Novanta (NOVT) FY2021 results: revenue $707 million, up 19.7% on the year

Novanta Inc. (NOVT) reported revenue of $707 million for fiscal 2021, the year ended 31 December 2021, up 19.7% on the year before. Net income was $50 million, up 13.1%, and diluted earnings per share $1.41. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2022.

Revenue

$707 million

+19.7% on the year

FY2014FY2021

Operating margin

9.1%

9.5% a year earlier

FY2014FY2021

Net income

$50 million

+13.1% on the year

FY2014FY2021

Diluted EPS

$1.41

+12.8% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	707	591	626	+19.7%
Cost of revenue	406	346	364	+17.4%
Gross profit	300	245	262	+22.8%
Gross margin	42.5%	41.4%	41.9%
Research and development	72.5	61.0	56.0	+18.9%
Selling, general and administrative	129	110	118	+17.6%
Operating income	64.1	55.9	55.3	+14.6%
Operating margin	9.1%	9.5%	8.8%
Interest expense	7.4	6.6	8.5	+12.5%
Pre-tax income	56.2	48.4	45.8	+16.1%
Income tax	5.8	3.9	5.0	+50.5%
Effective tax rate	10.4%	8.0%	10.9%
Net income	50.3	44.5	40.8	+13.1%
Net margin	7.1%	7.5%	6.5%
Diluted EPS	$1.41	$1.25	$1.15	+12.8%

$ million except per share.

Free 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	FY2021	FY2020	FY2019	On the year
Operating cash flow	94.6	140	63.2	-32.5%
Capital expenditure	20.0	10.5	10.7	+89.8%
Free cash flow	74.6	130	52.5	-42.5%
Free cash flow margin	10.6%	22.0%	8.4%
Cash from investing	-307	-13.2	-63.8
Cash from financing	205	-84.4	-3.9
Depreciation and amortisation	43.4	38.3	38.3	+13.3%
Share-based compensation	25.6	23.1	9.3	+10.8%
Buybacks	n/a	5.5	10.0
Diluted shares, weighted	36m	36m	36m	+0.4%
Shares outstanding at period end	36m	35m	35m	+1.2%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	521	477	417	+9.3%
Debt	434	200	220	+116.8%
Operating lease liabilities	45.7	32.8	34.1	+39.3%
Finance lease liabilities	5.3	5.9	14.8	-10.1%
Other liabilities	221	149	183	+48.2%
Total liabilities and equity	1,228	865	870	+41.9%
Fixed assets	87.4	78.7	77.6	+11.1%
Goodwill	480	286	275	+67.7%
Intangible assets	221	149	166	+48.8%
Cash and equivalents	117	125	78.9	-6.1%
Receivables	116	75.1	91.1	+54.0%
Inventory	126	92.7	117	+35.5%
Other assets	81.3	59.2	64.7	+37.4%
Total assets	1,228	865	870	+41.9%

10-K for the year ended 31 December 2021, filed 1 March 2022: the filing.