NEW YORK, May 7, 2025 /PRNewswire/ -- Halper Sadeh LLC, an investor rights law firm, is investigating the following companies for potential violations of the federal securities laws and/or breaches of fiduciary duties to shareholders relating to:FARO Technologies, Inc. (NASDAQ: FARO)'s sale to AMETEK, Inc. for $44.00 per share in cash. If you are a FARO shareholder, click here to learn more about your rights and options.AvidXchange Holdings, Inc. (NASDAQ: AVDX)'s sale to TPG for $10.00 per share in cash. If ...

NEW YORK, May 6, 2025 /PRNewswire/ -- Monteverde & Associates PC (the "M&A Class Action Firm"), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating FARO Technologies, Inc. (NASDAQ: FARO), relating to the proposed merger with AMETEK, Inc. Under the terms of the agreement, AMETEK will acquire all outstanding shares of FARO Technolog ...

Restructuring and Operational Changes - FARO Technologies reported a total restructuring charge of $26.7 million since the approval of the Integration Plan, with cash payments of $10.4 million primarily for severance and related benefits[89]. - The company completed its Restructuring Plan actions as of March 31, 2023, with total payments of $24.8 million, mainly for severance and related benefits[88]. - The 2024 Restructuring Plan aims to improve operating performance and streamline operations, particularly in underperforming countries due to economic challenges in the manufacturing and construction sectors[90]. - FARO Technologies expects to recognize $0.1 million in employee severance and other costs associated with the 2024 Restructuring Plan in Q1 2025[91]. - The company has transitioned manufacturing services to Sanmina, which is expected to support volume requirements during 2025[86]. - The company has abandoned 17,000 square feet of unused manufacturing space in Exton, Pennsylvania, as part of its restructuring efforts[88]. - FARO Technologies is focused on consolidating its cloud-based offerings into a single customer platform to enhance operational efficiency[89]. Financial Performance - Total sales for the three months ended March 31, 2025, were $82.9 million, a decrease of $1.4 million or 1.7% compared to $84.2 million for the same period in 2024[99]. - Gross profit increased by $3.9 million, or 9.1%, to $47.2 million for the three months ended March 31, 2025, with a gross margin of 57.0%, up from 51.4% in the prior year[100]. - Recurring revenue for the three months ended March 31, 2025, was $17.3 million, an increase from $16.7 million in the same period of 2024[93]. - Research and development expenses rose by $0.5 million, or 5.1%, to $9.5 million for the three months ended March 31, 2025, representing 11.4% of total sales[103]. - Selling, general and administrative expenses decreased by $5.8 million, or 14.6%, to $33.8 million for the three months ended March 31, 2025, accounting for 40.8% of total sales[102]. - Net income for the three months ended March 31, 2025, was $0.9 million, compared to a net loss of $7.3 million for the same period in 2024[108]. - Cash and cash equivalents increased by $3.7 million to $92.4 million at March 31, 2025, from $88.7 million at December 31, 2024[109]. Currency and Interest Rate Exposure - As of March 31, 2025, over 61% of the company's revenue was invoiced in foreign currencies, with approximately 42% of its assets denominated in foreign currencies[121]. - The company had short-term investments of $10.2 million and cash equivalents of $20.3 million, all denominated in U.S. dollars[122]. - The company does not believe that a 5% increase or decrease in interest rates would materially affect its business or financial condition[124]. - The company has not utilized off-balance sheet financial instruments for hedging foreign currency exchange rate exposure as of March 31, 2025[121]. - Future investment income may fall short of expectations due to changes in interest rates, potentially leading to losses in principal[123]. - The company’s exposure to foreign exchange risks may increase if the percentage of non-U.S. dollar revenues from international sales rises[121]. - Fixed rate securities may see a negative impact on market value due to rising interest rates, while floating rate securities may yield less income if rates fall[123]. Inflation and Economic Impact - Rising general inflation has negatively impacted the company's cost of sales and operating expenses, affecting customer purchasing power[125]. - The impact of future inflation fluctuations on the company's operations cannot be accurately predicted[125]. Other Information - The company released the first phase of FARO Sphere to customers in Q2 2022, with FARO Sphere XG announced on October 23, 2023, enhancing cloud-based software offerings[92]. - Interest expense for the three months ended March 31, 2025, was $0.9 million, compared to $0.8 million for the same period in 2024[104]. - The company has not experienced changes in critical accounting policies since its last annual report[119].

Financial Data and Key Metrics Changes - Revenue for the first quarter was $82.9 million, down 2% year over year, but within the upper end of guidance range [5][27] - Non-GAAP gross margins were 57.7%, up from 51.8% in the previous year, marking a significant improvement [27][28] - Non-GAAP EPS was $0.33, exceeding guidance and representing the highest Q1 in company history [6][30] - Operating cash flow remained positive for the sixth consecutive quarter [6] Business Line Data and Key Metrics Changes - EBITDA for the first quarter was $12.5 million, representing a 124% year-over-year growth [8][29] - Non-GAAP operating expenses were $38.5 million, down $2.2 million from the previous year, reflecting productivity improvements [28][30] - GAAP operating income was $3.8 million, compared to an operating loss of $5.3 million in the same quarter last year [29] Market Data and Key Metrics Changes - The Americas and European regions saw a decline of 31% in revenue, while the Asia Pacific region experienced a growth of 1% [27] - Despite a challenging macro environment, net orders grew by 6% year over year [9][10] Company Strategy and Development Direction - The company is in the third phase of its growth strategy, focusing on selective higher-risk investments while maintaining operational excellence [6][7] - The strategy includes refreshing the product portfolio and launching new products to increase addressable opportunities by $800 million over three years [9][12] - The company has launched several new products, including LEAP and Blink, which are expected to drive revenue growth [12][15] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the macro environment, noting that demand is currently outpacing Q1 [25] - The company is preparing for potential impacts from tariffs, with plans to implement price increases and assess production localization options [20][21] - Management believes that tariffs could ultimately become a net positive as companies look to diversify supply chains [25] Other Important Information - The company has established partnerships expected to contribute low eight figures in annual revenue [16][17] - A 1% price increase was enacted in April to mitigate tariff impacts [20][33] Q&A Session Summary Question: How is the hardware business shaping up for Q2? - Management noted that while they historically see a larger portion of revenue late in the quarter, they are currently seeing better pacing than expected in Q2 [36][38] Question: What is the expected impact of new products on Q2? - Management indicated that new products like LEAP and Blink are expected to contribute more significantly in Q2 compared to Q1 [41][42] Question: What are the observations regarding the macro environment and order growth? - Management acknowledged a slowdown in certain regions due to tariffs but emphasized that they are planning for various scenarios and adapting their strategies accordingly [50][52]

FARO (FARO) Q1 2025 Earnings Call April 24, 2025 08:00 AM ET Company Participants Michael Funari - PartnerPeter Lau - President & CEOMatthew Horwath - Senior VP & CFO Conference Call Participants James Ricchiuti - Senior AnalystGreg Palm - Senior Research Analyst Operator Good day, everyone, and welcome to the Ferro Technologies First Quarter twenty twenty five Earnings Call. For opening remarks and introductions, I will now turn the call over to Michael Fenari at Sapphire Investor Relations. Please go ahea ...

Financial Performance - Revenue for Q1 2025 was $82.9 million, down 1.6% year-over-year, but at the upper end of guidance range[5] - Net income for Q1 2025 was $0.9 million, or $0.05 per share, compared to a net loss of $7.3 million, or $(0.38) per share in the prior year[6] - Adjusted EBITDA reached $12.5 million, representing 15.0% of total sales, up from $5.6 million, or 6.6% of total sales in the prior year[6] - Gross profit increased to $47,237,000 in Q1 2025, up from $43,307,000 in Q1 2024, resulting in a gross margin of 57.0% compared to 51.4% year-over-year[27] - Total sales to external customers for Q1 2025 were $82,863,000, a decrease of 1.6% from $84,244,000 in Q1 2024[32] - Total recurring revenue increased to $17,299,000 in Q1 2025, representing 20.9% of total sales, compared to 19.8% in Q1 2024[32] Operational Efficiency - Operating expenses decreased to $43.4 million from $48.6 million in the prior year period[6] - Non-GAAP net income for Q1 2025 was $6,419,000, compared to $1,696,000 in Q1 2024, highlighting improved operational efficiency[27] - The company’s accounts receivable decreased by $3,305,000 in Q1 2025, indicating improved cash flow management[25] - Cash flow from operations was $5.0 million, with cash, cash equivalents, and short-term investments totaling $102.6 million[5][7] Future Outlook - The company expects Q2 2025 revenue in the range of $79 to $87 million, with gross margin between 56.5% to 58.0%[11] - The company expects GAAP gross margin for Q2 2025 to be between 56.5% and 58.0%[36] - Non-GAAP diluted earnings per share for Q2 2025 is projected to range from $0.20 to $0.40[36] Product Development and Market Strategy - Recent product launches include the Leap ST for metrology workflows and Blink for digital reality workflows, aimed at expanding market opportunities[3] - FARO signed two impactful partnerships contributing to a 6% year-over-year net orders growth[3] - The company remains focused on executing its growth strategy despite ongoing macroeconomic uncertainties[3] Restructuring and Innovation - The company has completed substantial activities under its restructuring plans aimed at improving operational performance and streamlining operations[28] - The company is implementing a restructuring plan aimed at improving operating performance and streamlining operations[34] - Research and development expenses for Q1 2025 were reported at $9,485,000, compared to $9,024,000 in Q1 2024, indicating a focus on innovation[27] Cash Flow and Financial Position - Cash and cash equivalents rose to $92,445,000 at the end of Q1 2025, compared to $88,703,000 at the end of 2024, reflecting a cash increase of $3,742,000 during the quarter[25] - Total assets increased to $495,029,000 as of March 31, 2025, up from $483,005,000 at the end of 2024[23] - The company’s total liabilities were $234,862,000 as of March 31, 2025, slightly up from $233,395,000 at the end of 2024[23] - Net cash provided by operating activities for Q1 2025 was $5,031,000, down from $6,575,000 in Q1 2024[34] - Free cash flow for Q1 2025 was $2,237,000, a decline from $3,810,000 in Q1 2024[34] Sales Composition - Hardware sales accounted for 63.5% of total sales in Q1 2025, up from 62.5% in Q1 2024[32] - Software sales as a percentage of total sales decreased to 12.5% in Q1 2025 from 13.0% in Q1 2024[32] - Total sales in constant currency for Q1 2025 were $84,056,000, compared to $83,957,000 in Q1 2024, indicating a slight increase[32]

Core Viewpoint - FARO Technologies, Inc. will release its financial results for Q1 2025 on April 24, 2025, and will host a conference call to discuss these results [1]. Group 1 - The financial results will cover the period ended March 31, 2025 [1]. - The conference call will be led by Peter Lau, President and CEO, and Matthew Horwath, Senior Vice President and CFO [1]. - The call is scheduled for 8:00 am ET on April 24, 2025 [1]. Group 2 - Interested parties can access the conference call via specific phone numbers and a passcode [2]. - A live webcast will be available on FARO's Investor Relations website [2]. - A replay of the webcast will be accessible for approximately 30 calendar days after the call [2]. Group 3 - FARO has over 40 years of experience in providing technology solutions that enable customers to measure their world [3]. - The company is recognized for its innovation in bridging digital and physical realms through data-driven accuracy and precision [3]. - More information about FARO can be found on their official website [3].

Core Insights - FARO Technologies has launched a new 3D reality capture solution called FARO Blink, aimed at streamlining and democratizing the 3D reality capture process [1][2] - The solution combines advanced visualization with automated workflows through the FARO Sphere XG Digital Reality Platform, enhancing operational efficiency and insight generation [1][2] Product Features - Blink is designed to simplify 3D data access, enabling users of all expertise levels to achieve professional-quality data insights [2] - The solution is recognized for its modern design, having won awards such as the Red Dot Design Award and a silver at the New York Design Awards [2] - It facilitates easier data capture, viewing, and sharing for professionals in design, construction, surveying, and operations [2][3] Market Impact - The introduction of Blink expands FARO's product offerings and addressable market, targeting construction, real estate, and geospatial sectors [3] - The solution aims to streamline data processing and analysis for a wide range of users, including project managers and 3D scanning service providers [3] Availability - FARO Blink is now available in all regions, enhancing accessibility for users globally [4] Company Background - FARO Technologies has over 40 years of experience in providing technology solutions that enable customers to measure and analyze their environments for better decision-making [5] - The company continues to innovate in bridging digital and physical worlds through reliable and precise data solutions [5]

Financial Data and Key Metrics Changes - Revenue for Q4 2024 was $93.5 million, down 5% year-over-year, but above the midpoint of guidance [30] - Non-GAAP gross margin increased to 57.4%, up 650 basis points year-over-year [32] - Non-GAAP EPS for Q4 was $0.50, a $0.25 improvement from Q4 2023 [33] - Annual non-GAAP EPS improved to $0.97, a $1.49 increase year-over-year [36] Business Line Data and Key Metrics Changes - Hardware revenue decreased by 7% year-over-year to $62.3 million [31] - Software revenue was down 5% to $11.6 million, while service revenue decreased by 2% to $19.7 million [31] - Recurring revenue represented 18% of sales, declining by 2% year-over-year [31] Market Data and Key Metrics Changes - The Americas and European regions saw revenue declines of 5% and 2% respectively, while Asia Pacific experienced a decline of over 11% primarily due to weakness in China [30] - The company noted stable demand in sectors like 3D metrology but faced challenges in commercial construction in regions like China and Germany [10] Company Strategy and Development Direction - The company is in a multi-year strategy divided into three phases, focusing first on operational excellence, then on organic growth initiatives, and finally on strategic investments [12][13] - Key initiatives include refreshing core solutions, expanding addressable opportunities, and forming strategic partnerships [16][20] - The company aims to increase its addressable opportunity by 40% through new solutions aligned with its core business [22] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the market outlook beyond the next quarter, citing ongoing economic uncertainties and customer hesitance due to tariff-related issues [11][38] - Despite challenges, management remains optimistic about growth initiatives and believes they will help offset industry softness [38][39] Other Important Information - The company achieved a record year in 2024, with significant improvements in cash flow and operational metrics [11][36] - The company signed two significant global partnership agreements, one with Topcon and another in the 3D metrology space, expected to enhance market reach [24][25] Q&A Session Summary Question: Differences in OEM distribution agreements with Topcon - Management highlighted a comprehensive growth plan with Topcon, expecting significant revenue contributions as the partnership ramps up [44][45] Question: Timeline for the digital metrology agreement - Management indicated that the unnamed partnership would likely launch in the fourth quarter of 2025, focusing on global scalability [50][52] Question: Market conditions and growth initiatives - Management noted that current market conditions are similar to Q4, with expectations for growth initiatives to help the company outpace market growth [60][62] Question: Impact of tariffs on customer behavior - Management observed that customers are being cautious due to tariff uncertainties, particularly in regions like Canada and Latin America [80][84] Question: Pricing strategy and competitive landscape - Management confirmed recent price increases and noted that competitors are also raising prices, allowing for flexibility in competitive situations [86][88]

FARO (FARO) Q4 2024 Earnings Call February 24, 2025 04:30 PM ET Company Participants Michael Funari - PartnerPeter Lau - CEO, President & DirectorMatthew Horwath - Senior VP & CFO Conference Call Participants James Ricchiuti - Senior AnalystGreg Palm - Senior Research Analyst Operator Good day, everyone, and welcome to the FARO Technologies Fourth Quarter and Full Year twenty twenty four Earnings Call. At this time, all participants are in a listen only mode. Later, you will have the opportunity to ask ques ...