Novanta reports Q2 adjusted EPS 80c, consensus 73c

Reports Q2 revenue $229M, consensus $225.5M. “Novanta delivered a strong quarter of revenue growth and profit growth despite the challenging macroeconomic climate,” said Matthijs Glastra, Chair and CEO of Novanta. “Growth in our medical end-markets remains robust, and our sales to industrial end-market customers stayed resilient despite the evolving industrial capital spending environment. Our teams performed exceptionally well, utilizing the Novanta Growth System, and delivered gross margin expansion, as well as improving customer satisfaction by reducing our past-due backlog to customers by 46% sequentially. We remain very confident in our operating model, and in our ability to bring innovations to our customers in high-growth end-markets.”