Applies to Peak, Summit, Circuit, Circuit Mono Station, Circuit Tracks, Circuit Rythm, Bass Station II, SL MKIII, Launchkey Mini MK3, Launchkey MK3, Launchpad Mini MK3, Launchpad X and Launchpad Pro MK3

These devices do not feature factory reset but can all be sent their factory content through the use of Components. 

Each device will have the Factory presets available when signed in, listed under the Novation section, as shown here for Circuit:

Sending factory content to these products will reset things like patches, samples and templates, depending on the product.

You can also reinstall the firmware to devices, which will restore some of the factory settings. To do this, you'll need to have the unit connected and go to the "Firmware" tab. From there, you'll be able to click "Having Problems" to reinstall the firmware.