FARO Technologies executive resigns for family reasons

LAKE MARY, FL - FARO Technologies Inc. (NASDAQ:FARO), a leader in measuring and controlling devices, announced today the resignation of Jeff Sexton, Senior Vice President of Global Sales, citing pressing family circumstances. Sexton will depart from his role effective September 6, 2024.

The company's statement highlighted that Sexton's decision to resign was not due to any disputes or disagreements with the company or its management, nor was it reflective of the company's operational results. FARO Technologies has expressed its gratitude for Sexton's significant contributions and dedication, which have been pivotal to the company's achievements.

CEO Peter J. Lau extended his deepest thanks to Sexton for his commitment and hard work, emphasizing that his efforts have been crucial in the company's success. Lau also affirmed the company's commitment to ensuring a smooth transition following Sexton's departure.

Sexton expressed his confidence in the company's leadership and strategic direction, stating his belief in the organization's continued success. He also committed to assisting with the transition process.

FARO Technologies is actively seeking a new executive for the Global Sales position and will provide updates on this process as they become available.

FARO Technologies, headquartered in Lake Mary, Florida, operates under the organization name 08 Industrial Applications and Services and is incorporated in the state of Florida.

In other recent news, FARO Technologies has reported its Q2 2024 results, surpassing targets and demonstrating a strong performance. The company exceeded its full-year 2023 adjusted EBITDA in the first half of 2024, despite a revenue decline and challenging macroeconomic conditions. Non-GAAP gross margins rose to 55%, and non-GAAP operating expenses fell by 9% year-over-year, with the company reporting a GAAP operating income of $1.8 million.

FARO Technologies also repurchased $3 million of convertible debt, which highlights its financial health. The company's future plans include new products and partnerships, focusing on productivity improvements, portfolio expansion, and an enhanced customer experience.

However, the company also experienced a 7% decrease in revenue, with hardware revenue decreasing by 12%. The Asia Pacific region and the Americas saw declines, with a slowdown in decision-making within the construction market, particularly in China, impacting revenue growth. Despite these challenges, FARO Technologies remains optimistic about future growth, with Q3 revenue projected to be between $76 million and $84 million.

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