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Oct 01, 2021
Novanta Q3 2021 Earnings Report
Novanta had excellent performance with strong double-digit growth for sales, bookings, and profit.
Key Takeaways
Novanta's Q3 2021 results showed strong growth, with GAAP revenue of $177.7 million and a significant increase in bookings. The company's performance was driven by robust customer demand in advanced industrial and medical applications, and the successful integration of new acquisitions.
GAAP revenue reached $177.7 million, a 24.3% increase year-over-year.
GAAP consolidated net income was $13.6 million, compared to $8.3 million in the same quarter of the previous year.
Adjusted EBITDA was $40.4 million, up from $30.2 million in the third quarter of 2020.
The company raised its full-year guidance, expecting continued growth in the fourth quarter.
Novanta
Novanta
Forward Guidance
For the fourth quarter of 2021, the Company expects GAAP revenue of approximately $185 million to $195 million. The Company expects Adjusted EBITDA to be in the range of $37 million to $41 million and Adjusted Diluted EPS to be in the range of $0.60 to $0.67.
Positive Outlook
- Continued growth expected in the fourth quarter and full year.
- Strong customer demand.
- New products and innovations are getting excellent traction.
- Strategic positioning is strong.
- Teams are committed to serving customers.
Challenges Ahead
- Persistent supply chain difficulties.
- No significant changes in foreign exchange rates assumed.
- Inherent difficulty in forecasting and quantifying certain amounts for GAAP reconciliations.
- Potential for significant discrete income tax expenses.
- Possible impact of purchase price allocations for recently completed acquisitions.