• Novanta average quick ratio for 2023 was 1.79, a 27.86% decline from 2022.
• Novanta average quick ratio for 2022 was 1.4, a 11.95% increase from 2021.
• Novanta average quick ratio for 2021 was 1.59, a 1.27% decline from 2020.

Quick ratio can be defined as a liquidity ratio that measures a company's ability to pay short-term obligations. It is calculated by subtracting inventory from current assets and dividing by current liabilities.