Q2 2024 Novanta Inc Earnings Call Transcript
Key Points
- Novanta Inc (NOVT) delivered $236 million in revenue for Q2 2024, surpassing previous guidance.
- Adjusted EBITDA was $51 million, exceeding expectations and prior guidance.
- Operating cash flow was strong at approximately $41 million, representing a 57% year-over-year growth.
- The company launched a record number of new products in 2024, with more scheduled for 2025.
- Bookings grew 12% sequentially, with a book-to-bill ratio of 0.95, indicating strong future demand.
- Organic revenue declined by 5% year-over-year despite overall revenue growth.
- Life sciences markets, including precision medicine applications, are experiencing prolonged weakness in capital equipment demand.
- Industrial capital spending remains muted, particularly in Europe and China, due to economic challenges.
- Adjusted gross margins were flat year-over-year, impacted by the Motion Solutions acquisition.
- Non-GAAP adjusted earnings per share decreased to $0.73 from $0.80 in the same quarter last year.
Good morning. My name is Dovan, and I will be your conference operator today. At this time, I would like to welcome everyone to Novanta Incorporated second-quarter 2024 earnings call (Operator Instructions).
I would now like to turn the conference over to Ray Nash, Corporate Finance Leader for Novanta. Please go ahead.
Thank you very much. Good morning, and welcome to Novanta's second-quarter 2024 earnings conference call. This is Ray Nash, Corporate Finance Leader for Novanta. With me on today's call is our Chair and Chief Executive Officer, Matthijs Glastra; and our Chief Financial Officer, Robert Buckley. If you have not received a copy of our earnings press release issued today, you may obtain it from the Investor Relations section of our website at www.novanta.com.
Please note, this call is being webcast live and will be archived on our website shortly after the call.
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