Novanta Inc (NOVT) 2025 Q1 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 Inc.'s first-quarter 2025 earnings call. (Operator Instructions) Please note, this event is being recorded.

早安.我叫加里，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Novanta Inc. 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

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

現在，我想將會議交給 Novanta 公司財務主管 Ray Nash。請繼續。

Thank you very much. Good morning, and welcome to Novanta's First Quarter 2025 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; and our Chief Financial Officer, Robert Buckley. If you've 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.

非常感謝。早安，歡迎參加 Novanta 2025 年第一季財報電話會議。我是 Novanta 公司財務主管 Ray Nash。和我一起參加今天電話會議的還有我們的董事長兼執行長 Matthijs 和財務長 Robert Buckley。如果您還沒有收到我們今天發布的收益新聞稿的副本，您可以從我們網站 www.novanta.com 的投資者關係部分取得。

Please note this call is being webcast live and will be archived on our website shortly after the call.

請注意，本次通話正在進行網路直播，並將在通話結束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 on any of these forward-looking statements as representing our views as of any time after this call.

在我們開始之前，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美國證券交易委員會文件中概述的前瞻性陳述的安全港。我們今天可能會發表一些評論，包括我們準備好的演講稿和對問題的回答，其中可能包括前瞻性的陳述。這些涉及已知和未知風險的固有假設以及其他可能導致我們未來結果與我們當前預期有重大差異的因素。今天所做的任何前瞻性陳述僅代表我們目前的觀點。即使我們的估計發生變化，我們也不承擔在未來更新前瞻性陳述的任何義務，因此您不應依賴任何這些前瞻性陳述來代表我們在本次電話會議後的任何時間的觀點。

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，我們將參考某些非公認會計準則財務指標。此類非 GAAP 財務指標與最直接可比較的 GAAP 指標的對帳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中使用了與收益新聞稿中的 GAAP 指標不一致的非 GAAP 財務指標，我們將在本次電話會議結束後及時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 董事長兼執行長 Matthijs Glastra。

Thank you, Ray. Good morning, everybody, and thanks for joining our call. Novanta achieved a successful first quarter of 2025 hitting our expectations for sales and profit, continuing our organic growth path and delivering strong cash flow performance, all while effectively navigating a challenging environment.

謝謝你，雷。大家早安，感謝大家參加我們的電話會議。Novanta 在 2025 年第一季取得了成功，達到了我們的銷售額和利潤預期，繼續保持有機成長路徑，並實現了強勁的現金流表現，同時有效地應對了充滿挑戰的環境。

In the first quarter, we delivered $233 million in revenue, which represents organic growth of 2% and reported growth of 1%. Our orders grew 3% year-over-year. Adjusted gross margins were 46%, in line with expectations, and adjusted EBITDA was $50 million. We generated a robust $32 million of operating cash flows in the quarter, continuing our streak of delivering strong operating cash flow conversion of above 120% of net income for the eighth consecutive quarter.

第一季度，我們的營收為 2.33 億美元，有機成長 2%，報告成長 1%。我們的訂單年增了3%。調整後的毛利率為 46%，符合預期，調整後的 EBITDA 為 5,000 萬美元。我們在本季產生了 3,200 萬美元的強勁經營現金流，連續第八個季度實現淨收入 120% 以上的強勁經營現金流轉換。

These strong results reflect the strength of Novanta's business, culture and team. I'm especially proud of our team's resilience and disciplined execution in this volatile environment while deeply embedding the Novanta Growth System in our culture.

這些強勁的業績反映了 Novanta 的業務、文化和團隊的實力。我對我們團隊在這種動盪的環境中表現出的韌性和嚴謹的執行力感到特別自豪，同時將 Novanta 成長系統深深植根於我們的文化中。

In addition to our strong financial performance, I'm pleased to announce the successful closure of a small strategic tuck-in acquisition at the start of April marking our first acquisition of 2025. We continue to work on a large pipeline of additional acquisition opportunities, which remains a top priority for Novanta this year.

除了我們強勁的財務表現外，我很高興地宣布，我們在 4 月初成功完成了一項小型策略性收購，這是我們 2025 年的首次收購。我們將繼續致力於尋找大量額外的收購機會，這仍然是 Novanta 今年的首要任務。

Before I dive into the market environment, I want to emphasize that Novanta's diversified business model with more than 3,000 customers with exposure to high-growth medical, life science and advanced industrial markets has consistently demonstrated resilience across various geopolitical and macroeconomic scenarios. Our strategy focused on winning in markets with long-term secular tailwinds such as precision robotics and automation, advanced minimally invasive and robotic surgery and precision medicine.

在深入探討市場環境之前，我想強調的是，Novanta 的多元化業務模式擁有超過 3,000 名客戶，涉足高成長醫療、生命科學和先進工業市場，在各種地緣政治和宏觀經濟情景中始終表現出韌性。我們的策略重點是贏得具有長期順風的市場，例如精密機器人和自動化、先進的微創和機器人手術以及精準醫療。

Many applications within these markets are still in the early stages of their adoption cycles, offering significant long-term growth potential. We forge deep and long-term partnerships with leading OEM customers in these markets, addressing their most challenging problems with our innovative proprietary solutions and technologies. Our asset-light business model drives high cash flow conversion and growth, which we reinvest in the business and acquisitions, creating long-term, sustainable and consistent cash flow growth and shareholder value.

這些市場中的許多應用程式仍處於採用週期的早期階段，具有巨大的長期成長潛力。我們與這些市場中領先的 OEM 客戶建立了深厚而長期的合作夥伴關係，利用我們創新的專有解決方案和技術解決他們最具挑戰性的問題。我們的輕資產業務模式推動高現金流轉換和成長，我們將這些現金流再投資於業務和收購，創造長期、可持續和持續的現金流成長和股東價值。

In short, we feel that our winning growth strategy focused on where we play and how we win and our deployment of the Novanta Growth System is what drives our performance and energy environment.

簡而言之，我們認為，我們的致勝成長策略重點在於我們在哪裡發揮作用以及我們如何取勝，而我們對 Novanta 成長系統的部署正是推動我們績效和能源環境的動力。

With that said, let me make a few comments on the market environment and how Novanta is responding to the dynamics we see. Our sales to health care markets continue to thrive with strong patient procedure growth and hospital spending driving high single-digit growth in our Advanced Surgery business. We expect to grow faster in the health care market in 2025 from new product launches within surgical robotics and minimally invasive surgery applications. These products are quickly adopted because they enhance patient safety, improve surgical throughput and help meet new regulatory requirements.

話雖如此，讓我對市場環境以及 Novanta 如何應對我們所看到的動態發表一些評論。我們在醫療保健市場的銷售持續繁榮，病患手術量強勁成長，醫院支出推動我們的先進外科手術業務實現高個位數成長。我們預計，到 2025 年，隨著手術機器人和微創手術應用領域的新產品推出，醫療保健市場將實現更快的成長。這些產品很快就被採用，因為它們提高了患者的安全性、提高了手術吞吐量並有助於滿足新的監管要求。

We are reconfirming $50 million of incremental new product revenue for 2025, predominantly driven by our next-generation smoke evacuation, insufflators and next-generation endoscopic pumps. In addition to strong new product launches within our medical devices markets, we're also seeing strong demand for our new product launches supporting so-called physical AI applications, such as warehouse automation, precision robotics, humanoids, RFID and EUV lithography solutions and other technologies that support a near-shoring of manufacturing.

我們再次確認 2025 年新產品收入增量為 5000 萬美元，主要由我們的下一代煙霧抽吸器、充氣器和下一代內視鏡泵推動。除了在醫療器材市場推出強勁的新產品外，我們還看到對支援所謂實體 AI 應用的新產品的強勁需求，例如倉庫自動化、精密機器人、人形機器人、RFID 和 EUV 光刻解決方案以及其他支援近岸製造的技術。

We're confidently pushing forward with our investments in innovation and commercial excellence in these markets. Despite this backdrop of strong secular growth drivers, in the near term, it's fair to say the macroeconomic environment we're dealing with today is one of the most uncertain and volatile that we've seen since the early days of the COVID pandemic. Since our last call, trade war uncertainty and tit-for-tat retaliatory response is dramatically escalated.

我們滿懷信心地推進對這些市場的創新和商業卓越的投資。儘管存在強勁的長期成長動力，但從短期來看，我們可以公平地說，我們今天面臨的宏觀經濟環境是自新冠疫情初期以來最不確定、最動盪的環境之一。自從我們上次通話以來，貿易​​戰的不確定性和針鋒相對的報復性反應急劇升級。

The size and timing of tariffs, their resolution or retaliatory responses are largely unknown at this point. This uncertainty drives reluctance by our customers' customers to make capital investments, which results in poor visibility for our OEM customers, particularly in industrial and life sciences markets. Novanta has responded well to similar situations in the past and is even better prepared today.

目前，關稅的規模和時間、解決方案或報復性措施基本上尚不清楚。這種不確定性導致我們客戶的客戶不願意進行資本投資，導致我們的 OEM 客戶的知名度較差，尤其是在工業和生命科學市場。Novanta 過去曾對類似情況做出良好的反應，如今準備更加充分。

Over the past few years, we have enhanced the scalability and resilience of our operations and supply chain, reduced reliance on Chinese imports and strengthened our in China For China strategy, including local teams, supply chains and $50 million in locally manufactured product revenue. This has laid a foundation that we can use to accelerate further manufacturing network optimization.

在過去幾年裡，我們增強了營運和供應鏈的可擴展性和彈性，減少了對中國進口的依賴，並加強了我們的「在中國為中國」戰略，包括本地團隊、供應鏈和 5000 萬美元的本地製造產品收入。這為我們加速進一步優化製造網路奠定了基礎。

In recent quarters, we also strengthened our organization and leadership. For example, our new co-Chief Operating Officer roles, allow us to respond to these situations in a more cohesive, nimble and rapid way. In the first quarter, we onboarded a new Global Head of Supply Chain with deep expertise in our markets, technologies and the Novanta Growth System. Additionally, we welcomed a new global head of the Novanta Growth System who brings with him best-in-class experiences and training from Danaher and Fortive.

最近幾個季度，我們也加強了組織領導。例如，我們新設立的聯席首席營運長職位使我們能夠以更具凝聚力、更靈活、更快速的方式應對這些情況。第一季度，我們聘請了一位新的全球供應鏈主管，他對我們的市場、技術和 Novanta 成長系統有著深厚的專業知識。此外，我們還迎來了 Novanta Growth System 的新全球主管，他帶來了丹納赫和 Fortive 的一流經驗和培訓。

So while the trade and tariff changes in place right now have currently increased our manufacturing cost by approximately $20 million annually. We expect to mitigate this impact through a multipronged strategy that allows us to still maintain our full year 2025 EBITDA guidance we issued in February of this year. Robert will go into further details on our approach shortly.

因此，雖然目前的貿易和關稅變化目前已使我們的製造成本每年增加約 2000 萬美元。我們希望透過多管齊下的策略來減輕這種影響，以便我們仍然能夠維持今年 2 月發布的 2025 年全年 EBITDA 指引。羅伯特很快就會詳細介紹我們的方法。

While addressing short-term tariff mitigation, we remain steadfast in our focus on our top 3 priorities for Novanta in 2025 as discussed on our last call. First, ramp all our planned new products and achieve the $50 million of growth from new products this year. Second, deliver strong profit margin and cash flow performance by driving the Novanta Growth System deep into our culture and operations. This now includes implementing our tariff response plan to counteract tariff headwinds and market demand disruptions. And third, acquire additional companies that fit our strategy at attractive returns and in a manner that evolve our portfolio to secular growing and resilient markets and business models.

在解決短期關稅減免問題的同時，我們仍將堅定不移地關注上次電話會議上討論的 Novanta 2025 年的三大優先事項。首先，加大我們計劃推出的所有新產品的力度，實現今年新產品 5,000 萬美元的成長。其次，透過將 Novanta 成長系統深入我們的文化和營運中，實現強勁的利潤率和現金流表現。現在包括實施我們的關稅應對計劃，以抵消關稅逆風和市場需求中斷。第三，以有吸引力的回報收購更多符合我們策略的公司，並將我們的投資組合發展為長期成長和有彈性的市場和商業模式。

Now I'll return to the first quarter to give more details on our results and our strategic growth metrics. In the first quarter, medical market sales made up 55% of total Novanta sales and advanced industrial markets made up 45% of total sales. Sales to both end markets grew low single digit year-over-year despite the short-term uncertainty in the industrial space, we remain confident in our long-term exposure to secularly growing niches in this end market. Novanta is positioned in many attractive applications and enabling technologies, supporting the so-called physical AI applications in onshoring and near-shoring of manufacturing, which is driving robotics and automation investments, particularly due to labor cost and labor shortages.

現在我將回到第一季度，詳細介紹我們的業績和策略成長指標。第一季度，醫療市場銷售額佔 Novanta 總銷售額的 55%，先進工業市場銷售額佔總銷售額的 45%。儘管工業領域存在短期不確定性，但兩個終端市場的銷售額同比均實現了低個位數成長，我們仍然對長期涉足該終端市場長期成長的利基市場充滿信心。Novanta 在許多有吸引力的應用和支援技術方面處於領先地位，支援製造業在岸和近岸的所謂實體人工智慧應用，這推動了機器人和自動化投資，特別是由於勞動力成本和勞動力短缺。

Many of these applications and enabling technologies are still in the early stages of their adoption cycles, offering significant long-term growth potentials of mid- to high single-digit organic growth. In the first quarter, we saw solid design win activity, particularly in our Automation Enabling Technologies segment, where design wins grew by strong double digits as customers continue to work on next-generation platforms despite the market turbulence. Some examples of recent design wins include warehouse automation robotics, RFID solutions, advanced semiconductors, laser additive manufacturing, micromachining and also humanoid robotics.

許多此類應用程式和支援技術仍處於採用週期的早期階段，具有中高個位數有機成長的巨大長期成長潛力。在第一季度，我們看到了穩健的設計勝利活動，特別是在我們的自動化支援技術領域，儘管市場動盪，但由於客戶繼續致力於下一代平台，設計勝利實現了強勁的兩位數成長。最近獲獎的一些設計案例包括倉庫自動化機器人、RFID 解決方案、先進半導體、雷射增材製造、微加工以及人形機器人。

Also in the first quarter, new product sales grew a strong double-digit year-over-year and our vitality index climbed to just below 20% of total sales. With the anticipated ramp of new products, we expect these metrics to further improve over the course of the year.

此外，在第一季度，新產品銷售額較去年同期強勁成長了兩位數，我們的活力指數攀升至總銷售額的 20% 以下。隨著新產品的預期推出，我們預計這些指標將在今年進一步改善。

To highlight a few new product examples for you. First, all major customers have now launched their second-generation smoke evacuation insufflator products with favorable market reception. The market reception regulatory drivers, customer orders and customer engagement of these products give us confidence these new product ramps are on track despite the turmoil in trade.

為您重點介紹一些新產品範例。首先，目前各大客戶均已推出第二代煙霧抽吸氣囊產品，並獲得了良好的市場反應。儘管貿易動盪，但這些產品的市場接受度監管驅動因素、客戶訂單和客戶參與度使我們相信，這些新產品的產量仍在穩步增長。

Next, we're very excited about recent launches that further expand our lead in ultra-precise, high density and high safety motion control and sensing product lines, targeted at warehouse automation and humanoid where Novanta has unique proprietary technologies. Examples include our Denali and Everest Safe Servo drives, which enable embedded safety of precision robots in warehouse automation and humanoids at industry-leading power density. We're also excited about our next gen Axiom Vero for storage sensors with excellent noise immunity and high stiffness, providing robots with a sense of touch, which is critical in these applications.

接下來，我們對最近發布的產品感到非常興奮，這些產品進一步擴大了我們在超精密、高密度和高安全性運動控制和感測產品線方面的領先地位，目標是倉庫自動化和人形機器人，Novanta 擁有獨特的專有技術。例如我們的 Denali 和 Everest 安全伺服驅動器，它們能夠以業界領先的功率密度實現倉庫自動化和人形機器人中精密機器人的嵌入式安全。我們也對下​​一代 Axiom Vero 儲存感測器感到興奮，它具有出色的抗噪性和高剛度，為機器人提供觸覺，這在這些應用中至關重要。

The benefits are smarter planning and reacting faster motion via quicker response times, compression of goods to fill bins more efficiently and the ability to handle cluttered unpredictable environments. In April, Novanta acquired Keonn, an integrated RFID solution provider based in Barcelona, Spain. Keonn combines proprietary RFID hardware with AI-enhanced cloud-based software to offer real-time inventory and asset management.

其優點是，透過更快的反應時間實現更聰明的規劃和更快的動作反應，壓縮貨物以更有效地填充箱子，並能夠處理混亂且不可預測的環境。今年4月，Novanta收購了總部位於西班牙巴塞隆納的綜合RFID解決方案供應商Keonn。Keonn 將專有 RFID 硬體與 AI 增強型雲端軟體結合，提供即時庫存和資產管理。

As a long-term Novanta customer, Keonn is a market leader in providing retail stores and warehouses with precise location data within an inch of accuracy, inventory traceability and predictive insights, improving revenue, customer experiences and profitability with reduced stockouts. This acquisition aligns with Novanta's strategy to expand into intelligent embedded software-based subsystems and solutions. Keonn marks our first entry into AI-enhanced cloud-based software integrated with proprietary RFID hardware and fills a crucial software integration gap for better penetration into the medical market, including hospitals.

作為 Novanta 的長期客戶，Keonn 在為零售店和倉庫提供精確到一英寸的精確位置數據、庫存可追溯性和預測洞察方面處於市場領先地位，透過減少缺貨來提高收入、客戶體驗和盈利能力。此次收購符合 Novanta 向智慧嵌入式軟體子系統和解決方案擴展的策略。Keonn 標誌著我們首次進入與專有 RFID 硬體整合的 AI 增強型雲端軟體領域，填補了關鍵的軟體整合空白，從而更好地滲透到包括醫院在內的醫療市場。

This technology aims to improve traceability, reduce costs, enhance patient outcomes and improve staff and patient experiences. While medical customers have longer design cycles, we are excited about Keonn's impact on retail customers and expect rapid market adoption, driving double-digit growth. Though the near-term impact on Novanta sales and profit is small, we anticipate significant contribution to overall growth from 2026 onwards.

該技術旨在提高可追溯性、降低成本、改善患者治療效果並改善員工和患者體驗。雖然醫療客戶的設計週期更長，但我們對 Keonn 對零售客戶的影響感到興奮，並預計市場將迅速採用，從而推動兩位數的成長。雖然短期內對 Novanta 銷售額和利潤的影響較小，但我們預計從 2026 年起它將對整體成長做出重大貢獻。

Looking beyond this transaction for 2025, acquiring new technologies and businesses remain a top priority for our team. We continue to have a large and exciting pipeline of additional targets. Valuations are more attractive, and we believe that the near-term macroeconomic environment is an added catalyst to increase actionability. Our balance sheet is well positioned for additional transactions while maintaining our historical digital plan on both cash returns and financial leverage.

展望2025年，除了此次交易之外，收購新技術和新業務仍是我們團隊的首要任務。我們將繼續擁有大量令人興奮的額外目標。估值更具吸引力，我們相信近期宏觀經濟環境是提高可操作性的額外催化劑。我們的資產負債表已為額外的交易做好了準備，同時在現金回報和財務槓桿方面保持了我們的歷史數位計劃。

To conclude, I'm very pleased with our first quarter performance. We met sales and profit expectations, exceeded cash flow expectations and effectively navigated disruptive market events. We are well positioned and are leading in to seize new growth opportunities in 2025 amid trade uncertainty and volatility. Our new product ramps are on track for 2025, and we're confident in achieving our goal of $50 million of incremental new product sales with revenue expected to grow further in the following years.

總而言之，我對我們第一季的表現非常滿意。我們達到了銷售額和利潤預期，超越了現金流預期，並有效應對了破壞性的市場事件。在貿易不確定性和波動性中，我們已做好準備並率先抓住 2025 年新的成長機會。我們的新產品在 2025 年的產量有望達到預期，我們有信心實現 5000 萬美元增量新產品銷售額的目標，並且預計未來幾年收入將進一步增長。

Additionally, this environment presents opportunities for attractive new acquisitions as demonstrated by the Keonn acquisition. With a stronger management team, a solid business foundation in the right markets and an intact company strategy, I remain confident in our resiliency and ability to navigate the near-term dynamics.

此外，這種環境也為有吸引力的新收購提供了機會，正如 Keonn 收購所證明的那樣。憑藉更強大的管理團隊、在正確市場的堅實業務基礎以及完整的公司策略，我對我們的韌性和應對短期動態的能力充滿信心。

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

說完這些，我將把電話轉給羅伯特，讓他提供有關我們的營運和財務表現的更多細節。羅伯特？

Thank you, Matthijs. Our first quarter 2025 non-GAAP adjusted gross profit was $108 million or a 46% adjusted gross margin compared to $107 million or a 46% adjusted gross margin in the first quarter of 2024. Adjusted gross margins were flat year-over-year, in line with our expectations.

謝謝你，Matthijs。我們 2025 年第一季的非 GAAP 調整後毛利為 1.08 億美元，調整後毛利率為 46%，而 2024 年第一季為 1.07 億美元，調整後毛利率為 46%。調整後的毛利率與去年同期持平，符合我們的預期。

For the first quarter, R&D expenses were $23 million or approximately 10% of sales. First quarter SG&A expenses were $46 million or roughly 20% of sales. Adjusted EBITDA was $50 million in the first quarter, a 21% adjusted EBITDA margin, demonstrating growth of 1% year-over-year.

第一季度，研發費用為 2,300 萬美元，約佔銷售額的 10%。第一季銷售、一般及行政費用為 4,600 萬美元，約佔銷售額的 20%。第一季調整後 EBITDA 為 5,000 萬美元，調整後 EBITDA 利潤率為 21%，較去年同期成長 1%。

On the tax front, our non-GAAP tax rate for the first quarter was 20% versus 16% in the prior year. Our tax rate increased year-over-year due to changes in jurisdictional mix of pretax income and Pillar 2 implications. Our non-GAAP adjusted earnings per share was $0.74 in the quarter, flat versus the prior year. Our free cash flow was a robust $32 million, exceeding expectations and demonstrating strong cash conversion capabilities from strong net working capital management.

在稅務方面，我們第一季的非公認會計準則稅率為 20%，而去年同期為 16%。由於稅前收入的管轄結構變化和第二支柱影響，我們的稅率同比增長。本季我們的非公認會計準則調整後每股收益為 0.74 美元，與前一年持平。我們的自由現金流達到了強勁的 3,200 萬美元，超出了預期，並展示了強大的淨營運資本管理帶來的強大現金轉換能力。

We ended the first quarter with gross debt of $392 million, and with a gross leverage ratio of 1.9x. Our net debt was $286 million, giving us a net leverage ratio of approximately 1.4x. Following the Keonn acquisition, we expect our second quarter gross leverage ratio to be slightly above 2x, and our net debt leverage to remain below 2. This gives us ample capacity for further acquisitions.

第一季末，我們的總負債為3.92億美元，總槓桿比率為1.9倍。淨負債為2.86億美元，淨槓桿比率約1.4倍。收購Keonn後，我們預期第二季的總槓桿比率將略高於2倍，淨負債槓桿比率將維持在2倍以下。這為我們進一步收購提供了充足的能力。

In the first quarter, we also repurchased approximately $6 million worth of common shares. Novanta's share repurchase strategy is focusing on acquiring the stock when the value of the stock is more attractive to both internal investments and acquiring businesses in our acquisition pipeline. Our methodology is based on a cash return on investment. In our view, the stock valuation is currently attractive, but we will continue to balance acquiring our stock with a strategy of maintaining enough cash to fulfill our acquisition strategy and expectations.

第一季度，我們也回購了價值約 600 萬美元的普通股。Novanta 的股票回購策略專注於在股票價值對內部投資和收購管道中的收購業務都更具吸引力時收購股票。我們的方法是基於投資現金回報。我們認為，股票估值目前具有吸引力，但我們將繼續平衡收購股票與維持足夠現金的策略，以實現我們的收購策略和預期。

For the first quarter, Novanta book-to-bill was 0.88. Bookings were up 3% year-over-year. We saw a slowdown in customer booking activity in the month of February due to increased short-term uncertainty caused by customers from global trade disruptions. While we expect the near-term ordering behavior for our customers remain volatile, orders for the month of March and April did recover and climb both sequentially and year-over-year.

第一季度，Novanta的訂單出貨比為0.88。訂單量較去年同期成長3%。由於全球貿易中斷為客戶帶來了短期不確定性增加，我們發現 2 月客戶預訂活動有所放緩。雖然我們預期客戶的近期訂購行為仍將保持波動，但 3 月和 4 月的訂單確實有所回升，並且環比和同比均有所攀升。

Now I'll turn details of the operating segments. In the Automation Enabling Technologies segment, first quarter sales grew by 5% year-over-year, driven by continued strength in the robotics and automation business unit. The book-to-bill in this segment for the first quarter was 0.90 and bookings were up 16% year-over-year.

現在我來介紹一下經營分部的詳細資料。在自動化支援技術部門，第一季銷售額年增 5%，這得益於機器人和自動化業務部門的持續強勁成長。該部門第一季的訂單出貨比為 0.90，訂單量較去年同期成長 16%。

Adjusted gross margins in this segment were 49%, up 70 basis points year-over-year, driven by favorable product mix and strong productivity in our factories. Design wins in this segment were up strong double digits year-over-year, driven by good execution in our sales teams to win new sockets and upcoming customer platforms. New product revenues also grew strong double-digit year-over-year and the vitality index was in the mid-teens percent of sales, up versus the prior year and in line with expectations.

該部門調整後的毛利率為 49%，比去年同期成長 70 個基點，這得益於良好的產品組合和工廠強大的生產力。該領域的設計勝利同比增長了兩位數，這得益於我們的銷售團隊在贏得新插座和即將到來的客戶平台方面的出色表現。新產品收入也比去年同期強勁增長了兩位數，活力指數達到銷售額的百分之十幾，比上年有所上升，符合預期。

The Medical Solutions segment experienced a revenue decline of 3% year-over-year. The organic decline was caused by sales decline in our precision medicine business unit, which serves the life science market. This market experienced both disruptions from tariffs and a significant disruption from funding cuts at the U.S. National Institute of Health, which allocates out more than $40 billion annually to the life science industry.

醫療解決方案部門的收入較去年同期下降了 3%。有機下降是由於服務生命科學市場的精準醫療業務部門的銷售額下降所造成的。這個市場既經歷了關稅的干擾，也經歷了美國國立衛生研究院資金削減的嚴重干擾，該研究院每年向生命科學產業撥款超過 400 億美元。

While we expect uncertainty in Life Science to remain for the rest of the year, we are pleased to see strong double-digit growth in our Advanced Surgery business unit, partially offsetting the decline. Advanced Surgery saw high levels of demand for minimum invasive surgical equipment, driven by both robust end market dynamics and new product launches.

雖然我們預計生命科學領域的不確定性在今年剩餘時間內仍將存在，但我們很高興看到先進外科業務部門實現了強勁的兩位數成長，部分抵消了下滑。受強勁的終端市場動態和新產品發布的推動，先進外科對微創手術設備的需求很大。

The overall Medical Solutions segment saw a book-to-bill of 0.85 in the first quarter and bookings were down 10% year-over-year, caused solely by our precision medicine business unit. However, the vitality index in this segment was nearly 25% of sales for the first quarter, showing strong double-digit growth in new product sales year-over-year. This reflects the ramp of our new product launches in the Advanced Surgery business unit. Adjusted gross margin in segments were 44% in the quarter versus 45% in the prior quarter. The decrease is mainly driven by product mix.

整個醫療解決方案部門第一季的訂單出貨比為 0.85，訂單量年減 10%，這完全是由我們的精準醫療業務部門造成的。不過，該部門的活力指數第一季銷售額接近25%，新產品銷售額較去年同期強勁實現兩位數成長。這反映了我們先進外科業務部門新產品推出的成長。本季各部門調整後毛利率為 44%，上一季為 45%。下降主要是由於產品結構所致。

Now turning to our outlook and guidance. Speaking first about tariffs and global trade disruptions, we see this situation impacting our business in 3 different ways. First, the impact of tariffs on supply chain, which increases the material cost of our products. Second, the impact of reciprocal tariffs from China on U.S. manufactured products shipped to China, which impedes our ability to economically ship products to Chinese customers from the United States.

現在轉向我們的展望和指導。首先談到關稅和全球貿易中斷，我們認為這種情況會以三種不同的方式影響我們的業務。首先，關稅對供應鏈的影響，增加了我們產品的材料成本。其次，中國對美國製造的輸往中國的產品的互惠關稅的影響，阻礙了我們從美國向中國客戶經濟地運送產品的能力。

And third, the impact of weakness in global capital spending caused by the tariff uncertainty, which results in companies deferring investments.

第三，關稅不確定性導致全球資本支出疲軟，導致企業延後投資。

Starting with the impact on our supply chain, we believe we can largely mitigate and avoid these costs. We have calculated the gross annual impact is approximately $20 million of additional costs based on the tariffs currently in place. However, our teams have responded quickly and effectively with a playbook honed over the last 5 years.

從對我們的供應鏈的影響開始，我們相信我們可以在很大程度上減輕和避免這些成本。根據現行關稅，我們計算出年度總影響約 2,000 萬美元的額外成本。然而，我們的團隊已經利用過去五年來磨練的策略迅速有效地做出了反應。

For starters, they pivoted the second source vendors were not subject to the tariffs. Second, we moved some manufacturing to other regions to avoid importing into the United States. Third, we worked with customs offices to implement duty exceptions and drawbacks. And fourth, we implemented price increases and tariff surcharges to customers. The combination of these actions have both reduced the overall tariff cost to Novanta by nearly 50% and have largely mitigated the remaining impact of tariffs on our profitability.

首先，他們轉向不受關稅約束的第二個來源供應商。其次，我們將部分製造業轉移到其他地區，以避免進口到美國。三是配合海關落實免稅和退稅政策。第四，我們對客戶實施了價格上漲和關稅附加費。這些措施相結合，既將 Novanta 的整體關稅成本降低了近 50%，又在很大程度上減輕了關稅對我們獲利能力的剩餘影響。

The next topic is reciprocal tariffs from China on U.S. manufactured product shipped to China. Novanta ships approximately $45 million annually of products from our U.S. manufacturing facilities to Chinese customers. For the remainder of 2025, we were expecting to ship approximately $35 million of revenue to China from our U.S.

下一個話題是中國對美國製造的輸華產品徵收互惠關稅。Novanta 每年從其美國製造工廠向中國客戶運送約價值 4,500 萬美元的產品。在 2025 年剩餘時間內，我們預計將從美國向中國輸出約 3,500 萬美元的收入。

factories. As of today, these shipments were on hold and the revenues deferred due to the magnitude of the tariffs applied to our products, which exceeds the 100%. However, we are aggressively working on mitigating this impact as quickly as possible and are making solid progress.

工廠。截至今天，由於我們產品徵收的關稅金額超過 100%，這些貨物被擱置，收入被推遲。然而，我們正在積極努力盡快減輕這種影響，並且正在取得堅實的進展。

For starters, we intend to accelerate our in China for China manufacturing strategy, which means manufacturing products for the China market in China. Today, we have more than $50 million of product made in China for the China market, and we expect to double that in 2026. Second, we will establish duplicate manufacturing lines in our European manufacturing facilities. Shipments from European factories are not subject to reciprocal tariffs from China.

首先，我們打算加速實施「在中國為中國製造」的策略，即在中國為中國市場生產產品。如今，我們為中國市場提供了價值超過 5,000 萬美元的中國製造產品，我們預計到 2026 年這一數字將翻倍。第二，我們將在歐洲的製造工廠建立重複的生產線。來自歐洲工廠的貨物不受中國互惠關稅的約束。

Third, we are working with our customers to ship product to their nontariff-based manufacturing centers. And fourth, we are working with customers on tariff exceptions and free trade zones to eliminate the impact on our customers. These actions are being taken to both mitigate the risk of reciprocal tariffs on the nearly $35 million of U.S. manufactured products shipping to China as well as to derisk the threat of potential reciprocal tariffs from Europe on roughly $250 million of U.S. manufactured products shipping to our European customers from U.S.

第三，我們正在與客戶合作，將產品運送到他們的非關稅製造中心。第四，我們正在與客戶就關稅豁免和自由貿易區進行合作，以消除對客戶的影響。採取這些措施是為了減輕美國對中國出口的價值近 3500 萬美元的製造產品徵收互惠關稅的風險，以及降低歐洲對從美國出口到歐洲客戶的價值約 2.5 億美元的製造產品徵收互惠關稅的威脅。

factories.

工廠。

While EU reciprocal tariffs have not been implemented, we still feel shifting to a regional manufacturing model will permanently eliminate any further risk without materially impacting our overall costs over the long run. Many of the solutions to this challenge will take time to fully implement, but we've already begun this work and are seeing solid progress.

雖然歐盟尚未實施互惠關稅，但我們仍然認為，轉向區域製造模式將永久消除任何進一步的風險，而不會對我們的長期整體成本產生實質影響。應對這項挑戰的許多解決方案都需要時間才能完全實施，但我們已經開始這項工作並看到了堅實的進展。

To further accelerate our efforts and mitigate potential shortfalls in our progress, we have expected to implement proactive cost containment actions by the end of the second quarter. This program will target approximately $20 million of annualized cost savings to partially offset to the profit impact of tariffs and custom revenue deferrals as well as to accelerate our long-term manufacturing footprint strategy.

為了進一步加快我們的努力並減輕進展中的潛在不足，我們預計將在第二季末實施積極的成本控制措施。該計劃的目標是每年節省約 2000 萬美元的成本，以部分抵消關稅和海關收入遞延對利潤的影響，並加速我們的長期製造足跡策略。

In the final area we are focused on is dealing with the near-term weakness in global capital spending caused by the uncertainty from the trade war and the U.S. government spending cuts. Since June of 2022, much of the manufacturing capital spending markets have been in a recession. As such, our cost structure and our operating model have already been adjusted for this new environment. We will continue to focus on embedding the Novanta Growth System deep into our culture and our way of working to generate productivity, to decrease complexity and to accelerate our strategy.

我們關注的最後一個領域是應對貿易戰的不確定性和美國政府削減開支造成的全球資本支出的短期疲軟。自 2022 年 6 月以來，大部分製造業資本支出市場陷入衰退。因此，我們的成本結構和營運模式已經針對這個新環境進行了調整。我們將繼續致力於將 Novanta 成長系統深深融入我們的文化和工作方式中，以提高生產力、降低複雜性並加速我們的策略。

Also, we will continue to focus on innovation by launching new products to generate demand in a weak spending environment. Our customers recognize that even in weak spending environments, new products that dramatically improve productivity, safety, quality, and create breakthrough innovation for their customers will generate demand. We also continue to invest in less capital sensitive markets, such as the medical device market and software, and we are leveraging our acquisition model to acquire new businesses to accelerate these efforts.

此外，我們將繼續專注於創新，推出新產品以在疲軟的消費環境中創造需求。我們的客戶意識到，即使在疲軟的消費環境中，能夠大幅提高生產力、安全性和品質並為客戶帶來突破性創新的新產品也會產生需求。我們也繼續投資於對資本較不敏感的市場，例如醫療器材市場和軟體，我們正在利用我們的收購模式來收購新業務以加速這些努力。

Taking into consideration all these factors, let me now share guidance. For the full year of 2025, we remain confident in our strategic response plans and mitigation efforts, which positions us to navigate uncertainty and volatility effectively. Our focus on delivering on our profit commitments and driving long-term growth remains unwavering.

考慮到所有這些因素，現在讓我分享指導。對於 2025 年全年，我們仍然對我們的策略性應對計畫和緩解措施充滿信心，這使我們能夠有效應對不確定性和波動性。我們始終堅定不移地致力於實現利潤承諾和推動長期成長。

Based on this, we reiterate our full year 2025 guidance for adjusted EBITDA. However, given the heightened uncertainty and volatility, we are in an environment that makes long-term revenue predictions challenging beyond the second quarter. As such, we will only be issuing quarterly revenue guidance until visibility improves.

基於此，我們重申 2025 年全年調整後 EBITDA 指引。然而，鑑於不確定性和波動性加劇，我們所處的環境使得第二季之後的長期收入預測充滿挑戰。因此，我們將僅發布季度收入指導，直到可見度提高為止。

For the second quarter of 2025, we expect GAAP revenue in the range of $230 million to $240 million, which represents a year-over-year change for reported revenue of down 2% to up 2%. This range is much larger than we would normally guide purely because of the potential for further disruptions caused by the current environment. However, it's important to highlight that as of today, our revenue is currently forecasted at the top end of this range. And as the environment does not change materially from today, we would expect to remain there.

對於 2025 年第二季度，我們預計 GAAP 營收將在 2.3 億至 2.4 億美元之間，這意味著報告營收年增 2% 至 2%。這個範圍比我們通常指導的要大得多，純粹是因為當前環境可能會造成進一步的破壞。然而，必須強調的是，截至今天，我們的收入目前預測處於該範圍的最高端。而且由於環境與今天相比沒有重大變化，我們預期環境將維持現狀。

As Matthijs mentioned, we are excited to see that several of our end markets are demonstrated solid growth right now despite the market dynamics. We see this especially in medical devices, semiconductor equipment and certain precision robotics categories. The trends in patient procedural growth in health care remains robust and investments in AI remain strong, and some of the trade disruptions are even driving more investments in robotics and RFID to allow customers to better adapt to the changing dynamics. This is a testament to our diversified and resilient business portfolio and our focus on high-growth secular growing end markets.

正如 Matthijs 所提到的，我們很高興地看到，儘管市場動態變化，但我們的幾個終端市場目前仍表現出穩健的成長。我們尤其在醫療設備、半導體設備和某些精密機器人類別中看到了這種情況。醫療保健領域患者程式成長趨勢仍然強勁，對人工智慧的投資仍然強勁，一些貿易中斷甚至推動了對機器人和 RFID 的更多投資，以使客戶能夠更好地適應不斷變化的動態。這證明了我們多元化和有彈性的業務組合以及我們對高成長長期成長終端市場的關注。

At the segment level in the second quarter, we expect Automation Enabling technology segment to range from flat to low single-digit decline year-over-year, driven by a deeper decline in precision manufacturing as that business unit is more immediately impacted by the trade conflict between U.S. and China, partially offset by continued growth in robotics and automation.

在第二季的細分市場層面，我們預計自動化支援技術部門的營收將同比持平至低個位數下滑，這主要是因為精密製造業務部門受到中美貿易衝突的直接影響，導致該業務部門營收下滑幅度更大，但機器人和自動化業務的持續成長部分抵消了這一影響。

Our Medical Solutions segment is expected to show low to mid-single-digit growth as we continue to ramp new products in the Advanced Surgery business. We also expect to see some sales benefit from the Keonn acquisition in the second quarter, but the range is hard to quantify at this point. This will be partially offset by continued weakness in core precision medicine products selling into life science.

隨著我們繼續在先進外科手術業務中推出新產品，我們的醫療解決方案部門預計將呈現低至中等個位數的成長。我們也預期第二季收購 Keonn 將帶來一些銷售收益，但目前很難量化具體幅度。核心精準醫療產品在生命科學領域的銷售持續疲軟將部分抵消此影響。

Moving on to adjusted gross margin for the second quarter. We expect to be approximately 45.5% to 46.5%, while moving quickly to protect margin and profit with tariff response playbook, our efforts will be partially limited in the second quarter by the timing of when these actions take full effect. We expect R&D and SG&A expenses in the second quarter to be approximately $68 million to $70 million.

繼續討論第二季的調整後毛利率。我們預計約為 45.5% 至 46.5%，同時透過關稅響應方案迅速採取行動保護利潤率和利潤，但這些行動全面生效的時間將在第二季度受到部分限制。我們預計第二季的研發和銷售、一般及行政費用約為 6,800 萬至 7,000 萬美元。

Depreciation expense, which was approximately $4 million in the first quarter, will be similar in the second quarter. Stock compensation expense, which was $7 million in the first quarter will be approximately $9 million in the second quarter. The increase in the quarterly stock compensation expense is driven by retention and incentive equity grants associated with the Keonn transaction as well as the in-quarter impact of a 1-year $15 million grant, which cliffs vest in 12 months that we are issuing as part of our tariff response playbook.

第一季的折舊費用約為 400 萬美元，第二季的折舊費用也將大致相同。股票薪資費用第一季為 700 萬美元，第二季將增至約 900 萬美元。季度股票薪酬費用的增加是由於與 Keonn 交易相關的保留和激勵股權授予，以及一年期 1500 萬美元授予的季度影響，該授予將在 12 個月內歸屬，是我們作為關稅響應方案的一部分發行的。

For adjusted EBITDA for the second quarter, we expect a range of $50 million to $55 million. This range includes the estimated impact of cost containment actions that I've outlined. Interest expense, which was slightly below $6 million in the first quarter, will be roughly $6 million in the second quarter, inclusive of the impact of the new borrowings of the Keonn acquisition. We expect our non-tax rate to be 22% in the second quarter. The tax rate is in line with prior guidance.

對於第二季的調整後 EBITDA，我們預計在 5,000 萬美元至 5,500 萬美元之間。這個範圍包括了我所概述的成本控制措施的預期影響。第一季的利息支出略低於 600 萬美元，而第二季的利息支出將達到約 600 萬美元，其中包括收購 Keonn 的新借款的影響。我們預計第二季的非稅率為22%。稅率與先前的指引一致。

Diluted weighted average shares outstanding will be approximately 36 million shares. The diluted earnings per share, we expect a range of $0.68 to $0.78 in the second quarter. Finally, we expect second quarter cash flow to remain strong and to achieve a similar or better rate of cash conversion to that of the first quarter.

稀釋後的加權平均流通股數約為 3,600 萬股。我們預計第二季每股攤薄收益將在 0.68 美元至 0.78 美元之間。最後，我們預計第二季的現金流將保持強勁，並實現與第一季相似或更好的現金轉換率。

And as I already mentioned, we expect a gross debt leverage to be slightly above 2x and the net debt leverage to remain below 2x, putting us in a solid position to execute additional acquisitions this year. As always, this guidance does not assume any significant changes to foreign exchange rates versus the end of the prior quarter. However, given the current recent volatility in foreign exchange markets, the impact of exchange rates may have a more meaningful positive impact on our reported revenue results than we have experienced in the past.

正如我已經提到的，我們預計總債務槓桿率將略高於 2 倍，而淨債務槓桿率將保持在 2 倍以下，這使我們在今年有能力執行額外的收購。與往常一樣，本指南並不假設外匯匯率與上一季末相比發生任何重大變化。然而，鑑於近期外匯市場的波動，匯率的影響可能會對我們報告的收入結果產生比過去更有意義的正面影響。

In summary, we remain focused on our priorities, executing our tariff playbook and continue to work diligently to support our customers with the successful launch of multiple new product platforms this year. In addition, the fundamentals of our business remain strong. The long-term strategy and business model remain intact. And we are focused on attracting an array of long-term high-growth end markets. Our diversified portfolio is giving us resilience.

總而言之，我們將繼續專注於我們的優先事項，執行我們的關稅策略，並繼續努力支持我們的客戶，今年成功推出多個新產品平台。此外，我們的業務基礎依然強勁。長期策略和商業模式保持不變。我們專注於吸引一系列長期高成長的終端市場。我們多元化的投資組合賦予了我們韌性。

We believe we have the strongest management and operational teams in decades with strong improvement playbooks for successfully navigating uncertainty. And with the new hires to support and institutionalize the Novanta Growth System operating model, we believe we are well positioned to navigate the uncertainty and seize opportunities in this market.

我們相信，我們擁有數十年來最強大的管理和營運團隊，以及強大的改進策略，可以成功應對不確定性。隨著新員工的支持和 Novanta 成長系統營運模式的製度化，我們相信我們已做好準備，應對不確定性並抓住這個市場的機會。

As the company remains focused on controlling what we can control and executing with excellence on our strategy and top priorities no matter what the market environment brings.

無論市場環境如何，公司始終專注於控制我們能夠控制的事情，並出色地執行我們的策略和首要任務。

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

我們的準備好的演講到此結束。我們現在開始回答問題。

(Operator Instructions)

（操作員指示）

Lee Jagoda, CJS Securities.

Lee Jagoda，CJS 證券。

So just starting with the acquisition, it looks like the upfront payment is around $75-ish million, including the stock portion. Can you kind of give us a little sense for the potential revenue contribution or a trailing revenue number? And then I assume it will be dilutive in the short, short term to EPS, but how should we think about it from an EBITDA perspective?

因此，從收購開始，看起來預付款約為 7500 萬美元，包括股票部分。您能否向我們介紹潛在的收入貢獻或過去的收入數字？然後我假設它會在短期內稀釋每股收益，但從 EBITDA 的角度我們該如何看待它？

We would expect it to be slightly accretive to earnings per share in the first year. So it's a profitable business. The -- it gets a little difficult to predict the actual revenue at this point, largely because of the ramp of project-based business that they currently have. So you're right, we paid around $66 million upfront for the business, there's a $22 million earn-out, and there's some equity grants that were given as well to incentivize them that have longer-term cliff-vesting associated with them.

我們預計第一年每股收益將略有增加。所以這是一項有利可圖的業務。目前預測實際收入有點困難，主要是因為他們目前基於專案的業務正在增加。所以你說得對，我們為這項業務預付了大約 6600 萬美元，還有 2200 萬美元的盈利，並且還給予了一些股權獎勵，以激勵與他們相關的長期懸崖歸屬。

But I would say that the impact on revenue, we're being a little careful about just because they've never been a public business. They've never closed quarters before, they were located in an area where they haven't really kind of focused in on that. And so we're just being careful about that. But we do expect it to be a more material impact to our revenue in 2026 and the possibility of it being more meaningful this year remains something that we're looking for in the second half of the year.

但我想說，對於其對收入的影響，我們會比較謹慎，因為它們從來都不是上市公司。他們以前從未關閉過營區，他們所在的地區並沒有真正關注過這一點。所以我們對此非常小心。但我們確實預計它會對我們 2026 年的收入產生更實質的影響，而它在今年產生更重大影響的可能性仍然是我們在下半年所期待的。

And to the extent you were a meaningful percentage of their cost of goods, can you talk to that? And then, I guess, are there other things that they bought from other vendors that you also supply that you can be more embedded with their technology?

並且就您佔其商品成本的很大比例而言，您能談談這一點嗎？然後，我想，他們是否從其他供應商那裡購買了其他東西，而您也供應這些東西，以便您可以更好地嵌入他們的技術？

Yes. So I would look at it in a strategic sense in 2 ways. One is they were a customer of ours and so this does solidify the relationship that we have with them, where we were supplying them with 4 key components into their markets. It obviously allows us to displace anybody else who is currently supplying them, and it allows us to better serve their existing customer base, which is strong and growing and doing quite well, and they built significant backlog around.

是的。因此，我會從戰略角度以兩種方式來看待這個問題。一是他們是我們的客戶，因此這確實鞏固了我們與他們的關係，我們向他們的市場供應 4 個關鍵組件。顯然，這使我們能夠取代目前為他們供貨的任何其他公司，也使我們能夠更好地服務於他們現有的客戶群，這個客戶群實力雄厚、不斷增長且表現良好，他們積累了大量的積壓訂單。

The second is that it gives us the technology, particularly around their software, which is a cloud-based AI solution that allows us to implement a similar type of solution into some of our end markets, warehouse automation and health care. Now it takes longer to do that in the health care market. Obviously, it will take a little bit longer to do that in warehouse automation, but it's a strong technology that's easily deployable given the application-specific nature of their technologies.

第二，它為我們提供了技術，特別是他們的軟體，這是一種基於雲端的人工智慧解決方案，使我們能夠在一些終端市場、倉庫自動化和醫療保健領域實施類似的解決方案。現在，在醫療保健市場上實現這一目標需要更長的時間。顯然，在倉庫自動化中實現這一點需要更長的時間，但考慮到其技術的特定應用性質，這是一項強大的技術，並且易於部署。

Got it. One more for me, and I'll just -- I'll hop back in. Just in terms of the $20 million in annual cost savings, can you kind of bucket that cost savings in terms of where things are coming from and how nimble you can be about reinstituting those costs if and when demand picks up. And I'm a little confused whether that was part of the discussion around tariff mitigation or incremental to that tariff mitigation stuff?

知道了。再給我一個，然後我就──我會跳回來。僅就每年 2000 萬美元的成本節省而言，您能否根據成本節省的來源以及在需求回升時您可以多靈活地重新設定這些成本來劃分這些成本節省？我有點困惑，這是有關關稅減免討論的一部分還是關稅減免內容的增量？

It's what gives us -- so what I would say is the $20 million gives us confidence that we will achieve the full year EBITDA numbers that we've already communicated back in February. So those actions allow us to really solidify that. Now you're right in that there are a handful of actions that our deferrals of investments and prioritization around investments that we might add back if the environment materially changes or improves, but there are some actions embedded in there that are really pull forward of what we plan to do in future years.

這就是為我們帶來的好處——所以我想說的是，2000 萬美元讓我們有信心實現我們在二月就已經公佈的全年 EBITDA 數字。因此，這些行動使我們能夠真正鞏固這一點。現在您說得對，我們推遲了一些投資並優先考慮了一些投資，如果環境發生重大變化或改善，我們可能會重新增加這些投資，但其中的一些行動確實推動了我們未來幾年的計劃。

And the example of that being the regionalization of our manufacturing footprint. This is something that we have been planning on for some time, the environment gives us an ability to do that, which will allow us to permanently avoid any sort of trade disruptions on a go-forward basis once that structure is fully implemented.

例如，我們的製造足跡區域化。這是我們計劃了一段時間的事情，環境賦予了我們這樣做的能力，一旦該結構全面實施，我們將能夠永久避免任何形式的貿易中斷。

So the $20 million of annual cost savings will be pulled this quarter. We will execute on that, that will allow us to hit the EBITDA. There are some investments we'll put back if the overall business does a lot better than we were expecting or if the trade environment effectively calms down. But I would say that for the most part, we're looking at this as incremental savings.

因此，每年 2000 萬美元的成本節省將在本季實現。我們將執行這一目標，這將使我們能夠實現 EBITDA。如果整體業務表現遠好於我們的預期，或者貿易環境有效地平靜下來，我們就會撤回一些投資。但我想說，在大多數情況下，我們都將其視為增量儲蓄。

Brian Drab, William Blair.

布萊恩德拉布、威廉布萊爾。

Just one thing that I think that I missed, I just couldn't type fast enough. Did you say that you're trending toward the high end of the 2Q revenue guidance range?

我覺得我遺漏了一件事，就是我打字不夠快。您是否說過您正趨向於第二季營收預期範圍的高端？

Correct. Yes. So we're currently trending at the $240 million number, and I would say that the -- our bottoms-up roll-off is sitting there right now. There's obviously just this morning, an announcement of a possible reciprocal tariff from the EU, depending upon how negotiations unfold. And so just given the environment, we thought to provide a broader range with a little bit more downward bias than we normally would have done on a historical basis.

正確的。是的。因此，我們目前的趨勢是達到 2.4 億美元這個數字，我想說的是，我們的自下而上的擴張現在就在那裡。顯然，就在今天早上，歐盟宣布了可能實施互惠關稅，具體情況取決於談判進展。因此，考慮到當時的環境，我們考慮提供一個更廣泛的範圍，並且比我們通常的歷史做法略微下行一些。

And so I think that was a prudent call to make, but at the same time, I think it's wise to point out that we're sitting around the top end of the range right now.

因此我認為這是一個謹慎的決定，但同時，我認為有必要指出，我們目前正處於該範圍的頂端。

Got it. And then can you talk a little bit more about which customers and end markets you're seeing the deferrals and where are you seeing most of those delays either geographically or end market in application?

知道了。然後，您能否再多談談哪些客戶和終端市場出現了延期，以及從地理位置還是從終端應用市場來看，大多數延期發生在哪些地方？

Well, the -- Brian, it's Matthijs. The most important one is, of course, the deferrals of our U.S.-based production to China, right? That's the most significant element of what Robert in his prepared remarks stated. So that's -- if nothing changes for the full year, that's a $35 million impact that we're just mitigating now that might improve, who knows. But that's -- as of today, that is the single largest one.

嗯，布萊恩，我是馬蒂斯。當然，最重要的就是將我們在美國的生產轉移到中國，對嗎？這是羅伯特在其準備好的發言中所說的最重要的內容。所以，如果全年沒有任何變化，那就是 3500 萬美元的影響，我們現在正在減輕這種影響，但情況可能會有所改善，誰知道呢。但那是——截至今天，這是最大的一個。

Then secondly, there is uncertainty because nobody knows what to invest where and when because the environment is not cleared up, right? So that in itself creates deferrals of investments. And those are particularly true in life sciences, which you can see in our Precision Medicine segment as well as kind of the broader industrial space. And so that's basically what you're seeing. There's a small automotive component that we have within robotics and automation that of course, is affected.

其次，存在不確定性，因為環境尚未清理乾淨，所以沒人知道在何時何地投資什麼，對嗎？這本身就造成了投資的延遲。在生命科學領域尤其如此，您可以在我們的精準醫療領域以及更廣泛的工業領域中看到這一點。這就是你所看到的。我們的機器人和自動化領域中有一個小型汽車零件當然受到了影響。

So those are, I would say, widely publicized elements.

所以我想說，這些都是廣為人知的元素。

Again, we're not losing any slots. Our customer relationships are strong. We're innovating and introducing new products, but our OEM customers have core visibility right now, particularly in those 2 markets. On the positive side, we do see, again, in the advanced surgery market, really a buoyant and thriving market, and so we're doubling down there. And we see in our precision robotics and automation markets, which I highlighted in warehouse innovation and related semiconductor automation and other related markets, actually some strong pull.

再說一次，我們不會失去任何位置。我們的客戶關係十分牢固。我們正在創新並推出新產品，但我們的 OEM 客戶目前擁有核心知名度，尤其是在這兩個市場。從積極的一面來看，我們再次看到先進手術市場確實是一個蓬勃發展的市場，因此我們正在加倍投入。我們在精密機器人和自動化市場中看到了一些強勁的拉動，我強調了倉庫創新和相關半導體自動化以及其他相關市場。

And so we continue to push there. So it really depends on the end markets, but yes, hopefully, that provides some color.

因此我們將繼續努力。所以這確實取決於終端市場，但是是的，希望這能提供一些資訊。

Yes, absolutely. Are you seeing -- you said I think in the press release, and I can't remember exactly said in the prepared remarks, but the new product revenue is on the right track still. Are any of these customers though that you're launching those products with? Are you going to see any deferrals of the launches or orders? And can we talk about the $50 million specifically today?

是的，絕對是。您是否看到了——我認為您在新聞稿中說過，我不記得在準備好的發言中確切說過什麼，但新產品收入仍然在正確的軌道上。但是，您是否向其中任何一位客戶推出了這些產品？您是否會看到發射或訂單的延遲？今天我們可以具體談談這 5000 萬美元嗎？

Yes. No, we did, Brian, in our prepared remarks today. I'm more than happy to repeat that. I mean, the majority -- as a reminder, the majority of new product revenues of incremental $50 million are in the medical device end market. So that market is buoyant.

是的。不，布萊恩，我們在今天的準備好的演講稿中已經提到了這一點。我非常樂意重複這一點。我的意思是，大多數——提醒一下，新增的 5,000 萬美元產品收入大部分來自醫療器材終端市場。因此該市場十分活躍。

It's strong. And what we said is that actually the majority of these products have been introduced by our customers. The reception is very good. The orders are flowing. So we feel very good about these launches and the momentum.

它很強大。我們所說的是，實際上這些產品中的大多數都是由我們的客戶引入的。接待非常好。訂單源源不絕。因此，我們對這些產品的發布和發展勢頭感到非常滿意。

And in addition -- and that's a smaller impact, but nevertheless, we're equally excited that in the whole area, whereas automation and precision robotics, including what is still a small piece, humanoids, we have unique proprietary technologies. It's a very active market right now. And so we see buoyant potential there, particularly around the design win side right now. Revenue is starting to kick in a little bit more meaningfully in the second half. But all in all, we feel good about the $50 million in result because they're kind of in markets that have pool independent of today's uncertainty.

此外 — — 這影響較小，但儘管如此，我們同樣興奮的是，在整個領域，而自動化和精密機器人，包括仍然很小一部分的人形機器人，我們擁有獨特的專有技術。目前這是一個非常活躍的市場。因此，我們看到了那裡旺盛的潛力，特別是目前在設計勝利方面。下半年收入開始出現更顯著的成長。但總而言之，我們對 5000 萬美元的業績感到滿意，因為他們處於一個不受當今不確定性影響的市場。

Okay. And do you have -- last question is do you have any way of knowing how much of your revenue is directly, indirectly tied to NIH spending?

好的。最後一個問題是，您是否知道您的收入中有多少是直接或間接地與 NIH 支出相關的？

The way I would think about it is the precision medicine portion of our Medical Solutions has exposure to that end market and -- or has exposure to the sensitivities around NIH funding. It's obviously certain multiomics markets are still in the research phase things like even some of the DNA-based sequencers are driven by some research investments. And so anything that's being -- any funding is going predominantly to academia for research purposes and any sort of investments around that have been deferred at this time.

我的想法是，我們的醫療解決方案中的精準醫療部分已經接觸到了終端市場，或者說已經接觸到了 NIH 資助方面的敏感性問題。顯然，某些多組學市場仍處於研究階段，甚至一些基於 DNA 的定序儀也是由一些研究投資所驅動的。因此，任何資金主要用於學術研究，任何與此相關的投資目前都被推遲了。

Yes. On top of that, of course, related in the genomics market, you have some additional I would say, dynamics in terms of China lack listing of a customer, there was already before the NIH cuts, there was just a general life science capital spending pullback or at least hesitancy. And so yes, there were a multiple dynamics there that are on top of the NIH cuts that makes that a weaker than usual environment.

是的。當然，除此之外，與基因組學市場相關的，我想說，中國缺乏客戶名單方面的動態，在 NIH 削減之前就已經存在，只是普遍的生命科學資本支出回落或至少是猶豫不決。是的，除了 NIH 的削減之外，還有多種動態因素，使得環境比平常更弱。

Right. Okay. Understood. I guess I'm just trying to figure out if this is like 5% of revenue. Is there any way to try to help us with the sizing of it?

正確的。好的。明白了。我想我只是想弄清楚這是否相當於收入的 5%。有沒有什麼方法可以幫助我們確定其尺寸？

I understand the markets that have the exposure, and that's helpful. But any more specific sizing of it that you could give us?

我了解具有這種風險敞口的市場，這很有幫助。但是您能給我們更具體的尺寸嗎？

Well, without -- you can see the precision -- take it as a percent of the precision medicine business unit revenue. So arguably, it's difficult to get an exact number, but because you're asking us to determine like what do our customers percent of their revenue goes to academia. That gets a little difficult for us to have that sort of visibility. But if you just make the precision medicine business unit, some portion of that. But just to attribute the decline right now is largely caused by that.

好吧，沒有——你可以看到精度——將其作為精準醫療業務部門收入的百分比。因此可以說，很難得到一個確切的數字，但因為你要求我們確定我們的客戶有多少比例的收入用於學術界。對我們來說，要獲得這樣的可見性有點困難。但如果你只是打造精準醫療業務部門，那麼其中的一部分。但僅僅歸因於現在的下降很大程度上是由這個造成的。

A lot of the -- lot of life science customer revenue goes to either Europe or the United States. And so sure tariffs have an impact, generally speaking, when it comes to capital spending, but the bigger impact would be any sort of cuts in NIH funding or just the general disruptions that causes that industry and the deferrals associated with that.

很多生命科學客戶的收入都流向了歐洲或美國。因此，一般來說，關稅肯定會對資本支出產生影響，但更大的影響是任何形式的 NIH 資金削減，或只是對該行業造成的一般性混亂以及與此相關的延期。

Rob Mason, Baird.

羅布梅森，貝爾德。

I just wanted to circle back real quick to make sure I'm clear on the -- your discussion around tariffs. So the $20 million in annualized cost savings implemented by the end of the second quarter, effectively, I guess, assume that $10 million of savings in the second half offsets what you have not already mitigated on the sourcing side. Is that correct?

我只是想快速回顧一下，以確保我清楚了解您關於關稅的討論。因此，我猜想，第二季末實施的 2000 萬美元年度成本節約實際上假設下半年的 1000 萬美元節約抵消了您在採購方面尚未緩解的成本。對嗎？

Yes. I would say that it's not so much on the sourcing. I think the sourcing piece of it, we already have under control now. So I don't think we will need to take additional actions to offset any of the impact associated with the sourcing. We -- the teams have already mitigated half of the exposure.

是的。我想說的是，這跟採購關係不大。我認為我們現在已經控制住了採購部分。因此我認為我們不需要採取額外措施來抵消與採購相關的任何影響。我們——團隊已經減輕了一半的風險。

We are doing surcharges to our customers for some of the costs associated with that. But the teams are working pretty aggressively through a number of different strategies to mitigate it.

我們正在向客戶收取與此相關的部分費用的附加費。但各團隊正積極採取多種不同的策略來緩解這個問題。

So as it stands today, I would say that the impact of tariffs on our supply chain, which is effectively the 10% global as well as the China tariffs does not have a material impact on our profitability. The restructuring cost actions that we're taking are predominantly geared towards dealing with the lost profitability of revenue deferrals for our shipments from the United States into China. So there's roughly $35 million worth of product going into China from our U.S. factories for the remainder of the year. And there's obviously a profit associated with that.

因此，就目前情況而言，我想說關稅對我們供應鏈的影響（實際上是全球 10% 的關稅以及中國的關稅）不會對我們的獲利能力產生重大影響。我們正在採取的成本重組措施主要是為了解決從美國到中國的貨運收入遞延所造成的獲利損失。因此，今年剩餘時間內，大約有價值 3500 萬美元的產品從我們的美國工廠進入中國。顯然這會帶來利潤。

If we're unable to mitigate a portion or the majority of that, the cost actions are in place in order to offset that and allow us to accelerate our efforts to permanently resolve that situation.

如果我們無法減輕部分或大部分影響，我們就會採取成本措施來抵消這種影響，並使我們能夠加快努力，永久解決這個問題。

Yes, it's important, Rob, that we're of course, accelerating in mitigating the impact in region for region manufacturing that was already a strategy that we had in place that we're accelerating. But of course, it takes a little bit of time to really fully enact that and that timing impact is really what we're mitigating.

是的，羅布，這很重要，我們當然正在加速減輕對區域製造業的影響，這已經是我們正在加速實施的策略。但當然，真正全面實施這個目標需要一點時間，而我們真正要減輕的是時間影響。

Yes. Okay. Actually, that was a follow-up. Just to the extent you can add any more color there, you talked about expanding manufacturing. I thought in China to serve that market.

是的。好的。事實上，這是一個後續行動。就您可以添加更多顏色而言，您談到了擴大製造業。我想在中國服務這個市場。

Would that be correct? Or would you be just serving it from outside that Southeast Asia, I guess, that region? And then just if you could speak to the level of investment CapEx around the entire effort, I guess, the entire regionalization.

那正確嗎？還是你只是在東南亞（我猜是那個地區）以外的地方提供服務？然後，如果您可以談談整個努力，我想，整個區域化的投資資本支出水準。

Yes. Let me speak about the broader strategy, and then Robert can speak about the CapEx piece. I mean, listen, you and I spoke, separately, Rob, that just consolidating our manufacturing base, it is a strategy that we were already pursuing and that was, to some extent, in flight.

是的。讓我談談更廣泛的策略，然後羅伯特可以談談資本支出部分。我的意思是，聽著，羅布，你和我分別說過，鞏固我們的製造基礎是我們一直在推行的戰略，而且在某種程度上，這是正在進行的戰略。

So since -- in the last few years, we've moved considerable production kind of in China for China. We're more than halfway and we're accelerating the other half as we speak, right? So that's really what you need. So the other $35 million, right is going to go there and/or to Europe and then to China.

因此，自過去幾年以來，我們已將大量生產轉移到中國。我們已經完成了一半以上，我們正​​在加速完成另一半，對嗎？所以這確實就是您所需要的。所以另外 3500 萬美元將會流向那裡和/或歐洲，然後再流向中國。

The second piece is that we had a manufacturing consolidation footprint strategy regardless of pre the tariffs that was already in flight. It so happens that we're just changing the order a little bit so that we're accelerating the in-region, for-region benefits, and so that's what we're doing. And so that's the second piece of it.

第二點是，無論關稅是否已實施，我們都制定了製造業整合足跡策略。碰巧的是，我們只是稍微改變了一下順序，以便加速區域內、區域的利益，而這就是我們正在做的事情。這是第二部分。

And so we're consolidating production into a larger manufacturing sites, which, of course, will ultimately improve scalability, resilience but also has the benefit of in-region, for-region. So that's really the plan that was in flight. But of course, yes, it takes a little bit of time to enact all that, and it will not be before early 2026 when we see the benefits of that.

因此，我們將生產整合到更大的製造基地，這當然最終將提高可擴展性和彈性，同時也具有區域內和區域內的優勢。這就是真正正在進行的計劃。當然，是的，實施所有這些措施需要一點時間，而且要到 2026 年初我們才能看到其好處。

As it relates to CapEx, of course, there will be a little bit of CapEx. We're thankful that most of our production processes are light assembly and tests. And so the vast majority in the CapEx is not related to facilities, but we have facilities that are in place today that we will fill them up with volume. So most of the CapEx investments is associated with test stations and bench tops and things of that nature.

由於它與資本支出有關，當然會有一點點資本支出。值得慶幸的是，我們的大部分生產流程都是輕組裝和測試。因此，資本支出中的絕大部分與設施無關，但我們目前擁有一些設施，我們將透過大量生產來填補這些設施的空缺。因此，大部分資本支出都與測試站、桌上型電腦以及諸如此類的東西有關。

So I don't believe it's going to be a large material item just because in general, we're a light assembly and test. And there's a reprioritization that has to go in place around the CapEx that we've already had planned. So I would say that it's in the envelope that we've already budgeted for the year it's just shipping into the geographical locations that make sense in order to enable us to do the regionalization.

所以我不相信它會成為一個大型材料項目，因為一般來說，我們只是進行輕型組裝和測試。我們必須對已經計劃好的資本支出進行重新排序。所以我想說，我們已經在信封裡列好了今年的預算，只是將其運送到合理的地理位置，以便我們進行區域化。

I see. Okay. Just last question. Matthijs, I thought I heard you make mention of -- within the new product ramps also just around the semiconductor space, EUV in particular. But I just -- could you step back and maybe just comment on that market, in particular, either on the EUV side or at one point, we were starting to see some green shoots in some other areas, but I'm just -- just given all the dynamics in intra-quarter where that stands?

我懂了。好的。最後一個問題。Matthijs，我想我聽到您提到過——新產品的推出也圍繞著半導體領域，特別是 EUV。但我只是——您能否退一步，也許只是對那個市場發表評論，特別是在 EUV 方面，或者在某個時候，我們開始在其他一些領域看到一些綠芽，但我只是——只是考慮到本季度內的所有動態？

Yes. Yes. So that's a multifaceted question. Let me start with the EUV side of things. Again, we're solving a major issue for our customer there.

是的。是的。所以這是一個多方面的問題。讓我先從 EUV 方面開始。再次，我們正在為那裡的客戶解決一個重大問題。

So it's a little bit independent of the exact market dynamics there, which long term is super favorable, and we're on track with kind of the ramp there in the agreements with the customer. So that remains unchanged.

因此，它與那裡的具體市場動態有點無關，從長遠來看這是非常有利的，而且我們正按照與客戶達成的協議穩步前進。所以這一點保持不變。

And then as it pertains to the rest of the, call it, the wafer fab equipment or advanced semiconductor equipment market. I would say it's still modestly up and positive. Again, we're in next-generation machines, and so there's a little bit of an uptick there. So the green shoots are still there, maybe they're less high and a little bit more cautious, but they're still up. Yes.

然後涉及其餘部分，即晶圓廠設備或先進半導體設備市場。我想說它仍然略有上升並且是積極的。再說一次，我們正處於下一代機器中，因此那裡有一點點上升。所以，綠芽仍然存在，也許它們沒有那麼高，也更加謹慎，但它們仍然在生長。是的。

So we still see a favorable environment there, and we're leaning into that.

因此，我們仍然看到那裡的環境良好，並且我們傾向於這樣做。

Of course, that can change based on announcements that seem to change by the day, but that's the current stance as we see it today and what we're hearing from our customers. So that's still a positive outlook.

當然，這可能會根據每天變化的公告而改變，但這就是我們今天看到的現狀以及我們從客戶那裡聽到的現狀。所以這仍然是一個積極的前景。

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。我想將會議交還給 Matthijs Glastra 先生，請他做最後發言。

Thank you, operator. So to recap, we had a successful first quarter of 2025. We hit expectations for sales and profit and continued our streak of delivering strong operating cash flow conversion. Our new product launches remain on track for 2025. We also completed our first acquisition of the year by closing the Keonn transaction.

謝謝您，接線生。總而言之，我們度過了成功的 2025 年第一季。我們的銷售和利潤達到了預期，並繼續實現強勁的營運現金流轉換。我們的新產品發布計劃將於 2025 年順利進行。我們也透過完成 Keonn 交易完成了今年的首次收購。

And we've quickly mobilized a strong response through the tariff and trade disruptions.

我們已迅速動員起來，對關稅和貿易中斷做出強有力的回應。

On the whole, I'm incredibly proud of our team's achievements. Looking ahead, we remain focused on the top 3 priorities for 2025, first, ramp our all our planned new products and achieve our new product sales growth targets; second, deliver strong margin and cash flow using the Novanta Growth System, which now includes executing on our tariff response plan; and finally, acquire additional companies that fit our strategy at attractive returns.

總的來說，我對我們團隊所取得的成就感到無比自豪。展望未來，我們仍然專注於 2025 年的三大優先事項：首先，擴大我們所有計劃中的新產品並實現我們的新產品銷售增長目標；其次，利用 Novanta 增長系統實現強勁的利潤率和現金流，現在包括執行我們的關稅響應計劃；最後，以有吸引力的回報收購更多符合我們戰略的公司。

Novanta remains very well positioned in the medical and advanced industrial end markets with diversified exposure to long-term growth trends in precision manufacturing, robotics and automation, precision medicine and advanced surgery. We feel that our winning growth strategy and our deployment of the Novanta Growth System continuously improves our company operations is what drives our performance no matter the environment.

Novanta 在醫療和先進工業終端市場中保持著非常有利的地位，並在精密製造、機器人和自動化、精準醫療和先進外科手術等領域中多元化地涉足長期成長趨勢。我們認為，無論環境如何，我們成功的成長策略和 Novanta 成長系統的部署不斷改善了我們的公司運營，從而推動了我們的業績。

In closing, as always, I'd like to thank our customers, our shareholders and especially our dedicated employees for their ongoing support. 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 second quarter 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、股東，特別是我們敬業的員工對我們持續的支持。我們感謝您對公司的關注以及您參加今天的電話會議。我期待幾個月後與大家一起參加我們的第二季財報電話會議。非常感謝。本次電話會議現在暫停。

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。