• Nova average gross margin for 2023 was 56.31%, a 1.04% increase from 2022.
• Nova average gross margin for 2022 was 55.73%, a 1.92% increase from 2021.
• Nova average gross margin for 2021 was 56.82%, a 2.21% decline from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.