO Amidst a Cumulative Net Loss of $-60 Million, Triggering Urgent Financial Restructuring

Published Tue, Jan 16 2024 9:05 PM UTC

FARO Technologies Faces CFO Transition Amidst Financial Challenges
LAKE MARY, Fla., Jan. 16, 2024 - FARO Technologies (Nasdaq: FARO), a leading provider of 4D digital reality solutions, recently announced the appointment of Matthew Horwath as the Senior Vice President and Chief Financial Officer. This significant transition comes at a crucial time for the company, as F...

Market Compliance

FARO Technologies Sets New Standard in Data Security with Successful SOC 2 Type II Audit

Published Fri, Dec 29 2023 9:00 PM UTC

FARO Technologies, a prominent supplier of 3D measurement and imaging solutions, has proudly announced the successful completion of its SOC 2 Type II audit for Sphere XG. This accomplishment showcases the company's unwavering dedication to customer satisfaction and data security.
The SOC 2 Type II audit is a comprehensive evaluation that assesses an organization's contro...

Faro Technologies Inc

Faro Technologies Inc faces mixed results with an increase in earnings per share but soft revenue growth



Faro Technologies Inc (NYSE: FARO) has recently released its financial results for the time frame ending September 30, 2023. The company has shown both positive and negative developments in its performance, leaving investors contemplating its future prospects.
For the financial time-frame ending September 30, 2023, Faro Technologies' company, Diminishing Returns, witnessed an expansion of $-0.46 per share, compared to $-0.34 per share the previous year. Earnings per share also improved from $-1.49 to $-0.34 in the preceding reporting period. On the revenue front, the company experienced a soft growth of 1.573%, recording $86.67 million compared to $85.33 million in the same reporting period a year prior. However, sequentially, revenue decreased by -1.742% from $88.21 million.

Faro Technologies Inc

Faro Technologies Inc Reports Impressive Revenue Growth in Recent Fiscal Period Despite Escalating Deficit

/>Faro Technologies Inc, a Scientific & Technical Instruments company, recently released its financial results for the most recent fiscal period. While the company experienced a significant increase in revenue, it also incurred a higher deficit per share compared to the previous reporting period. This article aims to outline the key facts from Faro Technologies Inc's financial results and analyze their implications.
Revenue Growth and Lagging Performance:
During the most recent fiscal period, Faro Technologies Inc witnessed a revenue increase of 10.378% to reach $88.21 million. This growth, however, fell behind its competitors within the Scientific & Technical Instruments sector, as they reported a revenue improvement of 13.71% relative to Q2 of 2022. Despite the increase in revenue, the company's deficit per share rose to $-1.49, indicating financial challenges.






 

Faro Technologies Inc's Segments
 
 
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Earnings Outlook
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