Novanta Announces Financial Results for the Third Quarter 2019

  • Third Quarter 2019 GAAP Revenue of $154.1 million
  • Third Quarter 2019 GAAP Net Income of $8.9 million
  • Third Quarter 2019 GAAP Diluted Earnings Per Share of $0.25
  • Third Quarter 2019 Adjusted Earnings Per Share of $0.53
  • Third Quarter 2019 Adjusted EBITDA of $31.0 million

BEDFORD, Mass.–(BUSINESS WIRE)–Novanta Inc. (Nasdaq: NOVT) (the “Company”), a trusted technology partner to medical and advanced technology equipment manufacturers, today reported financial results for the third quarter 2019.

Financial Highlights

Three Months Ended

 

(In millions, except per share amounts)

September 27,

2019

 

 

September 28,

2018

 

GAAP

 

 

 

 

 

 

 

Revenue

$

154.1

 

 

$

160.8

 

Operating Income

$

12.8

 

 

$

21.0

 

Net Income Attributable to Novanta Inc.

$

8.9

 

 

$

14.6

 

Diluted EPS

$

0.25

 

 

$

0.60

 

Non-GAAP*

 

 

 

 

 

 

 

Adjusted Operating Income

$

25.6

 

 

$

29.8

 

Adjusted Diluted EPS

$

0.53

 

 

$

0.61

 

Adjusted EBITDA

$

31.0

 

 

$

34.2

 

*Reconciliations of GAAP to non-GAAP financial measures, as well as definitions for the non-GAAP financial measures included in this press release and the reasons for their use, are presented below.

Third Quarter

We are pleased with the double-digit revenue growth from our sales to medical end markets, and the strong execution of our teams in a challenging industrial capital spending environment due to global trade uncertainties,” said Matthijs Glastra, Chief Executive Officer of Novanta. “We continue to execute on our long-term strategic growth plans, as was evident in the greater than 30% year-over-year growth in design wins during the quarter and our record level of revenue from new product introductions.”

During the third quarter of 2019, Novanta generated GAAP revenue of $154.1 million, a decrease of $6.7 million, or 4.2%, versus the third quarter of 2018. The Company’s acquisition activities resulted in an increase in revenue of $5.0 million, or 3.1%, compared to the third quarter of 2018. Changes in foreign currency exchange rates year over year adversely impacted our revenue by $2.1 million, or 1.3%, during the third quarter of 2019. Our year-over-year Organic Revenue Growth, which excludes the net impact of acquisitions and changes in foreign currency exchange rates, was a decrease of 6.0% for the third quarter of 2019 (see “Organic Revenue Growth” in the non-GAAP reconciliation below).

In the third quarter of 2019, GAAP operating income was $12.8 million, compared to $21.0 million in the third quarter of 2018. GAAP net income attributable to Novanta was $8.9 million in the third quarter of 2019, compared to $14.6 million in the third quarter of 2018. GAAP diluted earnings per share (“EPS”) was $0.25 in the third quarter of 2019, compared to $0.60 in the third quarter of 2018.

Adjusted Diluted EPS was $0.53 in the third quarter of 2019, compared to $0.61 in the third quarter of 2018. The Company ended the third quarter of 2019 with 35.6 million diluted weighted average shares outstanding. Adjusted EBITDA was $31.0 million in the third quarter of 2019, compared to $34.2 million in the third quarter of 2018.

Operating cash flow for the third quarter of 2019 was $7.0 million. The Company completed the third quarter of 2019 with approximately $227.5 million of total debt and $61.4 million of total cash. Net Debt, as defined in the non-GAAP reconciliation below, was $167.6 million.

Financial Outlook

We feel Novanta is well positioned in an uncertain macro-economic environment. Our medical products continue to see strong momentum on the back of a robust innovation pipeline. In addition, while our fourth quarter is seeing some customers delay projects due to uncertainty in the industrial capital environment, we are seeing a strong opportunity funnel of new customer platforms and early recoveries of some industrial and electronics markets beginning to surface,” said Matthijs Glastra.

For the fourth quarter of 2019, the Company expects GAAP revenue of approximately $156 million to $158 million, Adjusted EBITDA in the range of $30.5 million to $32.5 million, and Adjusted Diluted EPS to be in the range of $0.52 to $0.54. The Company’s Adjusted Diluted EPS and Adjusted EBITDA guidance assumes no significant changes in foreign exchange rates.

Novanta provides earnings guidance on a non-GAAP basis and does not provide earnings guidance on a GAAP basis, with the exception of GAAP revenue guidance. A reconciliation of the Company’s forward-looking Adjusted EBITDA and Adjusted EPS guidance to the most directly comparable GAAP financial measures is not provided because of the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including future changes in the fair value of contingent considerations; significant discrete income tax expenses (benefits); divestiture related expenses; acquisition related expenses; impact of purchase price allocations for recently completed acquisitions; gains and losses from sale of real estate assets; costs related to product line closures; intangible asset impairment charges and related asset write-offs; future restructuring expenses; foreign exchange gains/(losses) on proceeds from divestitures; benefits or expenses associated with the completion of tax audits; and other charges reflected in the Company’s reconciliation of historical non-GAAP financial measures, the amounts of which, based on past experience, could be material. For additional information regarding Novanta’s non-GAAP financial measures, see “Use of Non-GAAP Financial Measures” below.

Conference Call Information

The Company will host a conference call on Tuesday, November 5, 2019 at 10:00 a.m. ET to discuss these results. To access the call, please dial (888) 346-3959 prior to the scheduled conference call time. Alternatively, the conference call can be accessed online via a live webcast on the Presentations and Events page of the Investor Relations section of the Company’s website at www.novanta.com.

A replay of the audio webcast will be available approximately three hours after the conclusion of the call on the Investor Relations section of the Company’s website at www.novanta.com. The replay will remain available until Monday, January 6, 2020.

Use of Non-GAAP Financial Measures

The non-GAAP financial measures used in this press release are Organic Revenue Growth, Adjusted Gross Profit, Adjusted Gross Profit Margin, Adjusted Operating Income and Operating Margin, Adjusted Income before Income Taxes, Adjusted Income Tax Provision and Effective Tax Rate, Adjusted Net Income Attributable to Novanta Inc., Net of Tax, Adjusted Diluted EPS, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Free Cash Flow as a Percentage of Net Income Attributable to Novanta Inc. and Net Debt.

The Company believes that these non-GAAP financial measures provide useful and supplementary information to investors regarding the operating performance of the Company. It is management’s belief that these non-GAAP financial measures would be particularly useful to investors because of the significant changes that have occurred outside of the Company’s day-to-day business in accordance with the execution of the Company’s strategy. This strategy includes streamlining the Company’s existing operations through site and functional consolidations, strategic divestitures and product line closures, expanding the Company’s business through significant internal investments, and broadening the Company’s product and service offerings through acquisition of innovative and complementary technologies and solutions. The financial impact of certain elements of these activities, particularly acquisitions, divestitures, and site and functional restructurings, is often large relative to the Company’s overall financial performance and can adversely affect the comparability of its operating results and investors’ ability to analyze the business from period to period.

The Company’s Adjusted EBITDA and Organic Revenue Growth are used by management to evaluate operating performance, communicate financial results to the Board of Directors, benchmark results against historical performance and the performance of peers, and evaluate investment opportunities, including acquisitions and divestitures. In addition, Adjusted EBITDA and Organic Revenue Growth are used to determine bonus payments for senior management and employees. The Company also uses Adjusted Diluted EPS as a measurement for performance shares issued to certain executives. Accordingly, the Company believes that these non-GAAP financial measures provide greater transparency and insight into management’s method of analysis.

Non-GAAP financial measures should not be considered as substitutes for, or superior to, measures of financial performance prepared in accordance with GAAP. They are limited in value because they exclude charges that have a material effect on the Company’s reported results and, therefore, should not be relied upon as the sole financial measures to evaluate the Company’s financial results. The non-GAAP financial measures are meant to supplement, and to be viewed in conjunction with, GAAP financial measures. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures as provided in the tables accompanying this press release.

Safe Harbor and Forward-Looking Information

Certain statements in this release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and are based on current expectations and assumptions that are subject to risks and uncertainties. All statements contained in this news release that do not relate to matters of historical fact should be considered forward-looking statements, and are generally identified by words such as “expect,” “intend,” “anticipate,” “estimate,” “believe,” “future,” “could,” “should,” “plan,” “aim,” and other similar expressions. These forward-looking statements include, but are not limited to, statements regarding anticipated financial performance, including our financial outlook for the fourth quarter 2019; expectations regarding market conditions; and other statements that are not historical facts.

These forward-looking statements are neither promises nor guarantees, but involve risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. Our actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including, but not limited to, the following: economic and political conditions and the effects of these conditions on our customers’ businesses and level of business activity; our significant dependence upon our customers’ capital expenditures, which are subject to cyclical market fluctuations; our dependence upon our ability to respond to fluctuations in product demand; our ability to continually innovate and successfully commercialize our innovations; failure to introduce new products in a timely manner; customer order timing and other similar factors beyond our control; disruptions or breaches in security of our information technology systems; our failure to comply with data privacy regulations; changes in interest rates, credit ratings or foreign currency exchange rates; risks associated with our operations in foreign countries; risks associated with increased outsourcing of components manufacturing; our exposure to increased tariffs, trade restrictions or taxes on our products; our failure to comply with local import and export regulations in the jurisdictions in which we operate; negative effects on global economic conditions, financial markets and our business as a result of the United Kingdom’s impending withdrawal from the European Union and the actions of the current U.S. government, including its policies on trade tariffs and reactions from other countries to any new tariffs imposed by the U.S.; violations of our intellectual property rights and our ability to protect our intellectual property against infringement by third parties; risk of losing our competitive advantage; our failure to successfully integrate recent and future acquisitions into our businesses; our ability to attract and retain key personnel; our restructuring and realignment activities and disruptions to our operations as a result of consolidation of our operations; product defects or problems integrating our products with other vendors’ products; disruptions in the supply of certain key components or other goods from our suppliers; our failure to accurately forecast component and raw material requirements leading to excess inventories or interruptions and delays in the delivery of our products to customers; production difficulties and product delivery delays or disruptions; our exposure to medical device regulation, which may impede or hinder the approval or sale of our products and, in some cases, may ultimately result in an inability to obtain approval of certain products or may result in the recall or seizure of previously approved products; potential penalties for violating foreign, U.S. federal, and state healthcare laws and regulations; changes in governmental regulations affecting our businesses or products; our failure to comply with environmental regulations; our failure to implement new information technology systems and software successfully; our failure to realize the full value of our intangible assets; our exposure to the credit risk of some of our customers and in weakened markets; our reliance on third party distribution channels; being subject to U.S. federal income taxation even though we are a non-U.S. corporation; tax audits by tax authorities; changes in tax laws, and fluctuations in our effective tax rates; any need for additional capital to adequately respond to business challenges or opportunities and repay or refinance our existing indebtedness, which may not be available on acceptable terms or at all; our existing indebtedness limiting our ability to engage in certain activities; volatility in the market price for our common shares; provisions of our corporate documents that may delay or prevent a change in control; and our failure to maintain appropriate internal controls in the future.

Other important risk factors that could affect the outcome of the events set forth in these statements and that could affect the Company’s operating results and financial condition are discussed in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2018, our subsequent filings with the Securities and Exchange Commission (“SEC”), and in our future filings with the SEC. Such statements are based on the Company’s beliefs and assumptions and on information currently available to the Company. The Company disclaims any obligation to publicly update or revise any such forward-looking statements as a result of developments occurring after the date of this document except as required by law.

About Novanta

Novanta is a leading global supplier of core technology solutions that give medical and advanced industrial original equipment manufacturers (“OEMs”) a competitive advantage. We combine deep proprietary technology expertise and competencies in photonics, vision, and precision motion with a proven ability to solve complex technical challenges. This enables Novanta to engineer core components and sub-systems that deliver extreme precision and performance, tailored to our customers’ demanding applications. The driving force behind our growth is the team of innovative professionals who share a commitment to innovation and customer success. Novanta’s common shares are quoted on Nasdaq under the ticker symbol “NOVT.”

More information about Novanta is available on the Company’s website at www.novanta.com. For additional information, please contact Novanta Investor Relations at (781) 266-5137 or InvestorRelations@novanta.com.

NOVANTA INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands of U.S. dollars or shares, except per share amounts)

(Unaudited)

 

 

Three Months Ended

 

 

September 27,

2019

 

 

September 28,

2018

 

Revenue

$

154,066

 

 

$

160,794

 

Cost of revenue

 

90,012

 

 

 

91,160

 

Gross profit

 

64,054

 

 

 

69,634

 

Operating expenses:

 

 

 

 

 

 

 

Research and development and engineering

 

13,811

 

 

 

13,204

 

Selling, general and administrative

 

27,926

 

 

 

29,147

 

Amortization of purchased intangible assets

 

3,970

 

 

 

3,947

 

Restructuring and acquisition related costs

 

5,546

 

 

 

2,341

 

Total operating expenses

 

51,253

 

 

 

48,639

 

Operating income

 

12,801

 

 

 

20,995

 

Interest income (expense), net

 

(2,153

)

 

 

(2,396

)

Foreign exchange transaction gains (losses), net

 

387

 

 

 

66

 

Other income (expense), net

 

(48

)

 

 

(44

)

Income before income taxes

 

10,987

 

 

 

18,621

 

Income tax provision

 

2,064

 

 

 

3,632

 

Consolidated net income

 

8,923

 

 

 

14,989

 

Less: Net income attributable to noncontrolling interest

 

 

 

 

(435

)

Net income attributable to Novanta Inc.

$

8,923

 

 

$

14,554

 

 

 

 

 

 

 

 

 

Earnings per common share attributable to Novanta Inc.:

 

 

 

 

 

 

 

Basic

$

0.25

 

 

$

0.61

 

Diluted

$

0.25

 

 

$

0.60

 

Weighted average common shares outstanding—basic

35,074

34,899

Weighted average common shares outstanding—diluted

35,585

35,485

 

NOVANTA INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands of U.S. dollars)

(Unaudited)

 

 

September 27,

2019

 

 

December 31,

2018

 

ASSETS

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

Cash and cash equivalents

$

61,405

 

 

$

82,043

 

Accounts receivable, net

 

98,666

 

 

 

83,955

 

Inventories

 

118,573

 

 

 

104,764

 

Prepaid expenses and other current assets

 

18,216

 

 

 

11,007

 

Total current assets

 

296,860

 

 

 

281,769

 

Property, plant and equipment, net

 

76,122

 

 

 

65,464

 

Operating lease assets

 

35,487

 

 

 

 

Intangible assets, net

 

168,078

 

 

 

142,920

 

Goodwill

 

268,741

 

 

 

217,662

 

Other assets

 

12,672

 

 

 

11,761

 

Total assets

$

857,960

 

 

$

719,576

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

Current portion of long-term debt

$

 

 

$

4,535

 

Accounts payable

 

47,009

 

 

 

50,733

 

Accrued expenses and other current liabilities

 

77,904

 

 

 

48,928

 

Total current liabilities

 

124,913

 

 

 

104,196

 

Long-term debt

 

227,507

 

 

 

202,843

 

Operating lease liabilities

 

32,181

 

 

 

 

Other long-term liabilities

 

70,482

 

 

 

44,282

 

Total liabilities

 

455,083

 

 

 

351,321

 

Stockholders’ Equity:

 

 

 

 

 

 

 

Total stockholders’ equity

 

402,877

 

 

 

368,255

 

Total liabilities and stockholders’ equity

$

857,960

 

 

$

719,576

 

NOVANTA INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands of U.S. dollars)

(Unaudited)

 

Three Months Ended

 

 

September 27,

2019

 

 

September 28,

2018

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Consolidated net income

$

8,923

 

 

$

14,989

 

Adjustments to reconcile consolidated net income to

net cash provided by operating activities:

 

 

 

 

 

 

 

Depreciation and amortization

 

9,840

 

 

 

9,199

 

Share-based compensation

 

2,243

 

 

 

1,695

 

Deferred income taxes

 

(1,139

)

 

 

(2,088

)

Other

 

1,153

 

 

 

832

 

Changes in assets and liabilities which (used)/provided cash,

excluding effects from business acquisitions:

 

 

 

 

 

 

 

Accounts receivable

 

(8,997

)

 

 

(12,273

)

Inventories

 

418

 

 

 

(2,497

)

Other operating assets and liabilities

 

(5,451

)

 

 

17,498

 

Cash provided by operating activities

 

6,990

 

 

 

27,355

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Acquisition of businesses, net of cash acquired and working capital adjustments

 

(24,259

)

 

 

(2,155

)

Acquisition of assets

 

 

 

 

(1,225

)

Purchases of property, plant and equipment

 

(2,350

)

 

 

(4,386

)

Other investing activities

 

1

 

 

 

141

 

Cash used in investing activities

 

(26,608

)

 

 

(7,625

)

Cash flows from financing activities:

 

 

 

 

 

 

 

Borrowings under revolving credit facility

 

37,904

 

 

 

24,981

 

Repayments of term loan and revolving credit facility

 

(19,423

)

 

 

(7,227

)

Acquisition of noncontrolling interest

 

 

 

 

(30,652

)

Repurchase of common stock

 

(3,345

)

 

 

(1,836

)

Other financing activities

 

41

 

 

 

(252

)

Cash provided by (used in) financing activities

 

15,177

 

 

 

(14,986

)

Effect of exchange rates on cash and cash equivalents

 

(247

)

 

 

(191

)

Increase (decrease) in cash and cash equivalents

 

(4,688

)

 

 

4,553

 

Cash and cash equivalents, beginning of period

 

66,093

 

 

 

107,261

 

Cash and cash equivalents, end of period

$

61,405

 

 

$

111,814

 

NOVANTA INC.

Revenue by Reportable Segment

(In thousands of U.S. dollars)

(Unaudited)

 

Three Months Ended

 

 

September 27,

2019

 

 

September 28,

2018

 

Revenue

 

 

 

 

 

 

 

Photonics

$

54,570

 

 

$

61,285

 

Vision

 

69,923

 

 

 

62,113

 

Precision Motion

 

29,573

 

 

 

37,396

 

Total

$

154,066

 

 

$

160,794

 

NOVANTA INC.

Reconciliation of GAAP to Non-GAAP Financial Measures

(In thousands of U.S. dollars)

(Unaudited)

 

Adjusted Gross Profit and Adjusted Gross Profit Margin by Segment (Non-GAAP):

 

Three Months Ended

 

 

September 27,

2019

 

 

September 28,

2018

 

Photonics

 

 

 

 

 

 

 

Gross Profit (GAAP)

$

25,289

 

 

$

29,218

 

Gross Profit Margin (GAAP)

 

46.3

%

 

 

47.7

%

Amortization of intangible assets

 

804

 

 

 

673

 

Acquisition fair value adjustments

 

373

 

 

 

 

Adjusted Gross Profit (Non-GAAP)

$

26,466

 

 

$

29,891

 

Adjusted Gross Profit Margin (Non-GAAP)

 

48.5

%

 

 

48.8

%

 

 

 

 

 

 

 

 

Vision

 

 

 

 

 

 

 

Gross Profit (GAAP)

$

26,922

 

 

$

24,160

 

Gross Profit Margin (GAAP)

 

38.5

%

 

 

38.9

%

Amortization of intangible assets

 

1,707

 

 

 

1,615

 

Acquisition fair value adjustments

 

160

 

 

 

 

Adjusted Gross Profit (Non-GAAP)

$

28,789

 

 

$

25,775

 

Adjusted Gross Profit Margin (Non-GAAP)

 

41.2

%

 

 

41.5

%

 

 

 

 

 

 

 

 

Precision Motion

 

 

 

 

 

 

 

Gross Profit (GAAP)

$

12,504

 

 

$

16,788

 

Gross Profit Margin (GAAP)

 

42.3

%

 

 

44.9

%

Amortization of intangible assets

 

286

 

 

 

204

 

Acquisition fair value adjustments

 

 

 

 

 

Adjusted Gross Profit (Non-GAAP)

$

12,790

 

 

$

16,992

 

Adjusted Gross Profit Margin (Non-GAAP)

 

43.2

%

 

 

45.4

%

 

 

 

 

 

 

 

 

Unallocated Corporate and Shared Services

 

 

 

 

 

 

 

Gross Profit (GAAP)

$

(661

)

 

$

(532

)

Amortization of intangible assets

 

 

 

 

 

Acquisition fair value adjustments

 

 

 

 

 

Adjusted Gross Profit (Non-GAAP)

$

(661

)

 

$

(532

)

 

 

 

 

 

 

 

 

Novanta Inc.

 

 

 

 

 

 

 

Gross Profit (GAAP)

$

64,054

 

 

$

69,634

 

Gross Profit Margin (GAAP)

 

41.6

%

 

 

43.3

%

Amortization of intangible assets

 

2,797

 

 

 

2,492

 

Acquisition fair value adjustments

 

533

 

 

 

 

Adjusted Gross Profit (Non-GAAP)

$

67,384

 

 

$

72,126

 

Adjusted Gross Profit Margin (Non-GAAP)

 

43.7

%

 

 

44.9

%

NOVANTA INC.

Reconciliation of GAAP to Non-GAAP Financial Measures

(Amounts in thousands except per share amounts)

(Unaudited)

 

Adjusted Operating Income and Adjusted EPS (Non-GAAP):

 

Three Months Ended September 27, 2019

 

 

Operating

Income

 

 

Operating

Margin

 

 

Income

before

Income

Taxes

 

 

Income Tax

Provision

 

 

Effective Tax

Rate

 

 

Net Income

Attributable

to Novanta

Inc., Net of

Tax

 

 

Diluted

EPS

 

GAAP results

$

12,801

 

 

 

8.3

%

 

$

10,987

 

 

$

2,064

 

 

 

18.8

%

 

$

8,923

 

 

$

0.25

 

Non-GAAP Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

6,767

 

 

 

4.4

%

 

 

6,767

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restructuring costs

 

1,466

 

 

 

1.0

%

 

 

1,466

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition related costs

 

4,080

 

 

 

2.6

%

 

 

4,080

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition fair value adjustments

 

533

 

 

 

0.3

%

 

 

533

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax effect on non-GAAP adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

2,832

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP tax adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

101

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-GAAP adjustments

 

12,846

 

 

 

8.3

%

 

 

12,846

 

 

 

2,933

 

 

 

 

 

 

 

9,913

 

 

 

0.28

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted results (Non-GAAP)

$

25,647

 

 

 

16.6

%

 

$

23,833

 

 

$

4,997

 

 

 

21.0

%

 

$

18,836

 

 

$

0.53

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding – Diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

35,585

 

Contacts

Novanta Inc.
Investor Relations Contact:

Robert J. Buckley

(781) 266-5137

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