NOVANTA INC NOVT
Novanta Inc. and its subsidiaries (collectively referred to as the "Company", "Novanta", "we", "us", "our") is a leading global supplier of core technology solutions that give medical, life science, and advanced industrial original equipment manufacturers ("OEMs") a competitive advantage. We combine deep proprietary technology expertise and competencies in precision medicine, precision manufacturing, robotics and automation, and advanced surgery with a proven ability to solve complex technical challenges. This enables us to engineer proprietary technology solutions that deliver extreme precision and performance, tailored to our customers' demanding applications.
The Company was founded and initially incorporated in Massachusetts in 1968 as General Scanning, Inc. ("General Scanning"). In 1999, General Scanning merged with Lumonics Inc. The post-merger entity, GSI Lumonics Inc., continued under the laws of the Province of New Brunswick, Canada. In 2005, the Company changed its name to GSI Group Inc. Through a series of strategic divestitures and acquisitions, the Company transformed from one that was more focused on the semiconductor industry to one that primarily develops and supplies components and sub-systems to OEMs in the medical and advanced industrial markets. The Company changed its name to Novanta Inc. in May 2016.
Valuation FY2025 figures against the last close
Where the revenue comes from as reported in the latest 10-K
Revenue by geography
- United States
- Rest of Europe
- Germany
- Rest of Asia-Pacific
- China
- Other Countries
| Region | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| United States | $519.0M | $487.1M | $418.3M |
| Rest of Europe | $137.4M | $128.9M | $137.0M |
| Germany | $114.6M | $123.2M | $128.2M |
| Rest of Asia-Pacific | $97.0M | $107.1M | $105.3M |
| China | $93.2M | $84.6M | $73.4M |
| Other Countries | $19.3M | $18.4M | $19.3M |
As the company reported it, from the “Schedule of Geographic Revenue (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $980.6M | $949.2M | $881.7M | $860.9M | $706.8M | $590.6M | $626.1M | $614.3M | $521.3M | $384.8M |
| Cost of revenue | $545.3M | $527.7M | $481.8M | $482.4M | $406.5M | $346.1M | $364.0M | $352.8M | $300.8M | $222.3M |
| Gross profit | $435.3M | $421.5M | $399.9M | $378.5M | $300.3M | $244.5M | $262.1M | $261.5M | $220.5M | $162.5M |
| R&D | $95.5M | $95.5M | $91.7M | $85.8M | $72.5M | $61.0M | $56.0M | $51.0M | $41.7M | $32.0M |
| SG&A | $195.7M | $175.9M | $164.5M | $158.9M | $129.2M | $109.9M | $118.4M | $115.9M | $101.7M | $81.3M |
| Total operating expenses | $341.3M | $311.0M | $289.4M | $275.4M | $236.3M | $188.6M | $206.8M | $190.5M | $163.0M | $129.5M |
| Operating income | $94.0M | $110.6M | $110.5M | $103.1M | $64.1M | $55.9M | $55.3M | $71.0M | $57.6M | $33.0M |
| Interest expense | — | — | — | — | — | — | — | — | $7.2M | $4.6M |
| Pre-tax income | $69.6M | $79.1M | $83.7M | $87.2M | $56.2M | $48.4M | $45.8M | $61.3M | $76.1M | $32.5M |
| Income tax | $15.8M | $15.0M | $10.9M | $13.1M | $5.8M | $3.9M | $5.0M | $10.2M | $13.8M | $10.5M |
| Net income | $53.8M | $64.1M | $72.9M | $74.1M | $50.3M | $44.5M | $40.8M | $49.1M | $60.1M | $22.0M |
| EPS, basic | 1.47 | 1.78 | 2.03 | 2.08 | 1.42 | 1.27 | 1.16 | 1.46 | 1.14 | 0.63 |
| EPS, diluted | 1.47 | 1.77 | 2.02 | 2.06 | 1.41 | 1.25 | 1.15 | 1.43 | 1.13 | 0.63 |
| Shares, diluted (wtd. avg.) | 36.7M | 36.1M | 36.0M | 35.9M | 35.8M | 35.7M | 35.5M | 35.5M | 35.3M | 34.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $380.9M | $114.0M | $105.1M | $100.1M | $117.4M | $125.1M | $78.9M | $82.0M | $100.1M | $68.1M |
| Receivables | $184.9M | $151.0M | $139.4M | $137.7M | $115.6M | $75.1M | $91.1M | $84.0M | $81.5M | $63.8M |
| Inventory | $188.3M | $144.6M | $149.4M | $168.0M | $125.7M | $92.7M | $116.6M | $104.8M | $91.3M | $59.7M |
| Total current assets | $782.6M | $433.6M | $415.3M | $420.5M | $373.8M | $304.2M | $304.5M | $281.8M | $287.9M | $199.2M |
| Property, plant and equipment | $118.5M | $113.1M | $109.4M | $103.2M | $87.4M | $78.7M | $77.6M | $65.5M | $61.7M | $35.4M |
| Goodwill | $647.3M | $584.1M | $484.5M | $478.9M | $479.5M | $286.0M | $274.7M | $217.7M | $211.0M | $108.1M |
| Other intangibles | $180.8M | $185.8M | $145.0M | $175.8M | $221.0M | $148.5M | $166.2M | $142.9M | $155.0M | $61.7M |
| Total assets | $1.81B | $1.39B | $1.23B | $1.24B | $1.23B | $865.2M | $869.7M | $719.6M | $726.7M | $425.6M |
| Accounts payable | $94.9M | $76.9M | $57.2M | $75.2M | $68.5M | $43.0M | $52.6M | $50.7M | $39.8M | $32.2M |
| Short-term debt | $38.3M | $4.7M | $5.0M | $4.8M | $5.1M | $5.5M | $5.0M | $4.5M | $9.1M | $7.4M |
| Total current liabilities | $212.4M | $167.8M | $139.2M | $164.5M | $183.9M | $114.2M | $134.8M | $104.2M | $98.2M | $70.5M |
| Long-term debt | $212.5M | $411.9M | $349.4M | $430.7M | $429.4M | $194.9M | $215.3M | $202.8M | $225.5M | $70.6M |
| Total liabilities | $492.8M | $642.8M | $552.6M | $663.6M | $706.6M | $388.4M | $452.6M | $351.3M | $368.2M | $166.8M |
| Retained earnings | $321.4M | $267.5M | $203.5M | $130.6M | $56.5M | $6.2M | -$38.3M | -$79.1M | -$127.7M | -$167.5M |
| Total equity | $1.31B | $745.7M | $673.5M | $577.6M | $521.3M | $476.8M | $417.2M | $368.3M | $311.5M | $258.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $64.1M | $158.5M | $120.1M | $90.8M | $94.6M | $140.2M | $63.2M | $89.6M | $63.4M | $47.8M |
| Depreciation and amortisation | $61.9M | $55.6M | $46.6M | $53.2M | $43.4M | $38.3M | $38.3M | $37.1M | $30.8M | $21.0M |
| Stock-based compensation | $29.5M | $23.3M | $25.6M | $23.1M | $25.6M | $23.1M | $9.3M | $7.7M | $5.5M | $4.3M |
| Capital expenditure | $15.6M | $17.2M | $20.0M | $19.6M | $20.0M | $10.5M | $10.7M | $14.7M | $9.1M | $8.5M |
| Investing cash flow | -$74.3M | -$208.2M | -$19.9M | -$42.5M | -$306.7M | -$13.2M | -$63.8M | -$45.6M | -$177.4M | -$12.9M |
| Financing cash flow | $276.3M | $56.9M | -$97.9M | -$60.2M | $204.8M | -$84.4M | -$3.9M | -$60.2M | $143.3M | -$23.2M |
| Buybacks | $39.3M | — | — | $10.0M | — | $5.5M | $10.0M | $5.8M | $370.0K | $1.6M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-175367.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $384.8M | $521.3M | $614.3M | $626.1M | $590.6M | $706.8M | $860.9M | $881.7M | $949.2M | $980.6M |
| Gross profit | $162.5M | $220.5M | $261.5M | $262.1M | $244.5M | $300.3M | $378.5M | $399.9M | $421.5M | $435.3M |
| Net income | $22.0M | $60.1M | $49.1M | $40.8M | $44.5M | $50.3M | $74.1M | $72.9M | $64.1M | $53.8M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Material agreement signed Item 1.01
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Regulation FD disclosure Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Material agreement signed Item 1.01
- New debt or obligation Item 2.03
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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