Faro Revenues Decline in 2015
LAKE MARY, Fla., March 2, 2016 — Faro Technologies Inc. ended 2015 with a decrease in revenue to $317.5 million, a 7.1 percent decrease from 2014’s total of $341.8 million.
The company characterizes its revenue as essentially flat with 2014, when adjusted for a 7 percent unfavorable foreign exchange impact. Gross profit for the year was $167.7 million, $21.2 million lower than the prior year.
"Faro performed well in 2015 on many levels," said Dr. Simon Raab, chairman and interim CEO of Faro. "Although our financial results did not meet our internal targets, we successfully launched the Faro Freestyle3D laser scanner, completed two acquisitions to expand our position in the architecture, engineering, construction and public safety markets, completed our implementation of our new global enterprise resource planning system as well as continued the development of new products in our R&D pipeline, culminating most recently in our January launch of the new Faro Cobalt Array Imager."
Faro develops computer-aided measurement and imaging devices and software, permitting high-precision 3D measurement, imaging and comparison of parts and complex structures within production and quality assurance processes.