Novanta (NOVT) 10-Q 6 Aug 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 28, 2024	Jul. 30, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 28, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Trading Symbol	NOVT
Entity Registrant Name	NOVANTA INC.
Entity Central Index Key	0001076930
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		35,904,106
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-35083
Entity Tax Identification Number	98-0110412
Entity Address, Address Line One	125 Middlesex Turnpike
Entity Address, City or Town	Bedford
Entity Address, State or Province	MA
Entity Address, Country	US
Entity Address, Postal Zip Code	01730
City Area Code	781
Local Phone Number	266-5700
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	A3
Entity Interactive Data Current	Yes
Security Exchange Name	NASDAQ
Title of 12(b) Security	Common shares, no par value

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 28, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 98,468	$ 105,051
Accounts receivable, net of allowance of $718 and $571, respectively	145,025	139,410
Inventories	160,042	149,371
Prepaid income taxes and income taxes receivable	9,360	8,105
Prepaid expenses and other current assets	11,896	13,360
Total current assets	424,791	415,297
Property, plant and equipment, net	114,758	109,449
Operating lease assets	43,641	38,302
Deferred tax assets	15,734	27,862
Other assets	5,684	5,617
Intangible assets, net	206,938	145,022
Goodwill	587,028	484,507
Total assets	1,398,574	1,226,056
Current liabilities
Current portion of long-term debt	4,813	4,968
Accounts payable	71,044	57,195
Income taxes payable	13,226	7,767
Current portion of operating lease liabilities	9,757	8,189
Accrued expenses and other current liabilities	54,630	61,056
Total current liabilities	153,470	139,175
Long-term debt	477,113	349,404
Operating lease liabilities	41,279	37,345
Deferred tax liabilities	14,445	16,305
Income taxes payable	4,816	4,435
Other liabilities	5,459	5,932
Total liabilities	696,582	552,596
Commitments and contingencies (Note 15)
Stockholders’ equity:
Preferred shares, no par value; Authorized shares: 7,000; No shares issued and outstanding
Common shares, no par value; Authorized shares: unlimited; Issued and outstanding: 35,895 and 35,814, respectively	423,856	423,856
Additional paid-in capital	73,627	70,180
Retained earnings	231,893	203,462
Accumulated other comprehensive loss	(27,384)	(24,038)
Total stockholders' equity	701,992	673,460
Total liabilities and stockholders’ equity	$ 1,398,574	$ 1,226,056

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 28, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 718	$ 571
Preferred shares, no par value	$ 0	$ 0
Preferred shares, Authorized	7,000,000	7,000,000
Preferred shares, Issued	0	0
Preferred shares, outstanding	0	0
Common shares, Authorized	Unlimited	Unlimited
Common shares, no par value	$ 0	$ 0
Common shares, Issued	35,895,000	35,814,000
Common shares, outstanding	35,895,000	35,814,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue	$ 235,864	$ 229,464	$ 466,780	$ 448,590
Cost of revenue	132,175	125,341	262,675	246,839
Gross profit	103,689	104,123	204,105	201,751
Operating expenses:
Research and development and engineering	23,731	23,380	46,977	46,208
Selling, general and administrative	44,793	42,187	88,323	83,110
Amortization of purchased intangible assets	6,907	5,124	12,657	10,213
Restructuring, acquisition, and related costs	2,543	1,234	4,826	3,710
Total operating expenses	77,974	71,925	152,783	143,241
Operating income	25,715	32,198	51,322	58,510
Interest income (expense), net	(8,266)	(6,810)	(16,520)	(13,142)
Foreign exchange transaction gains (losses), net	(264)	74	(585)	(3)
Other income (expense), net	(55)	(191)	(171)	(357)
Income before income taxes	17,130	25,271	34,046	45,008
Income tax provision	3,375	4,392	5,615	5,864
Net income	$ 13,755	$ 20,879	$ 28,431	$ 39,144
Earnings per common share (Note 5):
Basic	$ 0.38	$ 0.58	$ 0.79	$ 1.09
Diluted	$ 0.38	$ 0.58	$ 0.79	$ 1.09
Weighted average common shares outstanding—basic	35,946	35,851	35,930	35,830
Weighted average common shares outstanding—diluted	36,092	36,032	36,110	36,015

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income		$ 13,755	$ 20,879	$ 28,431	$ 39,144
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax	[1]	580	1,577	(3,816)	6,807
Pension liability adjustments, net of tax	[2]	187	89	470	160
Total other comprehensive income (loss)		767	1,666	(3,346)	6,967
Total consolidated comprehensive income		$ 14,522	$ 22,545	$ 25,085	$ 46,111
[1] The tax effect on this component of comprehensive income (loss) was nominal for all periods presented. The tax effect on this component of comprehensive income (loss) was nominal for all periods presented. See Note 4 to the Consolidated Financial Statements for the total amount of pension liability adjustments reclassified out of accumulated other comprehensive income (loss).

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Balance at Dec. 31, 2022	$ 577,586	$ 423,856	$ 55,155	$ 130,584	$ (32,009)
Balance (in shares) at Dec. 31, 2022		35,711,000
Net Income (Loss)	39,144			39,144
Common shares issued under stock plans (in shares)		164,000
Common shares withheld for taxes on vested stock awards	(10,008)		(10,008)
Common shares withheld for taxes on vested stock awards (in shares)		(67,000)
Share-based compensation	12,341		12,341
Other comprehensive income (loss), net of tax	6,967				6,967
Balance at Jun. 30, 2023	626,030	$ 423,856	57,488	169,728	(25,042)
Balance (in shares) at Jun. 30, 2023		35,808,000
Balance at Mar. 31, 2023	598,017	$ 423,856	52,020	148,849	(26,708)
Balance (in shares) at Mar. 31, 2023		35,802,000
Net Income (Loss)	20,879			20,879
Common shares issued under stock plans (in shares)		9,000
Common shares withheld for taxes on vested stock awards	(407)		(407)
Common shares withheld for taxes on vested stock awards (in shares)		(3,000)
Share-based compensation	5,875		5,875
Other comprehensive income (loss), net of tax	1,666				1,666
Balance at Jun. 30, 2023	626,030	$ 423,856	57,488	169,728	(25,042)
Balance (in shares) at Jun. 30, 2023		35,808,000
Balance at Dec. 31, 2023	673,460	$ 423,856	70,180	203,462	(24,038)
Balance (in shares) at Dec. 31, 2023		35,814,000
Net Income (Loss)	28,431			28,431
Common shares issued under stock plans (in shares)		136,000
Common shares withheld for taxes on vested stock awards	(8,861)		(8,861)
Common shares withheld for taxes on vested stock awards (in shares)		(55,000)
Share-based compensation	12,308		12,308
Other comprehensive income (loss), net of tax	(3,346)				(3,346)
Balance at Jun. 28, 2024	701,992	$ 423,856	73,627	231,893	(27,384)
Balance (in shares) at Jun. 28, 2024		35,895,000
Balance at Mar. 29, 2024	681,715	$ 423,856	67,872	218,138	(28,151)
Balance (in shares) at Mar. 29, 2024		35,891,000
Net Income (Loss)	13,755			13,755
Common shares issued under stock plans (in shares)		7,000
Common shares withheld for taxes on vested stock awards	(476)		(476)
Common shares withheld for taxes on vested stock awards (in shares)		(3,000)
Share-based compensation	6,231		6,231
Other comprehensive income (loss), net of tax	767				767
Balance at Jun. 28, 2024	$ 701,992	$ 423,856	$ 73,627	$ 231,893	$ (27,384)
Balance (in shares) at Jun. 28, 2024		35,895,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 28,431	$ 39,144
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	27,045	23,668
Provision for inventory excess and obsolescence	5,741	3,678
Share-based compensation	12,308	12,341
Deferred income taxes	(7,711)	(7,665)
Inventory acquisition fair value adjustments	2,777
Other	864	994
Changes in assets and liabilities which (used)/provided cash, excluding effects from business acquisitions:
Accounts receivable	1,223	(6,564)
Inventories	(6,586)	1,177
Prepaid income taxes, income taxes receivable, prepaid expenses and other current assets	1,056	(163)
Accounts payable, income taxes payable, accrued expenses and other current liabilities	8,934	(29,283)
Other non-current assets and liabilities	(158)	(885)
Net cash provided by operating activities	73,924	36,442
Cash flows from investing activities:
Cash paid for business acquisitions, net of working capital adjustments	(191,200)
Purchases of property, plant and equipment	(11,352)	(6,946)
Net cash used in investing activities	(202,552)	(6,946)
Cash flows from financing activities:
Borrowings under revolving credit facilities	198,000
Repayments under term loan and revolving credit facilities	(67,344)	(30,498)
Payments of withholding taxes from share-based awards	(8,861)	(10,008)
Other financing activities	(355)	(313)
Net cash provided by (used in) financing activities	121,440	(40,819)
Effect of exchange rates on cash and cash equivalents	605	2,548
Decrease in cash and cash equivalents	(6,583)	(8,775)
Cash and cash equivalents, beginning of the period	105,051	100,105
Cash and cash equivalents, end of the period	98,468	91,330
Supplemental disclosure of cash flow information:
Cash paid for interest	16,491	12,709
Cash paid for income taxes	8,035	21,316
Income tax refunds received	$ 739	$ 255

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 13,755	$ 20,879	$ 28,431	$ 39,144

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 28, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arr Modified Flag	false
Non-Rule 10b5-1 Arr Modified Flag	false

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 28, 2024
Accounting Policies [Abstract]
Basis of Presentation	1. Basis of Presentation Novanta Inc. (collectively with its subsidiaries, referred to as “Novanta”, the “Company”, “we”, “us”, “our”) is a leading global supplier of core technology solutions that give medical and advanced industrial original equipment manufacturers (“OEMs”) a competitive advantage. Novanta combines deep proprietary technology expertise and competencies in precision medicine and manufacturing, medical solutions and robotics and automation with a proven ability to solve complex technical challenges. This enables Novanta to engineer core components and sub-systems that deliver extreme precision and performance, tailored to the customers’ demanding applications. The accompanying unaudited interim consolidated financial statements have been prepared by the Company in United States (“U.S.”) dollars and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”), the instructions to Form 10-Q and the provisions of Regulation S-X pertaining to interim financial statements. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the U.S. have been condensed or omitted. The interim consolidated financial statements and notes included in this report should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. In the opinion of management, these interim consolidated financial statements include all adjustments and accruals of a normal and recurring nature necessary to fairly state the results of the interim periods presented. The results for interim periods are not necessarily indicative of results to be expected for the full year or for any future periods. The Company’s unaudited interim consolidated financial statements are prepared for each quarterly period ending on the Friday closest to the end of the calendar quarter, with the exception of the fourth quarter which always ends on December 31. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. Estimates and assumptions are reviewed on an on-going basis and the effects of revisions are reflected in the period in which such revisions are deemed to be necessary. The Company evaluates its estimates based on historical experience, current conditions, and various other assumptions that it believes are reasonable under the circumstances. Actual results could differ significantly from these estimates. Recent Accounting Pronouncements The following table provides a brief description of recent Accounting Standards Updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”): Standard Description Effective Date Effect on the Financial Statements or Other Significant Matters In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280) -Improvements to Reportable Segment Disclosures." ASU 2023-07 clarifies or improves financial reporting by requiring disclosure of incremental segment information. The amendments require disclosure, on an annual and interim basis for all public entities, of significant segment expenses included in segment profit or loss, an amount and description of "other segment items" included in segment profit or loss, and an explanation of how reported segment profit or loss is assessed and allocated. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2023-07 on its consolidated financial statement disclosures. In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740) -Improvements to Income Tax Disclosures." ASU 2023-09 provides more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2023-09 on its consolidated financial statement disclosures.

Revenue

Revenue	6 Months Ended
	Jun. 28, 2024
Revenue from Contract with Customer [Abstract]
Revenue	2. Revenue The Company accounts for its revenue transactions in accordance with ASC 606, “Revenue from Contracts with Customers,” which requires entities to recognize revenue in a way that depicts the transfer of control over goods or services to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company recognizes revenue when control of promised goods or services is transferred to the customer. The transfer of control generally occurs upon shipment when title and risk of loss pass to the customer. The vast majority of the Company’s revenue is generated from the sale of distinct products. Revenue is measured as the amount of consideration the Company expects to receive in exchange for such products, which is generally at contractually stated prices. Sales taxes and value added taxes collected concurrently with revenue generating activities are excluded from revenue. Performance Obligations Substantially all of the Company’s revenue is recognized at a point in time, upon shipment, rather than over time. At the request of its customers, the Company may perform professional services, generally for the maintenance and repair of products previously sold to those customers and for engineering services. Professional services are typically short in duration and aggregate to less than 3 % of the Company’s consolidated revenue. Revenue is typically recognized at a point in time when control transfers to the customer upon completion of professional services. These services generally involve a single distinct performance obligation. The consideration expected to be received in exchange for such services is normally the contractually stated amount. The Company occasionally sells separately priced non-standard/extended warranty services or preventative maintenance plans with the sale of products. The transfer of control over the service plans is over time. The Company recognizes the related revenue ratably over the terms of the service plans. The transaction price of a contract is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are generally determined based on the prices charged to customers or using the expected cost plus a margin. Shipping & Handling Costs The Company accounts for shipping and handling activities that occur after the transfer of control over the related goods as fulfillment activities rather than performance obligations. Shipping and handling fees charged to customers are recognized as revenue and the related costs are recorded in cost of revenue at the time of transfer of control. Warranties The standard warranty periods for the Company’s products are typically 12 months to 36 months . The Company recognizes estimated liabilities associated with standard warranty periods for its products in accordance with the provisions of ASC 450, “Contingencies,” as the Company has the ability to ascertain the likelihood of the liabilities and can reasonably estimate the amount of the liabilities. A provision for the estimated cost related to standard warranties is recorded as cost of revenue at the time revenue is recognized. The Company’s estimate of the costs to service the warranty obligations is based on historical experience and expectations of future conditions. To the extent that the Company’s experience in warranty claims or costs associated with servicing those claims differ from the original estimates, revisions to the estimated warranty liabilities are recorded at that time, with offsetting adjustments to cost of revenue. Practical Expedients and Exemptions The Company expenses incremental direct costs of obtaining a contract when incurred because the expected amortization period is typically one year or less. These costs are recorded within selling, general and administrative expenses in the consolidated statement of operations. The Company does not adjust the promised amount of consideration for the effects of a financing component because the transfer of a promised good to a customer and the customer’s payment for that good are typically one year or less. The Company does not disclose the value of the remaining performance obligation for contracts with an original expected length of one year or less. Contract Liabilities Contract liabilities consist of deferred revenue and advance payments from customers, including amounts that are refundable. These contract liabilities are classified as either current or long-term liabilities in the consolidated balance sheet based on the timing of when the Company expects to recognize the related revenue. As of June 28, 2024 and December 31, 2023, contract liabilities were $ 7.0 million and $ 5.8 million, respectively, and are included in accrued expenses and other current liabilities and other liabilities in the accompanying consolidated balance sheets. The increase in the contract liability balance during the six months ended June 28, 2024 is primarily due to cash payments received in advance of satisfying performance obligations partially offset by $ 3.6 million of revenue recognized during the period that was included in the contract liability balance as of December 31, 2023. Disaggregated Revenue See Note 16 for the Company’s disaggregation of revenue by segment, geography and end market.

Business Combinations

Business Combinations	6 Months Ended
	Jun. 28, 2024
Business Combinations [Abstract]
Business Combinations	3. Business Combinations On January 2, 2024 , the Company completed the acquisition of Motion Solutions Parent Corp. (“Motion Solutions”), an Irvine, California-based provider of highly engineered integrated solutions, specializing in proprietary precision motion and advanced motion control solutions, for a total purchase price of $ 192.0 million in cash, net of working capital adjustments. The acquisition was financed with borrowings under the Company’s revolving credit facility. The addition of Motion Solutions enhances the Company’s product portfolio and further expands its presence in attractive medical and precision medicine spaces. Motion Solutions is included in the Medical Solutions reportable segment. Allocation of Purchase Price The acquisition of Motion Solutions has been accounted for as a business combination. The purchase price is allocated based upon a valuation of the fair values of assets acquired and liabilities assumed. Assets acquired and liabilities assumed have been recorded at their estimated fair values as of the acquisition date. The excess of the purchase price over the fair values of the acquired tangible assets, identifiable intangible assets and assumed liabilities was recorded as goodwill. The fair values of identifiable intangible assets were based on valuations using an income approach, specifically the multi-period excess earnings method for customer relationships and the relief-from-royalty method for developed technologies. The process for estimating the fair values of identifiable intangible assets requires the use of significant estimates and assumptions, including revenue growth rates, customer attrition rates, royalty rates, discount rates, technology obsolescence curves, and EBITDA margins. The Company’s estimates and assumptions in determining the estimated fair value of certain assets and liabilities are subject to change within the measurement period (up to one year from the acquisition date) as a result of additional information to be obtained with regard to facts and circumstances that existed as of the acquisition date. Based upon the Company’s preliminary valuation, the purchase price for Motion Solutions was allocated as follows (in thousands): Purchase Price Allocation Cash $ 776 Accounts receivable 8,515 Inventory 14,032 Property, plant and equipment 3,126 Operating lease assets 8,076 Intangible assets 83,000 Goodwill 106,430 Other assets 561 Total assets acquired 224,516 Accounts payable 5,305 Operating lease liabilities 8,514 Deferred tax liabilities 18,257 Other liabilities 464 Total liabilities assumed 32,540 Total assets acquired, net of liabilities assumed 191,976 Less: cash acquired 776 Purchase price, net of cash acquired $ 191,200 The purchase price allocation is preliminary as the Company is in the process of collecting additional information. The estimated purchase price allocation previously disclosed in the Form 10-Q for the period ended March 29, 2024 was revised during the second quarter of 2024 as new information was received and analyzed resulting in an increase in Intangible assets of $ 2.6 million, an increase in Inventory of $ 0.5 million, an increase in Deferred tax liabilities of $ 0.7 million, and a decrease in Goodwill of $ 2.4 million. The fair value of intangible assets for Motion Solutions is comprised of the following: Estimated Fair Amortization Value Period Developed technologies $ 34,400 7 years Customer relationships 43,100 13 years Backlog 5,500 1 year Total $ 83,000 The preliminary purchase price allocation resulted in $ 83.0 million of identifiable intangible assets and $ 106.4 million of goodwill. As the Motion Solutions acquisition was structured as a stock acquisition for income tax purposes, the goodwill is not deductible. The goodwill recorded represents the anticipated incremental value of future cash flows potentially attributable to: (i) Motion Solution’s ability to grow the business with existing and new customers, including leveraging the Company’s customer base; (ii) Motion Solution’s ability to grow the business through new product introductions; and (iii) cost improvements due to the integration of Motion Solution’s operations into the Company’s existing infrastructure. The operating results of Motion Solutions were included in the Company’s results of operations beginning January 2, 2024. Motion Solutions contributed revenues o f $ 41.5 million and a loss before income taxes of $ 1.7 millio n to the Company’s operating results for the six months ended June 28, 2024. The loss before income taxes from Motion Solutions for the period from the acquisition date through June 28, 2024 included amortization of inventory fair value adjustments of $ 2.8 million and amortization of purchased intangible assets of $ 6.5 million. Unaudited Pro Forma Information The pro forma information for all periods presented below includes the effect of business combination accounting resulting from the acquisition of Motion Solutions, including amortization of inventory fair value adjustments, amortization of intangible assets, interest expense on borrowings in connection with the acquisition, and the related tax effects, assuming that the acquisition had been consummated as of January 1, 2023. The pro forma financial information is presented for comparative purposes only and is not necessarily indicative of the results of operations that actually would have been achieved if the acquisition had taken place on January 1, 2023. Three Months Ended Six Months Ended June 28, June 30, June 28, June 30, 2024 2023 2024 2023 Revenue $ 235,864 $ 251,838 $ 466,780 $ 489,692 Net income $ 14,061 $ 16,281 $ 31,181 $ 28,396 Acquisition Costs Acquisition costs are included in restructuring and acquisition related costs in the consolidated statements of operations. Acquisition-related costs for Motion Solutions was $ 1.1 million for the six months ended June 28, 2024 .

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 28, 2024
Equity [Abstract]
Accumulated Other Comprehensive Loss	4. Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss were as follows (in thousands): Total Accumulated Other Cumulative Pension Comprehensive Translation Liability Loss Adjustments Adjustments Balance at December 31, 2023 $ ( 24,038 ) $ ( 16,604 ) $ ( 7,434 ) Other comprehensive income (loss) ( 3,781 ) ( 3,816 ) 35 Amounts reclassified from accumulated other comprehensive loss 435 — 435 Balance at June 28, 2024 $ ( 27,384 ) $ ( 20,420 ) $ ( 6,964 ) The amounts reclassified from accumulated other comprehensive loss were included in other income (expense) in the consolidated statements of operations.

Earnings per Common Share

Earnings per Common Share	6 Months Ended
	Jun. 28, 2024
Earnings Per Share [Abstract]
Earnings per Common Share	5. Earnings per Common Share Basic earnings per common share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Fully vested restricted stock units and deferred stock units granted to members of the Company’s Board of Directors are included in the calculation of weighted average number of common shares outstanding. For diluted earnings per common share, the denominator includes the dilutive effect of outstanding common share equivalents. The dilutive effects of outstanding common share equivalents, including outstanding service-based restricted stock units, stock options and performance-based restricted stock units, are determined using the treasury stock method. Performance-based restricted stock units are considered contingently issuable shares, the vesting of which may be based on achievement of specified company financial performance metrics (“attainment-based PSUs”), certain market conditions (“market-based PSUs”) or a hybrid of company financial performance metrics and market conditions (“hybrid PSUs”). The dilutive effects of market-based PSUs are included in the weighted average common share calculation based on the number of shares, if any, that would be issuable as of the end of the reporting period, assuming the end of the reporting period is also the end of the performance period. The dilutive effects of attainment-based and hybrid PSUs are included in the weighted average common share calculation based on the cumulative achievement against the performance targets only when the performance targets have been achieved as of the end of the reporting period. The following table sets forth the computation of basic and diluted earnings per common share (amounts in thousands, except per share data): Three Months Ended Six Months Ended June 28, June 30, June 28, June 30, 2024 2023 2024 2023 Numerators: Net income $ 13,755 $ 20,879 $ 28,431 $ 39,144 Denominators: Weighted average common shares outstanding— basic 35,946 35,851 35,930 35,830 Dilutive common share equivalents 146 181 180 185 Weighted average common shares outstanding— diluted 36,092 36,032 36,110 36,015 Antidilutive common share equivalents excluded from above 166 141 119 127 Earnings per Common Share: Basic $ 0.38 $ 0.58 $ 0.79 $ 1.09 Diluted $ 0.38 $ 0.58 $ 0.79 $ 1.09 For the three and six months ended June 28, 2024 , 177 thousand shares of attainment-based PSUs and hybrid PSUs were excluded from the calculation of the denominator because they were considered contingently issuable shares and the related performance targets had not been achieved as of June 28, 2024. For the three and six months ended June 30, 2023 , 148 thousand shares of attainment-based PSUs and hybrid PSUs were excluded from the calculation of the denominator because they were considered contingently issuable shares and the related performance targets had not been achieved as of June 30, 2023 .

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 28, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	6. Fair Value Measurements ASC 820, “Fair Value Measurements,” establishes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the third is considered unobservable: • Level 1: Quoted prices for identical assets or liabilities in active markets which the Company can access • Level 2: Observable inputs other than those described in Level 1 • Level 3: Unobservable inputs Current Assets and Liabilities The Company’s cash equivalents are highly liquid investments with original maturities of three months or less, which represent assets measured at fair value on a recurring basis. The Company determines the fair value of cash equivalents using a market approach based on quoted prices in active markets. The fair values of cash equivalents, accounts receivable, income taxes receivable, accounts payable, income taxes payable and accrued expenses and other current liabilities approximate their carrying values because of their short-term nature. Foreign Currency Contracts The Company addresses market risks from changes in foreign currency exchange rates through a risk management program that includes the use of derivative financial instruments to mitigate certain balance sheet foreign currency transaction exposures. The Company uses foreign currency forward contracts as a part of its strategy to manage exposures related to foreign currency denominated monetary assets and liabilities. The fair value of these foreign currency forward contracts is reported either in other current assets or in other current liabilities as of the end of the period. Summary by Fair Value Hierarchy The following table summarizes the fair values of the Company’s assets and liabilities measured at fair value on a recurring basis as of June 28, 2024 (in thousands): Quoted Prices in Significant Other Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) Assets Cash equivalents $ 623 $ 623 $ — $ — Prepaid expenses and other current assets: Foreign currency forward contracts 1 — 1 — $ 624 $ 623 $ 1 $ — Liabilities Accrued expenses and other current liabilities: Contingent considerations - Current $ 46 $ — $ — $ 46 Foreign currency forward contracts 406 — 406 — Other liabilities: Contingent considerations - Long-term 301 — — 301 $ 753 $ — $ 406 $ 347 The following table summarizes the fair values of the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 (in thousands): Quoted Prices in Significant Other Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) Assets Cash equivalents $ 1,392 $ 1,392 $ — $ — Prepaid expenses and other current assets: Foreign currency forward contracts 379 — 379 — $ 1,771 $ 1,392 $ 379 $ — Liabilities Accrued expenses and other current liabilities: Contingent considerations - Current $ 48 $ — $ — $ 48 Foreign currency forward contracts 312 — 312 — Other liabilities: Contingent considerations - Long-term 311 — — 311 $ 671 $ — $ 312 $ 359 Changes in the fair value of Level 3 contingent considerations during the six months ended June 28, 2024 were as follows (in thousands): Amount Balance at December 31, 2023 $ 359 Payments — Fair value adjustments — Effect of foreign exchange rates ( 12 ) Balance at June 28, 2024 $ 347 See Note 10 to Consolidated Financial Statements for a discussion of the estimated fair value of the Company’s outstanding debt.

Foreign Currency Contracts

Foreign Currency Contracts	6 Months Ended
	Jun. 28, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Foreign Currency Contracts	7. Foreign Currency Contracts The Company addresses market risks from changes in foreign currency exchange rates through a risk management program that includes the use of derivative financial instruments to mitigate certain foreign currency transaction exposures from future settlement of non-functional currency monetary assets and liabilities as of the end of a period. The Company does not enter into derivative transactions for speculative purposes. Gains and losses on these derivative financial instruments substantially offset losses and gains on the underlying hedged exposures and are included in foreign exchange transaction gains (losses) in the consolidated statements of operations. Furthermore, the Company manages its exposures to counterparty risks on derivative instruments by entering into contracts with a diversified group of major financial institutions and by actively monitoring outstanding positions. As of June 28, 2024, the aggregate notional amount and fair value of the Company’s foreign currency forward contracts was $ 191.4 million and a net loss of $ 0.4 million, respectively. As of December 31, 2023, the aggregate notional amount and fair value of the Company’s foreign currency forward contracts was $ 172.3 million and a net gain of $ 0.1 million, respectively. The Company recognized an aggregate net gain of $ 1.0 million and $ 2.2 million for the three and six months ended June 28, 2024 and an aggregate net gain of $ 2.1 million and $ 2.7 million for the three and six months ended June 30, 2023 . These amounts were included in foreign exchange transaction gains (losses) in the consolidated statements of operations.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jun. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	8. Goodwill and Intangible Assets Goodwill Goodwill is recorded when the consideration paid for a business combination exceeds the fair value of net tangible and identifiable intangible assets acquired. The Company tests its goodwill balances for impairment annually as of the beginning of the second quarter or more frequently if indicators are present or changes in circumstances suggest that an impairment may exist. The Company performed the most recent annual goodwill and indefinite-lived intangible asset impairment test as of the beginning of the second quarter of 2024 and noted no impairment. The following table summarizes changes in goodwill during the six months ended June 28, 2024 (in thousands): Balance at beginning of the period $ 484,507 Goodwill acquired from Motion Solutions acquisition 106,430 Effect of foreign exchange rate changes ( 3,909 ) Balance at end of the period $ 587,028 Goodwill by reportable segment as of June 28, 2024 was as follows (in thousands): Reportable Segment Precision Medicine and Manufacturing Medical Solutions Robotics and Automation Total Goodwill $ 209,878 $ 274,035 $ 254,344 $ 738,257 Accumulated impairment of goodwill ( 102,461 ) ( 31,722 ) ( 17,046 ) ( 151,229 ) Total $ 107,417 $ 242,313 $ 237,298 $ 587,028 Goodwill by reportable segment as of December 31, 2023 was as follows (in thousands): Reportable Segment Precision Medicine and Manufacturing Medical Solutions Robotics and Automation Total Goodwill $ 211,380 $ 169,738 $ 254,618 $ 635,736 Accumulated impairment of goodwill ( 102,461 ) ( 31,722 ) ( 17,046 ) ( 151,229 ) Total $ 108,919 $ 138,016 $ 237,572 $ 484,507 Intangible Assets Intangible assets as of June 28, 2024 and December 31, 2023, respectively, are summarized as follows (in thousands): June 28, 2024 December 31, 2023 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Amortizable intangible assets: Patents and developed technologies $ 220,075 $ ( 152,662 ) $ 67,413 $ 187,092 $ ( 146,342 ) $ 40,750 Customer relationships 266,544 ( 150,671 ) 115,873 225,183 ( 142,478 ) 82,705 Customer backlog 5,500 ( 2,750 ) 2,750 — — — Trademarks and trade names 23,491 ( 15,616 ) 7,875 23,628 ( 15,088 ) 8,540 Amortizable intangible assets 515,610 ( 321,699 ) 193,911 435,903 ( 303,908 ) 131,995 Non-amortizable intangible assets: Trade names 13,027 — 13,027 13,027 — 13,027 Total intangible assets $ 528,637 $ ( 321,699 ) $ 206,938 $ 448,930 $ ( 303,908 ) $ 145,022 All definite-lived intangible assets are amortized either on a straight-line basis or an economic benefit basis over their remaining estimated useful life. Amortization expense for patents and developed technologies is included in cost of revenue in the accompanying consolidated statements of operations. Amortization expense for customer relationships and definite-lived trademarks, trade names and other intangibles is included in operating expenses in the accompanying consolidated statements of operations. Amortization expense for the three and six months ended June 28, 2024 and June 30, 2023, respectively, was as follows (in thousands): Three Months Ended Six Months Ended June 28, June 30, June 28, June 30, 2024 2023 2024 2023 Amortization expense – cost of revenue $ 3,685 $ 3,046 $ 7,377 $ 6,068 Amortization expense – operating expenses 6,907 5,124 12,657 10,213 Total amortization expense $ 10,592 $ 8,170 $ 20,034 $ 16,281 As of June 28, 2024, estimated amortization expense for each of the five succeeding years and thereafter was as follows (in thousands): Year Ending December 31, Cost of Revenue Operating Total 2024 (remainder of year) $ 7,360 $ 12,631 $ 19,991 2025 14,286 22,372 36,658 2026 13,430 20,069 33,499 2027 10,598 15,936 26,534 2028 8,861 12,853 21,714 Thereafter 12,878 42,637 55,515 Total $ 67,413 $ 126,498 $ 193,911

Supplementary Balance Sheet Inf

Supplementary Balance Sheet Information	6 Months Ended
	Jun. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplementary Balance Sheet Information	9. Supplementary Balance Sheet Information The following tables provide the details of selected balance sheet items as of the periods indicated (in thousands): Inventories June 28, December 31, 2024 2023 Raw materials $ 104,147 $ 104,643 Work-in-process 26,148 21,010 Finished goods 29,354 23,311 Demo and consigned inventory 393 407 Total inventories $ 160,042 $ 149,371 Accrued Expenses and Other Current Liabilities June 28, December 31, 2024 2023 Accrued compensation and benefits $ 25,431 $ 32,703 Accrued warranty 5,039 5,292 Contract liabilities, current portion 7,144 5,553 Finance lease obligations 738 718 Other 16,278 16,790 Total $ 54,630 $ 61,056 Accrued Warranty Six Months Ended June 28, June 30, 2024 2023 Balance at beginning of the period $ 5,292 $ 5,127 Provision charged to cost of revenue 595 1,075 Warranty liabilities acquired from acquisitions 76 — Use of provision ( 913 ) ( 1,001 ) Foreign currency exchange rate changes ( 11 ) 51 Balance at end of the period $ 5,039 $ 5,252 Other Long-Term Liabilities June 28, December 31, 2024 2023 Finance lease obligations $ 3,559 $ 3,934 Accrued contingent considerations and earn-outs 301 311 Other 1,599 1,687 Total $ 5,459 $ 5,932

Debt

Debt	6 Months Ended
	Jun. 28, 2024
Debt Disclosure [Abstract]
Debt	10. Debt Outstanding debt consisted of the following (in thousands): June 28, December 31, 2024 2023 Senior Credit Facilities – term loan $ 4,835 $ 4,994 Less: unamortized debt issuance costs ( 22 ) ( 26 ) Total current portion of long-term debt $ 4,813 $ 4,968 Senior Credit Facilities – term loan $ 69,865 $ 74,655 Senior Credit Facilities – revolving credit facility 410,325 278,404 Less: unamortized debt issuance costs ( 3,077 ) ( 3,655 ) Total long-term debt $ 477,113 $ 349,404 Total Senior Credit Facilities $ 481,926 $ 354,372 Senior Credit Facilities On December 31, 2019, the Company entered into an amended and restated credit agreement (the “Third Amended and Restated Credit Agreement”) with existing lenders for an aggregate credit facility of $ 450.0 million, consisting of a $ 100.0 million U.S. dollar equivalent euro-denominated (approximately € 90.2 million) 5 -year term loan facility and a $ 350.0 million 5 -year revolving credit facility (collectively, the “Senior Credit Facilities”). The Third Amended and Restated Credit Agreement had an original maturity date of December 31, 2024 . On March 27, 2020, the Company entered into an amendment (the “First Amendment”) to the Third Amended and Restated Credit Agreement and exercised a portion of the uncommitted accordion option. The First Amendment increased the revolving credit facility commitment under the Third Amended and Restated Credit Agreement by $ 145.0 million, from $ 350.0 million to $ 495.0 million, and reset the uncommitted accordion option to $ 200.0 million for potential future expansion. On October 5, 2021, the Company entered into an amendment (the “Fourth Amendment”) to the Third Amended and Restated Credit Agreement to exercise the accordion option. The Fourth Amendment increased the revolving credit facility commitment under the Third Amended and Restated Credit Agreement by $ 200.0 million, from $ 495.0 million to $ 695.0 million, and reset the uncommitted accordion option to $ 200.0 million for potential future expansion. On March 10, 2022, the Company entered into an amendment (the “Fifth Amendment”) to the Third Amended and Restated Credit Agreement to extend the maturity date from December 31, 2024 to March 10, 2027, update the pricing grid, replace LIBOR with SOFR as the reference rate for U.S. dollar borrowings, and increase the uncommitted accordion option from $ 200 million to $ 350 million. The outstanding principal balance under the term loan facility is payable in quarterly installments of € 1.1 million that began in March 2020, with the remaining balance due upon maturity. The Company may make additional principal payments at any time, which will reduce the next quarterly installment payment due. Borrowings under the revolving credit facility may be repaid at any time until maturity. The Company made principal payments of € 2.3 million ($ 2.4 million) towards its term loan and $ 64.9 million towards its revolving credit facility during the six months ended June 28, 2024. The Company is required to satisfy certain financial and non-financial covenants under the Third Amended and Restated Credit Agreement. The Third Amended and Restated Credit Agreement also contains customary events of default. The Company was in compliance with these covenants as of June 28, 2024. Liens The Company’s obligations under the Senior Credit Facilities are secured, on a senior basis, by a lien on substantially all of the assets of Novanta Inc. Fair Value of Debt As of June 28, 2024 and December 31, 2023, the outstanding balance of the Company’s debt approximated its fair value based on current rates available to the Company for debt of similar maturities. The fair value of the Company’s debt is classified as Level 2 under the fair value hierarchy.

Leases

Leases	6 Months Ended
	Jun. 28, 2024
Leases [Abstract]
Leases	11. Leases Most leases held by the Company expire between 2024 and 2036 . In the U.K., where longer lease terms are more common, the Company has a land lease that extends through 2078 . Certain leases include one or more options to renew the lease terms from one to ten years and options to terminate the leases within one year . The exercise of lease renewal or termination options is at the Company’s sole discretion; therefore, the majority of renewal options to extend the lease terms are not included in the Company’s right-of-use assets and operating lease liabilities as they are not reasonably certain of being exercised. The Company regularly evaluates the renewal options and includes the renewal periods in the lease term when they are reasonably certain of being exercised. The depreciable lives of the right-of-use assets and leasehold improvements are limited to the expected lease terms. The following table summarizes the components of lease costs (in thousands): Three Months Ended Six Months Ended June 28, June 30, June 28, June 30, 2024 2023 2024 2023 Operating lease cost $ 2,834 $ 2,639 $ 5,801 $ 5,277 Finance lease cost Amortization of right-of-use assets 150 151 301 301 Interest on lease liabilities 60 69 122 140 Variable lease cost 342 325 593 561 Total lease cost $ 3,386 $ 3,184 $ 6,817 $ 6,279 The following table provides additional details of balance sheet information related to the Company’s leases (in thousands, except lease term and discount rate): June 28, December 31, 2024 2023 Operating leases Operating lease right-of-use assets $ 43,641 $ 38,302 Current portion of operating lease liabilities $ 9,757 $ 8,189 Operating lease liabilities 41,279 37,345 Total operating lease liabilities $ 51,036 $ 45,534 Finance leases Property, plant and equipment, gross $ 9,582 $ 9,582 Accumulated depreciation ( 6,573 ) ( 6,272 ) Finance lease assets included in property, plant and equipment, net $ 3,009 $ 3,310 Accrued expenses and other current liabilities $ 738 $ 718 Other liabilities 3,559 3,934 Total finance lease liabilities $ 4,297 $ 4,652 Weighted-average remaining lease term (in years): Operating leases 7.4 7.6 Finance leases 5.0 5.5 Weighted-average discount rate: Operating leases 4.73 % 4.84 % Finance leases 5.54 % 5.54 % The following table provides additional details of cash flow information related to the Company’s leases (in thousands): Six Months Ended June 28, June 30, 2024 2023 Cash paid for lease liabilities: Operating cash outflows related to finance leases $ 122 $ 140 Operating cash outflows related to operating leases $ 4,314 $ 3,966 Financing cash outflows related to finance leases $ 355 $ 313 Supplemental non-cash information: Right-of-use assets obtained in exchange for new operating lease liabilities (1) $ 9,623 $ 3,186 (1) The amount for the six months ended June 28, 2024 includes $ 8.1 million of right-of-use assets acquired as part of the Motion Solutions acquisition. Future minimum lease payments under operating and finance leases expiring subsequent to June 28, 2024, including operating leases associated with facilities that have been vacated as a result of the Company’s restructuring actions, are summarized as follows (in thousands): Year Ending December 31, Operating Leases Finance Leases 2024 (remainder of year) $ 5,822 $ 477 2025 11,448 954 2026 9,571 979 2027 8,199 1,003 2028 5,538 1,003 Thereafter 21,344 501 Total minimum lease payments 61,922 4,917 Less: Interest ( 10,886 ) ( 620 ) Present value of lease liabilities $ 51,036 $ 4,297

Preferred and Common Shares and

Preferred and Common Shares and Share-Based Compensation	6 Months Ended
	Jun. 28, 2024
Share-Based Payment Arrangement [Abstract]
Preferred and Common Shares and Share-Based Compensation	12. Preferred and Common Shares and Share-Based Compensation Preferred Shares In May 2021, the Company’s shareholders approved a special resolution to amend the Company’s articles to authorize up to 7.0 million preferred shares for future issuance. The Company’s Board of Directors is authorized to designate and issue one or more series of preferred shares, fix the rights, preferences and designation, as deemed necessary or advisable, relating to the preferred shares, provided that no shares of any series may be entitled to more than one vote per share . As of June 28, 2024 , no preferred shares had been issued and outstanding. Common Share Repurchases In February 2020, the Company’s Board of Directors approved a share repurchase plan (the “2020 Repurchase Plan”), authorizing the repurchase of $ 50.0 million worth of the Company’s common shares. During 2022, the Company repurchased 4 thousand shares under the 2020 Repurchase Plan for an aggregate purchase price of $ 0.5 million and an average price of $ 116.95 per share. During the six months ended June 28, 2024 , the Company did no t repurchase any shares. As of June 28, 2024 , the Company had $ 49.5 million available for future share repurchases under the 2020 Repurchase Plan. Share-Based Compensation Expense The table below summarizes share-based compensation expense recorded in the consolidated statements of operations (in thousands): Three Months Ended Six Months Ended June 28, June 30, June 28, June 30, 2024 2023 2024 2023 Selling, general and administrative $ 5,552 $ 4,871 $ 10,649 $ 10,402 Research and development and engineering 601 542 1,160 985 Cost of revenue 78 462 499 954 Total share-based compensation expense $ 6,231 $ 5,875 $ 12,308 $ 12,341 Share-based compensation expense reported in selling, general and administrative expenses included expenses related to restricted stock units and deferred stock units granted to the members of the Company’s Board of Directors of $ 1.5 million and $ 0.9 million during the six months ended June 28, 2024 and June 30, 2023, respectively. Restricted Stock Units The Company’s restricted stock units (“RSUs”) have generally been issued with vesting periods ranging from zero to five years and vest based solely on service conditions. Accordingly, the Company recognizes compensation expense on a straight-line basis over the requisite service period. The Company reduces the compensation expense by an estimated forfeiture rate which is based on anticipated forfeitures and historical forfeiture experience. The table below summarizes activities relating to RSUs issued and outstanding under the Company’s Amended and Restated 2010 Incentive Plan during the six months ended June 28, 2024: Shares Weighted Unvested at December 31, 2023 206 $ 143.97 Granted 97 $ 158.99 Vested ( 97 ) $ 140.29 Forfeited ( 7 ) $ 151.54 Unvested at June 28, 2024 199 $ 152.83 Expected to vest as of June 28, 2024 178 The total fair value of RSUs that vested during the six months ended June 28, 2024 was $ 15.9 million based on the market price of the underlying shares on the date of vesting. Performance Stock Units The Company typically grants PSUs that are based on the Company’s financial performance metrics, market conditions, or a hybrid of company financial performance metrics and market conditions. These PSUs generally cliff vest on the first day following the end of the specified performance period. The number of common shares to be issued upon settlement following vesting of attainment-based PSUs is determined based on the Company’s financial performance metrics over the specified performance period against the targets established by the Company’s Board of Directors at the time of grant and will be in the range of zero to 200 % of the target number of shares. The Company recognizes the related compensation expense ratably over the performance period based on the number of shares that are deemed probable of vesting at the end of the specified performance period. This probability assessment is performed quarterly and the cumulative effect of a change in the estimated compensation expense, if any, is recognized in the consolidated statement of operations in the period in which such determination is made. The number of common shares to be issued upon settlement following vesting of market-based PSUs is determined based on the relative market performance of the Company’s common stock compared to the Russell 2000 Index over the specified performance period using a payout formula established by the Company’s Board of Directors at the time of grant and will be in the range of zero to 200 % of the target number of shares. The Company recognizes the related compensation expense based on the fair value of the market-based PSUs, determined using the Monte-Carlo valuation method as of the grant date, on a straight-line basis from the grant date to the end of the specified performance period. Compensation expense on market-based PSUs will not be affected by the number of shares that will ultimately vest at the end of the specified performance period. The number of common shares to be issued upon settlement following vesting of PSU awards that are based on the achievement of a hybrid of company financial performance metrics and market conditions (“Hybrid PSUs”) is determined based on the Company's financial performance metrics achieved over the specified performance period against the targets established by the Company's Board of Directors at the time of grant and a market-based multiplier based on the percentile ranking of the relative market performance of the Company’s common stock compared to the Russell 2000 Index companies. The payout will be in the range of zero to 260 % of the target number of shares. The Company determines the fair value of these Hybrid PSUs using the Monte-Carlo valuation method as of the grant date. The Company recognizes compensation expense associated with the Hybrid PSUs ratably over the performance period based on the fair value of the PSUs as of the grant date and the number of shares that are deemed probable of vesting based on the estimated achievement of the pertinent company financial performance metrics at the end of the specified performance period. The probability assessment is performed quarterly and the cumulative effect of a change in the estimated compensation expense, if any, is recognized in the consolidated statement of operations in the period in which such determination is made. The table below summarizes the activities relating to the performance-based awards issued and outstanding under the Company’s Amended and Restated 2010 Incentive Plan during the six months ended June 28, 2024: Shares Weighted Unvested at December 31, 2023 205 $ 160.24 Granted 80 $ 177.06 Performance adjustments (1) 16 $ 166.64 Vested ( 45 ) $ 168.60 Forfeited ( 8 ) $ 166.22 Unvested at June 28, 2024 248 $ 165.12 Expected to vest as of June 28, 2024 231 (1) The amount shown represents performance adjustments related to the performance-based awards vested during the six months ended June 28, 2024. The unvested PSUs are shown at target payout levels in the table above. As of June 28, 2024 , the maximum number of common shares that could be earned under these PSU grants was approximately 473 thousand shares. The total fair value of PSUs that vested during the six months ended June 28, 2024 was $ 7.5 million based on the market price of the underlying common shares on the date of vesting. The grant-date fair value per unit of the hybrid PSUs granted during the six months ended June 28, 2024 was estimated using the Monte Carlo valuation method with the following assumptions: Three Months Ended Grant-date stock price $ 157.48 Expected volatility 36.90 % Risk-free interest rate 4.35 % Expected annual dividend yield — Fair value $ 180.98 Stock Options In February 2024, the Company granted 53 thousand nonqualified stock options to certain members of the executive management team to purchase common shares of the Company at a strike price equal to the closing market price on the date of grant. The stock options vest ratably over three years on the anniversary of the date of grant and expire on the seven th anniversary of the date of grant. The Company estimates the fair value of stock options using the Black-Scholes valuation model. The Company recognizes compensation expense related to the stock options on a straight-line basis over the vesting period in the consolidated statement of operations. The table below summarizes the activities relating to stock options issued and outstanding under the Company’s Amended and Restated 2010 Incentive Plan during the six months ended June 28, 2024: Shares Weighted Outstanding as of December 31, 2023 132 $ 102.86 Granted 53 $ 157.48 Exercised — $ — Forfeited or expired — $ — Outstanding as of June 28, 2024 185 $ 118.57 Exercisable as of June 28, 2024 87 Expected to vest as of June 28, 2024 98 The aggregate Black-Scholes fair value of $ 3.3 million for the stock options granted during the six months ended June 28, 2024 was estimated using the following assumptions as of the grant date: Six Months Ended Expected option term in years 4.5 Expected volatility 40.3 % Risk-free interest rate 4.2 % Expected annual dividend yield — The expected option term was calculated using the simplified method permitted under Codification of Staff Accounting Bulletins Topic 14, “Share-Based Payment”. The expected volatility was determined based on the historical volatility of the Company’s common shares over the expected option term. The risk-free interest rate was based on treasury instruments whose terms were six months longer than the expected option term. The expected annual dividend yield is zero as the Company does not have plans to issue dividends.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 28, 2024
Income Tax Disclosure [Abstract]
Income Taxes	13. Income Taxes The Company determines its estimated annual effective tax rate at the end of each interim period based on full year forecasted pre-tax income and facts known at that time. The estimated annual effective tax rate is applied to the year-to-date pre-tax income at the end of each interim period with the cumulative effect of any changes in the estimated annual effective tax rate being recorded in the period in which the changes are determined. The tax effect of significant unusual items is reflected in the period in which they occur. Since the Company is incorporated in Canada, it is required to use Canada’s statutory tax rate of 29.0 % in the determination of the estimated annual effective tax rate. The Company maintains a valuation allowance on balances of certain U.S. state net operating losses, credits and certain non-U.S. tax attributes that the Company has determined are not more likely than not to be realized. A valuation allowance is required when, based upon an assessment of various factors, including recent operating loss history, anticipated future earnings, and prudent and reasonable tax planning strategies, it is more likely than not that some portion of the deferred tax assets will not be realized. In conjunction with the Company’s ongoing review of its actual results and anticipated future earnings, the Company continuously reassesses the possibility of adding a new or additional valuation allowance or releasing the valuation allowance currently in place on its deferred tax assets. The Company’s effective tax rate of 19.7 % for the three months ended June 28, 2024 differs from the Canadian statutory tax rate of 29.0 % primarily due to the mix of income earned in jurisdictions with varying tax rates, estimated deductions for Foreign Derived Intangible Income, U.K. patent box deductions, and R&D tax credits, partially offset by disallowed compensation deductions, uncertain tax position accruals, and Pillar Two inclusion. The Company’s effective tax rate of 16.5 % for the six months ended June 28, 2024 differs from the Canadian statutory tax rate of 29.0 % primarily due to the mix of income earned in jurisdictions with varying tax rates, estimated deductions for Foreign Derived Intangible Income, U.K. patent box deductions, R&D tax credits, a nd windfall tax benefits upon vesting of share-based compensation awards, partially offset by disallowed compensation deductions, uncertain tax position accruals, and Pillar Two inclusion. For the six months ended June 28, 2024, the tax benefits upon vesting of certain share-based compensation awards had a benefit of 3.5 % on the Company’s effective tax rate. The Company’s effective tax rate of 17.4 % for the three months ended June 30, 2023 differs from the Canadian statutory tax rate of 29.0 % primarily due to the mix of income earned in jurisdictions with varying tax rates, estimated deductions for Foreign Derived Intangible Income, U.K. patent box deductions, and R&D tax credits, partially offset by disallowed compensation deductions and uncertain tax position accruals. The Company’s effective tax rate of 13.0 % for the six months ended June 30, 2023 differs from the Canadian statutory tax rate of 29.0 % primarily due to the mix of income earned in jurisdictions with varying tax rates, estimated deductions for Foreign Derived Intangible Income, U.K. patent box deductions, R&D tax credits, and windfall tax benefits upon vesting of certain share-based compensation awards, partially offset by disallowed compensation deductions and uncertain tax position accruals. For the six months ended June 30, 2023, the tax benefits upon vesting of certain share-based compensation awards had a benefit of 4.0 % on the Company’s effective tax rate.

Restructuring, Acquisition, and

Restructuring, Acquisition, and Related Costs	6 Months Ended
	Jun. 28, 2024
Restructuring and Related Activities [Abstract]
Restructuring, Acquisition, and Related Costs	14. Restructuring, Acquisition, and Related Costs The following table summarizes restructuring, acquisition, and related costs in the accompanying consolidated statements of operations (in thousands): Three Months Ended Six Months Ended June 28, June 30, June 28, June 30, 2024 2023 2024 2023 2024 restructuring $ 2,523 $ — $ 3,071 — 2022 restructuring — 677 — 2,874 2020 restructuring — 459 — 733 Total restructuring charges 2,523 1,136 3,071 3,607 Acquisition and related charges 20 98 1,755 103 Total restructuring, acquisition, and related costs $ 2,543 $ 1,234 $ 4,826 $ 3,710 2024 Restructuring As a result of the Company’s acquisitions and ongoing integration activities, the Company initiated the 2024 restructuring program in the first quarter of 2024 in order to reduce operating complexity. During the three and six months ended June 28, 2024 , the Company recorded $ 2.5 million and $ 3.1 million, respectively, in severance, facility related and other charges in connection with the 2024 restructuring program. As of June 28, 2024 , the Company had incurred cumulative costs of $ 3.1 million related to this restructuring program. The Company anticipates substantially completing the 2024 restructuring program by the end of 2024 and expects to incur additional restructuring charges of $ 3.0 million to $ 4.0 million related to the 2024 restructuring program. The following table summarizes restructuring costs associated with the 2024 restructuring program by reportable segment (in thousands): Three Months Ended Six Months Ended June 28, June 30, June 28, June 30, 2024 2023 2024 2023 Precision Medicine and Manufacturing $ 1,853 $ — $ 1,888 $ — Medical Solutions 151 — 357 — Robotics and Automation 166 — 410 — Unallocated Corporate and Shared Services 353 — 416 — Total $ 2,523 $ — $ 3,071 $ — Rollforward of Accrued Expenses Related to Restructuring The following table summarizes the accrual activities, by component, related to the Company’s restructuring plans recorded in the accompanying consolidated balance sheets (in thousands): Total Employee Related Facility Related Other Balance at December 31, 2023 $ 2,850 $ 1,038 $ 1,680 $ 132 Restructuring charges 3,071 2,231 659 181 Cash payments ( 2,447 ) ( 992 ) ( 1,163 ) ( 292 ) Non-cash write-offs and other adjustments ( 40 ) ( 12 ) ( 32 ) 4 Balance at June 28, 2024 $ 3,434 $ 2,265 $ 1,144 $ 25 Acquisition and Related Charges Acquisition costs in connection with business combinations, including finders’ fees, legal, valuation, and other professional or consulting fees, totaled less than $ 0.1 million and $ 1.8 million for the three and six months ended June 28, 2024 , respectively, and $ 0.1 million for both the three and six months ended June 30, 2023. The majority of acquisition and related costs for the three and six months ended June 28, 2024 and the three and six months ended June 30, 2023 were included in the Company’s unallocated Corporate and Shared Services reportable segment.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 28, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	15. Commitments and Contingencies Purchase Commitments There have been no material changes to the Company’s purchase commitments since December 31, 2023. Legal Contingencies The Company is subject to various legal proceedings and claims that arise in the ordinary course of business. The Company reviews the status of each significant matter and assesses the potential financial exposure on a quarterly basis. If the potential loss from any claim or legal proceeding is considered probable and the amount can be reasonably estimated, the Company accrues a liability for the estimated loss. Significant judgment is required in both the determination of probability and the determination as to whether an exposure is reasonably estimable. Because of uncertainties related to these matters, accruals are based only on the best information available as of the date of the consolidated balance sheet. As additional information becomes available, the Company reassesses the potential liability related to any pending claims and litigation and may revise its estimates. When a material loss contingency is considered reasonably possible but not probable, the Company does not record a liability, but instead discloses the nature and the amount of the claim, and an estimate of the potential loss or a range of potential losses, if such an estimate can be reasonably made. Legal fees are expensed as incurred. The Company does not believe that the outcome of outstanding claims will have a material adverse effect on its consolidated financial statements but there can be no assurance that any such claims, or any similar claims, would not have a material adverse effect on its consolidated financial statements. Guarantees and Indemnifications In the normal course of its operations, the Company executes agreements that provide for indemnification and guarantees to counterparties in transactions such as business dispositions, sale of assets, sale of products, and operating leases. Additionally, the by-laws of the Company require it to indemnify certain current or former directors, officers, and employees of the Company against expenses incurred by them in connection with each proceeding in which they are involved as a result of serving or having served in certain capacities. Indemnification is not available with respect to a proceeding as to which it has been adjudicated that the person did not act in good faith in the reasonable belief that the action was in the best interests of the Company. Certain of the Company’s officers and directors are also a party to indemnification agreements with the Company. These indemnification agreements provide, among other things, that the director or officer shall be indemnified to the fullest extent permitted by applicable law against all expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by such director or officer in connection with any proceeding by reason of their relationship with the Company. In addition, the indemnification agreements provide for the advancement of expenses incurred by such director or officer in connection with any proceeding covered by the indemnification agreement, subject to the conditions set forth therein and to the extent such advancement is not prohibited by law. The indemnification agreements also set out the procedures for determining entitlement to indemnification, the requirements relating to notice and defense of claims for which indemnification is sought, the procedures for enforcement of indemnification rights, the limitations on and exclusions from indemnification, and the minimum levels of directors and officers liability insurance to be maintained by the Company.

Segment Information

Segment Information	6 Months Ended
	Jun. 28, 2024
Segment Reporting [Abstract]
Segment Information	16. Segment Information Reportable Segments The Company’s Chief Operating Decision Maker (“CODM”) utilizes certain financial information to make decisions about allocating resources and assessing performance for the entire Company. The Company evaluates the performance of and allocates resources to its segments based on revenue, gross profit and operating profit. The Company’s reportable segments have been identified based on commonality and adjacency of technologies, applications and customers amongst the Company’s individual product lines. The Company determined that disclosing revenue by specific product is impracticable due to the highly customized and extensive portfolio of technologies offered to customers. Based upon the information provided to the CODM, the Company has determined that it operates in three reportable segments: Precision Medicine and Manufacturing, Medical Solutions, and Robotics and Automation. The reportable segments and their principal activities are described below. Precision Medicine and Manufacturing The Precision Medicine and Manufacturing segment designs, manufactures and markets photonics-based solutions, including laser scanning, laser beam delivery, CO2 laser, solid state laser, ultrafast laser, and optical light engine products to customers worldwide. The segment serves highly demanding photonics-based applications for advanced industrial processes, medical and life science imaging, DNA sequencing, and medical laser procedures, particularly ophthalmology applications. The vast majority of the segment’s product offerings are sold to OEM customers. The segment sells these products directly, utilizing a highly technical sales force, and indirectly, through resellers and distributors. Medical Solutions The Medical Solutions segment designs, manufactures and markets a range of medical grade technologies, including medical insufflators, pumps and related disposables; visualization solutions; wireless technologies, video recorder and video integration technologies for operating room integrations; optical data collection and machine vision technologies; radio frequency identification technologies; thermal chart recorders; spectrometry technologies; embedded touch screen solutions; and high precision customized subsystems. The vast majority of the segment’s product offerings are sold to OEM customers. The segment sells these products directly, utilizing a highly technical sales force, and indirectly, through resellers and distributors. Robotics and Automation The Robotics and Automation segment designs, manufactures and markets optical and inductive encoders, precision motors, servo drives and motion control solutions, integrated stepper motors, intelligent robotic end-of-arm technology solutions, and air bearing spindles to customers worldwide. The vast majority of the segment’s product offerings are sold to OEM customers. The segment sells these products directly, utilizing a highly technical sales force, and indirectly, through resellers and distributors. Reportable Segment Financial Information Revenue, gross profit, gross profit margin, operating income (loss), and depreciation and amortization expenses by reportable segment were as follows (in thousands, except percentage data): Three Months Ended Six Months Ended June 28, June 30, June 28, June 30, Revenue 2024 2023 2024 2023 Precision Medicine and Manufacturing $ 63,952 $ 74,333 $ 129,186 $ 143,861 Medical Solutions 104,525 83,322 206,977 160,962 Robotics and Automation 67,387 71,809 130,617 143,767 Total $ 235,864 $ 229,464 $ 466,780 $ 448,590 Three Months Ended Six Months Ended June 28, June 30, June 28, June 30, Gross Profit 2024 2023 2024 2023 Precision Medicine and Manufacturing $ 30,580 $ 36,513 $ 62,364 $ 70,846 Medical Solutions 40,364 34,257 79,755 66,143 Robotics and Automation 33,388 34,909 63,937 67,724 Unallocated Corporate and Shared Services ( 643 ) ( 1,556 ) ( 1,951 ) ( 2,962 ) Total $ 103,689 $ 104,123 $ 204,105 $ 201,751 Three Months Ended Six Months Ended June 28, June 30, June 28, June 30, Gross Profit Margin 2024 2023 2024 2023 Precision Medicine and Manufacturing 47.8 % 49.1 % 48.3 % 49.2 % Medical Solutions 38.6 % 41.1 % 38.5 % 41.1 % Robotics and Automation 49.5 % 48.6 % 48.9 % 47.1 % Total 44.0 % 45.4 % 43.7 % 45.0 % Three Months Ended Six Months Ended June 28, June 30, June 28, June 30, Operating Income (Loss) 2024 2023 2024 2023 Precision Medicine and Manufacturing $ 12,744 $ 19,611 $ 28,488 $ 36,295 Medical Solutions 12,276 10,083 24,265 19,924 Robotics and Automation 14,648 15,248 26,864 27,248 Unallocated Corporate and Shared Services ( 13,953 ) ( 12,744 ) ( 28,295 ) ( 24,957 ) Total $ 25,715 $ 32,198 $ 51,322 $ 58,510 Three Months Ended Six Months Ended June 28, June 30, June 28, June 30, Depreciation and Amortization Expenses 2024 2023 2024 2023 Precision Medicine and Manufacturing $ 2,453 $ 2,661 $ 4,815 $ 5,257 Medical Solutions 7,235 4,044 13,325 8,017 Robotics and Automation 3,994 4,917 7,995 9,762 Unallocated Corporate and Shared Services 434 315 910 632 Total $ 14,116 $ 11,937 $ 27,045 $ 23,668 Revenue by Geography The Company aggregates geographic revenue based on the customer locations where products are shipped to. Revenue by geography was as follows (in thousands): Three Months Ended Six Months Ended June 28, June 30, June 28, June 30, 2024 2023 2024 2023 United States $ 123,391 $ 107,594 $ 240,472 $ 211,436 Germany 31,919 32,097 65,100 66,959 Rest of Europe 32,528 34,537 63,499 63,902 China 19,014 20,854 36,085 38,652 Rest of Asia-Pacific 25,334 27,390 52,590 55,501 Other 3,678 6,992 9,034 12,140 Total $ 235,864 $ 229,464 $ 466,780 $ 448,590 The majority of revenue from Precision Medicine and Manufacturing, Medical Solutions and Robotics and Automation segments is generated from sales to customers within the United States and Europe. Each segment also generates revenue across the other geographies, with no significant concentration of any segment’s remaining revenue. Revenue by End Market The Company primarily operates in two end markets: the medical market and the advanced industrial market. Revenue by end market was approximately as follows: Three Months Ended Six Months Ended June 28, June 30, June 28, June 30, 2024 2023 2024 2023 Medical 58 % 53 % 57 % 53 % Advanced Industrial 42 % 47 % 43 % 47 % Total 100 % 100 % 100 % 100 % The majority of revenue from the Precision Medicine and Manufacturing and Robotics and Automation segments is generated from sales to customers in the advanced industrial market. The majority of revenue from the Medical Solutions segment is generated from sales to customers in the medical market.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 28, 2024
Accounting Policies [Abstract]
Basis of Presentation	1. Basis of Presentation Novanta Inc. (collectively with its subsidiaries, referred to as “Novanta”, the “Company”, “we”, “us”, “our”) is a leading global supplier of core technology solutions that give medical and advanced industrial original equipment manufacturers (“OEMs”) a competitive advantage. Novanta combines deep proprietary technology expertise and competencies in precision medicine and manufacturing, medical solutions and robotics and automation with a proven ability to solve complex technical challenges. This enables Novanta to engineer core components and sub-systems that deliver extreme precision and performance, tailored to the customers’ demanding applications. The accompanying unaudited interim consolidated financial statements have been prepared by the Company in United States (“U.S.”) dollars and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”), the instructions to Form 10-Q and the provisions of Regulation S-X pertaining to interim financial statements. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the U.S. have been condensed or omitted. The interim consolidated financial statements and notes included in this report should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. In the opinion of management, these interim consolidated financial statements include all adjustments and accruals of a normal and recurring nature necessary to fairly state the results of the interim periods presented. The results for interim periods are not necessarily indicative of results to be expected for the full year or for any future periods. The Company’s unaudited interim consolidated financial statements are prepared for each quarterly period ending on the Friday closest to the end of the calendar quarter, with the exception of the fourth quarter which always ends on December 31.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. Estimates and assumptions are reviewed on an on-going basis and the effects of revisions are reflected in the period in which such revisions are deemed to be necessary. The Company evaluates its estimates based on historical experience, current conditions, and various other assumptions that it believes are reasonable under the circumstances. Actual results could differ significantly from these estimates.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The following table provides a brief description of recent Accounting Standards Updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”): Standard Description Effective Date Effect on the Financial Statements or Other Significant Matters In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280) -Improvements to Reportable Segment Disclosures." ASU 2023-07 clarifies or improves financial reporting by requiring disclosure of incremental segment information. The amendments require disclosure, on an annual and interim basis for all public entities, of significant segment expenses included in segment profit or loss, an amount and description of "other segment items" included in segment profit or loss, and an explanation of how reported segment profit or loss is assessed and allocated. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2023-07 on its consolidated financial statement disclosures. In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740) -Improvements to Income Tax Disclosures." ASU 2023-09 provides more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2023-09 on its consolidated financial statement disclosures.
Revenue Recognition	Performance Obligations Substantially all of the Company’s revenue is recognized at a point in time, upon shipment, rather than over time. At the request of its customers, the Company may perform professional services, generally for the maintenance and repair of products previously sold to those customers and for engineering services. Professional services are typically short in duration and aggregate to less than 3 % of the Company’s consolidated revenue. Revenue is typically recognized at a point in time when control transfers to the customer upon completion of professional services. These services generally involve a single distinct performance obligation. The consideration expected to be received in exchange for such services is normally the contractually stated amount. The Company occasionally sells separately priced non-standard/extended warranty services or preventative maintenance plans with the sale of products. The transfer of control over the service plans is over time. The Company recognizes the related revenue ratably over the terms of the service plans. The transaction price of a contract is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are generally determined based on the prices charged to customers or using the expected cost plus a margin. Shipping & Handling Costs The Company accounts for shipping and handling activities that occur after the transfer of control over the related goods as fulfillment activities rather than performance obligations. Shipping and handling fees charged to customers are recognized as revenue and the related costs are recorded in cost of revenue at the time of transfer of control. Warranties The standard warranty periods for the Company’s products are typically 12 months to 36 months . The Company recognizes estimated liabilities associated with standard warranty periods for its products in accordance with the provisions of ASC 450, “Contingencies,” as the Company has the ability to ascertain the likelihood of the liabilities and can reasonably estimate the amount of the liabilities. A provision for the estimated cost related to standard warranties is recorded as cost of revenue at the time revenue is recognized. The Company’s estimate of the costs to service the warranty obligations is based on historical experience and expectations of future conditions. To the extent that the Company’s experience in warranty claims or costs associated with servicing those claims differ from the original estimates, revisions to the estimated warranty liabilities are recorded at that time, with offsetting adjustments to cost of revenue. Practical Expedients and Exemptions The Company expenses incremental direct costs of obtaining a contract when incurred because the expected amortization period is typically one year or less. These costs are recorded within selling, general and administrative expenses in the consolidated statement of operations. The Company does not adjust the promised amount of consideration for the effects of a financing component because the transfer of a promised good to a customer and the customer’s payment for that good are typically one year or less. The Company does not disclose the value of the remaining performance obligation for contracts with an original expected length of one year or less. Contract Liabilities Contract liabilities consist of deferred revenue and advance payments from customers, including amounts that are refundable. These contract liabilities are classified as either current or long-term liabilities in the consolidated balance sheet based on the timing of when the Company expects to recognize the related revenue. As of June 28, 2024 and December 31, 2023, contract liabilities were $ 7.0 million and $ 5.8 million, respectively, and are included in accrued expenses and other current liabilities and other liabilities in the accompanying consolidated balance sheets. The increase in the contract liability balance during the six months ended June 28, 2024 is primarily due to cash payments received in advance of satisfying performance obligations partially offset by $ 3.6 million of revenue recognized during the period that was included in the contract liability balance as of December 31, 2023. Disaggregated Revenue See Note 16 for the Company’s disaggregation of revenue by segment, geography and end market.

Business Combinations (Tables)

Business Combinations (Tables) - Motion Solutions Parent Corp.	6 Months Ended
	Jun. 28, 2024
Summary of Preliminary Valuation, Purchase Price	Based upon the Company’s preliminary valuation, the purchase price for Motion Solutions was allocated as follows (in thousands): Purchase Price Allocation Cash $ 776 Accounts receivable 8,515 Inventory 14,032 Property, plant and equipment 3,126 Operating lease assets 8,076 Intangible assets 83,000 Goodwill 106,430 Other assets 561 Total assets acquired 224,516 Accounts payable 5,305 Operating lease liabilities 8,514 Deferred tax liabilities 18,257 Other liabilities 464 Total liabilities assumed 32,540 Total assets acquired, net of liabilities assumed 191,976 Less: cash acquired 776 Purchase price, net of cash acquired $ 191,200
Fair Value of Intangible Assets	The fair value of intangible assets for Motion Solutions is comprised of the following: Estimated Fair Amortization Value Period Developed technologies $ 34,400 7 years Customer relationships 43,100 13 years Backlog 5,500 1 year Total $ 83,000
Summary of Pro Forma Financial Information	The pro forma information for all periods presented below includes the effect of business combination accounting resulting from the acquisition of Motion Solutions, including amortization of inventory fair value adjustments, amortization of intangible assets, interest expense on borrowings in connection with the acquisition, and the related tax effects, assuming that the acquisition had been consummated as of January 1, 2023. The pro forma financial information is presented for comparative purposes only and is not necessarily indicative of the results of operations that actually would have been achieved if the acquisition had taken place on January 1, 2023. Three Months Ended Six Months Ended June 28, June 30, June 28, June 30, 2024 2023 2024 2023 Revenue $ 235,864 $ 251,838 $ 466,780 $ 489,692 Net income $ 14,061 $ 16,281 $ 31,181 $ 28,396

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 28, 2024
Equity [Abstract]
Components of Accumulated Other Comprehensive Loss	Changes in accumulated other comprehensive loss were as follows (in thousands): Total Accumulated Other Cumulative Pension Comprehensive Translation Liability Loss Adjustments Adjustments Balance at December 31, 2023 $ ( 24,038 ) $ ( 16,604 ) $ ( 7,434 ) Other comprehensive income (loss) ( 3,781 ) ( 3,816 ) 35 Amounts reclassified from accumulated other comprehensive loss 435 — 435 Balance at June 28, 2024 $ ( 27,384 ) $ ( 20,420 ) $ ( 6,964 )

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	6 Months Ended
	Jun. 28, 2024
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings per Common Share	The following table sets forth the computation of basic and diluted earnings per common share (amounts in thousands, except per share data): Three Months Ended Six Months Ended June 28, June 30, June 28, June 30, 2024 2023 2024 2023 Numerators: Net income $ 13,755 $ 20,879 $ 28,431 $ 39,144 Denominators: Weighted average common shares outstanding— basic 35,946 35,851 35,930 35,830 Dilutive common share equivalents 146 181 180 185 Weighted average common shares outstanding— diluted 36,092 36,032 36,110 36,015 Antidilutive common share equivalents excluded from above 166 141 119 127 Earnings per Common Share: Basic $ 0.38 $ 0.58 $ 0.79 $ 1.09 Diluted $ 0.38 $ 0.58 $ 0.79 $ 1.09

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 28, 2024
Fair Value Disclosures [Abstract]
Fair Values of Assets and Liabilities Measured at Fair Value on Recurring Basis	The following table summarizes the fair values of the Company’s assets and liabilities measured at fair value on a recurring basis as of June 28, 2024 (in thousands): Quoted Prices in Significant Other Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) Assets Cash equivalents $ 623 $ 623 $ — $ — Prepaid expenses and other current assets: Foreign currency forward contracts 1 — 1 — $ 624 $ 623 $ 1 $ — Liabilities Accrued expenses and other current liabilities: Contingent considerations - Current $ 46 $ — $ — $ 46 Foreign currency forward contracts 406 — 406 — Other liabilities: Contingent considerations - Long-term 301 — — 301 $ 753 $ — $ 406 $ 347 The following table summarizes the fair values of the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 (in thousands): Quoted Prices in Significant Other Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) Assets Cash equivalents $ 1,392 $ 1,392 $ — $ — Prepaid expenses and other current assets: Foreign currency forward contracts 379 — 379 — $ 1,771 $ 1,392 $ 379 $ — Liabilities Accrued expenses and other current liabilities: Contingent considerations - Current $ 48 $ — $ — $ 48 Foreign currency forward contracts 312 — 312 — Other liabilities: Contingent considerations - Long-term 311 — — 311 $ 671 $ — $ 312 $ 359
Changes in Fair Value of Level 3 Contingent Considerations	Changes in the fair value of Level 3 contingent considerations during the six months ended June 28, 2024 were as follows (in thousands): Amount Balance at December 31, 2023 $ 359 Payments — Fair value adjustments — Effect of foreign exchange rates ( 12 ) Balance at June 28, 2024 $ 347

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Changes in Goodwill	The following table summarizes changes in goodwill during the six months ended June 28, 2024 (in thousands): Balance at beginning of the period $ 484,507 Goodwill acquired from Motion Solutions acquisition 106,430 Effect of foreign exchange rate changes ( 3,909 ) Balance at end of the period $ 587,028
Goodwill by Reportable Segment	Goodwill by reportable segment as of June 28, 2024 was as follows (in thousands): Reportable Segment Precision Medicine and Manufacturing Medical Solutions Robotics and Automation Total Goodwill $ 209,878 $ 274,035 $ 254,344 $ 738,257 Accumulated impairment of goodwill ( 102,461 ) ( 31,722 ) ( 17,046 ) ( 151,229 ) Total $ 107,417 $ 242,313 $ 237,298 $ 587,028 Goodwill by reportable segment as of December 31, 2023 was as follows (in thousands): Reportable Segment Precision Medicine and Manufacturing Medical Solutions Robotics and Automation Total Goodwill $ 211,380 $ 169,738 $ 254,618 $ 635,736 Accumulated impairment of goodwill ( 102,461 ) ( 31,722 ) ( 17,046 ) ( 151,229 ) Total $ 108,919 $ 138,016 $ 237,572 $ 484,507
Intangible Assets	Intangible assets as of June 28, 2024 and December 31, 2023, respectively, are summarized as follows (in thousands): June 28, 2024 December 31, 2023 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Amortizable intangible assets: Patents and developed technologies $ 220,075 $ ( 152,662 ) $ 67,413 $ 187,092 $ ( 146,342 ) $ 40,750 Customer relationships 266,544 ( 150,671 ) 115,873 225,183 ( 142,478 ) 82,705 Customer backlog 5,500 ( 2,750 ) 2,750 — — — Trademarks and trade names 23,491 ( 15,616 ) 7,875 23,628 ( 15,088 ) 8,540 Amortizable intangible assets 515,610 ( 321,699 ) 193,911 435,903 ( 303,908 ) 131,995 Non-amortizable intangible assets: Trade names 13,027 — 13,027 13,027 — 13,027 Total intangible assets $ 528,637 $ ( 321,699 ) $ 206,938 $ 448,930 $ ( 303,908 ) $ 145,022
Amortization Expense of Intangible Assets	Amortization expense for the three and six months ended June 28, 2024 and June 30, 2023, respectively, was as follows (in thousands): Three Months Ended Six Months Ended June 28, June 30, June 28, June 30, 2024 2023 2024 2023 Amortization expense – cost of revenue $ 3,685 $ 3,046 $ 7,377 $ 6,068 Amortization expense – operating expenses 6,907 5,124 12,657 10,213 Total amortization expense $ 10,592 $ 8,170 $ 20,034 $ 16,281
Estimated Amortization Expense	As of June 28, 2024, estimated amortization expense for each of the five succeeding years and thereafter was as follows (in thousands): Year Ending December 31, Cost of Revenue Operating Total 2024 (remainder of year) $ 7,360 $ 12,631 $ 19,991 2025 14,286 22,372 36,658 2026 13,430 20,069 33,499 2027 10,598 15,936 26,534 2028 8,861 12,853 21,714 Thereafter 12,878 42,637 55,515 Total $ 67,413 $ 126,498 $ 193,911

Supplementary Balance Sheet I_2

Supplementary Balance Sheet Information (Tables)	6 Months Ended
	Jun. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Inventories	Inventories June 28, December 31, 2024 2023 Raw materials $ 104,147 $ 104,643 Work-in-process 26,148 21,010 Finished goods 29,354 23,311 Demo and consigned inventory 393 407 Total inventories $ 160,042 $ 149,371
Accrued Expenses and Other Current Liabilities	Accrued Expenses and Other Current Liabilities June 28, December 31, 2024 2023 Accrued compensation and benefits $ 25,431 $ 32,703 Accrued warranty 5,039 5,292 Contract liabilities, current portion 7,144 5,553 Finance lease obligations 738 718 Other 16,278 16,790 Total $ 54,630 $ 61,056
Accrued Warranty	Accrued Warranty Six Months Ended June 28, June 30, 2024 2023 Balance at beginning of the period $ 5,292 $ 5,127 Provision charged to cost of revenue 595 1,075 Warranty liabilities acquired from acquisitions 76 — Use of provision ( 913 ) ( 1,001 ) Foreign currency exchange rate changes ( 11 ) 51 Balance at end of the period $ 5,039 $ 5,252
Other Long Term Liabilities	Other Long-Term Liabilities June 28, December 31, 2024 2023 Finance lease obligations $ 3,559 $ 3,934 Accrued contingent considerations and earn-outs 301 311 Other 1,599 1,687 Total $ 5,459 $ 5,932

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 28, 2024
Debt Disclosure [Abstract]
Outstanding debt	Outstanding debt consisted of the following (in thousands): June 28, December 31, 2024 2023 Senior Credit Facilities – term loan $ 4,835 $ 4,994 Less: unamortized debt issuance costs ( 22 ) ( 26 ) Total current portion of long-term debt $ 4,813 $ 4,968 Senior Credit Facilities – term loan $ 69,865 $ 74,655 Senior Credit Facilities – revolving credit facility 410,325 278,404 Less: unamortized debt issuance costs ( 3,077 ) ( 3,655 ) Total long-term debt $ 477,113 $ 349,404 Total Senior Credit Facilities $ 481,926 $ 354,372

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 28, 2024
Leases [Abstract]
Summary of Components of Lease Costs	The following table summarizes the components of lease costs (in thousands): Three Months Ended Six Months Ended June 28, June 30, June 28, June 30, 2024 2023 2024 2023 Operating lease cost $ 2,834 $ 2,639 $ 5,801 $ 5,277 Finance lease cost Amortization of right-of-use assets 150 151 301 301 Interest on lease liabilities 60 69 122 140 Variable lease cost 342 325 593 561 Total lease cost $ 3,386 $ 3,184 $ 6,817 $ 6,279
Summary of Balance Sheet Information Related to Leases	The following table provides additional details of balance sheet information related to the Company’s leases (in thousands, except lease term and discount rate): June 28, December 31, 2024 2023 Operating leases Operating lease right-of-use assets $ 43,641 $ 38,302 Current portion of operating lease liabilities $ 9,757 $ 8,189 Operating lease liabilities 41,279 37,345 Total operating lease liabilities $ 51,036 $ 45,534 Finance leases Property, plant and equipment, gross $ 9,582 $ 9,582 Accumulated depreciation ( 6,573 ) ( 6,272 ) Finance lease assets included in property, plant and equipment, net $ 3,009 $ 3,310 Accrued expenses and other current liabilities $ 738 $ 718 Other liabilities 3,559 3,934 Total finance lease liabilities $ 4,297 $ 4,652 Weighted-average remaining lease term (in years): Operating leases 7.4 7.6 Finance leases 5.0 5.5 Weighted-average discount rate: Operating leases 4.73 % 4.84 % Finance leases 5.54 % 5.54 %
Summary of Cash Flow Information Related to Leases	The following table provides additional details of cash flow information related to the Company’s leases (in thousands): Six Months Ended June 28, June 30, 2024 2023 Cash paid for lease liabilities: Operating cash outflows related to finance leases $ 122 $ 140 Operating cash outflows related to operating leases $ 4,314 $ 3,966 Financing cash outflows related to finance leases $ 355 $ 313 Supplemental non-cash information: Right-of-use assets obtained in exchange for new operating lease liabilities (1) $ 9,623 $ 3,186 (1) The amount for the six months ended June 28, 2024 includes $ 8.1 million of right-of-use assets acquired as part of the Motion Solutions acquisition.
Future Minimum Lease Payments Under Operating and Finance Leases	Future minimum lease payments under operating and finance leases expiring subsequent to June 28, 2024, including operating leases associated with facilities that have been vacated as a result of the Company’s restructuring actions, are summarized as follows (in thousands): Year Ending December 31, Operating Leases Finance Leases 2024 (remainder of year) $ 5,822 $ 477 2025 11,448 954 2026 9,571 979 2027 8,199 1,003 2028 5,538 1,003 Thereafter 21,344 501 Total minimum lease payments 61,922 4,917 Less: Interest ( 10,886 ) ( 620 ) Present value of lease liabilities $ 51,036 $ 4,297

Preferred and Common Shares a_2

Preferred and Common Shares and Share-Based Compensation (Tables)	6 Months Ended
	Jun. 28, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-Based Compensation Expense Recorded in the Consolidated Statements of Operations	The table below summarizes share-based compensation expense recorded in the consolidated statements of operations (in thousands): Three Months Ended Six Months Ended June 28, June 30, June 28, June 30, 2024 2023 2024 2023 Selling, general and administrative $ 5,552 $ 4,871 $ 10,649 $ 10,402 Research and development and engineering 601 542 1,160 985 Cost of revenue 78 462 499 954 Total share-based compensation expense $ 6,231 $ 5,875 $ 12,308 $ 12,341
Schedule of Share Based Payment Award Performance Stock Awards Valuation Assumptions	The grant-date fair value per unit of the hybrid PSUs granted during the six months ended June 28, 2024 was estimated using the Monte Carlo valuation method with the following assumptions: Three Months Ended Grant-date stock price $ 157.48 Expected volatility 36.90 % Risk-free interest rate 4.35 % Expected annual dividend yield — Fair value $ 180.98
Schedule of Share Based Payment Award Stock Options Valuation Assumptions	The aggregate Black-Scholes fair value of $ 3.3 million for the stock options granted during the six months ended June 28, 2024 was estimated using the following assumptions as of the grant date: Six Months Ended Expected option term in years 4.5 Expected volatility 40.3 % Risk-free interest rate 4.2 % Expected annual dividend yield —
Amended and Restated 2010 Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted Stock Units Issued and Outstanding	The table below summarizes activities relating to RSUs issued and outstanding under the Company’s Amended and Restated 2010 Incentive Plan during the six months ended June 28, 2024: Shares Weighted Unvested at December 31, 2023 206 $ 143.97 Granted 97 $ 158.99 Vested ( 97 ) $ 140.29 Forfeited ( 7 ) $ 151.54 Unvested at June 28, 2024 199 $ 152.83 Expected to vest as of June 28, 2024 178
Performance-Based Awards Issued and Outstanding	The table below summarizes the activities relating to the performance-based awards issued and outstanding under the Company’s Amended and Restated 2010 Incentive Plan during the six months ended June 28, 2024: Shares Weighted Unvested at December 31, 2023 205 $ 160.24 Granted 80 $ 177.06 Performance adjustments (1) 16 $ 166.64 Vested ( 45 ) $ 168.60 Forfeited ( 8 ) $ 166.22 Unvested at June 28, 2024 248 $ 165.12 Expected to vest as of June 28, 2024 231 (1) The amount shown represents performance adjustments related to the performance-based awards vested during the six months ended June 28, 2024.
Stock Options Issued and Outstanding	The table below summarizes the activities relating to stock options issued and outstanding under the Company’s Amended and Restated 2010 Incentive Plan during the six months ended June 28, 2024: Shares Weighted Outstanding as of December 31, 2023 132 $ 102.86 Granted 53 $ 157.48 Exercised — $ — Forfeited or expired — $ — Outstanding as of June 28, 2024 185 $ 118.57 Exercisable as of June 28, 2024 87 Expected to vest as of June 28, 2024 98

Restructuring, Acquisition, a_2

Restructuring, Acquisition, and Related Costs (Tables)	6 Months Ended
	Jun. 28, 2024
Restructuring and Related Activities [Abstract]
Schedule of Restructuring, Acquisition and Related Costs	The following table summarizes restructuring, acquisition, and related costs in the accompanying consolidated statements of operations (in thousands): Three Months Ended Six Months Ended June 28, June 30, June 28, June 30, 2024 2023 2024 2023 2024 restructuring $ 2,523 $ — $ 3,071 — 2022 restructuring — 677 — 2,874 2020 restructuring — 459 — 733 Total restructuring charges 2,523 1,136 3,071 3,607 Acquisition and related charges 20 98 1,755 103 Total restructuring, acquisition, and related costs $ 2,543 $ 1,234 $ 4,826 $ 3,710
Summary of Restructuring Charges by Reportable Segment	The following table summarizes restructuring costs associated with the 2024 restructuring program by reportable segment (in thousands): Three Months Ended Six Months Ended June 28, June 30, June 28, June 30, 2024 2023 2024 2023 Precision Medicine and Manufacturing $ 1,853 $ — $ 1,888 $ — Medical Solutions 151 — 357 — Robotics and Automation 166 — 410 — Unallocated Corporate and Shared Services 353 — 416 — Total $ 2,523 $ — $ 3,071 $ —
Summary of Accrual Activities by Components Related to Company's Restructuring Plans	The following table summarizes the accrual activities, by component, related to the Company’s restructuring plans recorded in the accompanying consolidated balance sheets (in thousands): Total Employee Related Facility Related Other Balance at December 31, 2023 $ 2,850 $ 1,038 $ 1,680 $ 132 Restructuring charges 3,071 2,231 659 181 Cash payments ( 2,447 ) ( 992 ) ( 1,163 ) ( 292 ) Non-cash write-offs and other adjustments ( 40 ) ( 12 ) ( 32 ) 4 Balance at June 28, 2024 $ 3,434 $ 2,265 $ 1,144 $ 25

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 28, 2024
Segment Reporting [Abstract]
Revenue, Gross Profit, Gross Profit Margin, Operating Income (Loss), and Depreciation and Amortization Expenses by Reportable Segment	Revenue, gross profit, gross profit margin, operating income (loss), and depreciation and amortization expenses by reportable segment were as follows (in thousands, except percentage data): Three Months Ended Six Months Ended June 28, June 30, June 28, June 30, Revenue 2024 2023 2024 2023 Precision Medicine and Manufacturing $ 63,952 $ 74,333 $ 129,186 $ 143,861 Medical Solutions 104,525 83,322 206,977 160,962 Robotics and Automation 67,387 71,809 130,617 143,767 Total $ 235,864 $ 229,464 $ 466,780 $ 448,590 Three Months Ended Six Months Ended June 28, June 30, June 28, June 30, Gross Profit 2024 2023 2024 2023 Precision Medicine and Manufacturing $ 30,580 $ 36,513 $ 62,364 $ 70,846 Medical Solutions 40,364 34,257 79,755 66,143 Robotics and Automation 33,388 34,909 63,937 67,724 Unallocated Corporate and Shared Services ( 643 ) ( 1,556 ) ( 1,951 ) ( 2,962 ) Total $ 103,689 $ 104,123 $ 204,105 $ 201,751 Three Months Ended Six Months Ended June 28, June 30, June 28, June 30, Gross Profit Margin 2024 2023 2024 2023 Precision Medicine and Manufacturing 47.8 % 49.1 % 48.3 % 49.2 % Medical Solutions 38.6 % 41.1 % 38.5 % 41.1 % Robotics and Automation 49.5 % 48.6 % 48.9 % 47.1 % Total 44.0 % 45.4 % 43.7 % 45.0 % Three Months Ended Six Months Ended June 28, June 30, June 28, June 30, Operating Income (Loss) 2024 2023 2024 2023 Precision Medicine and Manufacturing $ 12,744 $ 19,611 $ 28,488 $ 36,295 Medical Solutions 12,276 10,083 24,265 19,924 Robotics and Automation 14,648 15,248 26,864 27,248 Unallocated Corporate and Shared Services ( 13,953 ) ( 12,744 ) ( 28,295 ) ( 24,957 ) Total $ 25,715 $ 32,198 $ 51,322 $ 58,510 Three Months Ended Six Months Ended June 28, June 30, June 28, June 30, Depreciation and Amortization Expenses 2024 2023 2024 2023 Precision Medicine and Manufacturing $ 2,453 $ 2,661 $ 4,815 $ 5,257 Medical Solutions 7,235 4,044 13,325 8,017 Robotics and Automation 3,994 4,917 7,995 9,762 Unallocated Corporate and Shared Services 434 315 910 632 Total $ 14,116 $ 11,937 $ 27,045 $ 23,668
Schedule of Geographic Revenue	The Company aggregates geographic revenue based on the customer locations where products are shipped to. Revenue by geography was as follows (in thousands): Three Months Ended Six Months Ended June 28, June 30, June 28, June 30, 2024 2023 2024 2023 United States $ 123,391 $ 107,594 $ 240,472 $ 211,436 Germany 31,919 32,097 65,100 66,959 Rest of Europe 32,528 34,537 63,499 63,902 China 19,014 20,854 36,085 38,652 Rest of Asia-Pacific 25,334 27,390 52,590 55,501 Other 3,678 6,992 9,034 12,140 Total $ 235,864 $ 229,464 $ 466,780 $ 448,590
Revenue By End Market	The Company primarily operates in two end markets: the medical market and the advanced industrial market. Revenue by end market was approximately as follows: Three Months Ended Six Months Ended June 28, June 30, June 28, June 30, 2024 2023 2024 2023 Medical 58 % 53 % 57 % 53 % Advanced Industrial 42 % 47 % 43 % 47 % Total 100 % 100 % 100 % 100 %

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 28, 2024	Dec. 31, 2023
Revenue [Line Items]
Incremental direct costs of obtaining a contract, practical expedient	true
Effects of a financing component, practical expedient	true
Remaining performance obligation for contracts, optional exemption	true
Contract liabilities	$ 7	$ 5.8
Revenue recognized	$ 3.6
Warranties
Revenue [Line Items]
Standard product warranty description	The standard warranty periods for the Company’s products are typically 12 months to 36 months. The Company recognizes estimated liabilities associated with standard warranty periods for its products in accordance with the provisions of ASC 450, “Contingencies,” as the Company has the ability to ascertain the likelihood of the liabilities and can reasonably estimate the amount of the liabilities.
Minimum | Warranties
Revenue [Line Items]
Standard warranty period on products	12 months
Maximum | Warranties
Revenue [Line Items]
Standard warranty period on products	36 months
Maximum | Professional Services
Revenue [Line Items]
Percentage of revenue for professional services	3%

Business Combinations - Additio

Business Combinations - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Jan. 02, 2024	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023	Dec. 31, 2023	Mar. 31, 2023
Business Acquisition [Line Items]
Increase in inventory				$ 6,586	$ (1,177)
Goodwill		$ 587,028		587,028		$ 484,507	$ 484,507
Amortization of inventory fair value adjustments				2,777
Amortization of purchased intangible assets		6,907	$ 5,124	12,657	10,213
Acquisition-related costs		20	$ 98	1,755	$ 103
Motion Solutions Parent Corp.
Business Acquisition [Line Items]
Date of acquisition	Jan. 02, 2024
Total purchase price, net of cash acquired	$ 192,000
Business combination measurement period for estimated fair value of certain assets and liabilities subject to change	1 year
Increase in intangible assets		2,600
Increase in inventory		500
Increase in deferred tax liabilities		700
Decrease in goodwill		$ 2,400
Intangible assets	$ 83,000
Goodwill	$ 106,430
Revenues				41,500
Loss before income taxes				1,700
Amortization of inventory fair value adjustments				2,800
Amortization of purchased intangible assets				6,500
Acquisition-related costs				$ 1,100

Business Combinations - Summary

Business Combinations - Summary of Preliminary Valuation, Purchase Price (Details) - USD ($) $ in Thousands		6 Months Ended
	Jan. 02, 2024	Jun. 28, 2024	Dec. 31, 2023	Mar. 31, 2023
Business Acquisition [Line Items]
Goodwill		$ 587,028	$ 484,507	$ 484,507
Motion Solutions Parent Corp.
Business Acquisition [Line Items]
Cash	$ 776
Accounts receivable	8,515
Inventory	14,032
Property, plant and equipment	3,126
Operating lease assets	8,076
Intangible assets	83,000
Goodwill	106,430
Goodwill		$ 106,430
Other assets	561
Total assets acquired	224,516
Accounts payable	5,305
Operating lease liabilities	8,514
Deferred tax liabilities	18,257
Other liabilities	464
Total liabilities assumed	32,540
Total assets acquired, net of liabilities assumed	191,976
Less: cash acquired	776
Purchase price, net of cash acquired	$ 191,200

Business Combinations - Fair Va

Business Combinations - Fair Value of Intangible Assets (Details) - Motion Solutions Parent Corp. $ in Thousands	Jan. 02, 2024 USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible Assets Estimated Fair Value	$ 83,000
Developed Technologies
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible Assets Estimated Fair Value	$ 34,400
Intangible Assets Weighted Average Amortization Period	7 years
Customer Relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible Assets Estimated Fair Value	$ 43,100
Intangible Assets Weighted Average Amortization Period	13 years
Backlog
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible Assets Estimated Fair Value	$ 5,500
Intangible Assets Weighted Average Amortization Period	1 year

Business Combinations - Summa_2

Business Combinations - Summary of Pro Forma Financial Information (Details) - Motion Solutions Parent Corp. - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Business Acquisition [Line Items]
Revenue	$ 235,864	$ 251,838	$ 466,780	$ 489,692
Net income	$ 14,061	$ 16,281	$ 31,181	$ 28,396

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) $ in Thousands	6 Months Ended
	Jun. 28, 2024 USD ($)
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	$ 673,460
Ending Balance	701,992
Total Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	(24,038)
Other comprehensive income (loss)	(3,781)
Amounts reclassified from accumulated other comprehensive loss	435
Ending Balance	(27,384)
Cumulative Translation Adjustments
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	(16,604)
Other comprehensive income (loss)	(3,816)
Ending Balance	(20,420)
Pension Liability Adjustments
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	(7,434)
Other comprehensive income (loss)	35
Amounts reclassified from accumulated other comprehensive loss	435
Ending Balance	$ (6,964)

Computation of Basic and Dilute

Computation of Basic and Diluted Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Numerators:
Net income	$ 13,755	$ 20,879	$ 28,431	$ 39,144
Denominators:
Weighted average common shares outstanding—basic	35,946	35,851	35,930	35,830
Dilutive common share equivalents	146	181	180	185
Weighted average common shares outstanding— diluted	36,092	36,032	36,110	36,015
Antidilutive common share equivalents excluded from above	166	141	119	127
Earnings per common share (Note 5):
Basic	$ 0.38	$ 0.58	$ 0.79	$ 1.09
Diluted	$ 0.38	$ 0.58	$ 0.79	$ 1.09

Earnings per Common Share - Add

Earnings per Common Share - Additional Information (Details) - shares shares in Thousands	Jun. 28, 2024	Jun. 30, 2023
Attainment-Based PSUs and Hybrid PSUs [Member]
Computation Of Earnings Per Share [Line Items]
Contingently issuable shares excluded from calculation of weighted average common shares outstanding	177	148

Fair Values of Assets and Liabi

Fair Values of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value Measurements Recurring - USD ($) $ in Thousands	Jun. 28, 2024	Dec. 31, 2023
Assets
Cash equivalents	$ 623	$ 1,392
Assets, fair value	624	1,771
Liabilities
Liabilities, fair value	753	671
Prepaid Expenses and Other Current Assets
Assets
Foreign currency forward contracts	1	379
Accrued Expenses and Other Current Liabilities
Liabilities
Contingent considerations - Current	46	48
Foreign currency forward contracts	406	312
Other Liabilities
Liabilities
Contingent considerations - Long-term	301	311
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Cash equivalents	623	1,392
Assets, fair value	623	1,392
Significant Other Observable Inputs (Level 2)
Assets
Assets, fair value	1	379
Liabilities
Liabilities, fair value	406	312
Significant Other Observable Inputs (Level 2) | Prepaid Expenses and Other Current Assets
Assets
Foreign currency forward contracts	1	379
Significant Other Observable Inputs (Level 2) | Accrued Expenses and Other Current Liabilities
Liabilities
Foreign currency forward contracts	406	312
Significant Other Unobservable Inputs (Level 3)
Liabilities
Liabilities, fair value	347	359
Significant Other Unobservable Inputs (Level 3) | Accrued Expenses and Other Current Liabilities
Liabilities
Contingent considerations - Current	46	48
Significant Other Unobservable Inputs (Level 3) | Other Liabilities
Liabilities
Contingent considerations - Long-term	$ 301	$ 311

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Fair Value of Level 3 Contingent Considerations (Details) - Significant Other Unobservable Inputs (Level 3) $ in Thousands	6 Months Ended
	Jun. 28, 2024 USD ($)
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 359
Effect of foreign exchange rates	(12)
Ending balance	$ 347

Foreign Currency Contracts - Ad

Foreign Currency Contracts - Additional Information (Details) - Foreign Currency Forward Contracts - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023	Dec. 31, 2023
Derivative [Line Items]
Notional amount of foreign currency forward contracts	$ 191,400,000		$ 191,400,000		$ 172,300,000
Net gain (loss) on foreign currency forward contracts			(400,000)		$ 100,000
Foreign Exchange Transaction Gains (Losses)
Derivative [Line Items]
Net gain (loss) on foreign currency forward contracts	$ 1,000,000	$ 2,100,000	$ 2,200,000	$ 2,700,000

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Additional Information (Details)	3 Months Ended
	Jun. 28, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of goodwill and intangible assets	$ 0

Summary of Changes in Goodwill

Summary of Changes in Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 28, 2024 USD ($)
Goodwill [Line Items]
Balance at beginning of the period	$ 484,507
Effect of foreign exchange rate changes	(3,909)
Balance at end of the period	587,028
Motion Solutions Parent Corp.
Goodwill [Line Items]
Goodwill acquired from Motion Solutions acquisition	$ 106,430

Goodwill By Reportable Segment

Goodwill By Reportable Segment (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Dec. 31, 2023	Mar. 31, 2023
Goodwill [Line Items]
Goodwill	$ 738,257	$ 635,736
Accumulated impairment of goodwill	(151,229)	(151,229)
Total	587,028	484,507	$ 484,507
Precision Medicine and Manufacturing
Goodwill [Line Items]
Goodwill	209,878	211,380
Accumulated impairment of goodwill	(102,461)	(102,461)
Total	107,417	108,919
Medical Solutions
Goodwill [Line Items]
Goodwill	274,035	169,738
Accumulated impairment of goodwill	(31,722)	(31,722)
Total	242,313	138,016
Robotics and Automation
Goodwill [Line Items]
Goodwill	254,344	254,618
Accumulated impairment of goodwill	(17,046)	(17,046)
Total	$ 237,298	$ 237,572

Intangible Assets (Details)

Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 28, 2024	Dec. 31, 2023
Schedule of Intangible Assets Disclosure [Line Items]
Amortizable intangible assets, gross carrying amount		$ 515,610	$ 435,903
Amortizable intangible assets, accumulated amortization		(321,699)	(303,908)
Amortizable intangible assets, net carrying amount	$ 193,911	193,911	131,995
Non-amortizable intangible assets		13,027	13,027
Gross carrying amount		528,637	448,930
Net carrying amount		206,938	145,022
Patents and Developed Technologies
Schedule of Intangible Assets Disclosure [Line Items]
Amortizable intangible assets, gross carrying amount		220,075	187,092
Amortizable intangible assets, accumulated amortization		(152,662)	(146,342)
Amortizable intangible assets, net carrying amount		67,413	40,750
Customer Relationships
Schedule of Intangible Assets Disclosure [Line Items]
Amortizable intangible assets, gross carrying amount		266,544	225,183
Amortizable intangible assets, accumulated amortization		(150,671)	(142,478)
Amortizable intangible assets, net carrying amount		115,873	82,705
Customer Backlog
Schedule of Intangible Assets Disclosure [Line Items]
Amortizable intangible assets, gross carrying amount		5,500
Amortizable intangible assets, accumulated amortization		(2,750)
Amortizable intangible assets, net carrying amount		2,750
Trademarks and Trade Names
Schedule of Intangible Assets Disclosure [Line Items]
Amortizable intangible assets, gross carrying amount		23,491	23,628
Amortizable intangible assets, accumulated amortization		(15,616)	(15,088)
Amortizable intangible assets, net carrying amount		$ 7,875	$ 8,540

Amortization Expense of Intangi

Amortization Expense of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense – cost of revenue	$ 3,685	$ 3,046	$ 7,377	$ 6,068
Amortization expense - operating expenses	6,907	5,124	12,657	10,213
Total amortization expense	$ 10,592	$ 8,170	$ 20,034	$ 16,281

Estimated Amortization Expense

Estimated Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 28, 2024	Dec. 31, 2023
Finite Lived Intangible Assets [Line Items]
2024 (remainder of year)	$ 19,991
2025	36,658
2026	33,499
2027	26,534
2028	21,714
Thereafter	55,515
Amortizable intangible assets, net carrying amount	193,911	$ 193,911	$ 131,995
Cost of Revenue
Finite Lived Intangible Assets [Line Items]
2024 (remainder of year)	7,360
2025	14,286
2026	13,430
2027	10,598
2028	8,861
Thereafter	12,878
Amortizable intangible assets, net carrying amount	67,413
Operating Expenses
Finite Lived Intangible Assets [Line Items]
2024 (remainder of year)	12,631
2025	22,372
2026	20,069
2027	15,936
2028	12,853
Thereafter	42,637
Amortizable intangible assets, net carrying amount	$ 126,498

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 104,147	$ 104,643
Work-in-process	26,148	21,010
Finished goods	29,354	23,311
Demo and consigned inventory	393	407
Total inventories	$ 160,042	$ 149,371

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Accrued compensation and benefits	$ 25,431	$ 32,703
Accrued warranty	5,039	5,292	$ 5,252	$ 5,127
Contract liabilities, current portion	7,144	5,553
Finance lease obligations	738	718
Other	16,278	16,790
Total	$ 54,630	$ 61,056

Accrued Warranty (Details)

Accrued Warranty (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Product Warranties Disclosures [Abstract]
Balance at beginning of the period	$ 5,292	$ 5,127
Provision charged to cost of revenue	595	1,075
Warranty liabilities acquired from acquisitions	76
Use of provision	(913)	(1,001)
Foreign currency exchange rate changes	(11)	51
Balance at end of the period	$ 5,039	$ 5,252

Other Long Term Liabilities (De

Other Long Term Liabilities (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Finance lease obligations	$ 3,559	$ 3,934
Accrued contingent considerations and earn-outs	301	311
Other	1,599	1,687
Total	$ 5,459	$ 5,932

Outstanding Debt (Details)

Outstanding Debt (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total current portion of long-term debt	$ 4,813	$ 4,968
Total long-term debt	477,113	349,404
Total Senior Credit Facilities	481,926	354,372
Term Loan
Debt Instrument [Line Items]
Current portion of long-term debt, Gross	4,835	4,994
Long-term debt, Gross	69,865	74,655
Term Loan And Revolving Credit Facility
Debt Instrument [Line Items]
Less: unamortized debt issuance costs	(22)	(26)
Less: unamortized debt issuance costs	(3,077)	(3,655)
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, Gross	$ 410,325	$ 278,404

Debt - Additional Information (

Debt - Additional Information (Details)		1 Months Ended	6 Months Ended
	Dec. 31, 2019 USD ($)	Mar. 31, 2020 EUR (€)	Jun. 28, 2024 USD ($)	Jun. 28, 2024 EUR (€)	Jun. 30, 2023 USD ($)	Mar. 10, 2022 USD ($)	Oct. 05, 2021 USD ($)	Mar. 27, 2020 USD ($)	Dec. 31, 2019 EUR (€)
Debt Instrument [Line Items]
Repayment of debt			$ 67,344,000		$ 30,498,000
Third Amended and Restated Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 450,000,000
Original maturity date	Dec. 31, 2024
Third Amended and Restated Credit Agreement | First Amendment Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity								$ 495,000,000
Increased in line of credit facility								145,000,000
Line of credit facility accordion potential feature								$ 200,000,000
Third Amended and Restated Credit Agreement | Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 100,000,000								€ 90,200,000
Senior credit facilities maturity period	5 years
Debt instrument, frequency of periodic payment		quarterly
Quarterly installments payable on term loan | €		€ 1,100,000
Repayment of debt			2,400,000	€ 2,300,000
Third Amended and Restated Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 350,000,000
Senior credit facilities maturity period	5 years
Repayment of debt			$ 64,900,000
Third Amended and Restated Credit Agreement | Fourth Amendment Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 695,000,000
Increased in line of credit facility							200,000,000
Line of credit facility accordion potential feature							$ 200,000,000
Third Amended and Restated Credit Agreement | Fifth Amendment Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility accordion potential feature						$ 350,000,000

Leases - Additional Information

Leases - Additional Information (Details)	6 Months Ended
	Jun. 28, 2024
Lessee Lease Description [Line Items]
Lease renewal terms and termination description	Certain leases include one or more options to renew the lease terms from one to ten years and options to terminate the leases within one year.
Minimum
Lessee Lease Description [Line Items]
Lease agreement expiration year	2024
Lease renewal terms	1 year
Maximum
Lessee Lease Description [Line Items]
Lease agreement expiration year	2036
Lease renewal terms	10 years
Lease termination period	1 year
Land | Maximum
Lessee Lease Description [Line Items]
Lease agreement expiration year	2078

Summary of Components of Lease

Summary of Components of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease cost	$ 2,834	$ 2,639	$ 5,801	$ 5,277
Finance lease cost
Amortization of right-of-use assets	150	151	301	301
Interest on lease liabilities	60	69	122	140
Variable lease cost	342	325	593	561
Total lease cost	$ 3,386	$ 3,184	$ 6,817	$ 6,279

Summary of Balance Sheet Inform

Summary of Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Dec. 31, 2023
Operating leases
Operating lease right-of-use assets	$ 43,641	$ 38,302
Current portion of operating lease liabilities	9,757	8,189
Operating lease liabilities	41,279	37,345
Total operating lease liabilities	51,036	45,534
Finance leases
Finance lease right-of-use assets gross	9,582	9,582
Finance lease right-of-use assets accumulated depreciation	(6,573)	(6,272)
Finance lease assets included in property, plant and equipment, net	$ 3,009	$ 3,310
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, plant and equipment, net	Property, plant and equipment, net
Current portion of finance lease liabilities	$ 738	$ 718
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Noncurrent portion of finance lease liabilities	$ 3,559	$ 3,934
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other liabilities	Other liabilities
Total finance lease liabilities	$ 4,297	$ 4,652
Weighted-average remaining lease term (in years):
Operating leases	7 years 4 months 24 days	7 years 7 months 6 days
Finance leases	5 years	5 years 6 months
Weighted-average discount rate:
Operating leases	4.73%	4.84%
Finance leases	5.54%	5.54%

Summary of Cash Flow Informatio

Summary of Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Cash paid for lease liabilities:
Operating cash outflows related to finance leases	$ 122	$ 140
Operating cash outflows related to operating leases	4,314	3,966
Financing cash outflows related to finance leases	355	313
Supplemental non-cash information:
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 9,623	$ 3,186

Summary of Cash Flow Informat_2

Summary of Cash Flow Information Related to Leases (Parenthetical) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Lessee, Lease, Description [Line Items]
Right-of-use assets acquired	$ 9,623	$ 3,186
Motion Solutions Parent Corp.
Lessee, Lease, Description [Line Items]
Right-of-use assets acquired	$ 8,100

Future Minimum Lease Payments U

Future Minimum Lease Payments Under Operating and Finance Leases (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Dec. 31, 2023
Operating Lease
2024 (remainder of year)	$ 5,822
2025	11,448
2026	9,571
2027	8,199
2028	5,538
Thereafter	21,344
Total minimum lease payments	61,922
Less: Interest	(10,886)
Present value of lease liabilities	51,036	$ 45,534
Finance Lease
2024 (remainder of year)	477
2025	954
2026	979
2027	1,003
2028	1,003
Thereafter	501
Total minimum lease payments	4,917
Less: Interest	(620)
Present value of lease liabilities	$ 4,297	$ 4,652

Preferred and Common Shares a_3

Preferred and Common Shares and Share-based Compensation - Additional Information (Details) - USD ($)	1 Months Ended		3 Months Ended		6 Months Ended		12 Months Ended
	Feb. 29, 2024	May 31, 2021	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2023	Feb. 29, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Preferred shares, Authorized		7,000,000	7,000,000		7,000,000			7,000,000
Preferred shares, voting rights		one vote per share
Preferred shares, Issued			0		0			0
Preferred shares, outstanding			0		0			0
Share-based compensation expense recognized			$ 6,231,000	$ 5,875,000	$ 12,308,000	$ 12,341,000
Selling, General and Administrative Expenses
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense recognized			$ 5,552,000	$ 4,871,000	10,649,000	10,402,000
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Fair value of stock options granted					$ 3,300,000
Expected annual dividend yield					0%
Hybrid PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected annual dividend yield					0%
Amended and Restated 2010 Incentive Plan | Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years
Stock options, Granted	53,000				53,000
Stock options, Expiration Period	7 years
Expected annual dividend yield					0%
Amended and Restated 2010 Incentive Plan | Restricted Stock Units and Deferred Stock Units | Board of Directors | Selling, General and Administrative Expenses
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense recognized					$ 1,500,000	$ 900,000
Amended and Restated 2010 Incentive Plan | Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total fair value of stock units vested					$ 15,900,000
Amended and Restated 2010 Incentive Plan | Restricted Stock Units (RSUs) | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period					5 years
Amended and Restated 2010 Incentive Plan | Restricted Stock Units (RSUs) | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period					0 years
Amended and Restated 2010 Incentive Plan | Attainment-based PSUs | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Range of percentage of shares to be issued upon settlement following vesting of target number of shares					200%
Amended and Restated 2010 Incentive Plan | Attainment-based PSUs | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Range of percentage of shares to be issued upon settlement following vesting of target number of shares					0%
Amended and Restated 2010 Incentive Plan | Market-based PSUs | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Range of percentage of shares to be issued upon settlement following vesting of target number of shares					200%
Amended and Restated 2010 Incentive Plan | Market-based PSUs | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Range of percentage of shares to be issued upon settlement following vesting of target number of shares					0%
Amended and Restated 2010 Incentive Plan | Hybrid PSUs | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Range of percentage of shares to be issued upon settlement following vesting of target number of shares					260%
Amended and Restated 2010 Incentive Plan | Hybrid PSUs | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Range of percentage of shares to be issued upon settlement following vesting of target number of shares					0%
Amended and Restated 2010 Incentive Plan | Performance Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total fair value of stock units vested					$ 7,500,000
Maximum number of common shares to be earned under these PSU grants			473,000		473,000
2020 Repurchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock repurchase program authorized amount									$ 50,000,000
Shares repurchased					0		4,000
Repurchase of common stock							$ 500,000
Shares repurchased, average cost per share							$ 116.95
Available for share repurchases			$ 49,500,000		$ 49,500,000

Share-Based Compensation Expens

Share-Based Compensation Expense Recorded in the Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 6,231	$ 5,875	$ 12,308	$ 12,341
Selling, General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	5,552	4,871	10,649	10,402
Research and Development and Engineering
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	601	542	1,160	985
Cost of Revenue
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 78	$ 462	$ 499	$ 954

Restricted Stock Units Issued a

Restricted Stock Units Issued and Outstanding (Details) - Amended and Restated 2010 Incentive Plan - Restricted Stock Units (RSUs) shares in Thousands	6 Months Ended
	Jun. 28, 2024 $ / shares shares
Restricted Stock Units
Unvested, Beginning Balance	206
Granted	97
Vested	(97)
Forfeited	(7)
Unvested, Ending Balance	199
Expected to vest at end of period	178
Weighted Average Grant Date Fair Value
Unvested, Beginning Balance | $ / shares	$ 143.97
Granted | $ / shares	158.99
Vested | $ / shares	140.29
Forfeited | $ / shares	151.54
Unvested, Ending Balance | $ / shares	$ 152.83

Performance-Based Awards Issued

Performance-Based Awards Issued and Outstanding (Details) - Amended and Restated 2010 Incentive Plan - Performance Stock Units shares in Thousands	6 Months Ended
	Jun. 28, 2024 $ / shares shares
Performance-based Awards
Unvested, Beginning Balance	205
Granted	80
Performance adjustments	16
Vested	(45)
Forfeited	(8)
Unvested, Ending Balance	248
Expected to vest at end of period	231
Weighted Average Grant Date Fair Value
Unvested, Beginning Balance | $ / shares	$ 160.24
Granted | $ / shares	177.06
Performance adjustment | $ / shares	166.64
Vested | $ / shares	168.60
Forfeited | $ / shares	166.22
Unvested, Ending Balance | $ / shares	$ 165.12

Fair Value of TSR Performance-B

Fair Value of TSR Performance-Based Restricted Stock Units Estimated Using Monte-Carol Valuation Method (Details) - Hybrid PSUs	6 Months Ended
	Jun. 28, 2024 $ / shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant-date stock price	$ 157.48
Expected volatility	36.90%
Risk-free interest rate	4.35%
Expected annual dividend yield	0%
Fair value	$ 180.98

Preferred and Common Shares a_4

Preferred and Common Shares and Share-based Compensation - Stock Options Issued and Outstanding (Details) - Amended and Restated 2010 Incentive Plan - Employee Stock Option - $ / shares shares in Thousands	1 Months Ended	6 Months Ended
	Feb. 29, 2024	Jun. 28, 2024
Stock options
Outstanding as of December 31, 2023		132
Granted	53	53
Outstanding as of June 28, 2024		185
Exercisable as of June 28, 2024		87
Expected to vest as of June 28, 2024		98
Weighted Average Exercise Price
Weighted Average Exercise Price, Outstanding as of December 31, 2023		$ 102.86
Weighted Average Exercise Price, Granted		157.48
Weighted Average Exercise Price, Outstanding as of June 28, 2024		$ 118.57

Preferred and Common Shares a_5

Preferred and Common Shares and Share-Based Compensation - Fair Value of Stock Options Granted Estimated Using Black-Scholes Valuation Model (Details) - Employee Stock Option	6 Months Ended
	Jun. 28, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected annual dividend yield	0%
Amended and Restated 2010 Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected option term in years	4 years 6 months
Expected volatility	40.30%
Risk-free interest rate	4.20%
Expected annual dividend yield	0%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Income Taxes [Line Items]
Effective tax rate on income from operations	19.70%	17.40%	16.50%	13%
Effective tax rate on income from operations			3.50%	4%
Canada Revenue Agency | CANADA
Income Taxes [Line Items]
Statutory tax rate	29%	29%	29%	29%

Schedule of Restructuring, Acqu

Schedule of Restructuring, Acquisition and Related Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Restructuring Cost And Reserve [Line Items]
Total restructuring charges	$ 2,523	$ 1,136	$ 3,071	$ 3,607
Acquisition and related charges	20	98	1,755	103
Total restructuring, acquisition, and related costs	2,543	1,234	4,826	3,710
2024 Restructuring
Restructuring Cost And Reserve [Line Items]
Total restructuring charges	$ 2,523		$ 3,071
2022 Restructuring
Restructuring Cost And Reserve [Line Items]
Total restructuring charges		677		2,874
2020 Restructuring
Restructuring Cost And Reserve [Line Items]
Total restructuring charges		$ 459		$ 733

Restructuring, Acquisition, a_3

Restructuring, Acquisition, and Related Costs - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Restructuring, Acquisition, and Related Costs [Line Items]
Acquisition and related charges	$ 20,000	$ 98,000	$ 1,755,000	$ 103,000
Finders' Fees, Legal, Valuation And Other Professional Or Consulting Fees
Restructuring, Acquisition, and Related Costs [Line Items]
Acquisition and related charges		$ 100,000	$ 1,800,000	$ 100,000
Maximum | Finders' Fees, Legal, Valuation And Other Professional Or Consulting Fees
Restructuring, Acquisition, and Related Costs [Line Items]
Acquisition and related charges	100,000
2024 Restructuring
Restructuring, Acquisition, and Related Costs [Line Items]
Restructuring and related cost description			As a result of the Company’s acquisitions and ongoing integration activities, the Company initiated the 2024 restructuring program in the first quarter of 2024 in order to reduce operating complexity. During the three and six months ended June 28, 2024, the Company recorded $2.5 million and $3.1 million, respectively, in severance, facility related and other charges in connection with the 2024 restructuring program. As of June 28, 2024, the Company had incurred cumulative costs of $3.1 million related to this restructuring program. The Company anticipates substantially completing the 2024 restructuring program by the end of 2024 and expects to incur additional restructuring charges of $3.0 million to $4.0 million related to the 2024 restructuring program.
Restructuring cumulative costs incurred	3,100,000		$ 3,100,000
2024 Restructuring | Minimum
Restructuring, Acquisition, and Related Costs [Line Items]
Restructuring costs	3,000,000		3,000,000
2024 Restructuring | Maximum
Restructuring, Acquisition, and Related Costs [Line Items]
Restructuring costs	4,000,000		4,000,000
2024 Restructuring | Severance, Facility Related, and Other Charges
Restructuring, Acquisition, and Related Costs [Line Items]
Severance cost	$ 2,500,000		$ 3,100,000

Summary of Restructuring Charge

Summary of Restructuring Charges by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Restructuring Cost And Reserve [Line Items]
Restructuring costs	$ 2,523	$ 1,136	$ 3,071	$ 3,607
2024 Restructuring
Restructuring Cost And Reserve [Line Items]
Restructuring costs	2,523		3,071
2024 Restructuring | Precision Medicine and Manufacturing
Restructuring Cost And Reserve [Line Items]
Restructuring costs	1,853		1,888
2024 Restructuring | Medical Solutions
Restructuring Cost And Reserve [Line Items]
Restructuring costs	151		357
2024 Restructuring | Robotics and Automation
Restructuring Cost And Reserve [Line Items]
Restructuring costs	166		410
2024 Restructuring | Unallocated Corporate and Shared Services
Restructuring Cost And Reserve [Line Items]
Restructuring costs	$ 353		$ 416
2022 Restructuring
Restructuring Cost And Reserve [Line Items]
Restructuring costs		677		2,874
2020 Restructuring
Restructuring Cost And Reserve [Line Items]
Restructuring costs		$ 459		$ 733

Summary of Accrual Activities b

Summary of Accrual Activities by Components Related to Company's Restructuring Charges (Details) $ in Thousands	6 Months Ended
	Jun. 28, 2024 USD ($)
Restructuring Cost And Reserve [Line Items]
Accrued expense beginning balance	$ 2,850
Restructuring charges	3,071
Cash payments	(2,447)
Non-cash write-offs and other adjustments	(40)
Accrued expense ending balance	3,434
Employee Related
Restructuring Cost And Reserve [Line Items]
Accrued expense beginning balance	1,038
Restructuring charges	2,231
Cash payments	(992)
Non-cash write-offs and other adjustments	(12)
Accrued expense ending balance	2,265
Facility Related
Restructuring Cost And Reserve [Line Items]
Accrued expense beginning balance	1,680
Restructuring charges	659
Cash payments	(1,163)
Non-cash write-offs and other adjustments	(32)
Accrued expense ending balance	1,144
Other Restructuring Charges
Restructuring Cost And Reserve [Line Items]
Accrued expense beginning balance	132
Restructuring charges	181
Cash payments	(292)
Non-cash write-offs and other adjustments	4
Accrued expense ending balance	$ 25

Segment Information - Additiona

Segment Information - Additional Information (Details)	6 Months Ended
	Jun. 28, 2024 Segment EndMarket
Segment Reporting [Abstract]
Number of reportable segments | Segment	3
Number of primary end market segments | EndMarket	2

Revenue, Gross Profit, Gross Pr

Revenue, Gross Profit, Gross Profit Margin and Operating Income (Loss) by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Revenue	$ 235,864	$ 229,464	$ 466,780	$ 448,590
Gross Profit	$ 103,689	$ 104,123	$ 204,105	$ 201,751
Gross profit margin percentage	44%	45.40%	43.70%	45%
Operating Income (Loss)	$ 25,715	$ 32,198	$ 51,322	$ 58,510
Operating Segments | Precision Medicine and Manufacturing
Segment Reporting Information [Line Items]
Revenue	63,952	74,333	129,186	143,861
Gross Profit	$ 30,580	$ 36,513	$ 62,364	$ 70,846
Gross profit margin percentage	47.80%	49.10%	48.30%	49.20%
Operating Income (Loss)	$ 12,744	$ 19,611	$ 28,488	$ 36,295
Operating Segments | Medical Solutions
Segment Reporting Information [Line Items]
Revenue	104,525	83,322	206,977	160,962
Gross Profit	$ 40,364	$ 34,257	$ 79,755	$ 66,143
Gross profit margin percentage	38.60%	41.10%	38.50%	41.10%
Operating Income (Loss)	$ 12,276	$ 10,083	$ 24,265	$ 19,924
Operating Segments | Robotics and Automation
Segment Reporting Information [Line Items]
Revenue	67,387	71,809	130,617	143,767
Gross Profit	$ 33,388	$ 34,909	$ 63,937	$ 67,724
Gross profit margin percentage	49.50%	48.60%	48.90%	47.10%
Operating Income (Loss)	$ 14,648	$ 15,248	$ 26,864	$ 27,248
Unallocated Corporate and Shared Services
Segment Reporting Information [Line Items]
Gross Profit	(643)	(1,556)	(1,951)	(2,962)
Operating Income (Loss)	$ (13,953)	$ (12,744)	$ (28,295)	$ (24,957)

Depreciation and Amortization E

Depreciation and Amortization Expenses by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Depreciation and Amortization Expenses
Depreciation and amortization expenses	$ 14,116	$ 11,937	$ 27,045	$ 23,668
Unallocated Corporate and Shared Services
Depreciation and Amortization Expenses
Depreciation and amortization expenses	434	315	910	632
Precision Medicine and Manufacturing | Operating Segments
Depreciation and Amortization Expenses
Depreciation and amortization expenses	2,453	2,661	4,815	5,257
Medical Solutions | Operating Segments
Depreciation and Amortization Expenses
Depreciation and amortization expenses	7,235	4,044	13,325	8,017
Robotics and Automation | Operating Segments
Depreciation and Amortization Expenses
Depreciation and amortization expenses	$ 3,994	$ 4,917	$ 7,995	$ 9,762

Schedule of Geographic Revenue

Schedule of Geographic Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Revenue	$ 235,864	$ 229,464	$ 466,780	$ 448,590
United States
Segment Reporting Information [Line Items]
Revenue	123,391	107,594	240,472	211,436
Germany
Segment Reporting Information [Line Items]
Revenue	31,919	32,097	65,100	66,959
Rest of Europe
Segment Reporting Information [Line Items]
Revenue	32,528	34,537	63,499	63,902
China
Segment Reporting Information [Line Items]
Revenue	19,014	20,854	36,085	38,652
Rest of Asia-Pacific
Segment Reporting Information [Line Items]
Revenue	25,334	27,390	52,590	55,501
Other Countries
Segment Reporting Information [Line Items]
Revenue	$ 3,678	$ 6,992	$ 9,034	$ 12,140

Schedule of Revenue by End Mark

Schedule of Revenue by End Market (Details)	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Total revenue by end market	100%	100%	100%	100%
Medical
Segment Reporting Information [Line Items]
Total revenue by end market	58%	53%	57%	53%
Advanced Industrial
Segment Reporting Information [Line Items]
Total revenue by end market	42%	47%	43%	47%