Novanta Inc (NOVT) 2024 Q3 法說會逐字稿

Good morning. My name is Gary, and I will be your conference operator today. At this time, I would like to welcome everyone to Novanta Incorporated's third-quarter 2024 earnings call. (Operator Instructions) Please note, this event is being recorded.

早安.我叫加里，今天我將擔任你們的會議操作員。此時此刻，我謹歡迎大家參加 Novanta Incorporated 的 2024 年第三季財報電話會議。（操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Ray Nash, Corporate Finance Leader for Novanta. Please go ahead.

我現在想將會議交給 Novanta 公司財務負責人 Ray Nash。請繼續。

Thank you very much. Good morning, and welcome to Novanta's third-quarter 2024 earnings conference call. This is Ray Nash, Corporate Finance Leader for Novanta. With me on today's call is our Chair and Chief Executive Officer, Matthijs Glastra; and our Chief Financial Officer, Robert Buckley. If you have not received a copy of our earnings press release issued today, you may obtain it from the Investor Relations section of our website at www.novanta.com. Please note, this call is being webcast live and will be archived on our website shortly after the call.

非常感謝。早安，歡迎參加 Novanta 2024 年第三季財報電話會議。我是 Ray Nash，Novanta 公司財務主管。與我一起參加今天電話會議的是我們的董事長兼執行長 Matthijs Glastra；以及我們的財務長羅伯特·巴克利。如果您尚未收到我們今天發布的收益新聞稿副本，您可以從我們網站 www.novanta.com 的投資者關係部分取得。請注意，本次電話會議正在進行網路直播，並將在電話會議後不久存檔在我們的網站上。

Before we begin, we need to remind everyone of the Safe Harbor for forward-looking statements that we've outlined in our earnings press release issued earlier today and also those in our SEC filings. We may make some comments today, both in our prepared remarks and in our responses to questions that may include forward-looking statements. These involve inherent assumptions with known and unknown risks and other factors that could cause our future results to differ materially from our current expectations. Any forward-looking statements made today represent our views only as of this time. We disclaim any obligation to update forward-looking statements in the future even if our estimates change, so you should not rely any of these forward-looking statements as representing our views as of any time after the call.

在開始之前，我們需要提醒大家注意我們在今天早些時候發布的收益新聞稿以及我們向 SEC 提交的文件中概述的前瞻性聲明的安全港。今天，我們可能會在準備好的發言中以及對可能包含前瞻性陳述的問題的回答中發表一些評論。這些涉及已知和未知風險以及其他因素的固有假設，這些因素可能導致我們未來的結果與我們目前的預期有重大差異。今天發表的任何前瞻性聲明僅代表我們目前的觀點。即使我們的估計發生變化，我們也沒有義務在未來更新前瞻性陳述，因此您不應依賴任何這些前瞻性陳述來代表我們在電話會議後任何時間的觀點。

During this call, we will be referring to certain non-GAAP financial measures. A reconciliation of such non-GAAP financial measures to the most directly comparable GAAP measures is available as an attachment to our earnings press release. To the extent that we use non-GAAP financial measures during this call that are not reconciled to GAAP measures in the earnings press release, we will provide reconciliations promptly on the Investor Relations section of our website after this call.

在本次電話會議中，我們將提及某些非公認會計準則財務指標。此類非公認會計原則財務指標與最直接可比較的公認會計原則指標的調節表可作為我們收益新聞稿的附件提供。如果我們在本次電話會議期間使用的非 GAAP 財務指標與收益新聞稿中的 GAAP 指標不相符，我們將在本次電話會議後立即在我們網站的投資者關係部分提供對帳資訊。

I'm now pleased to introduce the Chair and Chief Executive Officer of Novanta, Matthijs Glastra.

現在我很高興介紹 Novanta 的董事長兼執行長 Matthijs Glastra。

Thank you, Ray. Good morning, everybody, and thanks for joining our call on this election day. Novanta delivered strong third-quarter results at the top end of our guidance range. The quarter showed continued sequential improvement in our growth rate driven by the building momentum of our new products and the strength of our diversified business model. This operating performance reflects solid execution by our teams in a difficult macroeconomic environment.

謝謝你，雷。大家早安，感謝您在這個選舉日加入我們的電話會議。Novanta 交付了強勁的第三季業績，位於我們指導範圍的頂端。在新產品的成長動能和多元化業務模式的推動下，本季我們的成長率持續改善。這項經營績效反映了我們團隊在困難的宏觀經濟環境中的堅定執行力。

For the third quarter, we delivered $244 million in revenue, which represents reported growth of 10% flat growth on an organic basis. Adjusted gross margins were 46% as our core businesses expanded margins by roughly 70 basis points year over year, helping offset the dilutive effect of the Motion Solutions acquisition. Adjusted EBITDA was $57 million, growing 9% year over year. Our bookings grew 13% year over year as major OEM customers are confirming the 2025 new product launches.

第三季度，我們實現了 2.44 億美元的收入，據報告有機成長 10%。調整後的毛利率為 46%，因為我們的核心業務利潤率年增了約 70 個基點，有助於抵消收購 Motion Solutions 的稀釋效應。調整後 EBITDA 為 5,700 萬美元，較去年同期成長 9%。由於主要 OEM 客戶確認 2025 年新產品發布，我們的預訂量年增 13%。

Looking beyond the third quarter, we continue to remain excited and are reconfirming the $50 million incremental new product revenue for 2025. We are on track to complete our planned product launches for 2024, up more than 50% versus 2023, with more scheduled for 2025.

展望第三季之後，我們繼續保持興奮，並再次確認 2025 年新產品收入將增加 5,000 萬美元。我們預計在 2024 年完成計畫的產品發布，比 2023 年增加 50% 以上，並計劃在 2025 年發布更多產品。

We're also encouraged that Novanta will be returning to organic growth in the fourth quarter of 2024, albeit at a lower growth rate than previously expected. We remain bullish on the mid- and long-term secular growth trends in precision medicine, minimally invasive and robotic surgery, and robotics and automation markets, where Novanta has a strong technology position with leading OEMs.

我們也感到鼓舞的是，Novanta 將在 2024 年第四季恢復有機成長，儘管成長率低於先前的預期。我們仍然看好精準醫療、微創和機器人手術以及機器人和自動化市場的中長期成長趨勢，Novanta 在這些市場上與領先的 OEM 廠商一起擁有強大的技術地位。

At the same time, short-term timing of our customers' new product launches and overall industry investments in life science and bioprocessing equipment markets are choppier than we and our customers expected just a couple of months ago. While clearly macroeconomic and geopolitical factors are clouding our customers' confidence, ultimately, our fourth-quarter revenue guidance is best explained by three factors.

同時，我們客戶的新產品發布的短期時間以及生命科學和生物加工設備市場的整體產業投資比我們和我們的客戶幾個月前的預期更加不穩定。雖然宏觀經濟和地緣政治因素明顯影響了我們客戶的信心，但最終，我們的第四季收入指引最好由三個因素來解釋。

First, fourth-quarter DNA sequencing product shipments were rescheduled into 2025 due to customer-specific challenges. Second, we are seeing new product launch timing shifts, specifically one semiconductor lithography customer and one surgical robotic customer have rescheduled their ramp-up of shipments into 2025. Both product launches will drive substantial growth for Novanta in 2025, and we have received the first batch of orders supporting this.

首先，由於客戶特定的挑戰，第四季度 DNA 定序產品的出貨量被重新安排到 2025 年。其次，我們看到新產品的發佈時間發生了變化，特別是一家半導體光刻客戶和一家手術機器人客戶已將出貨量的增加重新安排到 2025 年。這兩款產品的推出將推動 Novanta 在 2025 年大幅成長，我們已經收到了第一批支持這一點的訂單。

And finally, we're broadly seeing OEM customers in life sciences markets defer shipments because of weak capital equipment market demand from their customers. However, there is a clear indication capital spending will improve in life science in mid-2025 as our customers are seeing an uptick in demand for consumables and services spending with their end-user customers, which is a traditional leading indicator of equipment demand. Robert will go into more details on each of these items when he covers guidance.

最後，我們普遍看到生命科學市場的 OEM 客戶因客戶資本設備市場需求疲軟而延遲出貨。然而，有明確跡象表明，到2025 年中期，生命科學領域的資本支出將有所改善，因為我們的客戶發現最終用戶對消耗品和服務支出的需求增加，這是設備需求的傳統領先指標。羅伯特將在介紹指導時詳細介紹每一項。

While we are adjusting to these short-term timing changes for the fourth quarter of 2024, it's important to emphasize that these issues are related to customer timing and not fundamental business weaknesses. We reconfirm our optimism for strong business growth in 2025 based on, first, our new product outlook for 2025, which remains intact even with these near-term changes in customer timing.

雖然我們正在調整 2024 年第四季的這些短期時間變化，但必須強調的是，這些問題與客戶時間安排有關，而不是基本的業務弱點。我們重申對 2025 年業務強勁成長的樂觀態度，首先是基於我們對 2025 年新產品的展望，即使客戶時間安排發生了這些近期變化，該展望仍然保持不變。

We and our customers are reconfirming the $50 million incremental new product revenue for 2025. Our customers are excited to be launching their innovations in the marketplace with mission-critical content provided by Novanta, so new product growth remains a very strong driver for overall company growth next year and the years thereafter.

我們和我們的客戶再次確認 2025 年新產品收入將增加 5,000 萬美元。我們的客戶很高興能夠透過 Novanta 提供的關鍵任務內容在市場上推出他們的創新產品，因此新產品的成長仍然是明年及此後幾年公司整體成長的強大推動力。

Next, from an end-market perspective, in the short term, we appear to be at the bottom of the cycle for industrial, microelectronics, and life science capital equipment markets. This makes us optimistic for an improving environment in 2025. We are already seeing early positive signs in some of our shorter-cycle businesses, such as microelectronics, which is already confirming this view of an improving environment. This gives us confidence in the mid- and long-term growth drivers of our end markets, and we expect organic growth to continue to improve in 2025.

接下來，從終端市場的角度來看，短期內，我們似乎處於工業、微電子和生命科學資本設備市場週期的底部。這讓我們對 2025 年環境改善持樂觀態度。我們已經在一些週期較短的業務（例如微電子業務）中看到了早期的積極跡象，這已經證實了這種環境改善的觀點。這讓我們對終端市場的中長期成長動力充滿信心，我們預計2025年有機成長將持續改善。

Based on these dynamics and customer demand signals, the second half of 2025 revenue is clearly expected to demonstrate strong double-digit organic growth under a number of scenarios, and we expect a much stronger full-year organic growth on the back of these trends. Because of this, we continue to invest with confidence in our business to remain on track with all our new product launches while maintaining the needed capacity to ramp with our customers in 2025.

根據這些動態和客戶需求訊號，在多種情況下，2025 年下半年營收顯然將呈現強勁的兩位數有機成長，並且我們預計在這些趨勢的支持下，全年有機成長將更加強勁。正因為如此，我們繼續對我們的業務充滿信心地進行投資，以保持我們所有新產品發布的正軌，同時保持 2025 年與客戶合作所需的能力。

Here's a brief update on the broader themes we see in our out end markets. First, medical device technology markets continue to be very robust and appear likely to stay strong all this year and throughout 2025. Next, life science and industrial capital spending markets continue to remain muted due to the persistent interest rate impact and increased uncertainty around geopolitical and market economics events. We're not expecting a broad-based market recovery until 2025. However, there are some near-term bright spots, such as in certain robotics and automation applications.

以下是我們在終端市場中看到的更廣泛主題的簡要更新。首先，醫療設備技術市場仍然非常強勁，今年和整個 2025 年可能會保持強勁。接下來，由於持續的利率影響以及地緣政治和市場經濟事件的不確定性增加，生命科學和工業資本支出市場繼續保持低迷。我們預計 2025 年之前市場不會出現廣泛復甦。然而，近期也有一些亮點，例如某些機器人和自動化應用。

Finally, microelectronics end markets are showing early signs of a rebound, with some early-cycle product categories already gaining traction in 2024 as evidenced in our third-quarter results. The stronger and broader recovery in this end market is likely to happen in 2025.

最後，微電子終端市場正顯示出反彈的早期跡象，一些早期週期產品類別已在 2024 年獲得關注，正如我們第三季業績所證明的那樣。該終端市場可能會在 2025 年出現更強勁、更廣泛的復甦。

Going into more detail. For the third quarter of 2024, sales to medical markets made up approximately 54% of total Novanta sales and grew mid-single digit for the prior year on a reported basis, but were down year over year on an organic basis. We saw growth in multiple applications, particularly minimally invasive surgery. However, this was offset by the softness in DNA sequencing, other precision medicine and life science tools, and continued headwind from discontinuing our surgical displays products. We expect the surgical displays headwind to fully disappear in early 2025.

更詳細地介紹一下。2024 年第三季度，醫療市場銷售額約佔 Novanta 總銷售額的 54%，以報告數據計算，較前一年實現中個位數成長，但有機年減。我們看到了多種應用的成長，特別是微創手術。然而，這被 DNA 定序、其他精準醫學和生命科學工具的疲軟以及我們的手術顯示器產品停產帶來的持續不利因素所抵消。我們預計手術顯示器的逆風將在 2025 年初完全消失。

We continue to be very bullish on the long-term secular growth trends in minimally invasive surgery, robotic surgery, and precision medicine markets, which we believe all have a long runway in the adoption cycle as they drive foundational productivity improvements for the healthcare system.

我們仍然非常看好微創手術、機器人手術和精準醫療市場的長期成長趨勢，我們相信這些市場在採用週期中都有很長的發展道路，因為它們推動了醫療保健系統的基礎生產力提高。

Turning to our advanced industrial markets, which make up the remaining 46% of total Novanta third-quarter sales. For the quarter, sales growth in these markets, excluding our microelectronics applications, were up low-double digits -- low-single digits versus the prior year on a reported basis and roughly flat on an organic basis. The subdued sales performance across this end market was in line with our expectations.

轉向我們的先進工業市場，該市場佔 Novanta 第三季總銷售額的剩餘 46%。本季度，這些市場（不包括我們的微電子應用）的銷售成長呈低兩位數成長，與前一年相比，報告的銷售額為低個位數，而有機成長則大致持平。該終端市場的低迷銷售業績符合我們的預期。

While these trends are expected to continue in the fourth quarter of 2024, a recovery later in 2025 remains likely. We remain confident in our long-term exposure to these end markets. Novanta is positioned in many attractive applications, which are driven by secular growth trends, such as Industry 4.0, robotics, and automation and precision manufacturing.

雖然這些趨勢預計將在 2024 年第四季持續，但 2025 年稍後仍有可能出現復甦。我們對這些終端市場的長期投資仍充滿信心。Novanta 定位於許多有吸引力的應用，這些應用是由長期成長趨勢驅動的，例如工業 4.0、機器人、自動化和精密製造。

Finally, speaking to our microelectronics applications, our business experienced strong double-digit growth in the third quarter, both year over year and sequentially. This growth rate is partially driven by the easy comparisons to the third quarter of 2023, which was when sales to this end market hit their bottom. For now, this improvement is mainly from shorter-cycle products and does not yet reflect a broader recovery of this market. But as mentioned, our new product launch in next-generation lithography systems will be a further driver of growth in 2025.

最後，談到我們的微電子應用，我們的業務在第三季度同比和環比均實現了兩位數的強勁增長。這一成長率的部分原因是與 2023 年第三季的簡單比較，當時該終端市場的銷售額觸底。目前，這種改善主要來自週期較短的產品，尚未反映出該市場的更廣泛復甦。但如前所述，我們在下一代光刻系統中推出的新產品將成為 2025 年成長的進一步推動力。

Now, let me touch on some of Novanta's strategic growth metrics. For our design wins, we saw solid design activity in multiple businesses in industrial and medical end markets. Overall design wins grew by greater than 20% in the third quarter versus prior year, excluding large wins in minimally invasive surgery recorded in 2023. For new product metrics, we continue to confidently lean in to complete our planned product launches for 2024, up more than 50% versus 2023, with more scheduled for 2025.

現在，讓我談談 Novanta 的一些策略性成長指標。對於我們的設計勝利，我們在工業和醫療終端市場的多個企業中看到了紮實的設計活動。不包括 2023 年記錄的微創手術的重大勝利，第三季的整體設計勝利比去年同期增長了 20% 以上。對於新產品指標，我們繼續充滿信心地完成 2024 年計畫的產品發布，比 2023 年增加 50% 以上，並計劃在 2025 年發布更多產品。

As discussed earlier, despite the delays in our customers' ramp-up timing, we remain well-positioned to deliver our goal of $50 million of revenue in 2025 from new product launches, which are incremental to Novanta's current product offerings.

正如前面所討論的，儘管我們客戶的啟動時間有所延遲，但我們仍然有能力實現 2025 年新產品發布帶來 5000 萬美元收入的目標，這些產品是 Novanta 當前產品供應的增量。

Our Vitality Index in the third quarter was still at about mid-teens percent of sales, but showed sequential improvement as we continue to see the early impact of new product launches in secular growth markets, such as minimally invasive surgery, robotic surgery, warehouse automation, humanoid, and field robots, where Novanta is gaining share.

第三季我們的活力指數仍約為銷售額的百分之十左右，但隨著我們繼續看到新產品在長期成長市場（例如微創手術、機器人手術、倉庫自動化）中推出的早期影響，顯示出連續改善、人形機器人和現場機器人，Novanta 正在擴大這些領域的份額。

Finally, I'd like to give a brief update on our acquisition activities. The integration of Motion Solutions remains on track, our teams are fully integrated, and we continue to be excited with their innovation capabilities and the depth of their customer relationships. Although the softness in the life science end markets continue to have a near-term impact on Motion Solutions' product sales, the thesis for the transaction is progressing nicely, and we are excited to see this business realize its growth potentials as the markets eventually recover.

最後，我想簡單介紹一下我們的收購活動。Motion Solutions 的整合仍在順利進行，我們的團隊已完全整合，我們繼續對他們的創新能力和客戶關係的深度感到興奮。儘管生命科學終端市場的疲軟繼續對 Motion Solutions 的產品銷售產生短期影響，但交易進展順利，我們很高興看到隨著市場最終復甦，該業務實現其成長潛力。

Beyond Motion Solutions, new acquisitions continue to remain Novanta's top priority for capital allocation. We have doubled our pipeline of potential targets, which adds up to more than $20 billion in potential revenue and have multiple active conversations in parallel. Our balance sheet is strong, which position us well to execute additional transaction. Therefore, you should expect us to lean in to close transactions to the remainder of 2024 and 2025.

除了運動解決方案之外，新的收購仍然是 Novanta 資本配置的首要任務。我們已經將潛在目標管道增加了一倍，潛在收入總計超過 200 億美元，並且同時進行了多項積極對話。我們的資產負債表強勁，這使我們能夠很好地執行額外的交易。因此，您應該預期我們會在 2024 年和 2025 年剩餘時間內完成交易。

In summary, in the third quarter of 2024, Novanta delivered strong results. We hit the high end of our guidance range and had sequential improvement in our organic growth. Our new product launches continue to build momentum, helping us deliver solid performance this year and setting us up for better-than-market growth in secular end markets next year. These results would not have been possible without the dedicated efforts of our team using the Novanta Growth System execution model to overcome significant challenges and deliver on their promises in this environment.

綜上所述，Novanta 在 2024 年第三季取得了強勁的業績。我們達到了指導範圍的高端，並且有機成長取得了連續改善。我們的新產品推出持續累積動力，幫助我們今年實現穩健的業績，並為我們明年在長期終端市場實現優於市場的成長做好準備。如果沒有我們的團隊使用 Novanta Growth System 執行模型克服重大挑戰並在這種環境下兌現承諾的不懈努力，這些成果是不可能實現的。

We remain steadfast in our focus on our top three priorities: one, building and ramping a record set of new products; two, expanding margins and cash flows through the Novanta Growth System; and three, acquiring additional companies that align with our strategy and offer attractive returns.

我們仍然堅定不移地專注於我們的三大優先事項：一是開發並推出創紀錄的新產品；二、透過 Novanta 成長系統擴大利潤和現金流；第三，收購更多符合我們策略並提供有吸引力回報的公司。

With that, I will turn the call over to Robert to provide more details on our operations and financial performance. Robert?

這樣，我會將電話轉給羅伯特，以提供有關我們營運和財務表現的更多詳細資訊。羅伯特？

Thank you, Matthijs, and good morning. Our third-quarter 2024 non-GAAP adjusted gross profit was $113 million or a 46% adjusted gross margin compared to $105 million or 47% adjusted gross margin. Adjusted gross margins were down year-over-year. However, excluding the impact of Motion Solutions acquisition, our adjusted gross margins were up roughly 70 basis points.

謝謝你，馬泰斯，早安。我們的 2024 年第三季非 GAAP 調整後毛利為 1.13 億美元，調整後毛利率為 46%，而調整後毛利率為 1.05 億美元，調整後毛利率為 47%。調整後毛利率較去年同期下降。然而，排除 Motion Solutions 收購的影響，我們調整後的毛利率上升了約 70 個基點。

Our gross margin performance was lower than as expected as a result of unplanned decline in sales volume in our precision medicine and manufacturing segment. This brought down overall company margins versus expectations. Despite the decline in sales volume in this segment, we have chosen to maintain our current level of factory capacity and costs in anticipation of sales rebounding in 2025. Therefore, we expect this unfavorable margin impact to continue into the fourth quarter, but ultimately, we rebounded as sales volumes improve next year.

由於精準醫療和製造業務的銷售意外下降，我們的毛利率表現低於預期。這導致公司整體利潤率低於預期。儘管該細分市場銷售下降，但我們選擇維持目前的工廠產能和成本水平，並預計 2025 年銷售量將會反彈。因此，我們預計這種不利的利潤率影響將持續到第四季度，但最終，隨著明年銷售的改善，我們將出現反彈。

For the third quarter, R&D expenses were roughly $23 million or approximately 10% of sales, and third quarter SG&A expenses were approximately $44 million or 18% of sales. SG&A expenses were sequentially lower in the quarter due to adjustments in incentive compensation based on the revised full year outlook. Adjusted EBITDA was approximately $57 million in the third quarter of 2024 or 23% adjusted EBITDA margin versus $52 million in the prior year.

第三季的研發費用約為 2,300 萬美元，約佔銷售額的 10%；第三季的 SG&A 費用約為 4,400 萬美元，約佔銷售額的 18%。由於根據修訂後的全年前景對激勵薪酬進行了調整，本季的銷售、管理和行政費用環比下降。2024 年第三季調整後 EBITDA 約 5,700 萬美元，調整後 EBITDA 利潤率為 23%，而前一年為 5,200 萬美元。

On the tax front, our non-GAAP tax rate in the third quarter was 21%. Our tax rate for the full year now appears likely to end at around 19%. Our non-GAAP adjusted earnings per share was $0.85 in the third quarter, flat versus the prior year. Our EPS growth remains muted due to the higher interest rate on higher debt balance.

在稅收方面，我們第三季的非 GAAP 稅率為 21%。現在看來我們全年的稅率可能會達到 19% 左右。第三季我們的非 GAAP 調整後每股盈餘為 0.85 美元，與前一年持平。由於債務餘額較高，利率較高，我們的每股盈餘成長仍然疲軟。

Third-quarter operating cash flow was approximately $23 million. Our cash flow performance for the quarter was impacted by the timing of monthly revenue shipments, with more products getting shipped in the last month versus normal, resulting in a higher-than-normal increase in accounts receivable. This is a temporary timing impact that is expected to correct in the fourth quarter. Year to date, we are still seeing very strong cash flow performance with operating cash up 20%, and we expect to finish the year with very strong cash flows.

第三季營運現金流約 2,300 萬美元。我們本季的現金流量表現受到每月收入出貨時間的影響，上個月出貨的產品比正常情況更多，導致應收帳款成長高於正常水準。這是暫時的時間影響，預計將在第四季度得到糾正。今年迄今為止，我們仍然看到非常強勁的現金流表現，營運現金成長了 20%，我們預計今年年底將擁有非常強勁的現金流。

We ended the third quarter with a gross debt balance of $460 million and a gross leverage ratio of approximately 2.3 times. Our net debt was $368 million. We remain on track to reducing gross leverage to 2 or below, and net debt closer to [$1.5 billion] by year-end.

第三季末，我們的總債務餘額為 4.6 億美元，總槓桿比率約為 2.3 倍。我們的淨債務為 3.68 億美元。我們仍有望在年底前將總槓桿率降低至 2 或以下，淨債務接近 [15 億美元]。

For the third quarter, Novanta's book-to-bill was 0.89. Weakness caused by customers deferring purchases in life science and advanced industrial applications was partially offset by booking strength in our minimally invasive surgery business line, which had a book-to-bill of nearly 1.4 in the quarter as our OEM customers have started to place larger orders for their product launches in 2025.

第三季度，Novanta 的訂單出貨比為 0.89。生命科學和先進工業應用領域的客戶推遲採購造成的疲軟被我們微創手術業務線的預訂量所部分抵消，由於我們的OEM 客戶開始放置更大的訂單，該業務線本季度的訂單出貨比接近1.4 2025 年產品發布的訂單。

Turning to the operating segments. Precision medicine and manufacturing third-quarter sales declined by 15%, which was weaker than our prior expectations due to softness in the precision medicine markets. The book-to-bill in this segment was 0.73, which reflects the revised outlook for our DNA sequencing applications as we see our customers pushing out demand into 2025, affecting near-term bookings. Adjusted gross margins in this segment were down year over year driven by lower factory utilization, which I commented on.

轉向營運部門。精準醫療和製造業第三季銷售額下降 15%，由於精準醫療市場疲軟，低於我們先前的預期。該細分市場的訂單出貨比為 0.73，這反映了我們對 DNA 定序應用前景的修改，因為我們看到我們的客戶將需求推遲到 2025 年，從而影響了近期預訂。由於工廠利用率較低，該部門的調整後毛利率同比下降，我對此發表了評論。

Design wins in the segment were up 30% year over year, driven by good execution of our sales team to win new sockets in upcoming customer platforms. New product revenue was approximately mid-teens percent of sales in line with expectations. Our robotics and automation segment experienced a revenue increase of 20% year over year in the quarter, and bookings grew 25% year over year.

由於我們銷售團隊的良好執行力，贏得了即將推出的客戶平台中的新插座，該領域的設計勝利同比增長了 30%。新產品收入約為銷售額的百分之十左右，符合預期。我們的機器人和自動化部門本季營收年增 20%，預訂量年增 25%。

Our outlook for second half of 2024 is playing out largely as expected with end markets improving versus the first half of the year, both in the US robotics market and the microelectronics applications. The book-to-bill was 0.83, in line with expectations, and we expect sales to continue to gradually for improve into 2025.

我們對 2024 年下半年的展望基本上符合預期，美國機器人市場和微電子應用的終端市場均較上半年改善。訂單出貨比為 0.83，符合預期，我們預計銷售額將在 2025 年繼續逐步改善。

Adjusted gross margins increased 120 basis points year over year, driven by better factory efficiency on increased volumes. New product revenue in this segment grew strong double digit and was roughly 12% of total sales for the segment. Design wins in this segment were up strong double digit in the quarter and year to date.

由於產量增加，工廠效率提高，調整後毛利率年增 120 個基點。該細分市場的新產品收入強勁成長兩位數，約佔該細分市場總銷售額的 12%。本季度和今年迄今為止，該領域的設計勝利均實現了兩位數的強勁成長。

Finally, medical solutions experienced reported revenue growth of 24% year over year and declined on an organic basis 1%. This was slightly better than expected as strong sales from our new product launches almost fully offset the near-term impact of discontinuing our surgical displays products. The segment saw a book-to-bill of 1.04, and bookings were up 50% year over year.

最後，醫療解決方案的收入年增 24%，有機下降 1%。這略好於預期，因為我們新產品發布的強勁銷售幾乎完全抵消了停產手術顯示器產品的近期影響。該細分市場的預訂比為 1.04，預訂量較去年同期成長 50%。

As I already mentioned, our minimally invasive surgery business line had a book-to-bill of nearly 1.4 as we started to see customers placing large orders for new product launches. This strong result was partly offset by continued market weakness in the precision medicine business line where we saw a book-to-bill below 1. The weakness in precision medicine continues to come from weaker-than-anticipated capital spending environment in life sciences, multiomics, and bioprocessing markets.

正如我已經提到的，我們的微創手術業務線的訂單出貨比接近 1.4，因為我們開始看到客戶為新產品發布下大訂單。這一強勁業績在一定程度上被精準醫療業務線市場持續疲軟所抵消，訂單出貨比低於 1。精準醫療的疲軟仍來自於生命科學、多組學和生物加工市場的資本支出環境弱於預期。

Vitality Index in this segment increased to high teens percent of sales, which is in line with expectations as we start to ramp our new products. Design wins in this segment are down year over year driven by large wins in minimally invasive surgery business in the third quarter of 2023. But excluding those larger platform wins in the year, design win growth in this segment is a strong double digit year to date. Adjusted gross margins in this segment increased roughly 60 basis points year over year. Excluding the Motion Solutions acquisition, the margin expansion in this segment was over 440 basis points.

該細分市場的活力指數增加到銷售額的百分之十幾，這符合我們開始推出新產品時的預期。由於 2023 年第三季微創手術業務的巨大勝利，該領域的設計勝利同比下降。但排除今年那些較大的平台勝利，今年迄今為止，該領域的設計勝利增長強勁，達到兩位數。該部門調整後毛利率年增約 60 個基點。不包括 Motion Solutions 收購，該細分市場的利潤率擴張超過 440 個基點。

Now, turning to guidance. With organic growth continues to sequentially improve, returning to low-single digit in the fourth quarter, the stronger ramp in demand that we expected in the fourth quarter is being deferred into 2025.

現在，轉向指導。隨著有機成長持續改善，第四季回到低個位數，我們預計第四季的需求強勁成長將推遲到 2025 年。

To get into a bit more detail. First, in our DNA sequencing products, nearly all shipments originally expected to ship in the fourth quarter were rescheduled by our customers to the first half of 2025 due to customer specific challenges. However, we expect this issue to be resolved in early 2025 and resume shipments at a normal rate in the first quarter. The long-term prospects of this application and our products continue to remain strong and even accelerating.

更詳細一點。首先，在我們的 DNA 定序產品中，由於客戶面臨的特定挑戰，幾乎所有原本預計在第四季出貨的產品都被我們的客戶重新安排到了 2025 年上半年。不過，我們預計這一問題將在 2025 年初解決，並在第一季恢復正常出貨。該應用和我們產品的長期前景繼續保持強勁甚至加速成長。

Next, we expect the launch of a new product within DUV and EUV lithography applications. However, while our new product is designed-in now, unfortunately due to end market conditions, our customer deferred the ramp into the second half of 2025. Similar to my prior comment, the long-term prospects of this application and our position in it continue to remain strong and accelerating, as EUV lithography is in the early adoption and remains a critical enabler of GenAI, electrification, and smaller, more powerful, and efficient electronic devices.

接下來，我們預計將在 DUV 和 EUV 微影應用中推出新產品。然而，雖然我們的新產品現在已經設計完畢，但不幸的是，由於終端市場狀況，我們的客戶將升級推遲到 2025 年下半年。與我之前的評論類似，該應用的長期前景以及我們在其中的地位繼續保持強勁並不斷加速，因為 EUV 光刻正處於早期採用階段，並且仍然是 GenAI、電氣化以及更小、更強大、和高效的電子設備。

Third, one of our customer launching a robotic system with a new integrated smoke evacuation insufflator rescheduled shipments into early 2025, after updating FDA filings to make enhancements to their overall system. This product has broad market acceptance and is expected to see stronger-than-expected demand, which is expected to materialize in our results in 2025.

第三，我們的一位客戶推出了具有新型整合排煙吹氣機的機器人系統，在更新 FDA 文件以增強其整體系統後，將發貨時間重新安排到 2025 年初。該產品具有廣泛的市場接受度，預計需求將強於預期，預計將在 2025 年的業績中實現。

And finally, our customers and the overall life science and bioprocessing market broadly continue to see deferrals in capital spending by their customers, despite the uptick in consumables and service spending by their customers. Based on this activity, demand for capital equipment is clearly returning, but is most likely recovering in early 2025. Unfortunately, this implies that the fourth-quarter revenue will be weaker from this dynamic, compounded by customers' desires to manage their inventory balances down in the fourth quarter.

最後，儘管客戶的消耗品和服務支出增加，但我們的客戶和整個生命科學和生物加工市場普遍繼續看到客戶的資本支出延遲。根據這項活動，對資本設備的需求明顯正在回升，但最有可能在 2025 年初恢復。不幸的是，這意味著第四季度的收入將因這種動態而疲軟，而客戶希望在第四季度管理其庫存餘額的願望更加複雜。

The net impact of all these customer and market changes has led us to revise our sales outlook in the fourth quarter by approximately $25 million. Despite this rescheduling of revenue into 2025, we do expect to demonstrate sequentially increasing organic growth in the fourth quarter versus the third quarter.

所有這些客戶和市場變化的淨影響導致我們將第四季度的銷售前景修正了約 2500 萬美元。儘管收入重新安排到 2025 年，但我們確實預計第四季與第三季相比將呈現連續成長的有機成長。

We continue to be optimistic about an improving environment in 2025 and are very confident that our new products will drive better-than-market growth with more attractive secular growing end markets. Based on these dynamics as well as customer demand signals, second-half 2025 revenue is clearly expected to be strong double-digit growth under a number of scenarios, which leads us to expect up to 10% organic growth for the full year of 2025.

我們繼續對 2025 年環境的改善持樂觀態度，並且非常有信心我們的新產品將透過更具吸引力的長期成長終端市場推動優於市場的成長。根據這些動態以及客戶需求訊號，在多種情況下，2025 年下半年營收顯然將實現兩位數的強勁成長，這使我們預計 2025 年全年有機成長高達 10%。

For the fourth quarter of 2024, we expect GAAP revenue in the range of $237 million to $242 million, which represents reported revenue growth of 12% to 14% and organic revenue growth between 2% and 4% on a year-over-year basis. This revenue range is a bit wider than normal given the near-term macroeconomic and geopolitical uncertainty and how that continues to impact the life science and industrial capital spending markets and our OEMs' customers' behavior, particularly as it comes to managing year-end inventory levels.

對於 2024 年第四季度，我們預計 GAAP 收入在 2.37 億美元至 2.42 億美元之間，這意味著報告營收年增 12% 至 14%，有機收入年增 2% 至 4% 。考慮到近期宏觀經濟和地緣政治的不確定性以及其如何繼續影響生命科學和工業資本支出市場以及我們的原始設備製造商的客戶行為，特別是在管理年終庫存方面，這一收入範圍比正常情況要寬一些水平。

For the full year of 2024, we now expect GAAP revenue to be in the range of $948 million and $953 million. This represents reported revenue growth of approximately 8%. Revenue from current year acquisitions is expected to be slightly above $80 million. On a segment level, in the fourth quarter, we expect precision medicine and manufacturing revenue to decline double-digit percent year over year, impacted by the pushout in demand in the DNA sequencing applications.

對於 2024 年全年，我們目前預計 GAAP 收入將在 9.48 億美元至 9.53 億美元之間。這意味著報告的收入增長約 8%。今年收購帶來的收入預計略高於 8,000 萬美元。在細分市場層面，我們預期第四季精準醫療和製造收入將年減兩位數，並受 DNA 定序應用需求推出的影響。

Our robotics and automation segment continues to expect to grow greater than 20% in the fourth quarter, as end markets continue to improve and also from easier year-over-year comparisons. This growth comes from an improvement in demand in robotic applications as well as an improvement in microelectronics applications.

隨著終端市場的持續改善以及更容易的同比比較，我們的機器人和自動化部門預計第四季將繼續成長 20% 以上。這種成長來自於機器人應用需求的改善以及微電子應用的改善。

And our medical solutions segment is expected to show approximately 30% year-over-year reported revenue growth in the fourth quarter. On an organic basis, we expect mid-single-digit growth year over year. While this growth outlook is solid, it's less than we previously expected from the before-mentioned rescheduling of a surgical robotics customer.

我們的醫療解決方案部門預計第四季的營收將年增約 30%。在有機基礎上，我們預計同比將實現中個位數成長。雖然這種成長前景是穩固的，但低於我們之前提到的手術機器人客戶的重新安排的預期。

Moving on to adjusted gross margin in the fourth quarter, we expect it to be approximately 46%. This outlook includes the impact of lower factory utilization, and we maintain -- as we maintain the capacity of our factories to help us be ready for the growth that our customers are seeing in their end markets as the demand environment improves in 2025.

至於第四季調整後的毛利率，我們預計約為 46%。這一前景包括工廠利用率降低的影響，我們維持工廠的產能，以幫助我們為 2025 年需求環境改善時客戶在終端市場看到的成長做好準備。

In the segments, we expect gross margins to be roughly flat compared to gross margins that we delivered in the third quarter. For the full year 2024, we now expect adjusted gross margins to be approximately 46%. For the full year, excluding dilutive impact of the Motion Solutions acquisition, we expect to deliver approximately 100 basis points of margin expansion in our core business.

在這些細分市場中，我們預期毛利率與第三季的毛利率大致持平。對於 2024 年全年，我們目前預計調整後毛利率約為 46%。全年來看，排除收購 Motion Solutions 的稀釋影響，我們預期核心業務的利潤率將實現約 100 個基點的擴張。

We expect R&D and SG&A expenses in the fourth quarter to be approximately $70 million to $71 million. This represents a sequential increase in the third quarter due to the timing of R&D project spend and also incentive compensation adjustments. For the full year, these expenses will be approximately $271 million to $272 million.

我們預計第四季的研發和銷售及管理費用約為 7,000 萬至 7,100 萬美元。由於研發項目支出的時間安排以及激勵性薪酬調整，這代表第三季的環比增長。全年這些費用約為 2.71 億至 2.72 億美元。

Depreciation expense, which was roughly $4 million in the third quarter, will be similar in the fourth quarter. And stock compensation expense, which was approximately $6 million in the third quarter, should be approximately $7 million in the fourth quarter. For adjusted EBITDA in the fourth quarter, we expect the range of $50 million to $52 million, which represent double-digit growth year over year. For the full year 2024, the adjusted EBITDA, we now expect a range of $208 million to $210 million.

第三季的折舊費用約為 400 萬美元，第四季的折舊費用也將相似。第三季股票補償費用約 600 萬美元，第四季應約為​​ 700 萬美元。對於第四季度調整後的 EBITDA，我們預計範圍為 5,000 萬美元至 5,200 萬美元，年增兩位數。對於 2024 年全年，調整後的 EBITDA，我們目前預計範圍為 2.08 億美元至 2.1 億美元。

Interest expense, which was $8 million in the third quarter, is expected to be slightly above $7 million in the fourth quarter. We expect our non-GAAP tax rate to be around 20% in the fourth quarter and approximately 19% for the full year. Adjusted earnings per share will be in the range of $0.70 to $0.74 in the fourth quarter and $3.02 and $3.06 for the full year. Finally, we expect cash flow to return to year-over-year growth in the fourth quarter, and we expect to demonstrate double-digit growth for cash flows for the full year of 2024.

第三季利息支出為 800 萬美元，預計第四季將略高於 700 萬美元。我們預計第四季的非 GAAP 稅率約為 20%，全年約為 19%。第四季調整後每股收益將在 0.70 美元至 0.74 美元之間，全年調整後每股收益將在 3.02 美元至 3.06 美元之間。最後，我們預計第四季現金流將恢復年增，並預計 2024 年全年現金流將呈現兩位數成長。

We continue to use Novanta Growth System to help improve our net working capital levels as evidenced the strong improvement in inventory levels in the third quarter. These efforts have allowed us to substantially pay down our debt balance so far this year. As always, this guidance does not assume any significant changes to foreign exchange rates, nor does it include any anticipated acquisitions at this time.

我們繼續使用 Novanta Growth System 來幫助提高我們的淨營運資本水平，第三季庫存水準的強勁改善證明了這一點。這些努力使我們今年迄今能夠大幅償還債務餘額。與往常一樣，本指南並未假設外匯匯率有任何重大變化，也不包括目前任何預期的收購。

In summary, we remain optimistic about our long-term prospects, and we continue to work diligently to support our customers with their successful launch of multiple new product platforms. The long-term secular growth outlook of our end markets remains intact, and we feel well-positioned to grow and gain share as the market recovers in 2025.

總而言之，我們對長期前景保持樂觀，並將繼續努力支持客戶成功推出多個新產品平台。我們終端市場的長期長期成長前景保持不變，隨著 2025 年市場復甦，我們感覺自己處於有利位置，可以實現成長並獲得份額。

The fundamentals of the business is strong, and we're impressed of the team's adoption of the Novanta Growth System operating model, which is giving us the ability to consistently execute and deliver on our promises as evident in the strong results in the third quarter, which were delivered at the high end of the guidance despite our challenging marketplace.

業務基礎強勁，我們對團隊採用 Novanta Growth System 營運模式印象深刻，這使我們能夠始終如一地執行和兌現我們的承諾，第三季度的強勁業績證明了這一點，儘管我們的市場充滿挑戰，但這些都是在指導的高端交付的。

In addition, we also continue to work to compound our cash flows through a combination of organic growth and deployment of capital towards acquisitions. As Matthijs mentioned, our acquisition pipeline has more than doubled in revenue and number of potential targets, but we also remain disciplined on the cash-on-cash returns, which means being disciplined about pricing. We remain focused on controlling what we can control and executing with excellence no matter the business environment.

此外，我們也繼續努力透過有機成長和資本收購部署相結合來複合我們的現金流。正如 Matthijs 所提到的，我們的收購管道的收入和潛在目標數量增加了一倍多，但我們也仍然嚴格遵守現金回報率，這意味著嚴格定價。無論商業環境如何，我們仍然專注於控制我們可以控制的事情並卓越執行。

This concludes the prepared remarks. We'll now open the call up for questions.

準備好的發言到此結束。我們現在將開始提問。

(Operator Instructions) Lee Jagoda, CJS Securities.

（操作員指示）Lee Jagoda，CJS 證券。

Hi, good morning. I guess just starting with the Q4 revenue guidance and that $25 million-or-so delta relative to our expectations, can you speak to how much of that delta is the macro and then how much of that delta is specific customer launches into 2025? And then I've got a follow-up.

嗨，早安。我想從第四季度的收入指引以及相對於我們預期的2500 萬美元左右的增量開始，您能否談談該增量中有多少是宏觀的，然後有多少是到2025 年推出的特定客戶的？然後我有一個後續行動。

Yeah. Good morning, Lee. So as you can imagine, giving detailed specifics is a bit sensitive as it pertains to specific customers. But if you read through the guidance per segment, you can actually calculate the impact. It's fair to say that it's a mix of customer-specific and market challenges. Yes, for customer-specific, it's really primarily DNA sequencing, DUV, EUV lithography, and robotic surgery. And of these, DNA sequencing was the biggest single impact, which we expect to rebound in 2025. And the biggest end-market deferral is in life sciences tools. So hopefully, that's helpful.

是的。早安，李。正如您可以想像的那樣，提供詳細的細節有點敏感，因為它涉及特定的客戶。但如果您仔細閱讀每個部分的指南，您實際上可以計算出影響。可以公平地說，這是客戶特定挑戰和市場挑戰的混合。是的，對於特定客戶來說，它實際上主要是 DNA 定序、DUV、EUV 微影和機器人手術。其中，DNA 定序是最大的單一影響，我們預期該影響將在 2025 年反彈。最大的終端市場延期是在生命科學工具領域。希望這會有所幫助。

Yeah. And then I guess the follow-up is, on last quarter's call, I think there was a lot of talk around sort of a 10%-ish growth rate for 2025. And sitting here today, we're talking about deferring an additional $25 million into 2025, yet the guidance is only up to 10% growth in 2025. So is there something else moving? Or are you just building in more conservatism for the macro? Or how should we think about this?

是的。然後我想後續行動是，在上個季度的電話會議上，我認為有很多關於 2025 年 10% 左右的成長率的討論。今天坐在這裡，我們正在討論將額外的 2500 萬美元推遲到 2025 年，但指導方針僅規定 2025 年增長最多 10%。那麼還有其他東西在移動嗎？還是你只是在宏觀方面採取更保守的態度？或者說我們該如何思考這個問題？

Yeah. So nothing else is moving. We're not losing any market share anywhere. Those product launches are still scheduled to be launched in 2025, as we talked about. And as the -- the DNA sequence side will start to normalize into the first quarter already. We are being cautious. Obviously, there's a very contentious election happening today, and there continues to be a lot of uncertainty around the geopolitical as well as macroeconomic environment.

是的。所以沒有其他東西在移動。我們不會在任何地方失去任何市場份額。正如我們所說，這些產品的推出仍計劃於 2025 年推出。DNA 序列方面將在第一季開始正常化。我們持謹慎態度。顯然，今天正在進行一場非常有爭議的選舉，地緣政治和宏觀經濟環境仍然存在許多不確定性。

And our customers are kind of unwilling to have deeper discussions around that until this cycles through. So we are planning on the fourth quarter being what it is. But if the environment improves from a macro and geopolitical perspective, then our business should improve because we're not losing any market share, and we're effectively free-riding off of our customers' growth expectations.

在這個循環結束之前，我們的客戶不願意就此進行更深入的討論。所以我們計劃第四季就是這樣。但如果從宏觀和地緣政治的角度來看環境有所改善，那麼我們的業務應該會有所改善，因為我們沒有失去任何市場份額，而且我們實際上是在搭客戶成長預期的便車。

Got it. Just one more for me, and I'll hop back in queue. It sounds like -- or some of your comments sort of pointed to a faster growth inflection in the back half of 2025 versus the front half as we look out to next year. What's your visibility look like into your Q1 deliveries? And relative to your Q4 organic growth, how should we think about organic growth in Q1?

知道了。只要再給我一張，我就會重新排隊。聽起來——或者您的一些評論表明，在我們展望明年的過程中，2025 年下半年的成長轉折點將比上半年更快。您對第一季交付的可見性如何？相對於第四季的有機成長，我們該如何看待第一季的有機成長？

Yeah. So I would just say organic growth should continue to sequentially improve and stay positive, right? So we're not going to get into like the specific ramp at this time because we'll have detailed discussions with our customers in December after the election cycles and a couple of other situations kind of unfold. But I would say that the reason why the back half is definitely stronger is, obviously, there's some easier comparisons, but then we have new product launches happening more en masse.

是的。所以我只想說，有機成長應該繼續持續改善並保持積極，對嗎？因此，我們目前不會討論具體的成長情況，因為我們將在 12 月選舉週期和其他一些情況展開後與客戶進行詳細討論。但我想說，後半部分肯定更強的原因是，顯然，有一些更容易的比較，但隨後我們有更多的新產品發布。

We talked a little bit about EUV, DUV being scheduled for the back half of the year. We're starting to get the purchase orders on that. And so we'll start to feel more and more confident about what that looks like. It is possible there is a bigger shift into the first half, but we don't want to get into that as we -- at this stage. We can have another discussion around that in January.

我們討論了一些關於 EUV、DUV 計劃於今年下半年進行的事情。我們已經開始收到相關採購訂單了。因此，我們將開始對這看起來越來越有信心。上半場可能會有更大的轉變，但我們不想在現階段陷入這種情況。我們可以在一月份圍繞這個問題進行另一次討論。

Got it. Appreciate it. Thanks so much.

知道了。欣賞它。非常感謝。

Thanks, Lee.

謝謝，李。

Brian Drab, William Blair.

布萊恩德拉布、威廉布萊爾。

Hi, good morning. Thanks for taking the questions.

嗨，早安。感謝您提出問題。

Good morning, Brian.

早安，布萊恩。

Morning. Just a simple question first, and I might missed the information that explained this. But -- so revenue is down in the guidance just slightly sequentially in the fourth quarter. And just I'm wondering, in addition to any impact from slight negative operating leverage, I guess, on that slight sequential decline, why would EPS be down more materially in the fourth quarter? What's happening there?

早晨。首先只是一個簡單的問題，我可能會錯過解釋這一點的資訊。但是，第四季度的收入比預期略有下降。我只是想知道，除了輕微的負經營槓桿的影響之外，我想，在連續輕微下降的情況下，為什麼第四季每股收益會出現更大幅度的下降？那裡發生了什麼事？

Well, you the increase in tax rate that we -- higher than we anticipated because of the jurisdictional mix. So effectively, you got more medical sales happening. They're happening out in our German operations at a higher tax rate, so that's one piece of it. And then you have a sequential uptick in your operating expenses as well that I kind of guided on, that is some expenses kind of ramping up for changes of compensation as well as project timing.

好吧，由於司法管轄區的組合，我們的稅率增加比我們預期的要高。如此有效地，您獲得了更多的醫療銷售。它們以更高的稅率發生在我們的德國業務中，所以這就是其中的一部分。然後你的營運費用也會連續上升，這是我所引導的，這是一些費用隨著薪資和專案時間的變化而增加。

Okay. All right, thank you. And then you mentioned EUV, DUV, I think I caught that you said our new product is designed-in. Can you just talk about --

好的。好的，謝謝。然後你提到了EUV、DUV，我想我注意到你說我們的新產品是設計的。你能談談嗎--

Correct.

正確的。

Can you talk about what type of technology you were supplying for that application and what the new product is? Is it in a different -- is it a different type of technology or just more of the same technology? Any comments?

您能否談談您為該應用提供什麼類型的技術以及新產品是什麼？是不同類型的技術還是更多相同的技術？有什麼意見嗎？

Yeah. I mean, it's -- of course, we -- this is Matthijs, Brian. Good morning. Yeah, so what we have commented on in the past is that we are supplying a new type of technology that we did not supply before. We owe -- so that's the incremental part that is being deferred. And I think it's pretty widely reported kind of how that particular player is seeing the world lately. And so it's basically consistent with that view. Again, the customer is excited because we are seeing a particular problem that is very valuable to them. We're designed-in, and this is really about launch timing and nothing else.

是的。我的意思是，這是——當然，我們——這是馬蒂斯，布萊恩。早安.是的，所以我們過去評論的是，我們正在提供一種我們以前沒有提供過的新型技術。我們欠——所以這是被推遲的增量部分。我認為有關該特定玩家最近如何看待世界的報導相當廣泛。所以這與這個觀點基本上一致。客戶再次感到興奮，因為我們看到了一個對他們來說非常有價值的特定問題。我們是設計好的，這實際上是關於啟動時間，而不是其他。

Okay. And then just one more for now, I guess. On Motion Solutions, I think in the second quarter we talked about lowering the expectation for Motion Solutions revenue for the year by $10 million, right? And just wondering, has that -- did you comment today on whether that's changed with some of the softness that you're seeing in the fourth quarter related to Motion Solutions or should we still think about that as down $10 million from -- just like it was last quarter?

好的。我想現在就只剩下一個了。關於運動解決方案，我認為在第二季度我們談到將運動解決方案今年的收入預期降低 1000 萬美元，對吧？只是想知道，您今天是否評論了這種情況是否會因您在第四季度看到的與運動解決方案相關的一些疲軟而改變，或者我們仍然應該將其視為減少了1000 萬美元——就像是上個季度的事嗎？

No, it's still the same. So you're absolutely right, it's -- and I kind of guided to about $80 million, is the expectation. So it used to be $90 million, it went down to $80 million.

不，還是一樣。所以你說得完全正確，我的預期是大約 8000 萬美元。原來是 9000 萬美元，現在下降到 8000 萬美元。

Okay. All right. Thank you.

好的。好的。謝謝。

But clearly impacted by the same market dynamics in life sciences tools, right?

但顯然受到生命科學工具相同市場動態的影響，對嗎？

Understood. Okay. Thank you very much.

明白了。好的。非常感謝。

All right. Thanks, Brian.

好的。謝謝，布萊恩。

Rob Mason, Baird.

羅布梅森，貝爾德。

Hi, good morning. I don't want to belabor the point here, but just want to be clear. So around the revenue that shifted out of the fourth quarter related to new product launches and into '25, we had been talking about $50 million of incremental revenue there, and still $50 million. So I guess just to confirm, was there anything that you're now assuming on the new product launch side that slipped from '25 into '26?

嗨，早安。我不想在這裡贅述這一點，只是想澄清一下。因此，圍繞著從第四季度與新產品發布相關的收入轉移到 25 年的收入，我們一直在談論 5000 萬美元的增量收入，而且仍然是 5000 萬美元。所以我想確認一下，您現在對新產品發布方面的假設是否有從 25 年滑到 26 年的情況？

No, not from a new product at all. No, those things are -- so if you think about how we laundry list them a little bit. So the EUV, DUV, we talked about that launching slipping out of 2024 into 2025, it has gone into the back half of the year. We're designed-in, and we're starting to see the trajectory around that.

不，根本不是新產品。不，這些事情是——所以如果你想我們是如何詳細列出它們的。那麼EUV、DUV，我們談到推出從2024年滑到2025年，已經進入下半年了。我們是設計出來的，我們開始看到圍繞它的軌跡。

As it comes to the next-generation insufflator and the surgical player, that shifted into early 2025 as they finalized their 510(k) on their system, and then begin normalizing shipments again for us.

至於下一代吹氣機和外科手術播放器，時間已轉移到 2025 年初，他們在系統上最終確定了 510(k)，然後開始為我們再次實現出貨正常化。

And then lastly, there's the -- on the DNA sequencing side, we see orders coming back into the first quarter. The ramp of that is a little less uncertain, so does the timing, and so we've been more conservative there. So what I think what we have done is we've taken the life science industry and we've said, all right, in that area of the marketplace, until customers start giving us firm orders and commitments around that. We're going to anticipate that's a little bit later than we originally planned, but eventually is coming back.

最後，在 DNA 定序方面，我們看到訂單回到第一季。其成長的不確定性較小，時機也是如此，因此我們在這方面更加保守。所以我認為我們所做的是我們已經佔領了生命科學產業，我們已經說過，好吧，在這個市場領域，直到客戶開始向我們發出堅定的訂單和承諾。我們預計這比我們最初計劃的要晚一些，但最終會回來的。

And you can see that, as Matthijs talked about, the leading indicator is their consumable and service spend in their factories. So our customers' customers are seeing significant upticks in their consumables and services, which is indicating the capacity is being utilized and their customers are starting to spend money. And that generally -- you will have capital spending follow that in somewhere in the range of six to nine months. And so that's what we're carefully monitoring at this point.

你可以看到，正如 Matthijs 所說，領先指標是他們工廠的消費品和服務支出。因此，我們客戶的客戶看到他們的消耗品和服務顯著增加，這表明產能正在被利用，他們的客戶開始花錢。一般來說，您將在六到九個月的時間內進行資本支出。這就是我們目前正在仔細監控的內容。

Yeah. And maybe another way said, Rob. So while, let's say, DUV, EUV has shifted into the second half, the overall number is staying the same because other parts are doing slightly better. And we've also, I think, been very consistent that the start of ramp timing is tricky, right, and we actually never formally guided a 2024 number because of the dynamics that we're actually -- today see playing out. So the '25 is just a full-year ramp, and that's why we maintain confident there. So nothing really has changed other than the Q4 timing of the start of that ramp.

是的。也許另一種說法是，羅布。因此，雖然 DUV、EUV 已進入下半年，但總數保持不變，因為其他部分的表現稍好一些。我認為，我們也一直非常一致地認為，斜坡時間的開始是很棘手的，對吧，我們實際上從未正式指導過 2024 年的數字，因為我們實際上 - 今天看到的動態。因此，25 年只是全年的成長，這就是我們對此保持信心的原因。因此，除了第四季度開始斜坡的時間之外，沒有什麼真正改變。

I see. Okay. Just in the precision manufacturing and medicine segment, the -- I can understand where sales mix may have had an impact here. But the decremental in gross margin, at least sequentially, was really high, like almost 100%. So I was just curious if there's anything else going on there? And is that gross margin recovery back to maybe where it was in the first half? Is that entirely dependent on DNA sequencing?

我懂了。好的。就精密製造和醫藥領域而言，我可以理解銷售組合可能在哪些方面產生了影響。但毛利率的降幅（至少連續一段時間）確實很高，幾乎達到 100%。所以我只是好奇那裡是否還有其他事情發生？毛利率是否恢復到上半年的水平？這完全取決於 DNA 定序嗎？

So it partially would be -- there's two factors, obviously, DNA sequencing coming down, and then the second is we do have a facility that is largely fixed cost. And so when volume in that facility drops below a certain level, then yes, it does kind of bleed through dollar for dollar. That facility manufactures optics for a lot of our products, and so it was below normal volumes in that quarter.

所以部分原因是──顯然有兩個因素，DNA定序下降，第二個因素是我們確實擁有一個基本上是固定成本的設施。因此，當該設施的交易量下降到一定水平以下時，是的，它確實會逐美元流失。該工廠為我們的許多產品生產光學器件，因此該季度的產量低於正常水平。

If we were to take out the costs associated with that, we have effectively impair our ability to ramp the business in early 2025. We would have to push out that even further. And so what we decided to do is leave that cost structure in place, knowing demand is coming back in. And so that results in a higher decremental than we anticipated because we weren't anticipating the drop-off in volumes in that factory supplying optics, for both our DNA sequencing products as well as some industrial products.

如果我們扣除與此相關的成本，我們實際上會削弱我們在 2025 年初擴大業務的能力。我們將不得不進一步推遲這一點。因此，我們決定保持成本結構不變，因為我們知道需求正在回升。因此，這導致了比我們預期更高的減量，因為我們沒有預料到該工廠為我們的 DNA 定序產品以及一些工業產品供應光學元件的數量會下降。

Makes sense. Okay. Just last question. Just Matthijs, I mean, you talked about bottoming in the industrial area as well as microelectronics. It sounds like orders maybe support the microelectronics commentary. Just why are you thinking we're at a bottom on the advanced industrial side?

有道理。好的。只是最後一個問題。我的意思是，馬蒂斯，您談到了工業領域和微電子領域的觸底反彈。聽起來訂單可能支持微電子評論。為什麼您認為我們在先進工業方面處於底層？

Well, I mean, you look at multiple indicators, right? It's a combination of customer conversation as well as the kind of short-cycle business, right, returning. So within our industrial, we actually have one other short-cycle business that has started to turn. So that is kind of a leading indicator for us, right? So typically, microelectronics is the first to go down, followed by the short-cycle industrial business, followed by the longer-cycle industrial business. And so the return is the, of course, the inverse of that.

嗯，我的意思是，你會考慮多個指標，對吧？這是客戶對話和短週期業務（對，回頭客）的結合。因此，在我們的工業中，我們實際上還有另一個短週期業務已經開始轉變。所以這對我們來說是一個領先指標，對吧？所以通常情況下，微電子產業會先下跌，其次是短週期工業業務，最後是長週期工業業務。所以回報當然是相反的。

So we see microelectronics turn, the short-cycle version of it. We see the short-cycle version of the industrial starting to turn. But it's too early to say, of course, what the exact timing of the longer cycle return is. But it gives us optimism that we're seeing the first signs of that bottoming out, right? Otherwise, the short-cycle businesses would have stayed stable or declined, and that's not happening.

所以我們看到了微電子學的轉變，它的短週期版本。我們看到工業的短週期版本開始轉向。但當然，現在說較長週期迴歸的確切時間還為時過早。但這讓我們感到樂觀，我們看到了觸底反彈的最初跡象，對嗎？否則，短週期業務將會保持穩定或下降，但這種情況不會發生。

I see. Okay, helpful. Thank you.

我懂了。好的，有幫助。謝謝。

All right.

好的。

Brian Drab, William Blair.

布萊恩德拉布、威廉布萊爾。

Well, I guess I think my question was just answered. Yeah, I think my question was just answered. My question was maybe slightly different. Just as you're looking at that guidance for 2025 and the revenue expectation, are you saying up to 10% organic revenue growth, I'm wondering what is embedded in terms of your expectation for the industrial backdrop? Obviously, like 22 months or something ISM below 50. Just wondering, is there an expectation for improved industrial environment globally there or more of the same?

好吧，我想我的問題剛剛得到了答案。是的，我想我的問題剛剛得到解答。我的問題可能略有不同。正如您正在查看 2025 年的指導和收入預期一樣，您是說有機收入增長高達 10%，我想知道您對行業背景的預期包含哪些內容？顯然，例如 22 個月或 ISM 低於 50。只是想知道，全球工業環境是否有望改善或更多？

We do have a little bit more subdued there. So what we do have is, as Matthijs just talked about, is the short-cycle business is starting to see the uptick in bookings and is starting to see the uptick in growth. So we presume that, that kind of carries forward. The longer cycle, we presume, is more of a subdued environment. And so to the degree that, that recovers faster, it would have a more favorable impact on our outlook.

我們那裡確實有一點壓抑。因此，正如馬泰斯剛才談到的那樣，我們所看到的是，短週期業務開始看到預訂量的上升，並且開始看到成長的上升。所以我們假設，這種情況會持續下去。我們認為，週期越長，環境就越低迷。因此，恢復得越快，就越會對我們的前景產生更有利的影響。

But it's, again, why today? It's a very unusual day to be reporting earnings. There's a lot of things obviously going on, and so we're trying to be a little cautious at this stage. Do we clear the year? And I think our customers are demonstrating the same behavior. A lot of them are trying to manage inventory down and not overextend themselves in the fourth quarter and get better positioned for a more positive 2025.

但這又是為什麼今天呢？今天公佈財報是非常不尋常的一天。顯然正在發生很多事情，因此我們在現階段試圖保持謹慎。我們清除年份嗎？我認為我們的客戶也表現出了同樣的行為。他們中的許多人都在努力控制庫存，避免在第四季度過度擴張，為更積極的 2025 年做好準備。

Okay, thanks very much.

好的，非常感謝。

Thanks, Brian.

謝謝，布萊恩。

This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Matthijs Glastra for any closing remarks.

我們的問答環節到此結束。我想將會議轉回由 Matthijs Glastra 先生發表閉幕詞。

Thank you, operator. So to recap, Novanta had strong operating performance in the third quarter. We achieved the high end of our guidance for sales and profit, and we made good progress on our top priorities. Despite near-term macroeconomic dynamics, Novanta remains well-positioned in the medical and advanced industrial markets, with diversified exposure to long-term secular macro trends in robotics and automation, precision medicine, minimally invasive surgery, and Industry 4.0.

謝謝你，接線生。回顧一下，Novanta 在第三季的營運表現強勁。我們實現了銷售和利潤指導的高端，並且在我們的首要任務上取得了良好進展。儘管近期宏觀經濟動態強勁，Novanta 在醫療和先進工業市場仍處於有利地位，在機器人和自動化、精準醫療、微創手術和工業 4.0 等長期宏觀趨勢中擁有多元化投資。

Looking ahead, while the macroeconomic and geopolitical climate are weighing on capital equipment purchases in 2024, we believe we are in a strong position to deliver on a recovering investment climate in the industrial, microelectronics, life science, and multiomics markets. We continue to see accelerating momentum for Novanta on the back of our new product launches as we work through the fourth quarter and into 2025. We will continue to focus on additional design wins in high-growth applications, as well as doubling down on the Novanta Growth System to continue to drive strong cash flows and gross margin expansion.

展望未來，雖然宏觀經濟和地緣政治環境對 2024 年資本設備採購構成壓力，但我們相信，我們處於有利地位，能夠在工業、微電子、生命科學和多組學市場中實現投資環境的復甦。從第四季到 2025 年，隨著新產品的推出，我們繼續看到 Novanta 的發展勢頭不斷加速。我們將繼續專注於高成長應用中的更多設計勝利，並加倍投入 Novanta 成長系統，以繼續推動強勁的現金流和毛利率擴張。

In closing, as always, I'd like to thank our customers, our employees, and our shareholders for their ongoing support. I continue to be especially grateful for the dedicated efforts of all our Novanta employees who work so diligently every day, taking on new challenges and striving to make the company a great place to work. We appreciate your interest in the company and your participation in today's call. I look forward to joining all of you in several months on our fourth-quarter and full-year 2024 earnings call. Thank you very much. This call is now adjourned.

最後，一如既往，我要感謝我們的客戶、員工和股東的持續支持。我仍然特別感謝所有 Novanta 員工的奉獻精神，他們每天都如此勤奮工作，迎接新的挑戰，努力使公司成為一個理想的工作場所。我們感謝您對公司的興趣並參與今天的電話會議。我期待著幾個月後與大家一起參加我們的 2024 年第四季和全年財報電話會議。非常感謝。本次電話會議現已休會。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。