Business
Novanta Announces Financial Results for the Third Quarter 2022
Third Quarter 2022 GAAP Revenue increased 26% to $223 million Third Quarter 2022 GAAP Consolidated Net Income of $22 million Third Quarter 2022 GAAP Diluted
About this update from Novanta Inc.
[{"type":"text","content":"\n\nThird Quarter 2022 GAAP Revenue increased 26% to $223 million\n\n\nThird Quarter 2022 GAAP Consolidated Net Income of $22 million\n\n\nThird Quarter 2022 GAAP Diluted Earnings Per Share increased 66% to $0.63\n\n\nThird Quarter 2022 Adjusted Earnings Per Share increased 8% to $0.81\n\n\nThird Quarter 2022 Adjusted EBITDA of $49 million\n\n\nRaises 2022 Guidance\n\n\n BEDFORD, Mass.--(BUSINESS WIRE)--\nNovanta Inc. (Nasdaq: NOVT) (“Novanta” or the “Company”), a trusted technology partner to medical and advanced technology equipment manufacturers, today reported financial results for the third quarter 2022.\n\n\n\nFinancial Highlights\n\n\n\nThree Months Ended\n\n\n\n \n\n\n\n\n\n(In millions, except per share amounts)\n\n\n\nSeptember 30,\n\n\n\n \n\n\n\n \n\n\n\nOctober 1,\n\n\n\n \n\n\n\n\n\n \n\n\n\n2022\n\n\n\n \n\n\n\n \n\n\n\n2021\n\n\n\n \n\n\n\n\n\nGAAP\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nRevenue\n\n\n\n$\n\n\n\n223.0\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n177.7\n\n\n\n \n\n\n\n\n\nOperating Income\n\n\n\n$\n\n\n\n28.7\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n15.3\n\n\n\n \n\n\n\n\n\nConsolidated Net Income\n\n\n\n$\n\n\n\n22.5\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n13.6\n\n\n\n \n\n\n\n\n\nDiluted EPS\n\n\n\n$\n\n\n\n0.63\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n0.38\n\n\n\n \n\n\n\n\n\nNon-GAAP*\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nAdjusted Operating Income\n\n\n\n$\n\n\n\n40.0\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n31.6\n\n\n\n \n\n\n\n\n\nAdjusted Diluted EPS\n\n\n\n$\n\n\n\n0.81\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n0.75\n\n\n\n \n\n\n\n\n\nAdjusted EBITDA\n\n\n\n$\n\n\n\n49.4\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n40.4\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 another record quarter,” said Matthijs Glastra, Chair and Chief Executive Officer of Novanta. “In the third quarter, we delivered double-digit growth for sales and Adjusted EBITDA. Our teams were able to deliver excellent financial performance despite inflationary pressures. Customer demand remains strong across our medical and advanced industrial application areas, with backlog remaining at near-record levels. Our con...