Novanta (NOVT) FY2019 results: revenue $626 million, up 1.9% on the year
Novanta Inc. (NOVT) reported revenue of $626 million for fiscal 2019, the year ended 31 December 2019, up 1.9% on the year before. Net income was $41 million, down 17.0%, and diluted earnings per share $1.15. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2020.
Revenue
$626 million
+1.9% on the year
FY2012FY2019
Operating margin
8.8%
11.6% a year earlier
FY2012FY2019
Net income
$41 million
-17.0% on the year
FY2012FY2019
Diluted EPS
$1.15
-19.6% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
626
614
521
+1.9%
Cost of revenue
364
353
301
+3.2%
Gross profit
262
262
221
+0.2%
Gross margin
41.9%
42.6%
42.3%
Research and development
56.0
51.0
41.7
+9.7%
Selling, general and administrative
118
116
102
+2.2%
Operating income
55.3
71.0
57.6
-22.2%
Operating margin
8.8%
11.6%
11.0%
Interest expense
8.5
9.8
7.2
-13.5%
Pre-tax income
45.8
61.3
76.1
-25.3%
Income tax
5.0
10.2
13.8
-51.1%
Effective tax rate
10.9%
16.7%
18.2%
Net income
40.8
49.1
60.1
-17.0%
Net margin
6.5%
8.0%
11.5%
Diluted EPS
$1.15
$1.43
$1.13
-19.6%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
63.2
89.6
63.4
-29.4%
Capital expenditure
10.7
14.7
9.1
-26.7%
Free cash flow
52.5
75.0
54.3
-30.0%
Free cash flow margin
8.4%
12.2%
10.4%
Cash from investing
-63.8
-45.6
-177
Cash from financing
-3.9
-60.2
143
Depreciation and amortisation
38.3
37.1
30.8
+3.3%
Share-based compensation
9.3
7.7
5.5
+21.1%
Buybacks
10.0
5.8
0.4
+70.9%
Diluted shares, weighted
36m
35m
35m
+0.2%
Shares outstanding at period end
35m
35m
35m
+0.5%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
417
368
312
+13.3%
Redeemable equity
n/a
n/a
46.9
Debt
220
207
235
+6.3%
Operating lease liabilities
34.1
n/a
n/a
Finance lease liabilities
14.8
7.3
n/a
+104.1%
Other liabilities
183
137
134
+34.1%
Total liabilities and equity
870
720
727
+20.9%
Fixed assets
77.6
65.5
61.7
+18.5%
Goodwill
275
218
211
+26.2%
Intangible assets
166
143
155
+16.3%
Cash and equivalents
78.9
82.0
100
-3.8%
Receivables
91.1
84.0
81.5
+8.5%
Inventory
117
105
91.3
+11.3%
Other assets
64.7
22.8
26.1
+184.0%
Total assets
870
720
727
+20.9%
10-K for the year ended 31 December 2019, filed 26 February 2020: the filing.