Novanta Inc. reported a total revenue of $980.6 million for the fiscal year ended December 31, 2025, marking a 3.3% increase from $949.2 million in 2024. The growth was primarily driven by contributions from the acquisition of Keonn Technologies, which added $21.8 million to revenue, and a favorable foreign currency exchange impact of $14.6 million. However, operating income decreased by 15% to $94.0 million, down from $110.6 million in the previous year, largely due to increased selling, general, and administrative expenses, which rose by 11.2% to $195.7 million.
In terms of strategic developments, Novanta completed the acquisition of Keonn Technologies on April 8, 2025, for approximately $71.0 million, enhancing its capabilities in Radio-Frequency Identification (RFID) solutions. Additionally, the company issued 12.65 million tangible equity units at $50 each in November 2025, generating net proceeds of $613.1 million. This capital will support ongoing operations and potential future acquisitions. The company also entered into a Fourth Amended and Restated Credit Agreement in June 2025, providing a credit facility of approximately $1 billion, which includes a revolving credit facility of $850 million.
Operationally, Novanta's Automation Enabling Technologies segment generated $500.8 million in revenue, a 2.1% increase from the previous year, while the Medical Solutions segment saw a 4.6% increase to $479.8 million. The company employed approximately 3,000 people as of December 31, 2025, with a significant portion of its workforce based in Europe. The company reported a consolidated backlog of approximately $481.2 million, up from $445.5 million in 2024, indicating a positive outlook for future revenue.
Looking ahead, Novanta anticipates continued growth driven by its strategic focus on expanding its medical technology offerings and enhancing its operational efficiencies. The company aims to increase its medical sales as a percentage of total revenue and deepen relationships with key OEM customers. However, it also acknowledges potential risks from macroeconomic factors, including inflation and supply chain disruptions, which could impact its performance. The company remains committed to executing its growth strategy while managing costs effectively to improve profitability.
About NOVANTA INC
Novanta Inc. is a global provider of advanced technology solutions for medical and industrial OEMs. It designs and manufactures precision laser, motion control, imaging, and sensing components, serving markets like minimally invasive surgery, robotics, additive manufacturing, and life sciences. Its core value lies in proprietary innovations, high-performance products, and long-term customer relationships, supporting complex applications with a focus on quality, regulatory compliance, and technological leadership.
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