Novanta (NOVT) FY2024 results: revenue $949 million, up 7.7% on the year

Novanta Inc. (NOVT) reported revenue of $949 million for fiscal 2024, the year ended 31 December 2024, up 7.7% on the year before. Net income was $64 million, down 12.1%, and diluted earnings per share $1.77. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2025.

Revenue

$949 million

+7.7% on the year

FY2017FY2024

Operating margin

11.6%

12.5% a year earlier

FY2017FY2024

Net income

$64 million

-12.1% on the year

FY2017FY2024

Diluted EPS

$1.77

-12.4% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	949	882	861	+7.7%
Cost of revenue	528	482	482	+9.5%
Gross profit	422	400	378	+5.4%
Gross margin	44.4%	45.4%	44.0%
Research and development	95.5	91.7	85.8	+4.2%
Selling, general and administrative	176	164	159	+7.0%
Operating income	111	110	103	+0.1%
Operating margin	11.6%	12.5%	12.0%
Interest expense	31.5	25.8	15.6	+22.0%
Pre-tax income	79.1	83.7	87.2	-5.6%
Income tax	15.0	10.9	13.1	+37.8%
Effective tax rate	18.9%	13.0%	15.0%
Net income	64.1	72.9	74.1	-12.1%
Net margin	6.8%	8.3%	8.6%
Diluted EPS	$1.77	$2.02	$2.06	-12.4%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	159	120	90.8	+32.0%
Capital expenditure	17.2	20.0	19.6	-14.0%
Free cash flow	141	100	71.1	+41.2%
Free cash flow margin	14.9%	11.4%	8.3%
Cash from investing	-208	-19.9	-42.5
Cash from financing	56.9	-97.9	-60.2
Depreciation and amortisation	55.6	46.6	53.2	+19.2%
Share-based compensation	23.3	25.6	23.1	-8.9%
Buybacks	n/a	n/a	10.0
Diluted shares, weighted	36m	36m	36m	+0.3%
Shares outstanding at period end	36m	36m	36m	+0.3%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	746	673	578	+10.7%
Debt	417	354	435	+17.6%
Operating lease liabilities	40.5	37.3	40.8	+8.6%
Finance lease liabilities	3.2	3.9	4.7	-19.3%
Other liabilities	182	157	183	+16.3%
Total liabilities and equity	1,389	1,226	1,241	+13.3%
Fixed assets	113	109	103	+3.4%
Goodwill	584	485	479	+20.6%
Intangible assets	186	145	176	+28.1%
Cash and equivalents	114	105	100	+8.5%
Receivables	151	139	138	+8.3%
Inventory	145	149	168	-3.2%
Other assets	95.8	93.2	77.6	+2.8%
Total assets	1,389	1,226	1,241	+13.3%

10-K for the year ended 31 December 2024, filed 25 February 2025: the filing.