LAKE MARY, Fla. - FARO Technologies, Inc. (NASDAQ:FARO), a global technology company, has introduced an expansion to their FARO Focus 3D Laser Scanner portfolio with a new model, Focus Premium Max. This latest addition enhances the lineup by extending its scanning range to 400 meters, catering to large outdoor environments.
The Focus Premium Max joins the existing models, including the Premium and Core laser scanners, which have also received improvements in scanning range. The entire portfolio is designed to serve various industries such as construction, geospatial, engineering, and public safety, by offering a comprehensive 3D reality capture solution.
FARO has integrated Hybrid Reality Capture™ technology, powered by Flash Technology, across the Focus series. This innovation claims to halve scanning time by merging the precision of terrestrial laser scanning with the speed of a panoramic camera. This upgrade is a direct response to customer feedback seeking enhanced range capabilities and more efficient data collection.
Peter J. Lau, FARO President & CEO, stated, "This refreshed lineup gives existing and new customers more flexibility in choosing a solution that equips them with accurate data and actionable insights, keeping the Focus lineup at the forefront of laser scanning."
The FARO Stream app accompanies all Focus scanners, providing real-time feedback on pre-registered scans to streamline on-site workflow efficiency. For extended analysis, storage, and collaboration, data can be uploaded to FARO Sphere XG, although this remains optional.
The new Focus Premium Max, as well as the updated Focus Core and Focus Premium models, are available for purchase globally. Demonstrations can be arranged through the company's website.
FARO has been at the forefront of measurement and imaging technology for over four decades, striving to connect the digital and physical worlds through data accuracy and precision.
This news article is based on a press release statement from FARO Technologies.
In other recent news, FARO Technologies has seen significant developments. The company reported strong Q2 2024 performance, surpassing targets despite a challenging macroeconomic landscape. The firm exceeded its full-year 2023 adjusted EBITDA in the first half of 2024, with non-GAAP gross margins rising to 55% and non-GAAP operating expenses decreasing by 9% year-over-year. The company also reported a GAAP operating income of $1.8 million.
However, revenue fell by 7%, with hardware revenue decreasing by 12%. The Asia Pacific region and the Americas experienced declines, largely due to a slowdown in decision-making within the construction market, particularly in China. Despite these challenges, FARO Technologies projects Q3 revenue to be between $76 million and $84 million.
In a separate development, Jeff Sexton, Senior Vice President of Global Sales, has resigned due to pressing family circumstances. Sexton's departure is not linked to any disputes with the company or its management. FARO Technologies is actively seeking a new executive for the Global Sales position.
InvestingPro Insights
As FARO Technologies introduces its new Focus Premium Max laser scanner, investors might be keen to understand the company's financial position. According to InvestingPro data, FARO's market capitalization stands at $353.28 million, reflecting its position in the technology sector. The company's revenue for the last twelve months as of Q2 2024 was $351.98 million, with a gross profit margin of 53.81%, indicating a solid ability to generate profit from its core business activities.
An InvestingPro Tip highlights that FARO operates with a moderate level of debt, which could provide financial flexibility as it continues to innovate and expand its product line. This is particularly relevant given the company's recent launch of the Focus Premium Max and upgrades to existing models, which may require ongoing investment in research and development.
Another InvestingPro Tip suggests that analysts predict the company will be profitable this year. This forecast aligns with FARO's efforts to enhance its product offerings and potentially capture a larger market share in the 3D reality capture solutions space.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights. There are 6 more InvestingPro Tips available for FARO Technologies, which could provide valuable context for understanding the company's financial health and growth prospects in light of its recent product announcements.
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