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Apr 01, 2022
Novanta Q1 2022 Earnings Report
Novanta's first quarter results for 2022 were announced, featuring revenue growth and strong customer demand.
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
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.