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Novanta (NOVT) - 2024 Q3 - Quarterly Results
NOVTNovanta (NOVT)2024-11-05 13:00
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Revenue and Growth - Q3 2024 GAAP revenue of 244million,a10.3244 million, a 10.3% increase YoY, driven by acquisitions contributing 21.1 million (9.5%) and favorable foreign exchange impact of 1.8million(0.81.8 million (0.8%)[4] - Revenue increased to 244.405 million, up 10.3% from 221.503millioninthepreviousyear[13]−OrganicRevenueGrowthforQ32024was10.3221.503 million in the previous year[13] - Organic Revenue Growth for Q3 2024 was 10.3%, adjusted for acquisitions and foreign currency effects[21] - Organic revenue growth for 2025 is projected to be up to 10% compared to 2024, driven by new product launches and a recovering investment climate[7] - Medical Solutions segment revenue grew to 103.783 million, up 24.5% from 83.378million[16]−RoboticsandAutomationsegmentrevenueincreasedto83.378 million[16] - Robotics and Automation segment revenue increased to 80.027 million, up 19.7% from 66.848million[16]ProfitabilityandMargins−Q32024GAAPnetincomeof66.848 million[16] Profitability and Margins - Q3 2024 GAAP net income of 19 million, down from 21millioninQ32023,withdilutedEPSat21 million in Q3 2023, with diluted EPS at 0.53 compared to 0.59YoY[4][5]−Q32024adjustedEBITDAof0.59 YoY[4][5] - Q3 2024 adjusted EBITDA of 57 million, up from 52millioninQ32023,withadjusteddilutedEPSremainingflatat52 million in Q3 2023, with adjusted diluted EPS remaining flat at 0.85[5] - Adjusted gross profit margin for Q4 2024 is expected to be approximately 46.0%, with full-year 2024 adjusted gross profit margin at 46.3%[7] - Gross profit margin (GAAP) for Precision Medicine and Manufacturing decreased to 44.6% from 50.8%[17] - Adjusted gross profit margin (Non-GAAP) for Robotics and Automation improved to 52.2% from 50.9%[17] - Operating Income for Q3 2024 was 32.555millionwithanOperatingMarginof13.332.555 million with an Operating Margin of 13.3%[19] - Adjusted Operating Income for Q3 2024 was 46.762 million, with an Adjusted Operating Margin of 19.1%[19] - Adjusted EBITDA for Q3 2024 was 56.976million,representinganAdjustedEBITDAMarginof23.356.976 million, representing an Adjusted EBITDA Margin of 23.3%[21] - Adjusted Net Income for Q3 2024 was 30.645 million, with an Adjusted Diluted EPS of 0.85[19]CashFlowandDebt−OperatingcashflowforQ32024was0.85[19] Cash Flow and Debt - Operating cash flow for Q3 2024 was 23 million, a significant decrease from 44.6millioninQ32023[6]−FreeCashFlowforQ32024was44.6 million in Q3 2023[6] - Free Cash Flow for Q3 2024 was 19.465 million, representing 101.4% of Net Income[22] - Net Debt as of September 27, 2024, was 367.637million[21]−Long−termdebtincreasedto367.637 million[21] - Long-term debt increased to 452.502 million, up 29.5% from 349.404million[14]−Cashandcashequivalentsdecreasedto349.404 million[14] - Cash and cash equivalents decreased to 92.690 million, down 11.8% from 105.051million[14]GuidanceandProjections−Q42024revenueguidanceof105.051 million[14] Guidance and Projections - Q4 2024 revenue guidance of 237 million to 242million,withadjustedEBITDAexpectedbetween242 million, with adjusted EBITDA expected between 50 million and 52million,andadjusteddilutedEPSbetween52 million, and adjusted diluted EPS between 0.70 and 0.74[7]−Full−year2024revenueguidanceof0.74[7] - Full-year 2024 revenue guidance of 948 million to 953million,withadjustedEBITDAexpectedbetween953 million, with adjusted EBITDA expected between 208 million and 210million,andadjusteddilutedEPSbetween210 million, and adjusted diluted EPS between 3.02 and 3.06[7]CustomerandProductPerformance−Customerbookingsincreased133.06[7] Customer and Product Performance - Customer bookings increased 13% YoY for core businesses, with minimally invasive surgery products achieving a book-to-bill ratio of 1.4[3] - The company's minimally invasive surgery products achieved a book-to-bill ratio of 1.4, indicating strong demand and positive momentum from new product launches[3] Financial Position and Shares - Total assets grew to 1.418823 billion, up 15.7% from 1.226056billion[14]−Weightedaveragesharesoutstanding−Dilutedremainedstableat36,129[18]−Weightedaveragesharesoutstanding−DilutedforQ32023was36,041[20]AdjustmentsandNon−GAAPMetrics−Totalnon−GAAPadjustmentsforQ32024amountedto1.226056 billion[14] - Weighted average shares outstanding - Diluted remained stable at 36,129[18] - Weighted average shares outstanding - Diluted for Q3 2023 was 36,041[20] Adjustments and Non-GAAP Metrics - Total non-GAAP adjustments for Q3 2024 amounted to 14.207 million, representing 5.8% of total adjustments[19]