NASDAQ$NOVT
Novanta Inc · Q4 2022 earnings
Q4 2022 earnings · · Investor relations
Briefing
Novanta reported strong Q4 2022 financial results, delivering revenue and profit growth despite a challenging operating environment.
Novanta Inc. reported a revenue of $218.4 million for Q4 2022, a 9.8% increase compared to Q4 2021. GAAP operating income was $26.8 million, and GAAP net income was $15.3 million. Adjusted Diluted EPS was $0.75, compared to $0.67 in the same quarter last year. The company anticipates continued focus on new product development and driving cash flows in 2023.
- GAAP revenue increased by 9.8% to $218.4 million compared to Q4 2021.
- Organic revenue growth was 13.8% for the quarter.
- GAAP operating income increased to $26.8 million, compared to $21.7 million in Q4 2021.
- Adjusted EBITDA was $46.1 million, compared to $42.6 million in Q4 2021.
Headline financials
Revenue & EPS history
Novanta · Revenue · Quarterly
$218M
Revenue by segment
Novanta · $83.4M total across 1 segment · Q3 2023
- Medical Solutions$83.4M—100.0%
Forward guidance
For the first quarter of 2023, the Company expects GAAP revenue of approximately $210 million to $212 million. The Company expects Adjusted EBITDA to be in the range of $44 million to $45 million and Adjusted Diluted EPS to be in the range of $0.64 to $0.65. For the full year 2023, the Company expects GAAP revenue of approximately $890 million to $915 million. The Company expects Adjusted EBITDA to be in the range of $195 million to $207 million and Adjusted Diluted EPS to be in the range of $3.00 to $3.20.
Tailwinds
- Sales in medical end markets expected to have solid demand in 2023.
- Strong backlog.
- Resilient customer demand.
- Teams remain disciplined and diligent to serve customers.
- Ability to deliver strong operating performance in the year ahead.
Headwinds
- Some near term slowdown in some areas of the microelectronics end market capital spending.
- Assumes no significant changes in foreign exchange rates.
- Assumes a weighted average interest rate of 6%, and therefore $24 million to $26 million of net interest expense.
- Inherent difficulty in forecasting and quantifying certain amounts that are necessary for reconciliations.
- Potential penalties for violating foreign, U.S. federal, and state healthcare laws and regulations
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q4 2022
+2.3%
Avg return
Earnings day
+1.6%
Avg return
5 days after
+2.4%
Avg return
30 days after
64%
41 / 64 earnings
Positive
+22.9%
Q3 2018
Best reaction
-11.3%
Q2 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +1.2% | +10.5% | — | |
| Q4 2025 | -2.2% | -7.9% | -19.4% | |
| Q3 2025 | +8.4% | -17.0% | -10.0% | |
| Q1 2025 | -1.7% | +2.4% | +5.3% | |
| Q4 2024 | +7.2% | +4.6% | -4.2% | |
| Q3 2024 | +4.5% | +4.9% | -4.5% | |
| Q2 2024 | +7.6% | +9.4% | +10.3% | |
| Q1 2024 | -1.6% | +0.1% | +0.8% | |
| Q4 2023 | +9.9% | +12.1% | +11.1% | |
| Q3 2023 | -11.0% | -11.0% | +9.4% | |
| Q2 2023 | -11.3% | -11.2% | -6.9% | |
| Q1 2023 | +2.2% | +0.5% | +4.8% | |
| Q4 2022 | -6.1% | -3.7% | +1.4% | |
| Q3 2022 | -3.5% | +10.5% | +7.2% | |
| Q2 2022 | -0.4% | -0.5% | -13.6% | |
| Q1 2022 | +3.1% | +9.5% | +3.9% | |
| Q4 2021 | -1.0% | -2.0% | +4.1% | |
| Q3 2021 | -7.4% | -8.2% | -5.7% | |
| Q2 2021 | +5.1% | +3.8% | +8.9% | |
| Q1 2021 | +2.5% | +7.0% | +8.1% | |
| Q4 2020 | -1.3% | -4.1% | -0.3% | |
| Q3 2020 | -2.3% | -7.5% | -2.3% | |
| Q2 2020 | +4.8% | +3.4% | -6.1% | |
| Q1 2020 | +6.6% | +3.8% | +14.2% | |
| Q4 2019 | +5.6% | +8.4% | -10.0% | |
| Q3 2019 | -5.9% | -8.3% | -0.1% | |
| Q2 2019 | -5.3% | -8.4% | +2.0% | |
| Q1 2019 | -5.8% | -5.3% | -6.9% | |
| Q4 2018 | +4.7% | +4.6% | +8.6% | |
| Q3 2018 | +22.9% | +21.7% | -1.9% | |
| Q2 2018 | -0.6% | +1.9% | +13.2% | |
| Q1 2018 | +2.8% | +3.9% | +8.1% | |
| Q4 2017 | +2.8% | +0.9% | -4.1% | |
| Q3 2017 | +10.1% | +10.1% | -1.5% | |
| Q2 2017 | -0.8% | +1.9% | +4.0% | |
| Q1 2017 | +8.6% | +12.0% | +34.0% | |
| Q4 2016 | +0.2% | +3.9% | +5.5% | |
| Q3 2016 | -1.2% | +1.5% | +16.9% | |
| Q2 2016 | +1.7% | +2.9% | +7.9% | |
| Q1 2016 | -0.6% | — | — | |
| Q4 2015 | +2.1% | — | — | |
| Q3 2015 | +2.7% | — | — | |
| Q2 2015 | +1.1% | — | — | |
| Q1 2015 | +0.2% | — | — | |
| Q4 2014 | +1.1% | — | — | |
| Q3 2014 | +0.7% | — | — | |
| Q2 2014 | +4.1% | — | — | |
| Q1 2014 | +1.3% | — | — | |
| Q4 2013 | +2.3% | — | — | |
| Q3 2013 | +9.9% | — | — | |
| Q2 2013 | -4.1% | — | — | |
| Q1 2013 | +0.2% | — | — | |
| Q4 2009 | -1.5% | — | — | |
| Q4 2012 | -1.5% | — | — | |
| Q3 2012 | +0.4% | — | — | |
| Q2 2012 | -8.6% | — | — | |
| Q1 2011 | +10.8% | — | — | |
| Q1 2012 | +2.6% | — | — | |
| Q4 2011 | +0.3% | — | — | |
| Q3 2010 | +6.0% | — | — | |
| Q3 2011 | +6.0% | — | — | |
| Q4 2010 | +18.8% | — | — | |
| Q2 2011 | +18.8% | — | — | |
| Q2 2010 | +18.8% | — | — |
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