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Novanta Inc., together with its subsidiaries, provides precision medicine, precision manufacturing, medical solutions, robotics and automation solutions, and advanced surgery solutions in the United States and internationally. The company operates Automation Enabling Technologies and Medical Solutions segments. The Precision Medicine and Manufacturing segment designs, manufactures, and markets laser beam steering and scanning solutions, laser sources, robotic and precision motion, robotic end-of-arm tooling, and bearing spindles. This segment serves advanced industrial processes, advanced industrial and medical robotics, other medical and life science automation applications, and medical laser procedures, such as ophthalmology applications. The Medical Solutions segment provides a range of medical grade technologies, including medical insufflators, pumps, and related disposables; imaging, identification and RFID solutions; advanced motion control solutions; and light engines, and integrated operating room technologies. The company was formerly known as GSI Group, Inc. and changed its name to Novanta Inc. in May 2016. Novanta Inc. was incorporated in 1968 and is based in Bedford, Massachusetts.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $981M | $179M | $54M | $48M | 4.1% | 3.3% | -16.0% |
| 2024 | $949M | $180M | $64M | $141M | 8.6% | 7.7% | -12.1% |
| 2023 | $882M | $170M | $73M | $100M | 10.8% | 2.4% | -1.6% |
| 2022 | $861M | $161M | $74M | $70M | 12.8% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 860.90 | 881.66 | 949.24 | 980.60 |
| Operating Revenue | - | 860.90 | 881.66 | 949.24 | 980.60 |
| Cost Of Revenue | - | 482.43 | 481.76 | 527.70 | 545.32 |
| Gross Profit | - | 378.47 | 399.90 | 421.54 | 435.28 |
| Operating Expense | - | 271.01 | 276.59 | 297.25 | 318.62 |
| Research And Development | - | 85.77 | 91.68 | 95.52 | 95.48 |
| Selling General And Administration | - | 158.90 | 164.46 | 175.94 | 195.66 |
| Total Expenses | - | 753.44 | 758.35 | 824.95 | 863.94 |
| Operating Income | - | 107.46 | 123.31 | 124.29 | 116.66 |
| Total Operating Income As Reported | - | 103.08 | 110.50 | 110.58 | 94.01 |
| EBITDA | - | 160.62 | 169.92 | 179.86 | 178.60 |
| Normalized EBITDA | - | 164.94 | 182.99 | 193.15 | 203.44 |
| EBIT | - | 107.46 | 123.31 | 124.29 | 116.66 |
| Net Interest Income | - | -15.62 | -25.82 | -31.49 | -21.47 |
| Other Non Operating Income Expenses | - | -0.37 | -0.68 | -0.44 | -0.71 |
| Other Income Expense | - | -4.69 | -13.74 | -13.74 | -25.55 |
| Net Non Operating Interest Income Expense | - | -15.62 | -25.82 | -31.49 | -21.47 |
| Pretax Income | - | 87.16 | 83.75 | 79.07 | 69.64 |
| Tax Provision | - | 13.11 | 10.87 | 14.98 | 15.81 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -0.65 | -1.70 | -2.52 | -5.64 |
| Net Income Continuous Operations | - | 74.05 | 72.88 | 64.09 | 53.83 |
| Net Income From Continuing And Discontinued Operation | - | 74.05 | 72.88 | 64.09 | 53.83 |
| Net Income From Continuing Operation Net Minority Interest | - | 74.05 | 72.88 | 64.09 | 53.83 |
| Net Income | - | 74.05 | 72.88 | 64.09 | 53.83 |
| Net Income Common Stockholders | - | 74.05 | 72.88 | 64.09 | 53.83 |
| Net Income Including Noncontrolling Interests | - | 74.05 | 72.88 | 64.09 | 53.83 |
| Normalized Income | - | 77.72 | 84.25 | 74.86 | 73.03 |
| Diluted NI Availto Com Stockholders | - | 74.05 | 72.88 | 64.09 | 53.83 |
| Basic Average Shares | - | 35.65 | 35.84 | 35.95 | 36.59 |
| Diluted Average Shares | - | 35.91 | 36.03 | 36.12 | 36.70 |
| Reconciled Depreciation | - | 53.16 | 46.61 | 55.56 | 61.93 |
| Reconciled Cost Of Revenue | - | 455.61 | 455.60 | 497.93 | 510.86 |
| Total Unusual Items | - | -4.32 | -13.07 | -13.30 | -24.84 |
| Total Unusual Items Excluding Goodwill | - | -4.32 | -13.07 | -13.30 | -24.84 |
| Special Income Charges | - | -4.38 | -12.81 | -13.71 | -22.65 |
| Restructuring And Mergern Acquisition | - | 4.38 | 12.81 | 13.71 | 22.65 |
| Gain On Sale Of Security | - | 0.07 | -0.26 | 0.41 | -2.19 |
| Depreciation Amortization Depletion Income Statement | - | 26.34 | 20.44 | 25.79 | 27.48 |
| Depreciation And Amortization In Income Statement | - | 26.34 | 20.44 | 25.79 | 27.48 |
| Total Other Finance Cost | - | 15.62 | 25.82 | 31.49 | 21.47 |
| Amortization | - | 26.34 | 20.44 | 25.79 | 27.48 |
| Amortization Of Intangibles Income Statement | - | 26.34 | 20.44 | 25.79 | 27.48 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Novanta Inc.this co. | NOVT | $5.9B | 109.22 | 4.47 | 4.1% | 32.48 |
| Navitas Semiconductor Corporation | NVTS | $7.3B | -62.15 | 16.38 | -26.4% | -104.54 |
| Silicon Laboratories Inc. | SLAB | $7.2B | -111.28 | 6.60 | -5.9% | -365.09 |
| InterDigital, Inc. | IDCC | $6.7B | 16.59 | 6.13 | 36.9% | 11.07 |
| Zeta Global Holdings Corp. | ZETA | $5.8B | -183.13 |
| - |
| - |
| - |
| - |
| 7.17 |
| -3.9% |
| 143.62 |
| Navan, Inc. | NAVN | $5.6B | -14.12 | 4.65 | -32.9% | -18.33 |
| Synaptics Incorporated | SYNA | $5.5B | -114.05 | 3.91 | -3.4% | 85.59 |
| Commvault Systems, Inc. | CVLT | $5.0B | 70.96 | 669.07 | 942.8% | 47.35 |
| Bitdeer Technologies Group | BTDR | $4.8B | 72.81 | 5.50 | 7.6% | 16.93 |
| Peer Median | - | -38.14 | 6.36 | -3.7% | 14.00 | |