NOVANTA INC

Listed Company

NOVTUCIK 0001076930NasdaqLarge AcceleratedMiscellaneous Electrical Machinery, Equipment & SuppliesA3FY ends Dec 31

Period

FY 2025

Revenue

$980.60M

Net Income

$53.83M

Total Assets

$1.81B

Equity

$1.31B

Shares Out

35.68M

Op. Cash Flow

$64.06M

Business

NOVANTA INC is a global supplier of core technology solutions that provide medical and advanced industrial OEMs with precision components and sub-systems to solve complex technical challenges. It offers precision motion and motion control systems, laser beam delivery components and lasers, optical and inductive encoders, precision motors, robotic end-of-arm tooling, medical insufflators and endoscopic pumps, imaging and video processing, machine vision, RFID and barcode identification, and related disposables and services. The company organizes operations into two reportable segments: Automation Enabling Technologies and Medical Solutions. It sells primarily to OEM customers worldwide through a technical direct sales force and, where appropriate, through distributors and resellers, supported by global application and service centers.

Summary from filing dated 2025-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	981	949	882	861	707
Cost of revenue	545	528	482	482	406
Gross profit	435	422	400	378	300
Research and development and engineering	95	96	92	86	73
Selling, general and administrative	196	176	164	159	129
Amortization of purchased intangible assets	27	26	20	26	17
Restructuring, acquisition and related costs	23	14	13	4	18
Total operating expenses	341	311	289	275	236
Operating income	94	111	110	103	64
Interest income (expense), net	−21	−31	−26	−16	−7
Foreign exchange transaction gains (losses), net	−2	413,000	−255,000	67,000	−127,000
Other income (expense), net	−708,000	−442,000	−675,000	−371,000	−368,000
Income before income taxes	70	79	84	87	56
Income tax provision	16	15	11	13	6
Net income	54	64	73	74	50
Basic	1.47	1.78	2.03	2.08	1.42
Diluted	1.47	1.77	2.02	2.06	1.41
Weighted average common shares outstandingbasic	37	36	36	36	35
Weighted average common shares outstandingdiluted	37	36	36	36	36

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	381	114	105	100	117
Accounts receivable, net of allowance of $1,341 and $505, respectively	185	151	139	138	116
Inventories	188	145	149	168	126
Prepaid income taxes and income taxes receivable	9	8	8	2	2
Prepaid expenses and other current assets	19	16	13	13	13
Total current assets	783	434	415	421	374
Property, plant and equipment, net	118	113	109	103	87
Operating right-of-use assets	42	43	38	43	48
Deferred tax assets	27	23	28	15	12
Other assets	9	6	6	4	6
Intangible assets, net	181	186	145	176	221
Goodwill	647	584	485	479	480
Total assets	1,807	1,389	1,226	1,241	1,228
Current portion of long-term debt	38	5	5	5	5
Accounts payable	95	77	57	75	69
Income taxes payable	6	16	8	14	5
Current portion of operating lease liabilities	10	10	8	8	7
Accrued expenses and other current liabilities	63	60	61	63	98
Total current liabilities	212	168	139	165	184
Long-term debt	213	412	349	431	429
Operating lease liabilities	39	41	37	41	46
Deferred tax liabilities	18	13	16	17	34
Income taxes payable	4	5	4	4	4
Other liabilities	7	4	6	6	10
Total liabilities	493	643	553	664	707
Commitments and Contingencies (Note 18)	—	—	—	—	—
Preferred shares, no par value; Authorized shares: 7,000; No shares issued and outstanding	—	—	—	—	—
Common shares, no par value; Authorized shares: unlimited; Issued and outstanding: 35,671 and 35,938, respectively	424	424	424	424	424
Additional paid-in capital	572	84	70	55	54
Retained earnings	321	268	203	131	57
Accumulated other comprehensive loss	−3	−30	−24	−32	−13
Total stockholders' equity	1,314	746	673	578	521
Total liabilities and stockholders equity	1,807	1,389	1,226	1,241	1,228

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	62	56	47	53	43
Provision for inventory excess and obsolescence	3	9	7	3	4
Impairment of operating lease assets	—	—	2	—	—
Share-based compensation	30	23	26	23	26
Deferred income taxes	−9	−16	−15	−19	−4
Loss (gain) on disposal of fixed assets	−4	−64,000	148,000	−61,000	65,000
Contingent consideration adjustments	830,000	−282,000	—	−1	−99,000
Inventory acquisition fair value adjustments	—	3	—	160,000	1
Write-off of unamortized deferred financing costs	426,000	—	—	624,000	—
Non-cash interest expense	1	1	1	1	1
Other non-cash items	857,000	170,000	397,000	356,000	74,000
Accounts receivable, net of allowance	−27	−6	−127,000	−23	−25
Inventories	−36	5	11	−49	−19
Prepaid expenses and other current assets	−1	−1	709,000	−814,000	−3
Prepaid income taxes, income taxes receivable and income taxes payable	−12	9	−12	489,000	−140,000
Accounts payable, accrued expenses and other current liabilities	4	13	−20	30	25
Other non-current assets and liabilities	−2	−253,000	−474,000	−3	−4
Cash provided by operating activities	64	159	120	91	95
Purchases of property, plant and equipment	−16	−17	−20	−20	−20
Acquisition of businesses, net of cash acquired and working capital adjustments	−64	−191	—	−22	−285
Proceeds from sale of property, plant and equipment	6	173,000	69,000	137,000	200,000
Cash used in investing activities	−74	−208	−20	−43	−307
Borrowings under revolving credit facilities	83	198	—	70	280
Proceeds from issuance of tangible equity units, net of issuance costs	614	—	—	—	—
Repayments under term loan and revolving credit facilities	−366	−131	−87	−59	−32
Payments of debt issuance costs	−5	0	—	−2	−890,000
Payments of withholding taxes from share-based awards	−8	−10	−11	−12	−31
Payments of contingent considerations related to acquisitions	0	0	−81,000	−46	−2
Repurchases of common shares	−39	—	—	−10	—
Other financing activities	−3	−278,000	−657,000	−599,000	−567,000
Cash provided by (used in) financing activities	276	57	−98	−60	205
Effect of exchange rates on cash and cash equivalents	818,000	2	3	−5	−335,000
Increase (decrease) in cash and cash equivalents	267	9	5	−17	−8
Cash paid for interest	23	33	25	14	6
Cash paid for income taxes	39	21	37	20	11
Income tax refunds received	2	2	612,000	169,000	2
Accruals for capital expenditures	1	3	570,000	2	708,000

Filings

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