Business
Novanta Announces Financial Results for the First Quarter 2022
First Quarter 2022 GAAP Revenue increased 26% to $204 million First Quarter 2022 GAAP Consolidated Net Income of $18.8 million First Quarter 2022 GAAP
About this update from Novanta Inc.
[{"type":"text","content":"\n\nFirst Quarter 2022 GAAP Revenue increased 26% to $204 million\n\n\nFirst Quarter 2022 GAAP Consolidated Net Income of $18.8 million\n\n\nFirst Quarter 2022 GAAP Diluted Earnings Per Share of $0.53\n\n\nFirst Quarter 2022 Adjusted Earnings Per Share increased 26% to $0.73\n\n\nFirst Quarter 2022 Adjusted EBITDA increased 33% to $43.6 million\n\n\n BEDFORD, Mass.--(BUSINESS WIRE)--\nNovanta Inc. (Nasdaq: NOVT) (the “Company”), a trusted technology partner to medical and advanced technology equipment manufacturers, today reported financial results for the first quarter 2022.\n\n\n\nFinancial Highlights\n\n\n\nThree Months Ended\n\n\n\n \n\n\n\n\n\n(In millions, except per share amounts)\n\n\n\nApril 1,\n\n\n\n \n\n\n\n \n\n\n\nApril 2,\n\n\n\n \n\n\n\n\n\n \n\n\n\n2022\n\n\n\n \n\n\n\n \n\n\n\n2021\n\n\n\n \n\n\n\n\n\nGAAP\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nRevenue\n\n\n\n$\n\n\n\n204.2\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n162.6\n\n\n\n \n\n\n\n\n\nOperating Income\n\n\n\n$\n\n\n\n24.3\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n11.1\n\n\n\n \n\n\n\n\n\nConsolidated Net Income\n\n\n\n$\n\n\n\n18.8\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n11.3\n\n\n\n \n\n\n\n\n\nDiluted EPS\n\n\n\n$\n\n\n\n0.53\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n0.32\n\n\n\n \n\n\n\n\n\nNon-GAAP*\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nAdjusted Operating Income\n\n\n\n$\n\n\n\n33.5\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n22.8\n\n\n\n \n\n\n\n\n\nAdjusted Diluted EPS\n\n\n\n$\n\n\n\n0.73\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n0.58\n\n\n\n \n\n\n\n\n\nAdjusted EBITDA\n\n\n\n$\n\n\n\n43.6\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n32.7\n\n\n\n \n\n\n\n\n\n*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.\n\n\n\n\n“Novanta delivered strong first quarter results, with double-digit growth for sales, bookings, and profit,” said Matthijs Glastra, Chair and Chief Executive Officer of Novanta. “Customer demand continues to be robust across our advanced industrial and medical application areas, with customer orders up 11% year over year, giving us a new record level of backlog at $586 million. These results were achieved with a strong organic growth engine, further supported with strongly perfo...