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Sep 27, 2024
Novanta Q3 2024 Earnings Report
Novanta's Q3 2024 earnings demonstrated strong performance, driven by diversified business and strategic initiatives.
Key Takeaways
Novanta reported a 10.3% increase in GAAP revenue to $244.4 million for Q3 2024. The company's adjusted EPS was $0.85, and adjusted EBITDA reached $57 million. Customer bookings increased 13% year-over-year for core businesses, and minimally invasive surgery products achieved a book-to-bill ratio of 1.4.
GAAP revenue reached $244.4 million, a 10.3% increase year-over-year.
GAAP net income was $19 million, with a diluted EPS of $0.53.
Adjusted EBITDA was $57 million, compared to $52.2 million in the prior year.
Customer bookings increased 13% year-over-year for core businesses.
Novanta
Novanta
Novanta Revenue by Segment
Revenue by Segment
Medical Solutions Revenue
CapyFin.com Forward Guidance
For Q4 2024, Novanta expects GAAP revenue of approximately $237 million to $242 million, an adjusted gross profit margin of approximately 46.0%, adjusted EBITDA in the range of $50 million to $52 million, and adjusted diluted EPS in the range of $0.70 to $0.74.
Positive Outlook
- Expects GAAP revenue of approximately $237 million to $242 million.
- Anticipates adjusted gross profit margin to be approximately 46.0%.
- Projects adjusted EBITDA to be in the range of $50 million to $52 million.
- Forecasts adjusted diluted EPS to be in the range of $0.70 to $0.74.
- Expects organic revenue growth of up to 10% in 2025 compared to 2024.
Challenges Ahead
- Macroeconomic environment created challenging dynamics with the timing of capital equipment purchases.
- Guidance assumes no significant changes in foreign exchange rates.
- Difficult to forecast and quantify certain amounts for GAAP reconciliations.
- Potential impact from acquisitions and related expenses.
- Possible effects from restructuring expenses.