Novanta (NOVT) FY2022 results: revenue $861 million, up 21.8% on the year

Novanta Inc. (NOVT) reported revenue of $861 million for fiscal 2022, the year ended 31 December 2022, up 21.8% on the year before. Net income was $74 million, up 47.1%, and diluted earnings per share $2.06. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2023.

Revenue

$861 million

+21.8% on the year

FY2015FY2022

Operating margin

12.0%

9.1% a year earlier

FY2015FY2022

Net income

$74 million

+47.1% on the year

FY2015FY2022

Diluted EPS

$2.06

+46.1% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	861	707	591	+21.8%
Cost of revenue	482	406	346	+18.7%
Gross profit	378	300	245	+26.0%
Gross margin	44.0%	42.5%	41.4%
Research and development	85.8	72.5	61.0	+18.3%
Selling, general and administrative	159	129	110	+23.0%
Operating income	103	64.1	55.9	+60.9%
Operating margin	12.0%	9.1%	9.5%
Interest expense	15.6	7.4	6.6	+111.4%
Pre-tax income	87.2	56.2	48.4	+55.2%
Income tax	13.1	5.8	3.9	+124.4%
Effective tax rate	15.0%	10.4%	8.0%
Net income	74.1	50.3	44.5	+47.1%
Net margin	8.6%	7.1%	7.5%
Diluted EPS	$2.06	$1.41	$1.25	+46.1%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	90.8	94.6	140	-4.1%
Capital expenditure	19.6	20.0	10.5	-1.7%
Free cash flow	71.1	74.6	130	-4.7%
Free cash flow margin	8.3%	10.6%	22.0%
Cash from investing	-42.5	-307	-13.2
Cash from financing	-60.2	205	-84.4
Depreciation and amortisation	53.2	43.4	38.3	+22.5%
Share-based compensation	23.1	25.6	23.1	-9.8%
Buybacks	10.0	n/a	5.5
Diluted shares, weighted	36m	36m	36m	+0.4%
Shares outstanding at period end	36m	36m	35m	+0.3%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	578	521	477	+10.8%
Debt	435	434	200	+0.2%
Operating lease liabilities	40.8	45.7	32.8	-10.7%
Finance lease liabilities	4.7	5.3	5.9	-12.4%
Other liabilities	183	221	149	-17.4%
Total liabilities and equity	1,241	1,228	865	+1.1%
Fixed assets	103	87.4	78.7	+18.0%
Goodwill	479	480	286	-0.1%
Intangible assets	176	221	149	-20.5%
Cash and equivalents	100	117	125	-14.7%
Receivables	138	116	75.1	+19.1%
Inventory	168	126	92.7	+33.7%
Other assets	77.6	81.3	59.2	-4.6%
Total assets	1,241	1,228	865	+1.1%

10-K for the year ended 31 December 2022, filed 1 March 2023: the filing.