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Novanta Announces Financial Results for the Second Quarter 2020

  • Second Quarter 2020 GAAP Revenue of $145 million
  • Second Quarter 2020 GAAP Net Income of $12 million
  • Second Quarter 2020 GAAP Diluted Earnings Per Share of $0.33
  • Second Quarter 2020 Adjusted Earnings Per Share of $0.48
  • Second Quarter 2020 Adjusted EBITDA of $31 million

BEDFORD, Mass.--(BUSINESS WIRE)--Novanta Inc. (Nasdaq: NOVT) (the “Company”), a trusted technology partner to medical and advanced technology equipment manufacturers, today reported financial results for the second quarter 2020.


Financial Highlights

Three Months Ended

 

(In millions, except per share amounts)

July 3,

 

 

June 28,

 

 

2020

 

 

2019

 

GAAP

 

 

 

 

 

 

 

Revenue

$

144.7

 

 

$

155.1

 

Operating Income

$

13.7

 

 

$

15.1

 

Consolidated Net Income

$

11.7

 

 

$

10.4

 

Diluted EPS

$

0.33

 

 

$

0.29

 

Non-GAAP*

 

 

 

 

 

 

 

Adjusted Operating Income

$

22.1

 

 

$

25.8

 

Adjusted Diluted EPS

$

0.48

 

 

$

0.54

 

Adjusted EBITDA

$

30.8

 

 

$

31.0

 

*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.

Second Quarter

“I am proud of the performance of Novanta in the face of extraordinary circumstances caused by the COVID-19 pandemic,” said Matthijs Glastra, Chief Executive Officer of Novanta. “In the second quarter, we delivered above our expectations for revenue. And we are very pleased with our profit and cash flows in the second quarter in these circumstances. The diversification of our portfolio is serving us well, and we continue to stay vigilant and highly disciplined in protecting our employees, our customers, and our operations, all while maintaining a strong financial position to be well-positioned for the global economy recovery.”

During the second quarter of 2020, Novanta generated GAAP revenue of $144.7 million, a decrease of $10.4 million, or 6.7%, versus the second quarter of 2019. The Company’s acquisition activities resulted in an increase in revenue of $1.7 million, or 1.1%, compared to the second quarter of 2019. Changes in foreign currency exchange rates year over year adversely impacted our revenue by $1.3 million, or 0.9%, during the second quarter of 2020. Our year-over-year Organic Revenue Growth, which excludes the net impact of acquisitions and changes in foreign currency exchange rates, was a decrease of 6.9% for the second quarter of 2020 (see “Organic Revenue Growth” in the non-GAAP reconciliations below).

In the second quarter of 2020, GAAP operating income was $13.7 million, compared to $15.1 million in the second quarter of 2019. GAAP net income was $11.7 million in the second quarter of 2020, compared to $10.4 million in the second quarter of 2019. GAAP diluted earnings per share (“EPS”) was $0.33 in the second quarter of 2020, compared to $0.29 in the second quarter of 2019.

Adjusted Diluted EPS was $0.48 in the second quarter of 2020, compared to $0.54 in the second quarter of 2019. The Company ended the second quarter of 2020 with 35.6 million diluted weighted average shares outstanding. Adjusted EBITDA was $30.8 million in the second quarter of 2020, compared to $31.0 million in the second quarter of 2019.

Operating cash flow for the second quarter of 2020 was $33.8 million, compared to $15.4 million in the second quarter of 2019. The Company completed the second quarter of 2020 with approximately $217.0 million of total debt and $97.5 million of total cash. Net Debt, as defined in the non-GAAP reconciliation below, was $124.5 million.

Financial Guidance

“The year is continuing to trend as we expected. We saw weaker bookings in the second quarter, as customers felt a significant impact from the economic slowdown caused by the pandemic,” said Matthijs Glastra. “Based on this, we continue to expect third quarter shipments to be lower than our second quarter. However, despite these near-term challenges, we remain confident in our strategy, and we continue to invest into the headwinds to capture new opportunities.”

For the third quarter of 2020, the Company expects GAAP revenue of approximately $135 million to $142 million, and Adjusted EBITDA in the range of $25 million to $29 million. The Company’s Adjusted EBITDA guidance assumes no significant changes in foreign exchange rates.

Due to the impact of the COVID-19 pandemic, the uncertain duration and scope of the pandemic, and the uncertain timing of the global public health and economic recovery, the Company is not able at this time to reliably estimate the future impact on its operations and other financial results for the full year 2020.

Novanta provides earnings guidance on a non-GAAP basis and does not provide earnings guidance on a GAAP basis, with the exception of GAAP revenue guidance. A reconciliation of the Company’s forward-looking Adjusted EBITDA guidance to the most directly comparable GAAP financial measure is not provided because of the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including future changes in the fair value of contingent considerations; divestiture related expenses; acquisition and related expenses; impact of purchase price allocations for recently completed acquisitions; gains and losses from sale of real estate assets; costs related to product line closures; goodwill and intangible asset impairment charges and related asset write-offs; future restructuring expenses; foreign exchange transaction gains/(losses); and other charges reflected in the Company’s reconciliation of historical non-GAAP financial measures, the amounts of which, based on past experience, could be material. For additional information regarding Novanta’s non-GAAP financial measures, see “Use of Non-GAAP Financial Measures” below.

Conference Call Information

The Company will host a conference call on Thursday, August 6, 2020 at 10:00 a.m. ET to discuss these results. To access the call, please dial (888) 346-3959 prior to the scheduled conference call time. Alternatively, the conference call can be accessed online via a live webcast on the Presentations and Events page of the Investor Relations section of the Company’s website at www.novanta.com.

A replay of the audio webcast will be available approximately three hours after the conclusion of the call on the Investor Relations section of the Company’s website at www.novanta.com. The replay will remain available until Monday, October 5, 2020.

Use of Non-GAAP Financial Measures

The non-GAAP financial measures used in this press release are Organic Revenue Growth, Adjusted Gross Profit, Adjusted Gross Profit Margin, Adjusted Operating Income and Operating Margin, Adjusted Income before Income Taxes, Adjusted Income Tax Provision/(Benefit) and Effective Tax Rate, Adjusted Consolidated Net Income, Adjusted Diluted EPS, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Free Cash Flow as a Percentage of Consolidated Net Income, and Net Debt.

The Company believes that these non-GAAP financial measures provide useful and supplementary information to investors regarding the operating performance of the Company. It is management’s belief that these non-GAAP financial measures would be particularly useful to investors because of the significant changes that have occurred outside of the Company’s day-to-day business in accordance with the execution of the Company’s strategy. This strategy includes streamlining the Company’s existing operations through site and functional consolidations, strategic divestitures and product line closures, expanding the Company’s business through significant internal investments, and broadening the Company’s product and service offerings through acquisition of innovative and complementary technologies and solutions. The financial impact of certain elements of these activities, particularly acquisitions, divestitures, and site and functional restructurings, is often large relative to the Company’s overall financial performance and can adversely affect the comparability of its operating results and investors’ ability to analyze the business from period to period.

The Company’s Adjusted EBITDA and Organic Revenue Growth are used by management to evaluate operating performance, communicate financial results to the Board of Directors, benchmark results against historical performance and the performance of peers, and evaluate investment opportunities, including acquisitions and divestitures. In addition, Adjusted EBITDA and Organic Revenue Growth are used to determine bonus payments for senior management and employees. The Company also uses Adjusted Diluted EPS as a measurement for performance-based restricted stock units issued to certain executives. Accordingly, the Company believes that these non-GAAP financial measures provide greater transparency and insight into management’s method of analysis.

Non-GAAP financial measures should not be considered as substitutes for, or superior to, measures of financial performance prepared in accordance with GAAP. They are limited in value because they exclude charges that have a material effect on the Company’s reported results and, therefore, should not be relied upon as the sole financial measures to evaluate the Company’s financial results. The non-GAAP financial measures are meant to supplement, and to be viewed in conjunction with, GAAP financial measures. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures as provided in the tables accompanying this press release.

Safe Harbor and Forward-Looking Information

Certain statements in this release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and are based on current expectations and assumptions that are subject to risks and uncertainties. All statements contained in this news release that do not relate to matters of historical fact should be considered forward-looking statements, and are generally identified by words such as “expect,” “intend,” “anticipate,” “estimate,” “believe,” “future,” “could,” “should,” “plan,” “aim,” and other similar expressions. These forward-looking statements include, but are not limited to, statements regarding anticipated financial performance and financial position, including our financial outlook for the third quarter 2020; expectations regarding market conditions; and other statements that are not historical facts.

These forward-looking statements are neither promises nor guarantees, but involve risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. Our actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including, but not limited to, the following: economic and political conditions and the effects of these conditions on our customers’ businesses and level of business activities; our significant dependence upon our customers’ capital expenditures, which are subject to cyclical market fluctuations; our dependence upon our ability to respond to fluctuations in product demand; our ability to continually innovate and successfully commercialize our innovations; failure to introduce new products in a timely manner; customer order timing and other similar factors beyond our control; disruptions or breaches in security of our information technology systems; our failure to comply with data privacy regulations; changes in interest rates, credit ratings or foreign currency exchange rates; risks associated with our operations in foreign countries; risks associated with the COVID-19 pandemic and other events outside our control; our increased use of outsourcing in foreign countries; risks associated with increased outsourcing of components manufacturing; our exposure to increased tariffs, trade restrictions or taxes on our products; negative effects on global economic conditions, financial markets and our business as a result of the United Kingdom’s impending withdrawal from the European Union and the actions of the current U.S. government, including its policies on trade tariffs and reactions from other countries to any new tariffs imposed by the U.S.; violations of our intellectual property rights and our ability to protect our intellectual property against infringement by third parties; risk of losing our competitive advantage; our failure to successfully integrate recent and future acquisitions into our business; our ability to attract and retain key personnel; our restructuring and realignment activities and disruptions to our operations as a result of consolidation of our operations; product defects or problems integrating our products with other vendors’ products; disruptions in the supply of certain key components or other goods from our suppliers; our failure to accurately forecast component and raw material requirements leading to excess inventories or delays in the delivery of our products; production difficulties and product delivery delays or disruptions; our exposure to medical device regulations, which may impede or hinder the approval or sale of our products and, in some cases, may ultimately result in an inability to obtain approval of certain products or may result in the recall or seizure of previously approved products; potential penalties for violating foreign, U.S. federal, and state healthcare laws and regulations; changes in governmental regulations affecting our business or products; our compliance, or failure to comply, with environmental regulations; our failure to implement new information technology systems and software successfully; our failure to realize the full value of our intangible assets; our exposure to the credit risk of some of our customers and in weakened markets; our reliance on third party distribution channels; being subject to U.S. federal income taxation even though we are a non-U.S. corporation; changes in tax laws, and fluctuations in our effective tax rates; any need for additional capital to adequately respond to business challenges or opportunities and repay or refinance our existing indebtedness, which may not be available on acceptable terms or at all; our existing indebtedness limiting our ability to engage in certain activities; volatility in the market price for our common shares; and our failure to maintain appropriate internal controls in the future.

Other important risk factors that could affect the outcome of the events set forth in these statements and that could affect the Company’s operating results and financial condition are discussed in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, as updated by our Quarterly Report on Form 10-Q for the quarter ended July 3, 2020, our subsequent filings with the Securities and Exchange Commission (“SEC”), and in our future filings with the SEC. Such statements are based on the Company’s beliefs and assumptions and on information currently available to the Company. The Company disclaims any obligation to publicly update or revise any such forward-looking statements as a result of developments occurring after the date of this document except as required by law.

About Novanta

Novanta is a leading global supplier of core technology solutions that give medical and advanced industrial original equipment manufacturers (“OEMs”) a competitive advantage. We combine deep proprietary technology expertise and competencies in photonics, vision, and precision motion with a proven ability to solve complex technical challenges. This enables Novanta to engineer core components and sub-systems that deliver extreme precision and performance, tailored to our customers' demanding applications. The driving force behind our growth is the team of innovative professionals who share a commitment to innovation and customer success. Novanta’s common shares are quoted on Nasdaq under the ticker symbol “NOVT.”

More information about Novanta is available on the Company’s website at www.novanta.com. For additional information, please contact Novanta Investor Relations at (781) 266-5137 or InvestorRelations@novanta.com.

NOVANTA INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands of U.S. dollars or shares, except per share amounts)

(Unaudited)

 

 

Three Months Ended

 

 

July 3,

 

 

June 28,

 

 

2020

 

 

2019

 

Revenue

$

144,728

 

 

$

155,145

 

Cost of revenue

 

86,026

 

 

 

89,363

 

Gross profit

 

58,702

 

 

 

65,782

 

Operating expenses:

 

 

 

 

 

 

 

Research and development and engineering

 

14,440

 

 

 

13,388

 

Selling, general and administrative

 

24,908

 

 

 

29,204

 

Amortization of purchased intangible assets

 

3,410

 

 

 

3,772

 

Restructuring, acquisition, and related costs

 

2,243

 

 

 

4,313

 

Total operating expenses

 

45,001

 

 

 

50,677

 

Operating income

 

13,701

 

 

 

15,105

 

Interest income (expense), net

 

(1,701

)

 

 

(2,160

)

Foreign exchange transaction gains (losses), net

 

(282

)

 

 

27

 

Other income (expense), net

 

(22

)

 

 

(70

)

Income before income taxes

 

11,696

 

 

 

12,902

 

Income tax provision

 

36

 

 

 

2,522

 

Consolidated net income

$

11,660

 

 

$

10,380

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

Basic

$

0.33

 

 

$

0.30

 

Diluted

$

0.33

 

 

$

0.29

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding—basic

 

35,137

 

 

 

34,998

 

Weighted average common shares outstanding—diluted

 

35,579

 

 

 

35,503

NOVANTA INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands of U.S. dollars)

(Unaudited)

 

 

 

 

 

 

 

July 3,

 

 

December 31,

 

 

2020

 

 

2019

 

ASSETS

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

Cash and cash equivalents

$

97,494

 

 

$

78,944

 

Accounts receivable, net

 

88,360

 

 

 

91,078

 

Inventories

 

107,380

 

 

 

116,618

 

Prepaid expenses and other current assets

 

17,143

 

 

 

17,872

 

Total current assets

 

310,377

 

 

 

304,512

 

Property, plant and equipment, net

 

75,276

 

 

 

77,556

 

Operating lease assets

 

34,300

 

 

 

35,180

 

Intangible assets, net

 

152,170

 

 

 

166,175

 

Goodwill

 

273,817

 

 

 

274,710

 

Other assets

 

15,087

 

 

 

11,603

 

Total assets

$

861,027

 

 

$

869,736

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

Current portion of long-term debt

$

5,054

 

 

$

5,031

 

Accounts payable

 

46,427

 

 

 

52,585

 

Accrued expenses and other current liabilities

 

77,796

 

 

 

77,230

 

Total current liabilities

 

129,277

 

 

 

134,846

 

Long-term debt

 

211,946

 

 

 

215,334

 

Operating lease liabilities

 

33,400

 

 

 

34,108

 

Other long-term liabilities

 

54,506

 

 

 

68,276

 

Total liabilities

 

429,129

 

 

 

452,564

 

Stockholders’ Equity:

 

 

 

 

 

 

 

Total stockholders’ equity

 

431,898

 

 

 

417,172

 

Total liabilities and stockholders’ equity

$

861,027

 

 

$

869,736

 

NOVANTA INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands of U.S. dollars)

(Unaudited)

 

 

 

 

Three Months Ended

 

 

July 3,

 

 

June 28,

 

 

2020

 

 

2019

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Consolidated net income

$

11,660

 

 

$

10,380

 

Adjustments to reconcile consolidated net income to net cash provided by operating activities:

 

 

 

 

 

 

 

Depreciation and amortization

 

9,437

 

 

 

9,040

 

Share-based compensation

 

5,648

 

 

 

2,378

 

Deferred income taxes

 

(2,659

)

 

 

(2,013

)

Other

 

1,920

 

 

 

2,375

 

Changes in assets and liabilities which (used)/provided cash, excluding effects from business acquisitions:

 

 

 

 

 

 

 

Accounts receivable

 

1,829

 

 

 

2,253

 

Inventories

 

4,028

 

 

 

(5,591

)

Other operating assets and liabilities

 

1,954

 

 

 

(3,426

)

Net cash provided by operating activities

 

33,817

 

 

 

15,396

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Acquisition of businesses, net of cash acquired and working capital adjustments

 

 

 

 

(28,884

)

Purchases of property, plant and equipment

 

(2,321

)

 

 

(3,172

)

Other investing activities

 

 

 

 

17

 

Net cash used in investing activities

 

(2,321

)

 

 

(32,039

)

Cash flows from financing activities:

 

 

 

 

 

 

 

Borrowings under revolving credit facility

 

 

 

 

23,643

 

Repayments of term loan and revolving credit facilities

 

(1,270

)

 

 

(11,500

)

Repurchase of common stock

 

 

 

 

(3,339

)

Payment of deferred purchase price related to an acquisition

 

(5,622

)

 

 

 

Other financing activities

 

(1,891

)

 

 

(972

)

Net cash provided by (used in) financing activities

 

(8,783

)

 

 

7,832

 

Effect of exchange rates on cash and cash equivalents

 

1,080

 

 

 

830

 

Increase (decrease) in cash and cash equivalents

 

23,793

 

 

 

(7,981

)

Cash and cash equivalents, beginning of period

 

73,701

 

 

 

74,074

 

Cash and cash equivalents, end of period

$

97,494

 

 

$

66,093

NOVANTA INC.

Revenue by Reportable Segment

(In thousands of U.S. dollars)

(Unaudited)

 

 

 

 

Three Months Ended

 

 

July 3,

 

 

June 28,

 

 

2020

 

 

2019

 

Revenue

 

 

 

 

 

 

 

Photonics

$

47,803

 

 

$

58,286

 

Vision

 

64,740

 

 

 

65,895

 

Precision Motion

 

32,185

 

 

 

30,964

 

Total

$

144,728

 

 

$

155,145

 

NOVANTA INC.

Reconciliation of GAAP to Non-GAAP Financial Measures

(In thousands of U.S. dollars)

(Unaudited)

 

Adjusted Gross Profit and Adjusted Gross Profit Margin by Reportable Segment (Non-GAAP):

 

Three Months Ended

 

 

July 3,

 

 

June 28,

 

 

2020

 

 

2019

 

Photonics

 

 

 

 

 

 

 

Gross Profit (GAAP)

$

20,898

 

 

$

27,308

 

Gross Profit Margin (GAAP)

 

43.7

%

 

 

46.9

%

Amortization of intangible assets

 

740

 

 

 

584

 

Acquisition fair value adjustments

 

 

 

 

 

Adjusted Gross Profit (Non-GAAP)

$

21,638

 

 

$

27,892

 

Adjusted Gross Profit Margin (Non-GAAP)

 

45.3

%

 

 

47.9

%

 

 

 

 

 

 

 

 

Vision

 

 

 

 

 

 

 

Gross Profit (GAAP)

$

24,515

 

 

$

25,211

 

Gross Profit Margin (GAAP)

 

37.9

%

 

 

38.3

%

Amortization of intangible assets

 

1,572

 

 

 

1,586

 

Acquisition fair value adjustments

 

 

 

 

80

 

Adjusted Gross Profit (Non-GAAP)

$

26,087

 

 

$

26,877

 

Adjusted Gross Profit Margin (Non-GAAP)

 

40.3

%

 

 

40.8

%

 

 

 

 

 

 

 

 

Precision Motion

 

 

 

 

 

 

 

Gross Profit (GAAP)

$

13,834

 

 

$

13,759

 

Gross Profit Margin (GAAP)

 

43.0

%

 

 

44.4

%

Amortization of intangible assets

 

404

 

 

 

276

 

Acquisition fair value adjustments

 

 

 

 

95

 

Adjusted Gross Profit (Non-GAAP)

$

14,238

 

 

$

14,130

 

Adjusted Gross Profit Margin (Non-GAAP)

 

44.2

%

 

 

45.6

%

 

 

 

 

 

 

 

 

Unallocated Corporate and Shared Services

 

 

 

 

 

 

 

Gross Profit (GAAP)

$

(545

)

 

$

(496

)

Amortization of intangible assets

 

 

 

 

 

Acquisition fair value adjustments

 

 

 

 

 

Adjusted Gross Profit (Non-GAAP)

$

(545

)

 

$

(496

)

 

 

 

 

 

 

 

 

Novanta Inc.

 

 

 

 

 

 

 

Gross Profit (GAAP)

$

58,702

 

 

$

65,782

 

Gross Profit Margin (GAAP)

 

40.6

%

 

 

42.4

%

Amortization of intangible assets

 

2,716

 

 

 

2,446

 

Acquisition fair value adjustments

 

 

 

 

175

 

Adjusted Gross Profit (Non-GAAP)

$

61,418

 

 

$

68,403

 

Adjusted Gross Profit Margin (Non-GAAP)

 

42.4

%

 

 

44.1

%

NOVANTA INC.

Reconciliation of GAAP to Non-GAAP Financial Measures

(Amounts in thousands except per share amounts)

(Unaudited)

Adjusted Operating Income and Adjusted Diluted EPS (Non-GAAP):

 

Three Months Ended July 3, 2020

 

 

Operating
Income

 

 

Operating
Margin

 

 

Income
before
Income
Taxes

 

 

Income Tax
Provision

 

 

Effective Tax
Rate

 

 

Consolidated
Net Income

 

 

Diluted EPS

 

GAAP results

$

13,701

 

 

 

9.5

%

 

$

11,696

 

 

$

36

 

 

 

0.3

%

 

$

11,660

 

 

$

0.33

 

Non-GAAP Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

6,126

 

 

 

4.2

%

 

 

6,126

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restructuring costs

 

698

 

 

 

0.5

%

 

 

698

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition and related costs

 

1,545

 

 

 

1.0

%

 

 

1,545

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange transaction (gains) losses, net

 

 

 

 

 

 

 

 

 

282

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax effect on non-GAAP adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

2,016

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP tax adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

1,048

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-GAAP adjustments

 

8,369

 

 

 

5.7

%

 

 

8,651

 

 

 

3,064

 

 

 

 

 

 

 

5,587

 

 

 

0.15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted results (Non-GAAP)

$

22,070

 

 

 

15.2

%

 

$

20,347

 

 

$

3,100

 

 

 

15.2

%

 

$

17,247

 

 

$

0.48

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding - Diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

35,579

 


Contacts

Novanta Inc.
Investor Relations Contact:
Ray Nash
(781) 266-5137


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