It's nice to see that Novanta shareholders have received a total shareholder return of 21% over the last year. Having said that, the five-year TSR of 47% a year, is even better. Potential buyers might understandably feel they've missed the opportunity, but it's always possible business is still firing on all cylinders. It's always interesting to track share price performance over the longer term. But to understand Novanta better, we need to consider many other factors. Case in point: We've spotted 2 warning signs for Novanta you should be aware of.