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Corporation
ELECTRONICS | Technical & Scientific Instrumentation
faro.com

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Investments

1

Partners & Customers

8

About FARO Technologies

FARO is a trusted source for 3D measurement technology. The Company develops and markets computer-aided measurement and imaging devices and software. Technology from FARO permits high-precision 3D measurement, imaging and comparison of parts and complex structures within production and quality assurance processes. The devices are used for inspecting components and assemblies, rapid prototyping, documenting large volume spaces or structures in 3D, surveying and construction, as well as for investigation and reconstruction of accident sites or crime scenes.

FARO Technologies Headquarter Location

125 Technology Park

Lake Mary, Florida, 32746,

United States

407-333-9911

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Latest FARO Technologies News

16:05 ET FARO Announces Third Quarter 2021 Financial Results

Oct 27, 2021

News provided by Share this article Share this article LAKE MARY, Fla., Oct. 27, 2021 /PRNewswire/ -- FARO® (Nasdaq: FARO ), a global leader of 3D measurement, imaging, and realization solutions for the 3D Metrology, AEC (Architecture, Engineering & Construction), and Public Safety Analytics markets, today announced its financial results for the third quarter ended September 30, 2021. "Demand remained strong in the third quarter, while customer COVID-related logistical challenges shifted some orders into the fourth quarter," stated Michael Burger, President and Chief Executive Officer. "As we focus on the growth drivers ahead, we are encouraged by the customer response to our new products, namely our next generation Quantum Max ScanArm and our Holobuilder photogrammetry products which are on track to double over the next year." Mr. Burger continued, "Looking ahead, we continue to see strong fourth quarter demand indicators and as revenue returns to pre-pandemic levels, we look forward to demonstrating the operating leverage we have built into the business over the past two years." Third Quarter 2021 Financial Summary Total sales were $79.2 million for third quarter 2021 representing a 4% sequential quarterly decrease when compared to $82.1 million in the second quarter 2021, and a 12% increase when compared with total sales of $70.7 million for third quarter 2020. The sequential sales decrease was driven both by typical seasonal softness in European markets as well as pandemic related logistical constraints on behalf of our customers while the year over year growth was primarily a result of pandemic related softness in the prior year period. Similarly, new order bookings of $80.4 million decreased 9% sequentially compared to $88.2 million in the second quarter 2021 and increased 12% when compared to $72.0 million for the third quarter 2020. Gross margin was 53.5% for the third quarter 2021, as compared to 51.3% for the same prior year period. Non-GAAP gross margin was 53.7% for the third quarter 2021 compared to 51.5% for the third quarter 2020. The annual increase in gross margin was primarily a result of higher volume compared to the prior year period. Operating expenses were $47.5 million for the third quarter 2021, compared to $41.2 million for the same prior year period. Non-GAAP operating expenses were $42.4 million for the third quarter 2021 compared to $38.5 million for the third quarter 2020. Net loss was $3.9 million, or $0.21 per share, for the third quarter 2021, as compared to a net loss of $3.0 million, or $0.17 per share, for the third quarter 2020. Non-GAAP net loss was approximately $100 thousand, or $0.01 per share, for the third quarter 2021 compared to Non-GAAP net loss of $1.3 million, or $0.08 per share, for the third quarter 2020. Adjusted EBITDA was $2.7 million, or 3.4% of Non-GAAP total sales, for the third quarter of 2021 compared to Adjusted EBITDA of approximately $820 thousand, or 1.2% of Non-GAAP total sales, for the third quarter of 2020. The Company's cash and short-term investments decreased $7.5 million to $125.8 million as of the end of the third quarter of 2021 due primarily to inventory purchases to increase inventory safety stock levels. The Company remained debt-free. * A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures is provided in the financial schedules portion at the end of this press release. An additional explanation of these measures is included below under the heading "Non-GAAP Financial Measures". Conference Call The Company will host a conference call to discuss these results on Wednesday, October 27, 2021 at 5:00 p.m. ET. Interested parties can access the conference call by dialing (877) 876-9174 (U.S.) or +1 (785) 424-1669 (International) and using the passcode FARO. A live webcast will be available in the Investor Relations section of FARO's website at: https://www.faro.com/about-faro/investor-relations/events A replay webcast will be available in the Investor Relations section of the company's web site approximately two hours after the conclusion of the call and will remain available for approximately 30 calendar days. About FARO For 40 years, FARO has provided industry-leading technology solutions that enable customers to quickly and easily measure their world, and then use that data to make smarter decisions faster. FARO continues to be a pioneer in bridging the digital and physical worlds through data-driven reliable accuracy, precision and immediacy. For more information, visit  http://www.faro.com Non-GAAP Financial Measures This press release contains information about our financial results that are not presented in accordance with U.S. generally accepted accounting principles ("GAAP"). These non-GAAP financial measures, including non-GAAP total sales, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income (loss) from operations, non-GAAP other expense (income), net, non-GAAP net income (loss) and non-GAAP net income (loss) per share, exclude the GSA sales adjustment (as defined in the tables below), the impact of purchase accounting intangible amortization expense, stock-based compensation, imputed interest expense recorded related to the GSA Matter, restructuring charges, and other tax adjustments, and are provided to enhance investors' overall understanding of our historical operations and financial performance. In addition, we present Adjusted EBITDA, which is calculated as net loss before interest expense, net, income tax benefit and depreciation and amortization, excluding other expense (income), net, stock-based compensation, the GSA sales adjustment, and restructuring charges, as measures of our operating profitability. The most directly comparable GAAP measure to Adjusted EBITDA is net loss. We also present Adjusted EBITDA margin, which is calculated as Adjusted EBITDA as a percent of Non-GAAP total sales. Management believes that these non-GAAP financial measures provide investors with relevant period-to-period comparisons of our core operations using the same methodology that management employs in its review of the Company's operating results. These financial measures are not recognized terms under GAAP and should not be considered in isolation or as a substitute for a measure of financial performance prepared in accordance with GAAP. These non-GAAP financial measures have limitations that should be considered before using these measures to evaluate a company's financial performance. These non-GAAP financial measures, as presented, may not be comparable to similarly titled measures of other companies due to varying methods of calculation. The financial statement tables that accompany this press release include a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties, such as statements about demand for and customer acceptance of FARO's products, FARO's product development and product launches, the anticipated benefits of FARO's acquisition of Holobuilder, FARO's growth, strategic and restructuring plans and initiatives, including but not limited to the additional restructuring charges expected to be incurred in connection with our restructuring plan and the timing and amount of cost savings and other benefits expected to be realized from the restructuring plan and other strategic initiatives, and FARO's growth potential and profitability. Statements that are not historical facts or that describe the Company's plans, objectives, projections, expectations, assumptions, strategies, or goals are forward-looking statements. In addition, words such as "is," "will" and similar expressions or discussions of FARO's plans or other intentions identify forward-looking statements. Forward-looking statements are not guarantees of future performance and are subject to various known and unknown risks, uncertainties, and other factors that may cause actual results, performances, or achievements to differ materially from future results, performances, or achievements expressed or implied by such forward-looking statements. Consequently, undue reliance should not be placed on these forward-looking statements. Factors that could cause actual results to differ materially from what is expressed or forecasted in such forward- looking statements include, but are not limited to: the Company's ability to realize the intended benefits of its undertaking to transition to a company that is reorganized around functions to improve the efficiency of its sales organization and to improve operational effectiveness; the Company's ability to successfully integrate the acquired Holobuilder business, operations, assets and personnel; the Company's inability to successfully execute its new strategic plan and restructuring plan, including but not limited to additional impairment charges and/or higher than expected severance costs and exit costs, and its inability to realize the expected benefits of such plans; the Company's inability to realize the anticipated benefits of its partnership with Sanmina and to successfully transition its manufacturing operations to Sanmina's production facility; the Company's potential loss of future government sales and potential impacts on customer and supplier relationships and on the Company's reputation that may result from the GSA matter; development by others of new or improved products, processes or technologies that make the Company's products less competitive or obsolete; the Company's inability to maintain its technological advantage by developing new products and enhancing its existing products; declines or other adverse changes, or lack of improvement, in industries that the Company serves or the domestic and international economies in the regions of the world where the Company operates and other general economic, business, and financial conditions; the effect of the COVID-19 pandemic, including on our business operations, as well as its impact on general economic and financial market conditions; the impact of fluctuations in foreign exchange rates; and other risks detailed in Part I, Item 1A. Risk Factors in the Company's Annual Report on Form 10-K for the year ended December 31, 2020 that was filed on February 17, 2021. Forward-looking statements in this release represent the Company's judgment as of the date of this release. The Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise, unless otherwise required by law. FARO TECHNOLOGIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

FARO Technologies Investments

1 Investments

FARO Technologies has made 1 investments. Their latest investment was in present4D as part of their Corporate Minority on May 5, 2018.

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FARO Technologies Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

5/3/2018

Corporate Minority

present4D

Yes

1

Date

5/3/2018

Round

Corporate Minority

Company

present4D

Amount

New?

Yes

Co-Investors

Sources

1

FARO Technologies Acquisitions

13 Acquisitions

FARO Technologies acquired 13 companies. Their latest acquisition was HoloBuilder on June 07, 2021.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

6/7/2021

Loan

$991

$2.93M

Acquired

6

8/21/2020

Acquired

2

7/16/2018

Acquired

2

7/16/2018

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$99M

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10

7/9/2018

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$99M

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10

Date

6/7/2021

8/21/2020

7/16/2018

7/16/2018

7/9/2018

Investment Stage

Loan

Companies

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Valuation

$991

Total Funding

$2.93M

$99M

$99M

Note

Acquired

Acquired

Acquired

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Sources

6

2

2

10

10

FARO Technologies Partners & Customers

8 Partners and customers

FARO Technologies has 8 strategic partners and customers. FARO Technologies recently partnered with Boston Dynamics on November 11, 2019.

Date

Type

Business Partner

Country

News Snippet

Sources

11/19/2019

Partner

Boston Dynamics

United States

Unlocking Jobsite Data with Spot. Boston Dynamics Announces Construction Partnerships with HoloBuilder, FARO, and Trimble at Autodesk University.

`` With the partnership between FARO Technologies , Inc. and Boston Dynamics we are dramatically closer to meeting our customers ' demands for making scanning in construction an autonomous operation '' states Scott Diaz , Director of Business Development , AEC , FARO Technologies , Inc. `` This will be FARO Technologies , Inc. 's first live demonstration to show intent to meet customer and industry demand . ''

1

2/21/2019

Partner

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10

10/2/2018

Partner

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10

5/24/2017

Partner

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10

10/10/2016

Partner

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10

Date

11/19/2019

2/21/2019

10/2/2018

5/24/2017

10/10/2016

Type

Partner

Partner

Partner

Partner

Partner

Business Partner

Boston Dynamics

Country

United States

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News Snippet

Unlocking Jobsite Data with Spot. Boston Dynamics Announces Construction Partnerships with HoloBuilder, FARO, and Trimble at Autodesk University.

`` With the partnership between FARO Technologies , Inc. and Boston Dynamics we are dramatically closer to meeting our customers ' demands for making scanning in construction an autonomous operation '' states Scott Diaz , Director of Business Development , AEC , FARO Technologies , Inc. `` This will be FARO Technologies , Inc. 's first live demonstration to show intent to meet customer and industry demand . ''

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Sources

1

10

10

10

10

FARO Technologies Team

2 Team Members

FARO Technologies has 2 team members, including former Chief Financial Officer, Laura Murphy.

Name

Work History

Title

Status

Laura Murphy

Chief Financial Officer

Former

David Morse

Senior Vice President

Former

Name

Laura Murphy

David Morse

Work History

Title

Chief Financial Officer

Senior Vice President

Status

Former

Former

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