NOVT Novanta (NOVT) Q4 FY25 earnings call
Novanta delivered on its promise of returning to organic growth and double-digit profit growth in Q4 FY25, driven by broad-based bookings momentum and strong new product adoption. While manufacturing transfer costs temporarily impacted margins and cash flow, management expects these issues to resolve in H1 2026, setting the stage for mid-single-digit organic growth and significant capital deployment for M&A in the coming year, particularly in medical technologies and embedded software.
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NOVT operating KPIs by quarter
| KPI | This call Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|
| Book-to-bill | 1.11 ratioBookings surged 25% year-over-year and 12% sequentially with a book-to-bill of 1.11.Source: earnings call transcript | 1.1 ratioBookings grew 37% year-over-year with a book-to-bill of 1.10 on continued new product momentum and strong commercial execution.Source: earnings call transcript | — | -0.9% |
| Vitality Index | 24%New product sales in the fourth quarter grew over 80% year-over-year, raising the Vitality Index to 24% of sales.Source: earnings call transcript | 27%In addition, new product sales grew over 50% year-over-year, raising the Vitality Index to 27% of sales.Source: earnings call transcript | ~29%New product revenue grew by more than 50% in the quarter and is up over 60% year-to-date, lifting our vitality index to approximately 29% of sales from 21% a year ago.Source: earnings call transcript | — |
| Book-to-bill Automation Enabling Technologies | 1.16 ratioThe book-to-bill in this segment was 1.16 and bookings were up 33% year-over-year.Source: earnings call transcript | 1.15 ratioThe book-to-bill in this segment was 1.15 and bookings were up 35% year-over-year.Source: earnings call transcript | 1.1 ratioThe book-to-bill in this segment was 1.1 and bookings were up 18% year-over-year.Source: earnings call transcript | -4.3% |
| Book-to-bill Medical Solutions | 1.07 ratioThis segment saw a book-to-bill of 1.07 in the fourth quarter and bookings were up 17% year-over-year.Source: earnings call transcript | 1.04 ratioThis segment saw a book-to-bill of 1.04 in the quarter and bookings were up 40% year-over-year.Source: earnings call transcript | 0.79 ratioThis segment saw a book-to-bill of 0.79 in the second quarter and year-to-date had bookings growth of greater than 10% year-over-year.Source: earnings call transcript | -24% |
| Vitality Index Medical Solutions | <28%New product sales in the fourth quarter grew by nearly 80% year-over-year and the Vitality Index in this segment was nearly 28% of sales.Source: earnings call transcript | — | 30%+New product sales grew by nearly 50% year-over-year and the vitality index in this segment was above 30% of sales.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.