Novanta Q1 2022 Earnings Report
Key Takeaways
Novanta reported strong first quarter results with a 26% increase in GAAP revenue to $204 million and a 33% increase in Adjusted EBITDA to $43.6 million. Customer demand remains robust across advanced industrial and medical application areas, with customer orders up 11% year over year, resulting in a record backlog of $586 million.
GAAP Revenue increased 26% to $204 million.
Consolidated Net Income was $18.8 million.
Adjusted Earnings Per Share increased 26% to $0.73.
Adjusted EBITDA increased 33% to $43.6 million.
Novanta
Novanta
Novanta Revenue by Segment
Forward Guidance
The Company expects GAAP revenue of approximately $205 million to $213 million, demonstrating reported growth of 22% to 27%. The Company expects Adjusted Gross Profit Margin to be in the range of 45.0% to 46.0%. The Company expects Adjusted EBITDA to be in the range of $42 million to $44 million and Adjusted Diluted EPS to be in the range of $0.69 to $0.73.
Positive Outlook
- Expects strong double-digit growth in the second quarter.
- Customer demand remains exceptionally strong across both medical and advanced industrial end markets.
- Confident in strategic positioning.
- Confident in the capabilities and commitment of teams.
- Confident in product innovation.
Challenges Ahead
- Global backdrop of supply chain challenges.
- Inflationary pressures.
- Continued COVID disruptions in China.
- War in the Ukraine.
- Assumes no significant changes in foreign exchange rates.
Revenue & Expenses
Visualization of income flow from segment revenue to net income