Novanta Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Novanta Inc. has filed its annual 10-K report for the fiscal year ending December 31, 2023, detailing its financial performance and business operations.</b>

AI Summary

NOVANTA INC (NOVTU) filed a Annual Report (10-K) with the SEC on February 28, 2024. Novanta Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The company's primary business is in Miscellaneous Electrical Machinery, Equipment & Supplies. Novanta Inc. was formerly known as GSI Group Inc. and GSI Lumonics Inc. The filing includes data related to revenue from contracts with customers. Key dates and financial reporting periods from 2021 to 2023 are referenced.

Why It Matters

For investors and stakeholders tracking NOVANTA INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Novanta's financial health and strategic direction for investors and stakeholders. The report's detailed segment and geographic data can inform investment decisions and competitive analysis within the electrical machinery sector.

Risk Assessment

Risk Level: medium — NOVANTA INC shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual report, but the lack of specific financial performance metrics in the provided snippet necessitates a medium risk assessment for detailed analysis.

Analyst Insight

Review the full 10-K filing to extract specific financial performance data, revenue breakdowns, and risk factors to inform investment strategy.

Key Numbers

• 20231231 — Fiscal Year End (Report period)
• 20240228 — Filing Date (Date of submission)
• 001-35083 — SEC File Number (Company's SEC file number)
• 0000950170-24-021689 — Accession Number (Unique identifier for the filing)

Key Players & Entities

• NOVANTA INC (company) — Filer name
• GSI GROUP INC (company) — Former company name
• GSI LUMONICS INC (company) — Former company name
• 20231231 (date) — Fiscal year end
• 20240228 (date) — Filing date
• 3690 (sic_code) — Standard Industrial Classification
• 125 MIDDLESEX TURNPIKE (address) — Business address
• BEDFORD (location) — Business address city

FAQ

Industry Context

Novanta Inc. operates within the Miscellaneous Electrical Machinery, Equipment & Supplies sector, a segment of the broader manufacturing industry.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures to the SEC.

What Investors Should Do

1. Analyze the full 10-K for detailed financial statements, including revenue, net income, and balance sheet information.
2. Investigate the company's business segments and geographic revenue concentrations for potential growth or risk areas.
3. Examine the risk factors section for any new or evolving threats to the company's operations or financial performance.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-28: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial data extracted from the 2023 10-K filing; comparison to prior filings requires access to those documents.

Key Financial Figures

• $192.2 million — olutions, for a total purchase price of $192.2 million in cash, subject to customary closing a

Filing Documents

• novt-20231231.htm (10-K) — 4340KB
• novt-ex2_3.htm (EX-2.3) — 797KB
• novt-ex21_1.htm (EX-21.1) — 30KB
• novt-ex23_1.htm (EX-23.1) — 3KB
• novt-ex31_1.htm (EX-31.1) — 13KB
• novt-ex31_2.htm (EX-31.2) — 13KB
• novt-ex32_1.htm (EX-32.1) — 6KB
• novt-ex32_2.htm (EX-32.2) — 7KB
• novt-ex97_1.htm (EX-97.1) — 33KB
• img40537996_0.jpg (GRAPHIC) — 369KB
• 0000950170-24-021689.txt (&nbsp;) — 21813KB
• novt-20231231.xsd (EX-101.SCH) — 2584KB
• novt-20231231_htm.xml (XML) — 4532KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 16 Item 1B. Unresolved Staff Comments 30 Item 1C. Cybersecurity 30 Item 2.

Properties

Properties 32 Item 3.

Legal Proceedings

Legal Proceedings 32 Item 4. Mine Safety Disclosures 32 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 33 Item 6. [Reserved] 35 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 36 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 50 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 51 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 98 Item 9A.

Controls and Procedures

Controls and Procedures 98 Item 9B. Other Information 98 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 99 PART III Item 10. Directors, Executive Officers and Corporate Governance 99 Item 11.

Executive Compensation

Executive Compensation 100 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 100 Item 13. Certain Relationships and Related Transactions, and Director Independence 101 Item 14. Principal Accountant Fees and Services 101 PART IV Item 15. Exhibits and Financial Statement Schedules 101 Item 16. Form 10-K Summary 104

Signatures

Signatures 105 As used in this report, the terms "we," "us," "our," "Novanta," "NOVT" and the "Company" mean Novanta Inc. and its subsidiaries, unless the context indicates another meaning. Unless otherwise noted, all dollar amounts in this report are expressed in United States dollars. The following brand and trade names of the Company are used in this report: Cambridge Technology, Synrad, Laser Quantum, ARGES, WOM, NDS, Med X Change, Reach Technology, JADAK, ThingMagic, Photo Research, General Scanning, ATI Industrial Automation, Celera Motion, IMS, MicroE, Applimotion, Zettlex, Ingenia and Westwind. P ART I Cautionary Note Regarding Forward Looking Statements Except for historical information, the matters discussed in this Annual Report on Form 10-K are forward looking statements that involve risks, uncertainties and assumptions that, if they never materialize or if they prove incorrect, could cause our consolidated results to differ materially from those expressed or implied by such forward looking statements. The Company makes such forward looking statements under the provision of the "Safe Harbor" section of the Private Securities Litigation Reform Act of 1995. Actual future results may vary materially from those projected, anticipated, or indicated in any forward-looking statements as a result of various important factors, including those set forth in Item 1A of this Annual Report on Form 10-K under the heading "Risk Factors." Readers should also carefully review the risk factors described in the other documents that we file with the Securities and Exchange Commission ("SEC") from time to time. In this Annual Report on Form 10-K, the words "anticipates," "believes," "expects," "intends," "future," "estimates," "plans," "could," "would," "should," "potential," "continues" and similar words or expressions (as well as other words or expressions referencing future events, conditions or circumstances) identify forward looking statements. Forward look

Busi ness

Item 1. Busi ness Overview Novanta Inc. and its subsidiaries (collectively referred to as the "Company", "Novanta", "we", "us", "our") 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 precision medicine and manufacturing, medical solutions, and robotics and automation with a proven ability to solve complex technical challenges. This enables us to engineer core components and sub-systems that deliver extreme precision and performance, tailored to our customers' demanding applications. The Company was founded and initially incorporated in Massachusetts in 1968 as General Scanning, Inc. ("General Scanning"). In 1999, General Scanning merged with Lumonics Inc. The post-merger entity, GSI Lumonics Inc., continued under the laws of the Province of New Brunswick, Canada. In 2005, the Company changed its name to GSI Group Inc. Through a series of strategic divestitures and acquisitions, the Company transformed from one that was more focused on the semiconductor industry to one that primarily develops and supplies components and sub-systems to OEMs in the medical and advanced industrial markets. The Company changed its name to Novanta Inc. in May 2016. Strategy Our strategy is to drive sustainable, profitable growth through short-term and long-term initiatives, including: disciplined focus on our diversified business model of providing components and sub-systems to long life-cycle OEM customer platforms in attractive medical and advanced industrial niche markets; improving our business mix to increase medical sales as a percentage of total revenue by: - introducing new products aimed at attractive medical applications, such as minimally invasive and robotic surgery, ophthalmology, patient monitoring, drug delivery, clinical laboratory testing and life science equipment; - d

View Full Filing

View this 10-K filing on SEC EDGAR