FARO launches Leap ST handheld scanner, enhancing 3D metrology capabilities for manufacturing with updated CAM2 software.
Quiver AI Summary
FARO Technologies, Inc. has launched the FARO Leap ST®, a new handheld scanning solution that enhances the company's range of portable 3D metrology devices, catering specifically to the manufacturing sector's needs for speed and accuracy. This launch is accompanied by an update to FARO's CAM2® Software, designed to streamline the scanning process. FARO President & CEO Peter J. Lau emphasized the company's commitment to advancing 3D metrology over its 40-year history. The Leap ST features five scanning modes, making it versatile for measuring various surfaces and parts across multiple industries. Existing customer RFK Racing praised the device for its potential to improve manufacturing efficiency by integrating seamlessly with their established systems. Both the Leap ST and updated CAM2 software are now available globally, and demonstrations can be scheduled through FARO's website.
Potential Positives
- FARO Technologies has launched the FARO Leap ST®, expanding its product portfolio and positioning itself as a leader in handheld 3D metrology solutions.
- The Leap ST® enhances FARO's offerings with advanced scanning capabilities across multiple operating modes, catering to diverse industries and applications.
- The updated FARO CAM2® Software now provides tailored solutions for specific manufacturing needs, further solidifying FARO's commitment to innovation and customer support.
- Positive customer feedback from RFK Racing highlights the practical benefits of Leap ST® in improving manufacturing efficiency and streamlining processes.
Potential Negatives
- While the launch of Leap ST is being presented positively, it may imply that earlier products were lacking in key features or technology, raising concerns about the company's previous offerings.
- The reliance on customer endorsements, such as from RFK Racing, may suggest limited independent validation of the new product's effectiveness across a broader market.
- Competitors may capitalize on any gaps in the company's product offerings or technology that are implied by the need for a new launch, potentially impacting FARO's market share.
FAQ
What is the FARO Leap ST?
The FARO Leap ST is a new handheld 3D scanning solution that enhances FARO's portable metrology device portfolio.
How does the Leap ST improve manufacturing processes?
Leap ST boosts manufacturing efficiency through ultra-fast scanning and versatile operating modes tailored for various applications.
What updates were made to the FARO CAM2 software?
CAM2 software now includes five tailored versions to address specific manufacturing measurement requirements, enhancing scanning and probing capabilities.
Which industries can benefit from the Leap ST?
The Leap ST is designed for multiple industries, particularly those that require speed and accuracy in 3D measurements.
How can customers experience the FARO Leap ST?
Customers can book a demonstration of the Leap ST and CAM2 software on the FARO website, FARO.com.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$FARO Insider Trading Activity
$FARO insiders have traded $FARO stock on the open market 6 times in the past 6 months. Of those trades, 0 have been purchases and 6 have been sales.
Here’s a breakdown of recent trading of $FARO stock by insiders over the last 6 months:
- YUVAL WASSERMAN has made 0 purchases and 3 sales selling 24,306 shares for an estimated $429,342.
- PETER JAMES LAU (President and CEO) has made 0 purchases and 2 sales selling 16,082 shares for an estimated $273,623.
- MATTHEW HORWATH (SVP & Chief Financial Officer) sold 645 shares for an estimated $16,853
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$FARO Hedge Fund Activity
We have seen 53 institutional investors add shares of $FARO stock to their portfolio, and 75 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- MORGAN STANLEY removed 302,234 shares (-35.8%) from their portfolio in Q3 2024, for an estimated $5,784,758
- ROYCE & ASSOCIATES LP added 234,650 shares (+20.0%) to their portfolio in Q3 2024, for an estimated $4,491,201
- MILLENNIUM MANAGEMENT LLC removed 207,942 shares (-79.5%) from their portfolio in Q3 2024, for an estimated $3,980,009
- FIRST TRUST ADVISORS LP removed 204,076 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $3,906,014
- NEEDHAM INVESTMENT MANAGEMENT LLC added 171,300 shares (+20.0%) to their portfolio in Q3 2024, for an estimated $3,278,682
- HARVEY PARTNERS, LLC added 152,000 shares (+17.8%) to their portfolio in Q3 2024, for an estimated $2,909,280
- PRUDENTIAL FINANCIAL INC added 132,700 shares (+46.8%) to their portfolio in Q3 2024, for an estimated $2,539,878
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
Lake Mary, Fla, Jan. 23, 2025 (GLOBE NEWSWIRE) -- FARO® Technologies, Inc. (Nasdaq: FARO) has entered a new category of handheld scanning with the launch of FARO Leap ST ® . The new handheld solution expands the company’s product portfolio, making FARO one of the few companies offering customers a complete range of portable 3D metrology devices. It strengthens FARO’s presence across the manufacturing sector, where speed, accuracy, and throughput are key. FARO paired this launch with an update to its FARO CAM2 ® Software , for a simple and effective way to scan parts.
“We wrapped up 2024 with a series of exciting new product launches, and we’re kicking off 2025 with the same momentum,” said FARO President & CEO Peter J. Lau. “Leap ST underscores our dedication to the manufacturing sector and 3D metrology, the backbone of FARO Technologies for over 40 years. Along with our updated CAM2 software, we’re confident that Leap ST will significantly impact our customers and the wider industry.”
Leap ST features five powerful operating modes: ultra-fast scanning, hyperfine scanning, deep hole scanning, large area scanning, and photogrammetry. As a metrology-grade tool, it excels at measuring and verifying a variety of surfaces and parts. The design is compact, portable, and suitable for multiple industries and applications.
Additionally, FARO enhanced its 3D metrology software offerings with the update of CAM2. The software now includes five tailored versions that address specific manufacturing measurement requirements. CAM2 now offers options for scanning devices and probing devices, as well as a hybrid approach that integrates probing and scanning for solutions such as the FaroArm with laser line probes.
RFK Racing, an existing FARO customer and eight-time NASCAR champion praised Leap ST. “The new handheld scanner will seamlessly integrate into our processes, further boosting our manufacturing efficiency,” said Kevin Kidd, Director of Software and Analytics. “The unification of FARO data in CAM2, a software we’ve already adopted, will allow us to streamline information into one cohesive and connected system."
Leap ST and CAM2 are now available in all regions; customers can book a demonstration on FARO.com .
About FARO
For more than 40 years, FARO has provided industry-leading technology solutions that enable customers to 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
www.faro.com.
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