Technology
FARO Announces Fourth Quarter and Full Year 2023 Financial Results
Published
3 years agoon
By
Q4 revenue of $98.8 million, at the upper end of our guidance rangeQ4 earnings per share (“EPS”) of $0.08; Non-GAAP EPS of $0.36, above our guidance rangeSignificant improvement in cash flow, which results in positive Q4 and FY2023 cash flow from operations
LAKE MARY, Fla., Feb. 27, 2024 /PRNewswire/ — FARO® Technologies, Inc. (Nasdaq: FARO), a global leader in 4D digital reality solutions, today announced its financial results for the fourth quarter and full year ended December 31, 2023.
“We are pleased with our improved financial performance and remain excited about the long term prospects of our integrated hardware and software solutions strategy to create customer value in our core markets,” said Peter Lau, President & Chief Executive Officer. “GAAP EPS of $0.08 and non-GAAP EPS of $0.36 exceeded the high end of our guidance range. GAAP net income of $1.6 million and Adjusted EBITDA of $13.2 million, an increase of 12% year over year, attributed to higher than anticipated revenue and continued improvement in operational execution. We also expanded our cash position by generating $18.7 million of operating cash flow in the quarter, driven by profitability and efficiencies in working capital.”
Fourth Quarter 2023 Financial Summary
Total sales of $98.8 million, down 5% year over yearGross margin of 50.9%, compared to 49.1% in the prior year periodNon-GAAP gross margin of 52.5%, compared to 52.8% in the prior year periodOperating expenses of $48.9 million, compared to $52.7 million in the prior year periodNon-GAAP operating expenses of $41.3 million, compared to $45.8 million in the prior year periodNet income of $1.6 million, or $0.08 per share compared to net loss of $2.2 million, or $(0.12) per share in the prior year periodNon-GAAP net income of $6.8 million, or $0.36 per share compared to net income of $7.1 million, or $0.38 per share in the prior year periodAdjusted EBITDA of $13.2 million, or 13.3% of total sales compared to $11.7 million, or 11.3% of total sales in the prior year periodCash, cash equivalents & short-term investments of $96.3 million, compared to $79.9 million as of September 30, 2023.
* A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures is provided in the financial schedules portion at the end of this press release. An additional explanation of these measures is included below under the heading “Non-GAAP Financial Measures”.
Full Year 2023 Financial Summary
Total sales of $358.8 million, up 4% compared to the prior year periodNet loss of $56.6 million, or $(2.99) per share compared to net loss of $26.8 million, or $(1.46) per share in the prior year periodNon-GAAP net loss of $2.4 million, or $(0.13) per share compared to non-GAAP net income of $4.6 million, or $0.25 per share in the prior year period
Outlook for the First Quarter 2024
For the first quarter ending March 31, 2024, FARO currently expects:
Revenue in the range of $77 to $85 millionGross margin in the range of 49.0% – 50.5%. Non-GAAP gross margin in the range of 49.5% – 51.0% Operating expenses in the range of $47.5 – $49.5 million. Non-GAAP operating expenses in the range of $41 – $43 millionNet loss per share in the range of ($0.66) – ($0.46). Non-GAAP loss per share in the range of ($0.20) to $0.00
Conference Call
The Company will host a conference call to discuss these results on Wednesday, February 28, 2024, at 8:00 a.m. ET. Interested parties can access the conference call by dialing (800) 245-3047 (U.S.) or +1 (203) 518-9708 (International) and using the passcode FARO. A live webcast will be available in the Investor Relations section of FARO’s website at: https://www.faro.com/en/About-Us/Investor-Relations/Financial-Events-and-Presentations
A replay webcast will be available in the Investor Relations section of the company’s web site approximately two hours after the conclusion of the call and will remain available for approximately 30 calendar days.
About FARO
For 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.
Non-GAAP Financial Measures
This press release contains information about our financial results that are not presented in accordance with U.S. generally accepted accounting principles (“GAAP”). These non-GAAP financial measures, including non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income from operations, non-GAAP net income and non-GAAP net income per share, exclude the impact of purchase accounting intangible amortization expense and fair value adjustments, stock-based compensation, restructuring and other charges, and other tax adjustments, and are provided to enhance investors’ overall understanding of our historical operations and financial performance.
In addition, we present EBITDA, which is calculated as net income (loss) before interest (income) expense, net, income tax benefit (expense) and depreciation and amortization and fair value adjustments, and Adjusted EBITDA, which is calculated as EBITDA, excluding other (income) expense, net, stock-based compensation, and restructuring and other charges, as measures of our operating profitability. The most directly comparable GAAP measure to EBITDA and Adjusted EBITDA is net income (loss). We also present Adjusted EBITDA margin, which is calculated as Adjusted EBITDA as a percent of total sales.
In our fourth quarter reporting, we have included non-GAAP total sales on a constant currency basis. The most directly comparable GAAP measure to total sales on a constant currency basis is total sales. We believe constant currency information is useful in analyzing underlying trends in our business and the commercial performance of our products by eliminating the impact of highly volatile fluctuations in foreign currency markets and allows for period-to-period comparisons of our performance. For simplicity, we may elect to omit this information in future periods if we determine a lack of material impact. To present this information, current period performance for entities reporting in currencies other than U.S. dollars are converted to U.S. dollars at the exchange rate in effect during the last day of the prior comparable period.
Management believes that these non-GAAP financial measures provide investors with relevant period-to-period comparisons of our core operations using the same methodology that management employs in its review of the Company’s operating results. These financial measures are not recognized terms under GAAP and should not be considered in isolation or as a substitute for a measure of financial performance prepared in accordance with GAAP.
These non-GAAP financial measures have limitations that should be considered before using these measures to evaluate a company’s financial performance. These non-GAAP financial measures, as presented, may not be comparable to similarly titled measures of other companies due to varying methods of calculation. The financial statement tables that accompany this press release include a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties, such as statements about the outlook for the first quarter of 2024, demand for and customer acceptance of FARO’s products, FARO’s product development and product launches, FARO’s growth, strategic and restructuring plans and initiatives, including but not limited to the additional restructuring charges expected to be incurred in connection with our restructuring and integration plans and the timing and amount of cost savings and other benefits expected to be realized from the restructuring and integration plans and other strategic initiatives, and FARO’s growth potential and profitability. Statements that are not historical facts or that describe the Company’s plans, objectives, projections, expectations, assumptions, strategies, or goals are forward-looking statements. In addition, words such as “is,” “will” and similar expressions or discussions of FARO’s plans or other intentions identify forward-looking statements. Forward-looking statements are not guarantees of future performance and are subject to various known and unknown risks, uncertainties, and other factors that may cause actual results, performances, or achievements to differ materially from future results, performances, or achievements expressed or implied by such forward-looking statements. Consequently, undue reliance should not be placed on these forward-looking statements.
Factors that could cause actual results to differ materially from what is expressed or forecasted in such forward-looking statements include, but are not limited to:
the Company’s ability to realize the intended benefits of its undertaking to transition to a company that is reorganized around functions to improve the efficiency of its sales organization and to improve operational effectiveness;the Company’s inability to successfully execute its strategic plan, restructuring plan and integration plan, including but not limited to additional impairment charges and/or higher than expected severance costs and exit costs, and its inability to realize the expected benefits of such plans;the changes in our executive management team in 2023 and 2024 and the loss of any of our executive officers or other key personnel, which may be impacted by factors such as our inability to competitively address inflationary pressures on employee compensation and flexibility in employee work arrangements;the outcome of any litigation to which the Company is or may become a party;loss of future government sales;potential impacts on customer and supplier relationships and the Company’s reputation;development by others of new or improved products, processes or technologies that make the Company’s products less competitive or obsolete;the Company’s inability to maintain its technological advantage by developing new products and enhancing its existing products;declines or other adverse changes, or lack of improvement, in industries that the Company serves or the domestic and international economies in the regions of the world where the Company operates and other general economic, business, and financial conditions;the effect of general economic and financial market conditions, including in response to public health concerns;assumptions regarding the Company’s financial condition or future financial performance may be incorrect;the impact of fluctuations in foreign exchange rates and inflation rates; andother risks and uncertainties discussed in Part I, Item 1A. Risk Factors in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 that will be filed with the SEC following this earnings release, and in other SEC filings.
Forward-looking statements in this release represent the Company’s judgment as of the date of this release. The Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise, unless otherwise required by law.
FARO TECHNOLOGIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
Twelve Months Ended
(in thousands, except share and per share data)
December 31,
2023
December 31,
2022
December 31,
2023
December 31,
2022
Sales
Product
$ 78,818
$ 83,265
$ 278,572
$ 265,280
Service
20,022
20,594
80,259
80,485
Total sales
98,840
103,859
358,831
345,765
Cost of sales
Product
37,781
40,957
150,472
123,836
Service
10,773
11,867
43,360
46,166
Total cost of sales
48,554
52,824
193,832
170,002
Gross profit
50,286
51,035
164,999
175,763
Operating expenses
Selling, general and administrative
39,429
37,923
157,336
146,657
Research and development
9,238
12,659
41,806
49,415
Restructuring costs
263
2,102
15,393
4,614
Total operating expenses
48,930
52,684
214,535
200,686
Income (loss) from operations
1,356
(1,649)
(49,536)
(24,923)
Other (income) expense
Interest expense (income)
819
(8)
3,348
(36)
Other expense (income), net
1,303
(159)
1,178
(3,236)
Loss before income tax
(766)
(1,482)
(54,062)
(21,651)
Income tax (benefit) expense
(2,354)
753
2,515
5,105
Net income (loss)
$ 1,588
$ (2,235)
$ (56,577)
$ (26,756)
Net income (loss) per share – Basic
$ 0.08
$ (0.12)
$ (2.99)
$ (1.46)
Net income (loss) per share – Diluted
$ 0.08
$ (0.12)
$ (2.99)
$ (1.46)
Weighted average shares – Basic
18,961,632
18,780,081
18,917,778
18,318,191
Weighted average shares – Diluted
21,086,277
18,780,081
18,917,778
18,318,191
FARO TECHNOLOGIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
December 31,
2023
December 31,
2022
ASSETS
Current assets:
Cash and cash equivalents
$ 76,787
$ 37,812
Short-term investments
19,496
—
Accounts receivable, net
92,028
90,326
Inventories, net
34,529
50,026
Prepaid expenses and other current assets
38,768
41,201
Total current assets
261,608
219,365
Non-current assets:
Property, plant and equipment, net
21,181
19,720
Operating lease right-of-use asset
12,231
18,989
Goodwill
109,534
107,155
Intangible assets, net
47,891
48,978
Service and sales demonstration inventory, net
23,147
30,904
Deferred income tax assets, net
25,027
24,192
Other long-term assets
4,073
4,044
Total assets
$ 504,692
$ 473,347
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$ 27,404
$ 27,286
Accrued liabilities
29,930
23,345
Income taxes payable
5,699
6,767
Current portion of unearned service revenues
40,555
36,407
Customer deposits
4,251
6,725
Lease liability
5,434
5,709
Total current liabilities
113,273
106,239
Loan – 5.50% Convertible Senior Notes
72,760
—
Unearned service revenues – less current portion
20,256
20,947
Lease liability – less current portion
10,837
14,649
Deferred income tax liabilities
13,308
11,708
Income taxes payable – less current portion
5,629
8,706
Other long-term liabilities
23
49
Total liabilities
236,086
162,298
Commitments and contingencies
Shareholders’ equity:
Common stock – par value $0.001, 50,000,000 shares authorized; 20,343,359 and
20,156,233 issued; 18,968,798 and 18,780,013 outstanding, respectively
20
20
Additional paid-in capital
346,277
328,227
(Accumulated deficit) Retained earnings
(9,789)
46,788
Accumulated other comprehensive loss
(37,247)
(33,331)
Common stock in treasury, at cost – 1,376,220 and 1,376,220 shares held, respectively
(30,655)
(30,655)
Total shareholders’ equity
268,606
311,049
Total liabilities and shareholders’ equity
$ 504,692
$ 473,347
FARO TECHNOLOGIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Twelve Months Ended
December 31,
(in thousands)
2023
2022
Cash flows from:
Operating activities:
Net loss
$ (56,577)
$ (26,756)
Adjustments to reconcile net loss to net cash used by operating activities:
Depreciation and amortization
15,377
13,983
Stock-based compensation
17,833
13,317
Inventory write-downs
9,340
—
Asset impairment charges
5,707
507
Provision for bad debts, net of recoveries
1,030
163
Amortization of debt discount and issuance costs
450
—
Loss on disposal of assets
274
156
Provision for excess and obsolete inventory
2,361
(68)
Impairment of intangible assets
—
1,135
Deferred income tax expense (benefit)
(26)
2,412
Change in operating assets and liabilities, net of acquisitions:
(Increase) decrease in:
Accounts receivable, net
(50)
(11,198)
Inventories
736
3,379
Prepaid expenses and other assets
3,387
(21,239)
(Decrease) increase in:
Accounts payable and accrued liabilities
4,421
4,777
Income taxes payable
(3,808)
(1,904)
Customer deposits
(2,533)
1,343
Unearned service revenues
2,786
(4,863)
Other liabilities
367
—
Net cash provided by (used in) operating activities
1,075
(24,856)
INVESTING ACTIVITIES:
Purchases of property and equipment
(6,817)
(6,371)
Purchases of short-term investments
(19,496)
—
Cash paid for technology development, patents and licenses
(7,177)
(10,567)
Acquisitions of businesses and minority share investments, net of cash received
—
(32,959)
Net cash used in investing activities
(33,490)
(49,897)
Financing activities:
Payments on capital leases
(154)
(220)
Cash settlement of equity awards
217
(1,892)
Short term debt
—
1,115
Proceeds from issuance of 5.50% Convertible Senior Notes, due 2028, net of discount, issuance
cost and accrued interest
72,310
—
Payment of contingent consideration for business acquisition
(1,098)
—
Net cash provided by (used in) financing activities
71,275
(997)
Effect of exchange rate changes on cash and cash equivalents
115
(8,427)
Increase (Decrease) in cash and cash equivalents
38,975
(84,177)
Cash and cash equivalents, beginning of period
37,812
121,989
Cash and cash equivalents, end of period
$ 76,787
$ 37,812
FARO TECHNOLOGIES, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP
(UNAUDITED)
Three Months Ended December 31,
Twelve Months Ended December 31,
(dollars in thousands, except per share data)
2023
2022
2023
2022
Gross profit, as reported
$ 50,286
$ 51,035
$ 164,999
$ 175,763
Stock-based compensation (1)
364
294
1,335
1,050
Inventory reserve charge (3)
1,208
—
9,340
—
Restructuring and other costs(2)
51
—
1,377
—
Purchase accounting intangible amortization and fair value
adjustments
—
3,550
—
3,550
Non-GAAP adjustments to gross profit
1,623
3,844
12,052
4,600
Non-GAAP gross profit
$ 51,909
$ 54,879
$ 177,051
$ 180,363
Gross margin, as reported
50.9 %
49.1 %
46.0 %
50.8 %
Non-GAAP gross margin
52.5 %
52.8 %
49.3 %
52.2 %
Selling, general and administrative, as reported
$ 39,429
$ 37,923
$ 157,336
$ 146,657
Stock-based compensation (1)
(4,488)
(2,179)
(14,198)
(9,654)
Purchase accounting intangible amortization
(634)
(811)
(2,658)
(1,373)
Non-GAAP selling, general and administrative
$ 34,307
$ 34,933
$ 140,480
$ 135,630
Research and development, as reported
$ 9,238
$ 12,659
$ 41,806
$ 49,415
Stock-based compensation (1)
(705)
(818)
(2,300)
(2,611)
Purchase accounting intangible amortization
(475)
(488)
(2,016)
(2,010)
Non-GAAP research and development
$ 8,058
$ 11,353
$ 37,490
$ 44,794
Operating expenses, as reported
$ 48,930
$ 52,684
$ 214,535
$ 200,686
Stock-based compensation (1)
(5,194)
(2,997)
(16,498)
(12,265)
Restructuring and other costs (2)
(1,329)
(2,604)
(17,666)
(7,548)
Purchase accounting intangible amortization
(1,109)
(1,299)
(4,674)
(3,383)
Non-GAAP adjustments to operating expenses
(7,632)
(6,900)
(38,838)
(23,196)
Non-GAAP operating expenses
$ 41,298
$ 45,784
$ 175,697
$ 177,490
Income (loss) from operations, as reported
$ 1,356
$ (1,649)
$ (49,536)
$ (24,923)
Non-GAAP adjustments to gross profit
1,622
3,844
12,052
4,600
Non-GAAP adjustments to operating expenses
7,632
6,900
38,838
23,196
Non-GAAP income from operations
$ 10,610
$ 9,095
$ 1,354
$ 2,873
Net income (loss), as reported
$ 1,588
$ (2,235)
$ (56,577)
$ (26,756)
Non-GAAP adjustments to gross profit
1,622
3,844
12,052
4,600
Non-GAAP adjustments to operating expenses
7,632
6,900
38,838
23,196
Income tax effect of non-GAAP adjustments
(2,314)
(2,149)
(12,723)
(6,163)
Other tax adjustments (4)
(1,738)
772
15,962
9,675
Non-GAAP net income (loss)
$ 6,790
$ 7,132
$ (2,448)
$ 4,552
Net income (loss) per share – Diluted, as reported
$ 0.08
$ (0.12)
$ (2.99)
$ (1.46)
Stock-based compensation (1)
0.28
0.18
0.94
0.73
Restructuring and other costs (2)
0.07
0.14
1.01
0.41
Inventory reserve charge(3)
0.06
—
0.49
—
Purchase accounting intangible amortization and fair value
adjustments
0.06
0.25
0.25
0.37
Income tax effect of non-GAAP adjustments
(0.11)
(0.11)
(0.67)
(0.33)
Other tax adjustments (4)
(0.08)
0.04
0.84
0.53
Non-GAAP net income (loss) per share – Diluted
$ 0.36
$ 0.38
$ (0.13)
$ 0.25
(1)
We exclude stock-based compensation, which is non-cash, from the non-GAAP financial measures because the Company believes that such exclusion provides a better comparison of results of ongoing operations for current and future periods with such results from past periods.
(2)
On February 14, 2020, our Board of Directors approved a global restructuring plan (the “Restructuring Plan”), which is intended to support our strategic plan in an effort to improve operating performance and ensure that we are appropriately structured and resourced to deliver increased and sustainable value to our shareholders and customers. On February 7, 2023, our Board of Directors approved an integration plan (the “Integration Plan”), which is intended to streamline and simplify operations, particularly around our recent acquisitions and the resulting redundant operations and offerings. The Restructuring and other costs primarily consist of severance and related benefits.
(3)
During 2023, we recorded a charge of $9.3 million, increasing our reserve for excess and obsolete inventory, based on our analysis of our inventory reserves in connection with our strategy to simplify our product portfolio and cease selling certain products.
(4)
The other tax adjustments primarily relate to the impact of certain jurisdictions maintaining a full valuation allowance where benefit is not accrued on U.S. GAAP pre-tax book losses.
FARO TECHNOLOGIES, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA
(UNAUDITED)
Three Months Ended December 31,
Twelve Months Ended December 31,
(in thousands)
2023
2022
2023
2022
Net income (loss)
$ 1,588
$ (2,235)
$ (56,577)
$ (26,756)
Interest (income) expense, net
819
(8)
3,348
(36)
Income tax (benefit) expense
(2,354)
753
2,515
5,105
Depreciation and amortization and fair value adjustments
3,649
7,472
15,377
17,533
EBITDA
3,702
5,982
(35,337)
(4,154)
Other (income) expense, net
1,303
(159)
1,178
(3,236)
Stock-based compensation
5,557
3,291
17,833
13,315
Inventory reserve charge(3)
1,208
—
9,340
—
Restructuring and other costs (1)
1,380
2,604
19,043
7,548
Adjusted EBITDA
$ 13,150
$ 11,718
$ 12,057
$ 13,473
Adjusted EBITDA margin (2)
13.3 %
11.3 %
3.4 %
3.9 %
(1)
On February 14, 2020, our Board of Directors approved a global restructuring plan (the “Restructuring Plan”), which is intended to support our strategic plan in an effort to improve operating performance and ensure that we are appropriately structured and resourced to deliver increased and sustainable value to our shareholders and customers. On February 7, 2023, our Board of Directors approved an integration plan (the “Integration Plan”), which is intended to streamline and simplify operations, particularly around our recent acquisitions and the resulting redundant operations and offerings. The Restructuring and other costs primarily consist of severance and related benefits.
(2)
Calculated as Adjusted EBITDA as a percentage of total sales.
(3)
During 2023, we recorded a charge of $9.3 million, increasing our reserve for excess and obsolete inventory, based on our analysis of our inventory reserves in connection with our strategy to simplify our product portfolio and cease selling certain products.
FARO TECHNOLOGIES, INC. AND SUBSIDIARIES
KEY SALES MEASURES
(UNAUDITED)
For the Three Months Ended
December 31,
For the Twelve Months Ended
December 31,
(in thousands)
2023
2022
2023
2022
Total sales to external customers as reported
Americas (1)
$ 42,535
$ 44,345
$ 167,269
$ 154,422
EMEA (1)
33,657
31,680
108,298
98,174
APAC (1)
22,648
27,834
83,264
93,169
$ 98,840
$ 103,859
$ 358,831
$ 345,765
For the Three Months Ended
December 31,
For the Twelve Months Ended
December 31,
(in thousands)
2023
2022
2023
2022
Total sales to external customers in constant currency (2)
Americas (1)
$ 42,044
$ 44,008
$ 165,715
$ 154,545
EMEA (1)
33,028
33,109
105,545
99,355
APAC (1)
23,873
28,392
85,948
92,268
$ 98,945
$ 105,509
$ 357,208
$ 346,168
(1)
Regions represent North America and South America (Americas); Europe, the Middle East, and Africa (EMEA); and the Asia-Pacific (APAC).
(2)
We compare the change in the sales from one period to another period using constant currency disclosure. We present constant currency information to provide a framework for assessing how our underlying business performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars at the exchange rate in effect during the last day of the prior comparable period, rather than the actual exchange rates in effect during the respective periods.
For the Three Months Ended
December 31,
For the Twelve Months Ended
December 31,
(in thousands)
2023
2022
2023
2022
Hardware
$ 66,640
$ 70,322
$ 234,124
$ 220,919
Software
12,178
12,943
44,448
44,361
Service
20,022
20,594
80,259
80,485
Total Sales
$ 98,840
$ 103,859
$ 358,831
$ 345,765
Hardware as a percentage of total sales
67.4 %
67.7 %
65.2 %
63.9 %
Software as a percentage of total sales
12.3 %
12.5 %
12.4 %
12.8 %
Service as a percentage of total sales
20.3 %
19.8 %
22.4 %
23.3 %
Total Recurring Revenue (3)
$ 17,360
$ 18,088
$ 67,497
$ 68,272
Recurring revenue as a percentage of total sales
17.6 %
17.4 %
18.8 %
19.7 %
(3)
Recurring revenue is comprised of hardware service contracts, software maintenance contracts, and subscription based software applications.
FARO TECHNOLOGIES, INC. AND SUBSIDIARIES
FREE CASH FLOW RECONCILIATION
(UNAUDITED)
Three Months Ended December 31,
Twelve Months Ended December 31,
(in thousands)
2023
2022
2023
2022
Net cash provided by (used in) operating activities
$ 18,655
$ (6,700)
$ 1,075
$ (24,856)
Purchases of property and equipment
(1,801)
(1,393)
(6,817)
(6,371)
Cash paid for technology development, patents and licenses
(2,106)
(1,413)
(7,177)
(10,567)
Free Cash Flow
14,748
(9,506)
(12,919)
(41,794)
Restructuring and other cash payments (1)
2,665
454
14,380
6,364
Adjusted Free Cash Flow
$ 17,413
$ (9,052)
$ 1,461
$ (35,430)
(1)
On February 7, 2023, our Board of Directors approved an integration plan (the “Integration Plan”), which is intended to streamline and simplify operations, particularly around our recent acquisitions and the resulting redundant operations and offerings. The Restructuring and other cash payments primarily consist of severance and related benefits.
FARO TECHNOLOGIES, INC. AND SUBSIDIARIES
RECONCILIATION OF OUTLOOK – GAAP TO NON-GAAP
Fiscal quarter ending March 31, 2024
Low
High
GAAP gross margin
49.0 %
50.5 %
Stock-based compensation
0.5 %
0.5 %
Non-GAAP gross margin
49.5 %
51.0 %
Fiscal quarter ending March 31, 2024
(in thousands)
Low
High
GAAP operating expenses
$47,500
$49,500
Stock-based compensation
(3,300)
(3,300)
Purchase accounting intangible amortization
(1,200)
(1,200)
Restructuring and other costs
(2,000)
(2,000)
Non-GAAP operating expenses
$41,000
$43,000
Fiscal quarter ending March 31, 2024
Low
High
GAAP diluted loss per share range
$(0.66)
$(0.46)
Stock-based compensation
0.19
0.19
Purchase accounting intangible amortization
0.06
0.06
Restructuring and other costs
0.11
0.11
Non-GAAP tax adjustments
0.10
0.10
Non-GAAP diluted loss per share
$(0.20)
$0.00
View original content to download multimedia:https://www.prnewswire.com/news-releases/faro-announces-fourth-quarter-and-full-year-2023-financial-results-302073287.html
SOURCE FARO
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Technology
Horizon Petroleum Ltd. Announces Proposed $2,000,000 Secured Grid Promissory Note and Close of Its Shares for Debt Settlement
Published
49 minutes agoon
October 22, 2026By
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS./
CALGARY, AB, Oct. 22, 2026 /CNW/ — Horizon Petroleum Ltd. (the “Company” or “Horizon”) (TSXV: HPL) (FRA: HPM) (Tradegate: HPM) is pleased to announce that it intends to enter into a secured grid promissory note (the “Promissory Note”) with Wilco Investments Ltd., a company controlled by Trevor Williams who is a director of the Company, in the aggregate principal amount of up to CAD $2,000,000.
The proceeds will be used to make deposits on three generators and on production facilities. The generators will have a combined generating capacity of 3 megawatts. This equipment is Horizon’s next investment in its gas to power strategy for its Lachowice natural gas development in Poland.
The Promissory Note will bear interest from the applicable issuance date at 12% per annum. The Promissory Note and accrued interest will be due on December 31, 2026 (the “Maturity Date”). The Maturity Date may be extended by mutual agreement between the parties. The Promissory Note may be prepaid in whole or in part at any time without penalty. The Promissory Note will be immediately due and payable upon completion by the Company of a financing of equity or debt of CAD $5,000,000 or more. The Promissory Note will be secured by Horizon’s electrical generating equipment in Poland.
The closing date is anticipated to be October 22, 2026.
Entering into the Promissory Note and the advance of funds thereunder are subject to the satisfaction of customary conditions, including the approval of the TSXV.
As Trevor Williams is a director of the Company, the Promissory Note will constitute a “related party transaction” pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company intends to rely on the exemption from the formal valuation requirement pursuant to section 5.5(b) of MI 61-101 as the Company does not have securities listed on a specified market, and on the exemption from the minority shareholder approval requirement pursuant to section 5.7(1)(a) of MI 61-101 as the fair market value of the Promissory Note will not exceed 25% of the Company’s market capitalization.
In addition, the Company announces that it has completed an agreement to settle a total of CAD $524,000 of the Company’s debt (the “Debt”) with certain arm’s length and non-arm’s length parties (the “Shares for Debt Settlement”). The Debt payable to directors and officers of the Company who are Insiders (as such term is defined under the policies of the TSXV) is an aggregate of CAD $465,000 and the Company will settle the same by issuing to such parties 2,657,143 common shares at a deemed price of CAD $0.175 per common share. The Debt payable to arm’s length service providers is an aggregate of CAD $59,000 and the Company will settle the same by issuing to such parties 337,143 common shares at a deemed price of $0.175 per common share.
The Shares for Debt Settlement was approved by disinterested shareholders at the shareholder meeting held on July 28, 2026. All securities issued in connection with the Shares for Debt Settlement will be subject to a statutory four-month hold period in accordance with applicable securities legislation.
The Company has received final approval for the Shares for Debt Settlement from the TSXV.
The Company relied on exemptions from the formal valuation and minority approval requirements of sections 5.5(b) and 5.7(1)(a) of MI 61-101 in respect of such insider participation in the Shares for Debt Settlement, based on a determination that fair market value of the participation by insiders did not exceed 25% of the market capitalization of Horizon, as determined in accordance with MI 61-101.
About Horizon Petroleum Ltd.
Calgary-based Horizon Petroleum Ltd. is focused on the appraisal and development of natural gas resources and clean energy opportunities in Europe, with the objective of contributing to European energy independence and security. Horizon is advancing its Polish natural gas assets through a technically focused, phased development strategy designed to unlock their commercial potential. Horizon’s management team and Board of Directors comprise oil and gas, business and finance professionals with significant international experience.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains “forward-looking statements” or “forward-looking information” (collectively referred to herein as “forward-looking statements”) within the meaning of applicable securities legislation. Such forward-looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Horizon. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur or be achieved. This press release contains forward-looking statements pertaining to, among other things, the Company entering into the Promissory Note, the terms of the Promissory Note, the anticipated closing date, reliance on exemptions under MI 61-101, the anticipated use of proceeds and the approval of the TSX-V.
Forward-looking information is based on current expectations, estimates and projections that involve a number of risks, which could cause actual results to vary and in some instances, to differ materially from those anticipated by Horizon and described in the forward-looking information contained in this press release.
Although Horizon believes that the material factors, expectations and assumptions expressed in such forward-looking statements are reasonable based on information available to it on the date such statements were made, no assurances can be given as to future results, levels of activity and achievements and such statements are not guarantees of future performance.
SOURCE Horizon Petroleum Ltd.
Technology
BMO Announces Cash Distributions for Certain BMO ETFs and ETF Series of BMO Mutual Funds for October 2026
Published
50 minutes agoon
October 22, 2026By
TORONTO, Oct. 22, 2026 /CNW/ — BMO Asset Management Inc., as manager of the BMO ETFs, and BMO Investments Inc., as manager of the BMO Mutual Funds, today announced the October 2026 cash distributions for unitholders of BMO ETFs and unitholders of exchange-traded series of units of the BMO Mutual Funds (collectively, the “ETF Series”)¹ that distribute monthly, as set out in the table below. Unitholders of record of the BMO ETFs and the ETF Series of the BMO Mutual Funds at the close of business on October 29, 2026, will receive cash distributions payable on November 3, 2026.
The ex-dividend date and record date for all BMO ETFs and ETF Series of BMO Mutual Funds is October 29, 2026.
Details of the per unit cash distribution amount are as follows:
Monthly Distributions
FUND NAME
FUND TICKER
CASH DISTRIBUTION PER UNIT $
BMO AAA CLO ETF
ZAAA
0.124
BMO AAA CLO ETF (Hedged Units)
ZAAA.F
0.117
BMO AAA CLO ETF (USD Units)*
ZAAA.U
0.120
BMO Aggregate Bond Index ETF
ZAG
0.038
BMO All-Equity ETF (Target Cash Flow Units)
ZEQT.T
0.100
BMO Asset-Backed Securities ETF
ZABS
0.123
BMO Asset-Backed Securities ETF (Hedged Units)
ZABS.F
0.119
BMO Asset-Backed Securities ETF (USD Units)*
ZABS.U
0.119
BMO Balanced ETF (Target Cash Flow Units)
ZBAL.T
0.049
BMO BBB CLO ETF
ZBBZ
0.163
BMO BBB CLO ETF (Hedged Units)
ZBBZ.F
0.155
BMO BBB CLO ETF (USD Units)*
ZBBZ.U
0.158
BMO Canadian Core Plus US Balanced ETF
ZBCB
0.060
BMO Canadian Dividend ETF
ZDV
0.075
BMO Canadian High Dividend Covered Call ETF
ZWC
0.120
BMO Canadian High Dividend Covered Call ETF (Target Cash Flow Units)
ZWC.T
0.333
BMO Canadian MBS Index ETF
ZMBS
0.082
BMO Core Bond Fund (ETF Series)
ZCRB
0.044
BMO Covered Call Canadian Banks ETF
ZWB
0.170
BMO Covered Call Canadian Banks ETF (Target Cash Flow Units)
ZWB.T
0.488
BMO Covered Call Canadian Banks ETF (USD Units)*
ZWB.U
0.210
BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF
ZWA
0.150
BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF (Target Cash Flow Units)
ZWA.T
0.413
BMO Covered Call Energy ETF
ZWEN
0.220
BMO Covered Call Energy ETF (Target Cash Flow Units)
ZWEN.T
0.488
BMO Covered Call Health Care ETF
ZWHC
0.160
BMO Covered Call Health Care ETF (Target Cash Flow Units)
ZWHC.T
0.413
BMO Covered Call Spread Gold Bullion ETF
ZWGD
0.170
BMO Covered Call Spread Gold Bullion ETF (Target Cash Flow Units)
ZWGD.T
0.333
BMO Covered Call Technology ETF
ZWT
0.350
BMO Covered Call Technology ETF (Target Cash Flow Units)
ZWT.T
0.413
BMO Covered Call US Banks ETF
ZWK
0.160
BMO Covered Call US Banks ETF (Target Cash Flow Units)
ZWK.T
0.450
BMO Covered Call Utilities ETF
ZWU
0.070
BMO Covered Call Utilities ETF (Target Cash Flow Units)
ZWU.T
0.625
BMO Credit Stress Opportunities ETF
ZCDX
0.000
BMO Credit Stress Opportunities ETF (USD Units)*
ZCDX.U
0.000
BMO Discount Bond Index ETF
ZDB
0.022
BMO Emerging Markets Bond Hedged to CAD Index ETF
ZEF
0.045
BMO Emerging Markets Bond Fund (ETF Series)
ZEMB
0.053
BMO Equal Weight Banks Index ETF
ZEB
0.150
BMO Equal Weight REITs Index ETF
ZRE
0.090
BMO Equal Weight Utilities Index ETF
ZUT
0.071
BMO Europe High Dividend Covered Call ETF
ZWP
0.110
BMO Europe High Dividend Covered Call ETF (Target Cash Flow Units)
ZWP.T
0.333
BMO Europe High Dividend Covered Call Hedged to CAD ETF
ZWE
0.120
BMO Europe High Dividend Covered Call Hedged to CAD ETF (Target Cash Flow Units)
ZWE.T
0.333
BMO Floating Rate High Yield ETF
ZFH
0.062
BMO Global Dividend Opportunities Fund (Active ETF Series)
ZGDV
0.034
BMO Global Enhanced Income Fund (ETF Series)
ZWQT
0.085
BMO Global High Dividend Covered Call ETF
ZWG
0.190
BMO Global High Dividend Covered Call ETF (Target Cash Flow Units)
ZWG.T
0.333
BMO Global Infrastructure Fund (Active ETF Series)
ZGIF
0.050
BMO Global REIT Fund (Active ETF Series)
ZGRT
0.055
BMO Government Bond Index ETF
ZGB
0.111
BMO Growth ETF (Target Cash Flow Units)
ZGRO.T
0.058
BMO High Yield US Corporate Bond Hedged to CAD Index ETF
ZHY
0.060
BMO High Yield US Corporate Bond Index ETF
ZJK
0.103
BMO High Yield US Corporate Bond Index ETF (USD Units)*
ZJK.U
0.098
BMO International Dividend ETF
ZDI
0.085
BMO International Dividend Hedged to CAD ETF
ZDH
0.085
BMO Laddered Preferred Share Index ETF
ZPR
0.060
BMO Laddered Preferred Share Index ETF (USD Units)*
ZPR.U
0.096
BMO Long Corporate Bond Index ETF
ZLC
0.053
BMO Long Federal Bond Index ETF
ZFL
0.027
BMO Long Provincial Bond Index ETF
ZPL
0.034
BMO Mid Corporate Bond Index ETF
ZCM
0.055
BMO Mid Federal Bond Index ETF
ZFM
0.035
BMO Mid Provincial Bond Index ETF
ZMP
0.043
BMO Mid-Term US IG Corporate Bond Hedged to CAD Index ETF
ZMU
0.049
BMO Mid-Term US IG Corporate Bond Index ETF
ZIC
0.071
BMO Mid-Term US IG Corporate Bond Index ETF (USD Units)*
ZIC.U
0.052
BMO Money Market Fund (ETF Series)
ZMMK
0.100
BMO Monthly Income ETF
ZMI
0.049
BMO Monthly Income ETF (USD Units)*
ZMI.U
0.026
BMO MSCI Canada IMI High Dividend Yield Index ETF
ZDIV
0.108
BMO Premium Yield ETF
ZPAY
0.200
BMO Premium Yield ETF (Hedged Units)
ZPAY.F
0.175
BMO Premium Yield ETF (USD Units)*
ZPAY.U
0.180
BMO Real Return Bond Index ETF
ZRR
0.060
BMO Short Corporate Bond Index ETF
ZCS
0.047
BMO Short Federal Bond Index ETF
ZFS
0.028
BMO Short Provincial Bond Index ETF
ZPS
0.024
BMO Short-Term US IG Corporate Bond Hedged to CAD Index ETF
ZSU
0.050
BMO Strategic Autocallable Income US Large Cap ETF
ZACU
0.305
BMO Strategic Autocallable Income US Large Cap ETF (Hedged Units)
ZACU.F
0.305
BMO Strategic Autocallable Income US Large Cap ETF (USD Units)*
ZACU.U
0.305
BMO Ultra Short-Term Bond ETF
ZST
0.110
BMO Ultra Short-Term US Bond ETF (USD Units)*
ZUS.U
0.178
BMO US Aggregate Bond Index ETF
ZUAG
0.075
BMO US Aggregate Bond Index ETF (Hedged Units)
ZUAG.F
0.069
BMO US Aggregate Bond Index ETF (USD Units)*
ZUAG.U
0.072
BMO US Dividend ETF
ZDY
0.080
BMO US Dividend ETF (USD Units)*
ZDY.U
0.060
BMO US Dividend Growth ETF
ZBDU
0.070
BMO US Dividend Growth ETF (Hedged Units)
ZBDU.F
0.070
BMO US Dividend Hedged to CAD ETF
ZUD
0.055
BMO US High Dividend Covered Call ETF
ZWH
0.140
BMO US High Dividend Covered Call ETF (Target Cash Flow Units)
ZWH.T
0.413
BMO US High Dividend Covered Call ETF (USD Units)*
ZWH.U
0.140
BMO US High Dividend Covered Call Hedged to CAD ETF
ZWS
0.120
BMO US High Dividend Covered Call Hedged to CAD ETF (Target Cash Flow Units)
ZWS.T
0.413
BMO US Preferred Share Hedged to CAD Index ETF
ZHP
0.080
BMO US Preferred Share Index ETF
ZUP
0.096
BMO US Preferred Share Index ETF (USD Units)*
ZUP.U
0.090
BMO US Put Write ETF
ZPW
0.125
BMO US Put Write ETF (USD Units)*
ZPW.U
0.125
BMO US Put Write Hedged to CAD ETF
ZPH
0.120
BMO USD Cash Management ETF
ZUCM
0.108
BMO USD Cash Management ETF (USD Units)*
ZUCM.U
0.104
*Cash distribution per unit ($) amounts are USD for ZAAA.U, ZABS.U, ZBBZ.U, ZWB.U, ZCDX.U, ZJK.U, ZPR.U, ZIC.U, ZMI.U, ZPAY.U, ZACU.U, ZUS.U, ZUAG.U, ZDY.U, ZWH.U, ZUP.U, ZPW.U, ZUCM.U.
1 BMO ETFs are managed by BMO Asset Management Inc., an investment fund manager, a portfolio manager, and a separate legal entity from Bank of Montreal. ETF Series of the BMO Mutual Funds are managed by BMO Investments Inc., an investment fund manager and a separate legal entity from Bank of Montreal
Any statement that necessarily depends on future events may be a forward-looking statement. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Although such statements are based on assumptions that are believed to be reasonable, there can be no assurance that actual results will not differ materially from expectations. Investors are cautioned not to rely unduly on any forward-looking statements. In connection with any forward-looking statements, investors should carefully consider the areas of risk described in the most recent prospectus.
This communication is for information purposes. The information contained herein is not, and should not be construed as, investment, tax or legal advice to any party. Investments should be evaluated relative to the individual’s investment objectives and professional advice should be obtained with respect to any circumstance.
The BMO ETFs or securities referred to herein (ZDIV) are not sponsored, endorsed or promoted by MSCI Inc. (MSCI), and MSCI bears no liability with respect to any such BMO ETFs or securities or any index on which such BMO ETFs or securities are based. The prospectus of the BMO ETFs contains a more detailed description of the limited relationship MSCI has with BMO Asset Management Inc. and any related BMO ETFs.
The Dow Jones Industrial Index is a product of S&P Dow Jones Indices LLC or its affiliates (SPDJI), and has been licensed for use by BMO Asset Management Inc. S&P®, S&P 500®, US 500, The 500, iBoxx®, iTraxx® and CDX® are trademarks of S&P Global, Inc. or its affiliates (S&P) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones), and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by BMO Asset Management Inc. The relevant BMO ETF (ZWA, ZWA.T) is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s), nor do they have any liability for any errors, omissions, or interruptions of the Index.
BLOOMBERG® and the Bloomberg Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (BISL), the administrator of the index (collectively, Bloomberg) and have been licensed for use for certain purposes by BMO Asset Management Inc. Bloomberg is not affiliated with BMO Asset Management Inc., and Bloomberg does not approve, endorse, review, or recommend any BMO ETFs. Bloomberg does not guarantee the timeliness, accuracy or completeness of any data or information relating to the BMO ETFs.
BMO ETFs are not in any way sponsored, endorsed, sold or promoted by FTSE Global Debt Capital Markets Inc. (FGDCM), FTSE International Limited (FTSE), Frank Russell Company (Frank Russell), FTSE Fixed Income LLC (FTSE FI) or the London Stock Exchange Group companies (together with FGDCM, FTSE, Frank Russell and FTSE FI, the Licensor Parties). The Licensor Parties make no claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the use of the FTSE BMO ETF Indices, (ii) the figure at which any of the FTSE BMO ETF Indices stands at any particular time on any particular day or otherwise, or (iii) the suitability of an Underlying Index for the particular purpose to which it is being put in connection with the FTSE BMO ETFs. Each of the FTSE BMO ETF Indices is compiled and calculated by FGDCM of FTSE and all copyright in any of the FTSE BMO ETF Indices values and constituent lists vests in FGDCM or FTSE, respectively. The Licensor Parties shall not be liable (whether in negligence or otherwise) to any person for any error in any of the FTSE BMO ETF Indices and the Licensor Parties shall not be under any obligation to advise any person of any error therein. FTSE® is a trade mark of the London Stock Exchange Group companies and is used under licence.
Commissions, management fees and expenses all may be associated with investments in BMO ETFs and ETF Series units of the BMO Mutual Funds. Please read the ETF facts, fund facts or prospectus of the relevant BMO ETF or ETF Series of BMO Mutual Fund before investing. BMO ETFs and ETF Series units of the BMO Mutual Funds are not guaranteed, their values change frequently and past performance may not be repeated. BMO ETFs and ETF Series units may be bought and sold at market price on a stock exchange and brokerage commissions will reduce returns.
Distributions are not guaranteed and are subject to change and/or elimination depending on market conditions. The payment of distributions should not be confused with an investment fund’s performance, rate of return or yield. If distributions paid by an investment fund are greater than the performance of the fund, investors’ original investment will shrink. Distributions of net income and net taxable gains of a BMO ETF or an ETF Series will be included in the unitholder’s income for tax purposes in the year they are paid, whether or not such amounts are reinvested in additional units. A unitholder’s adjusted cost base (“ACB”) will be reduced by the amount of any return of capital (“ROC”). If a unitholder’s ACB goes below zero, such unitholder will have to pay capital gains tax on the amount below zero. Please refer to the summary of the principal income tax considerations set out in the prospectus for the relevant BMO ETF or ETF Series. Investors should also consult their own tax advisors about their individual circumstances.
The Target Cash Flow Units are subject to capital depletion risk. Target Cash Flow Units make monthly distributions of a fixed amount which may be comprised of, in whole or in part, a ROC. A ROC reduces the amount of an original investment and may result in the return to investors of the entire amount of an original investment.
The Target Cash Flow Units’ monthly distribution dollar amount is reset at the beginning of each calendar year. The dollar amount is a factor of the annualized distribution rate for the Target Cash Flow Units (which is the rate set out in the individual BMO ETF profiles in the applicable BMO ETF’s prospectus), the net asset value per unit of a series of a BMO ETF (NAVPS) as of the end of the previous calendar year, and the number of Target Cash Flow Units of the BMO ETF held at the time of the distribution. Although not expected, we may also adjust the monthly distribution during the year, if capital market conditions have significantly affected the ability of the BMO ETF to maintain the applicable distribution. If we make any such adjustment to the monthly distribution, we will issue a press release to communicate the change. The distribution rate applicable to the Target Cash Flow Units may be higher than the rate of return or the portfolio yield of the BMO ETF that offers such units. As a result, if you elect to receive some or all of the regular monthly distributions in cash, the value of your investment in the BMO ETF may decline over time.
For a summary of the risks of an investment in the BMO ETFs or ETF Series units of the BMO Mutual Funds, please see the specific risks set out in the relevant ETF facts, fund facts or prospectus. BMO ETFs and ETF Series units of the BMO Mutual Funds trade like stocks, fluctuate in market value and may trade at a discount to their net asset value, which may increase the risk of loss.
BMO ETFs are managed by BMO Asset Management Inc., an investment fund manager, a portfolio manager, and a separate legal entity from Bank of Montreal. BMO Mutual Funds are managed by BMO Investments Inc., an investment fund manager and a separate legal entity from Bank of Montreal.
BMO Global Asset Management is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate.
“BMO (M-bar roundel symbol)” is a registered trademark of Bank of Montreal, used under licence.
Further information about BMO ETFs and ETF Series of the BMO Mutual Funds can be found at www.bmoetfs.com.
About BMO Financial Group
BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.5 trillion as of July 31, 2026. Serving clients for more than 200 years, BMO provides a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services across Canada, the United States, and select markets globally. BMO is innovating for business value, by deploying and integrating human, digital and artificial intelligence to personalize client experiences, augment teams, and automate its business responsibly. Driven by its purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and stronger communities.
SOURCE BMO Financial Group
Technology
ACL Digital Launches AgentixCare, a Human-in-the-Loop Agentic AI Platform for Healthcare Payers, Providers, and MedTech
Published
50 minutes agoon
October 22, 2026By
The AI-first platform applies agentic AI, generative AI, and predictive models across clinical care, revenue cycle management, and connected MedTech, with humans in control of every critical decision.
SAN JOSE, Calif., Oct. 22, 2026 /PRNewswire/ — ACL Digital, part of the ALTEN Group, today announced the launch of AgentixCare, a Human-in-the-Loop (HITL) Agentic AI platform for healthcare payers, providers, and MedTech organizations. A trusted AI-led Digital Enterprise & Systems Engineering Partner, ACL Digital drives innovation by designing and building intelligent systems across the full technology stack, from chip-to-cloud.
Traditional healthcare platforms record what happened but rarely act on it. Fragmented EHRs, manual prior authorizations, rising claim denials, and disconnected device data bury clinicians in documentation and leave revenue teams chasing paperwork. AgentixCare closes that gap, cutting costs by up to 30–50% while improving productivity, care quality, cash flow, and asset uptime, with HITL oversight at every decision point.
“Healthcare does not need another dashboard. It needs AI that does real clinical, financial, and operational work, safely. AgentixCare puts autonomous agents to work on the tasks that slow care down, from prior authorizations to denials to documentation, while keeping clinicians firmly in control. That is how our clients will move from AI pilots to measurable outcomes in weeks, not years,” said Ramandeep Singh, CEO of ACL Digital.
Unlike point solutions that bolt AI onto legacy workflows, the platform is built AI-first. Its agents assess data, gather clinical and policy evidence, assemble submissions, trace root causes, and recommend next-best actions.
End-to-End Coverage Across the Healthcare Value Chain
Clinical Care & Intelligence: EHR-ready AI notes, predictive early warnings, real-time clinical decision support (CDS), and formulary mapping.Agentic Revenue Cycle & Payer Operations: Electronic prior authorization and end-to-end claim and denial management, from scrubbing to recovery and reconciliation.Intelligent Connected MedTech: Predictive maintenance, performance analytics, a GenAI copilot for surgical robotics fleets, and infusion pump monitoring.AI-Governed Trust, Risk & Compliance: A compliance copilot for HIPAA and HITECH readiness.Future-Ready Interoperability: HL7 v2, FHIR R4, and SMART on FHIR connectors for leading enterprise and open-source EMRs.
The platform is designed to significantly reduce manual prior authorization work and administrative costs, speed up routine authorization decisions, cut claim denials and unplanned device downtime, catch more patient anomalies, and deliver faster answers through AI copilots and natural language processing.
“We engineered AgentixCare the way we build medical-grade systems: interoperable from day one, secure by design, and governed end to end. Every agent works on FHIR and HL7 data, every recommendation shows its evidence, and every action is approved and recorded. That combination of agentic AI and Human-in-the-Loop governance is what makes enterprise adoption fast and safe,” said Suresh Venkateswaran, Head – Digital Product Engineering Services at ACL Digital.
AgentixCare draws on ACL Digital’s decades of domain and product engineering experience with healthcare, life sciences, and medical device companies. Developed by the company’s Healthcare Center of Excellence, it combines first-hand knowledge of Clinical, Payer, and MedTech workflows with interoperability standards and responsible AI practices.
AgentixCare is available now for pilot programs. To request a demonstration, visit AgentixCare programs.
About ACL Digital
ACL Digital, part of the ALTEN Group, is a trusted AI-led Digital Enterprise & Systems Engineering Partner driving innovation by designing and building intelligent systems across the full technology stack from chip to cloud. By integrating AI and data-powered solutions, we help enterprises accelerate digital transformation, optimize operations, and achieve scalable business outcomes. Partner with us to turn complexity into clarity and shape the future of your organization. Learn more at www.acldigital.com.
View original content to download multimedia:https://www.prnewswire.com/news-releases/acl-digital-launches-agentixcare-a-human-in-the-loop-agentic-ai-platform-for-healthcare-payers-providers-and-medtech-302916672.html
SOURCE ACL Digital
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