Novanta Announces Financial Results for the First Quarter 2024

First Quarter 2024 GAAP Revenue of $231 million

First Quarter 2024 GAAP Net Income of $15 million

First Quarter 2024 GAAP Diluted Earnings Per Share of $0.41

First Quarter 2024 Adjusted Earnings Per Share of $0.74

First Quarter 2024 Adjusted EBITDA of $50 million

BEDFORD, Mass.–(BUSINESS WIRE)–Novanta Inc. (Nasdaq: NOVT) (“Novanta” or the “Company”), a trusted technology partner to medical and advanced technology equipment manufacturers, today reported financial results for the first quarter 2024.


Financial Highlights

Three Months Ended

 

(In millions, except per share amounts)

March 29,

 

 

March 31,

 

 

2024

 

 

2023

 

GAAP

 

 

 

 

 

Revenue

$

230.9

 

 

$

219.1

 

Operating Income

$

25.6

 

 

$

26.3

 

Net Income

$

14.7

 

 

$

18.3

 

Diluted EPS

$

0.41

 

 

$

0.51

 

Non-GAAP*

 

 

 

 

 

Adjusted Operating Income

$

40.1

 

 

$

36.9

 

Adjusted Diluted EPS

$

0.74

 

 

$

0.74

 

Adjusted EBITDA

$

49.7

 

 

$

47.0

 

 

*Reconciliations of GAAP to non-GAAP financial measures, as well as definitions for the non-GAAP financial measures included in this press release and the reasons for their use, are presented below.

“Novanta achieved great results for the first quarter, beating expectations for sales, profit, and cash flow,” said Matthijs Glastra, Chair and Chief Executive Officer of Novanta. “We finished the quarter with $231 million in revenue, adjusted gross margin of 46.3%, adjusted EBITDA of $50 million, and more than doubling our operating cash flow year over year. In addition, we are pleased with our progress at integrating the recent Motion Solutions acquisition.”

First Quarter

During the first quarter of 2024, Novanta generated GAAP revenue of $230.9 million, an increase of $11.8 million, or 5.4%, versus the first quarter of 2023. The Company’s acquisition activities resulted in an increase in revenue of $21.2 million, or 9.7%, compared to the first quarter of 2023. Changes in foreign currency exchange rates year over year had immaterial impact on our revenue during the first quarter of 2024. Our year-over-year Organic Revenue Growth, which excludes the net impact of acquisitions and changes in foreign currency exchange rates, was a decrease of 4.2% for the first quarter of 2024 (see “Organic Revenue Growth” in the non-GAAP reconciliations below).

In the first quarter of 2024, GAAP operating income was $25.6 million, compared to $26.3 million in the first quarter of 2023. GAAP net income was $14.7 million in the first quarter of 2024, compared to $18.3 million in the first quarter of 2023. GAAP diluted earnings per share (“EPS”) was $0.41 in the first quarter of 2024, compared to $0.51 in the first quarter of 2023.

Adjusted Diluted EPS was $0.74 in the first quarter of 2024, compared to $0.74 in the first quarter of 2023. Diluted weighted average shares outstanding was 36.1 million in the first quarter of 2024. Adjusted EBITDA was $49.7 million in the first quarter of 2024, compared to $47.0 million in the first quarter of 2023.

Operating cash flow for the first quarter of 2024 was $32.8 million, compared to $10.2 million for the first quarter of 2023.

Financial Guidance

For the second quarter of 2024, the Company expects GAAP revenue of approximately $230 million to $235 million. The Company expects Adjusted Gross Profit Margin to be approximately 46.0% to 46.3%. The Company expects Adjusted EBITDA to be in the range of $48 million to $50 million and Adjusted Diluted EPS to be in the range of $0.68 to $0.74. The Company’s guidance assumes no significant changes in foreign exchange rates.

Novanta provides earnings guidance on a non-GAAP basis and does not provide earnings guidance on a GAAP basis, with the exception of GAAP revenue guidance. A reconciliation of the Company’s forward-looking Adjusted Gross Profit Margin, Adjusted EBITDA and Adjusted Diluted EPS guidance to the most directly comparable GAAP financial measures is not provided because of the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including acquisitions and related expenses; impact of purchase price allocations for recently completed acquisitions; future changes in the fair value of contingent considerations; future restructuring expenses; foreign exchange gains/(losses); significant discrete income tax expenses (benefits); benefits or expenses associated with the completion of tax audits; divestitures and related expenses; gains and losses from sale of real estate assets; costs related to product line closures; intangible asset impairment charges and related asset write-offs; and other charges reflected in the Company’s reconciliation of historical non-GAAP financial measures, the amounts of which, based on past experience, could be material. For additional information regarding Novanta’s non-GAAP financial measures, see “Use of Non-GAAP Financial Measures” below.

Conference Call Information

The Company will host a conference call on Tuesday, May 7, 2024 at 10:00 a.m. ET to discuss these results and to provide a business update. To access the call, please dial (888) 346-3959 prior to the scheduled conference call time. Alternatively, the conference call can be accessed online via a live webcast on the Events & Presentations page of the Investors section of the Company’s website at www.novanta.com.

A replay of the audio webcast will be available approximately three hours after the conclusion of the call in the Investor Relations section of the Company’s website at www.novanta.com. The replay will remain available until Monday, July 1, 2024.

Use of Non-GAAP Financial Measures

The non-GAAP financial measures used in this press release are Organic Revenue Growth, Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Operating Income, Adjusted Operating Margin, Adjusted Income Before Income Taxes, Adjusted Income Tax Provision/(Benefit) and Effective Tax Rate, Adjusted Net Income, Adjusted Diluted EPS, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Free Cash Flow as a Percentage of Net Income, and Net Debt.

The Company believes that these non-GAAP financial measures provide useful and supplementary information to investors regarding the operating performance of the Company. It is management’s belief that these non-GAAP financial measures would be particularly useful to investors because of the significant changes that have occurred outside of the Company’s day-to-day business in accordance with the execution of the Company’s strategy. This strategy includes streamlining the Company’s existing operations through site and functional consolidations, strategic divestitures and product line closures, expanding the Company’s business through significant internal investments, and broadening the Company’s product and service offerings through acquisitions of innovative and complementary technologies and solutions. The financial impact of certain elements of these activities, particularly acquisitions, divestitures, and site and functional restructurings, is often large relative to the Company’s overall financial performance and can adversely affect the comparability of its operating results and investors’ ability to analyze the business from period to period.

The Company’s Adjusted EBITDA, Organic Revenue Growth and Adjusted Gross Margin are used by management to evaluate operating performance, communicate financial results to the Board of Directors, benchmark results against historical performance and the performance of peers, and evaluate investment opportunities, including acquisitions and divestitures. In addition, Adjusted EBITDA, Organic Revenue Growth and Adjusted Gross Margin are used to determine bonus payments for senior management and employees. The Company has also used in the past, and may use in the future, Adjusted Diluted EPS and Adjusted EBITDA as performance targets for certain performance-based restricted stock units. Accordingly, the Company believes that these non-GAAP financial measures provide greater transparency and insight into management’s method of analysis.

Non-GAAP financial measures should not be considered as substitutes for, or superior to, measures of financial performance prepared in accordance with GAAP. They are limited in value because they exclude charges that have a material effect on the Company’s reported results and, therefore, should not be relied upon as the sole financial measures to evaluate the Company’s financial results. The non-GAAP financial measures are meant to supplement, and to be viewed in conjunction with, GAAP financial measures. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures as provided in the tables accompanying this press release.

Safe Harbor and Forward-Looking Information

Certain statements in this release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and are based on current expectations and assumptions that are subject to risks and uncertainties. All statements contained in this news release that do not relate to matters of historical fact should be considered forward-looking statements, and are generally identified by words such as “expect,” “intend,” “anticipate,” “estimate,” “believe,” “future,” “could,” “should,” “plan,” “aim,” and other similar expressions. These forward-looking statements include, but are not limited to, statements regarding anticipated financial performance and financial position, including our financial outlook for the second quarter of 2024; expectations for our end markets and market position; our competitive position, including our positioning for long-term growth and other statements that are not historical facts.

These forward-looking statements are neither promises nor guarantees, but involve risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. Our actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including, but not limited to, the following: economic and political conditions and the effects of these conditions on our customers’ businesses, capital expenditures and level of business activities; risks associated with epidemics, pandemics or other public health crises, such as the COVID-19 pandemic; our dependence upon our ability to respond to fluctuations in product demand; our ability to continuously innovate, to introduce new products in a timely manner, and to manage transitions to new product innovations effectively; customer order timing and other similar factors; disruptions or breaches in security of our or our third-party providers’ information technology systems; risks associated with our operations in foreign countries; our increased use of outsourcing in foreign countries; risks associated with increased outsourcing of components manufacturing; our exposure to increased tariffs, trade restrictions or taxes on our products; violations of our intellectual property rights and our ability to protect our intellectual property against infringement by third parties; risk of losing our competitive advantage; our failure to successfully integrate recent and future acquisitions into our business; our ability to attract and retain key personnel; our restructuring and realignment activities; product defects or problems integrating our products with other vendors’ products; disruptions in the supply of certain key components and other goods from our suppliers; our failure to accurately forecast component and raw material requirements leading to additional costs and significant delays in shipments; production difficulties and product delivery delays or disruptions; our exposure to extensive medical device regulations, which may impede or hinder the approval, certification or sale of our products and, in some cases, may ultimately result in an inability to obtain approval or certification of certain products or may result in the recall or seizure of previously approved or certified products; potential penalties for violating foreign and U.S. federal and state healthcare laws and regulations; impact of healthcare industry cost containment and healthcare reform measures; changes in governmental regulations related to our business or products; actual or perceived failures to comply with applicable data protection, privacy and security laws, regulations, standards, and other requirements; our failure to implement new information technology systems successfully; changes in foreign currency rates; our failure to realize the full value of our intangible assets; our reliance on original equipment manufacturer customers; increasing scrutiny and changing expectations from investors, customers, governments and other stakeholders and third parties with respect to corporate sustainability policies and practices; the effects of climate change and related regulatory responses; our exposure to the credit risk of some of our customers and in weakened markets; being subject to U.S. federal income taxation even though we are a non-U.S. corporation; changes in tax laws and fluctuations in our effective tax rates; any need for additional capital to adequately respond to business challenges or opportunities and repay or refinance our existing indebtedness, which may not be available on acceptable terms or at all; our existing indebtedness limiting our ability to engage in certain activities; volatility in the market price for our common shares; and our failure to maintain appropriate internal controls in the future.

Other important risk factors that could affect the outcome of the events set forth in these statements and that could affect the Company’s operating results and financial condition are discussed in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as updated by our subsequent filings with the Securities and Exchange Commission. Such statements are based on the Company’s beliefs and assumptions and on information currently available to the Company. The Company disclaims any obligation to publicly update or revise any such forward-looking statements as a result of developments occurring after the date of this document except as required by law.

About Novanta

Novanta is a leading global supplier of core technology solutions that give medical and advanced industrial original equipment manufacturers a competitive advantage. We combine deep proprietary technology expertise and competencies in precision medicine and manufacturing, medical solutions, and robotics and automation with a proven ability to solve complex technical challenges. This enables Novanta to engineer core components and sub-systems that deliver extreme precision and performance, tailored to our customers’ demanding applications. The driving force behind our growth is the team of innovative professionals who share a commitment to innovation and customer success. Novanta’s common shares are quoted on Nasdaq under the ticker symbol “NOVT.”

More information about Novanta is available on the Company’s website at www.novanta.com. For additional information, please contact Novanta Investor Relations at (781) 266-5137 or InvestorRelations@novanta.com.

NOVANTA INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands of U.S. dollars or shares, except per share amounts)

(Unaudited)

 

 

Three Months Ended

 

 

March 29,

 

 

March 31,

 

 

2024

 

 

2023

 

Revenue

$

230,916

 

 

$

219,126

 

Cost of revenue

 

130,500

 

 

 

121,498

 

Gross profit

 

100,416

 

 

 

97,628

 

Operating expenses:

 

 

 

 

 

Research and development and engineering

 

23,246

 

 

 

22,828

 

Selling, general and administrative

 

43,530

 

 

 

40,923

 

Amortization of purchased intangible assets

 

5,750

 

 

 

5,089

 

Restructuring, acquisition, and related costs

 

2,283

 

 

 

2,476

 

Total operating expenses

 

74,809

 

 

 

71,316

 

Operating income

 

25,607

 

 

 

26,312

 

Interest income (expense), net

 

(8,254

)

 

 

(6,332

)

Foreign exchange transaction gains (losses), net

 

(321

)

 

 

(77

)

Other income (expense), net

 

(116

)

 

 

(166

)

Income before income taxes

 

16,916

 

 

 

19,737

 

Income tax provision (benefit)

 

2,240

 

 

 

1,472

 

Net Income

$

14,676

 

 

$

18,265

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

Basic

$

0.41

 

 

$

0.51

 

Diluted

$

0.41

 

 

$

0.51

 

 

 

 

 

 

 

Weighted average common shares outstanding—basic

 

35,914

 

 

 

35,810

 

Weighted average common shares outstanding—diluted

 

36,127

 

 

 

35,999

 

NOVANTA INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands of U.S. dollars)

(Unaudited)

 

 

March 29,

 

 

December 31,

 

 

2024

 

 

2023

 

ASSETS

 

 

 

 

 

Current Assets

 

 

 

 

 

Cash and cash equivalents

$

93,520

 

 

$

105,051

 

Accounts receivable, net

 

150,911

 

 

 

139,410

 

Inventories

 

161,371

 

 

 

149,371

 

Prepaid expenses and other current assets

 

23,014

 

 

 

21,465

 

Total current assets

 

428,816

 

 

 

415,297

 

Property, plant and equipment, net

 

113,461

 

 

 

109,449

 

Operating lease assets

 

44,649

 

 

 

38,302

 

Intangible assets, net

 

215,090

 

 

 

145,022

 

Goodwill

 

589,856

 

 

 

484,507

 

Other assets

 

18,720

 

 

 

33,479

 

Total assets

$

1,410,592

 

 

$

1,226,056

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

Current Liabilities

 

 

 

 

 

Current portion of long-term debt

$

4,847

 

 

$

4,968

 

Accounts payable

 

71,401

 

 

 

57,195

 

Accrued expenses and other current liabilities

 

75,158

 

 

 

77,012

 

Total current liabilities

 

151,406

 

 

 

139,175

 

Long-term debt

 

508,858

 

 

 

349,404

 

Operating lease liabilities

 

42,926

 

 

 

37,345

 

Other long-term liabilities

 

25,687

 

 

 

26,672

 

Total liabilities

 

728,877

 

 

 

552,596

 

Stockholders’ Equity:

 

 

 

 

 

Total stockholders’ equity

 

681,715

 

 

 

673,460

 

Total liabilities and stockholders’ equity

$

1,410,592

 

 

$

1,226,056

 

NOVANTA INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands of U.S. dollars)

(Unaudited)

 

 

Three Months Ended

 

 

March 29,

 

 

March 31,

 

 

2024

 

 

2023

 

Cash flows from operating activities:

 

 

 

 

 

Net Income

$

14,676

 

 

$

18,265

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

Depreciation and amortization

 

12,929

 

 

 

11,731

 

Share-based compensation

 

6,077

 

 

 

6,466

 

Deferred income taxes

 

(3,711

)

 

 

(3,695

)

Other

 

4,513

 

 

 

2,587

 

Changes in assets and liabilities which (used)/provided cash, excluding effects from business acquisitions:

 

 

 

 

 

Accounts receivable

 

(4,162

)

 

 

(2,920

)

Inventories

 

(3,781

)

 

 

52

 

Other operating assets and liabilities

 

6,288

 

 

 

(22,241

)

Net cash provided by (used in) operating activities

 

32,829

 

 

 

10,245

 

Cash flows from investing activities:

 

 

 

 

 

Cash paid for business acquisition, net of working capital adjustments

 

(191,200

)

 

 

 

Purchases of property, plant and equipment

 

(6,415

)

 

 

(3,620

)

Net cash provided by (used in) investing activities

 

(197,615

)

 

 

(3,620

)

Cash flows from financing activities:

 

 

 

 

 

Borrowings under revolving credit facilities

 

198,000

 

 

 

 

Repayments under term loan and revolving credit facilities

 

(35,976

)

 

 

(15,309

)

Payments of withholding taxes from share-based awards

 

(8,385

)

 

 

(9,601

)

Other financing activities

 

(176

)

 

 

(156

)

Net cash provided by (used in) financing activities

 

153,463

 

 

 

(25,066

)

Effect of exchange rates on cash and cash equivalents

 

(208

)

 

 

1,012

 

Increase (decrease) in cash and cash equivalents

 

(11,531

)

 

 

(17,429

)

Cash and cash equivalents, beginning of period

 

105,051

 

 

 

100,105

 

Cash and cash equivalents, end of period

$

93,520

 

 

$

82,676

 

NOVANTA INC.

Revenue by Reportable Segment

(In thousands of U.S. dollars)

(Unaudited)

 

 

Three Months Ended

 

 

March 29,

 

 

March 31,

 

 

2024

 

 

2023

 

Revenue

 

 

 

 

 

Precision Medicine and Manufacturing

$

65,234

 

 

$

69,528

 

Medical Solutions

 

102,452

 

 

 

77,640

 

Robotics and Automation

 

63,230

 

 

 

71,958

 

Total

$

230,916

 

 

$

219,126

 

NOVANTA INC.

Reconciliation of GAAP to Non-GAAP Financial Measures

(In thousands of U.S. dollars)

(Unaudited)

Adjusted Gross Profit and Adjusted Gross Profit Margin by Reportable Segment (Non-GAAP):

 

 

Three Months Ended

 

 

March 29,

 

 

March 31,

 

 

2024

 

 

2023

 

Precision Medicine and Manufacturing

 

 

 

 

 

Gross Profit (GAAP)

$

31,784

 

 

$

34,333

 

Gross Profit Margin (GAAP)

 

48.7

%

 

 

49.4

%

Amortization of intangible assets

 

495

 

 

 

570

 

Adjusted Gross Profit (Non-GAAP)

$

32,279

 

 

$

34,903

 

Adjusted Gross Profit Margin (Non-GAAP)

 

49.5

%

 

 

50.2

%

 

 

 

 

 

 

Medical Solutions

 

 

 

 

 

Gross Profit (GAAP)

$

39,391

 

 

$

31,886

 

Gross Profit Margin (GAAP)

 

38.4

%

 

 

41.1

%

Amortization of intangible assets

 

1,962

 

 

 

1,064

 

Acquisition fair value adjustments

 

2,777

 

 

 

 

Adjusted Gross Profit (Non-GAAP)

$

44,130

 

 

$

32,950

 

Adjusted Gross Profit Margin (Non-GAAP)

 

43.1

%

 

 

42.4

%

 

 

 

 

 

 

Robotics and Automation

 

 

 

 

 

Gross Profit (GAAP)

$

30,549

 

 

$

32,815

 

Gross Profit Margin (GAAP)

 

48.3

%

 

 

45.6

%

Amortization of intangible assets

 

1,235

 

 

 

1,388

 

Adjusted Gross Profit (Non-GAAP)

$

31,784

 

 

$

34,203

 

Adjusted Gross Profit Margin (Non-GAAP)

 

50.3

%

 

 

47.5

%

 

 

 

 

 

 

Unallocated Corporate and Shared Services

 

 

 

 

 

Gross Profit (GAAP)

$

(1,308

)

 

$

(1,406

)

Adjusted Gross Profit (Non-GAAP)

$

(1,308

)

 

$

(1,406

)

 

 

 

 

 

 

Novanta Inc.

 

 

 

 

 

Gross Profit (GAAP)

$

100,416

 

 

$

97,628

 

Gross Profit Margin (GAAP)

 

43.5

%

 

 

44.6

%

Amortization of intangible assets

 

3,692

 

 

 

3,022

 

Acquisition fair value adjustments

 

2,777

 

 

 

 

Adjusted Gross Profit (Non-GAAP)

$

106,885

 

 

$

100,650

 

Adjusted Gross Profit Margin (Non-GAAP)

 

46.3

%

 

 

45.9

%

NOVANTA INC.

Reconciliation of GAAP to Non-GAAP Financial Measures

(Amounts in thousands except per share amounts)

(Unaudited)

Adjusted Operating Income and Adjusted Diluted EPS (Non-GAAP):

 

 

Three Months Ended March 29, 2024

 

 

Operating Income

 

 

Operating Margin

 

 

Income Before Income Taxes

 

 

Income Tax Provision / (Benefit)

 

 

Effective Tax Rate

 

 

Net Income

 

 

Diluted EPS

 

GAAP results

$

25,607

 

 

 

11.1

%

 

$

16,916

 

 

$

2,240

 

 

 

13.2

%

 

$

14,676

 

 

$

0.41

 

Non-GAAP Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

9,442

 

 

 

4.1

%

 

 

9,442

 

 

 

 

 

 

 

 

 

 

 

 

 

Restructuring costs

 

548

 

 

 

0.2

%

 

 

548

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition and related costs

 

1,735

 

 

 

0.8

%

 

 

1,735

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition fair value adjustments

 

2,777

 

 

 

1.2

%

 

 

2,777

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange transaction (gains) losses, net

 

 

 

 

 

 

 

321

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax effect of non-GAAP adjustments

 

 

 

 

 

 

 

 

 

 

2,963

 

 

 

 

 

 

 

 

 

 

Non-GAAP tax adjustments

 

 

 

 

 

 

 

 

 

 

(98

)

 

 

 

 

 

 

 

 

 

Total non-GAAP adjustments

 

14,502

 

 

 

6.3

%

 

 

14,823

 

 

 

2,865

 

 

 

 

 

 

11,958

 

 

 

0.33

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted results (Non-GAAP)

$

40,109

 

 

 

17.4

%

 

$

31,739

 

 

$

5,105

 

 

 

16.1

%

 

$

26,634

 

 

$

0.74

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding – Diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36,127

 

NOVANTA INC.

Reconciliation of GAAP to Non-GAAP Financial Measures

(Amounts in thousands except per share amounts)

(Unaudited)

Adjusted Operating Income and Adjusted Diluted EPS (Non-GAAP):

 

 

Three Months Ended March 31, 2023

 

 

Operating Income

 

 

Operating Margin

 

 

Income Before Income Taxes

 

 

Income Tax Provision / (Benefit)

 

 

Effective Tax Rate

 

 

Net Income

 

 

Diluted EPS

 

GAAP results

$

26,312

 

 

 

12.0

%

 

$

19,737

 

 

$

1,472

 

 

 

7.5

%

 

$

18,265

 

 

$

0.51

 

Non-GAAP Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

8,111

 

 

 

3.7

%

 

 

8,111

 

 

 

 

 

 

 

 

 

 

 

 

 

Restructuring costs

 

2,471

 

 

 

1.1

%

 

 

2,471

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition and related costs

 

5

 

 

 

0.0

%

 

 

5

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange transaction (gains) losses, net

 

 

 

 

 

 

 

77

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax effect of non-GAAP adjustments

 

 

 

 

 

 

 

 

 

 

2,130

 

 

 

 

 

 

 

 

 

 

Non-GAAP tax adjustments

 

 

 

 

 

 

 

 

 

 

(3

)

 

 

 

 

 

 

 

 

 

Total non-GAAP adjustments

 

10,587

 

 

 

4.8

%

 

 

10,664

 

 

 

2,127

 

 

 

 

 

 

8,537

 

 

 

0.23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted results (Non-GAAP)

$

36,899

 

 

 

16.8

%

 

$

30,401

 

 

$

3,599

 

 

 

11.8

%

 

$

26,802

 

 

$

0.74

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding – Diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

35,999

 

Contacts

Novanta Inc.
Investor Relations Contact:

Ray Nash

(781) 266-5137

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