BEDFORD, Mass.—Novanta Inc. (NASDAQ:NOVT), a technology company currently valued at $6.12 billion and maintaining a GOOD financial health score according to InvestingPro, saw its Chief Executive Officer Matthijs Glastra recently sell shares of the company's common stock, according to a filing with the Securities and Exchange Commission. The transactions, executed on December 2, 2024, involved a total of 2,000 shares sold through the Matthijs Glastra 2021 Irrevocable Trust.
The sales were conducted at prices ranging from $166.27 to $169.28 per share, amounting to a total transaction value of $337,016. Following these transactions, the trust holds 54,382 shares of Novanta's stock.
The sales were made under a pre-established Rule 10b5-1 trading plan, which allows company insiders to sell a predetermined number of shares at a predetermined time. This plan was adopted on August 29, 2024, and is managed through a trust for which Glastra's spouse serves as trustee. The company maintains strong liquidity with a current ratio of 2.79, indicating healthy financial management.
In other recent news, Novanta Incorporated reported a notable third-quarter performance, with a 10% year-over-year increase in revenue, reaching $244 million. Adjusted EBITDA also saw a rise of 9% from the previous year, reaching $57 million. Despite facing short-term challenges and flat organic growth, the company remains hopeful about its mid- to long-term prospects, particularly in the medical and advanced industrial markets.
Novanta's bookings grew by 13%, showing confidence from major OEM customers. The company also anticipates $50 million in new product revenue for 2025 and a significant increase in product launches. In addition, Novanta is actively pursuing acquisitions, with a target pipeline of over $20 billion in potential revenue.
For the fourth quarter of 2024, revenue is projected to be between $237 million and $242 million, while the full-year 2024 GAAP revenue is expected to be between $948 million and $953 million. The company also expects strong double-digit growth in the second half of 2025, driven by new product launches and improving market conditions. Adjusted EBITDA for Q4 is estimated to be between $50 million and $52 million, contributing to a full-year estimate of $208 million to $210 million. These are among the recent developments for Novanta.
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