Faro Report Double Digit Growth

FARO has announced its financial results for the fourth quarter and fiscal year ended December 31, 2018.

“In 2018, we achieved $425 million in new order bookings, up 12.8 percent year-over-year, and crossed the $400 million milestone in annual sales for the first time in the Company’s history,” stated Dr. Simon Raab, President and Chief Executive Officer.  “We executed on our strategic sales growth initiative to increase our sales headcount by mid-teens for a second consecutive year. We continued our new product drumbeat with 14 new product releases. We accelerated our M&A pace with four acquisitions plus our first strategic investment and, in the process, created a new Photonics vertical. Our new product drumbeat and acquisitions expanded our product portfolio to the most technologically advanced and expansive in our history. Our platform for growth is stronger than ever.”

Total sales were $403.6 million for fiscal year 2018, up 11.8% as compared with $360.9 million for fiscal year 2017. The sales increase was mainly driven by an increase in unit sales within its Construction BIM and Emerging Verticals reporting segments, and higher average selling prices in the 3D Manufacturing segment.

New order bookings were $425.3 million for fiscal year 2018, up 12.8% as compared with $377.0 million for fiscal year 2017.

Total sales were $112.8 million for fourth quarter 2018, up 6.0% as compared with $106.4 million for fourth quarter 2017. The sales increase was mainly driven by higher unit sales across all segments, higher average selling prices in the 3D Manufacturing reporting segment and total service revenue growth. New order bookings were $122.2 million for fourth quarter 2018, up 10.5% as compared with $110.6 million for fourth quarter 2017.

As of December 31, 2018, The Faro balance sheet remains debt-free with cash and short-term investments totaling $133.6 million, of which $77.5 million was held by foreign subsidiaries.

For more information: www.faro.com

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