Faro, a leading global supplier of portable coordinate measuring machines (CMMs), has reported outstanding company figures for the 2007 fiscal year. Company sales last year were $191.6 million, compared with $152.4 million in 2006. The increase was 25.7%.
In other statistics released by the company, incoming orders in 2007 totalled $197.8 million, an increase of 21.8% over the previous year. Faro’s net income of $18.1 million last year marked a significant improvement from the $8.2 million generated during 2006. Also, its 2007 gross margin of 60.0% was up 1.3 percentage points from the 2006 margin.
R&D expenses for the year amounted to $10.3 million, a rise of $3.1 million from the 206 figure. The increase in R&D expenditure was attributable mainly to the market launch of two new products, the Quantum FaroArm and Fusion FaroArm.
“2007 was, once again, a highly successful year for Faro,” sums up Siggi Buss, managing director of Faro Europe. “Not only were we able to outstrip our target for annual growth of 20 to 25% with a sales increase of 25.7%, but last year was also marked by high productivity and a host of new and important products.”
Buss states that additional product innovations will follow this year. “This will enable us to press ahead with our growth despite the increasing global economic pressure,” explains Buss.