FARO Technologies Reported Q3 Results, Slightly Below Expectations

FARO Technologies, Inc. (NASDAQ:FARO) reported its Q3 results, which were slightly below Street estimates. Total sales were $79.2 million. The company’s management explained that the lower-than-expected sales growth of 12% in Q3 was tied to a $5 million slippage of deals into the next quarter, entirely tied to Asia.

Analysts at Berenberg Bank provided their view on the company following the report, mentioning that Q3 activity was somewhat soft sequentially, however, funnel activity remains strong for Q4.

FARO Sphere is currently in beta testing and is expected to launch in Q4. The analysts, which lowered their price target on the company’s shares to $93 from $98, believe FARO Sphere, alongside Holobuilder will be the key lever to improving the recurring revenue mix.