Novanta Inc. (NOVT) 2025 Q4 法說會逐字稿

Good morning, everyone. My name is [Jamie], and I will be your conference operator today. At this time, I would like to welcome everyone to Novanta Inc.'s fourth-quarter and full year 2020 earnings call. (Operator Instructions).

各位早安。我叫[Jamie]，今天將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加 Novanta Inc. 2020 年第四季暨全年財報電話會議。（接線員指示）。

At this time, I'd like to turn the conference call over to Ray Nash, Corporate Finance Leader for Novanta. Please go ahead.

接下來，我想將電話會議交給 Novanta 企業財務負責人 Ray Nash。請開始。

Thank you very much. Good morning, and welcome to Novanta's fourth-quarter and full year 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 Glastra; and our Chief Financial Officer, Robert Buckley. If you've not received a copy of our earnings press release issued last night, 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。各位早安，歡迎參加 Novanta 2025 年第四季暨全年財報電話會議。我是 Novanta 企業財務負責人 Ray Nash。今天與我一同出席的有董事長兼執行長 Matthijs Glastra，以及財務長 Robert Buckley。若您尚未收到我們昨晚發布的財報新聞稿，可至我們網站 www.novanta.com 的投資人關係專區取得。請注意，本次電話會議將進行線上即時網路直播，並將於會後不久在我們網站上存檔。

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 last night 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.

在開始之前，我們需要提醒各位注意我們昨晚發布的財報新聞稿以及向 SEC 提交文件中所載的前瞻性陳述「安全港」聲明。我們今天在事先準備的發言以及回答提問時，可能會發表包含前瞻性陳述的評論。這些陳述涉及內含假設，並伴隨已知與未知風險及其他因素，可能導致我們未來結果與目前預期出現重大差異。

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.

我們今天所作的任何前瞻性陳述僅代表截至目前時間點的觀點。即使我們的估計有所變動，我們亦不承擔未來更新前瞻性陳述的任何義務。因此，您不應依賴任何此類前瞻性陳述，將其視為本次電話會議之後任何時間點的公司觀點。

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 the 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，我們將引用若干非 GAAP 財務衡量指標。此等非 GAAP 財務衡量指標與最直接可比的 GAAP 指標之調節表，已作為附件隨我們的財報新聞稿一併提供。若我們在會議中使用了財報新聞稿中未與 GAAP 指標進行調節的非 GAAP 財務衡量指標，我們將於會後儘速在網站投資人關係專區提供調節表。

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. We said we would return to organic growth and double-digit profit growth in the fourth quarter, and we delivered. Novanta posted record revenue in the fourth quarter with 9% reported growth, 2% organic growth and 4% sequential growth. Bookings surged 25% year-over-year and 12% sequentially with a book-to-bill of 1.11. Every single business delivered double-digit bookings growth and a positive book-to-bill in the same quarter. That's the first time that's happened since 2022.

謝謝你，Ray。各位早安，感謝各位參加我們的電話會議。我們曾表示第四季將回到有機成長並實現兩位數獲利成長，而我們做到了。Novanta 第四季營收創新高，報告口徑成長 9%，有機成長 2%，季增 4%。訂單年增 25%、季增 12%，出貨比（book-to-bill）為 1.11。每一個事業在同一季度都實現兩位數訂單成長，且出貨比為正。這是自 2022 年以來首次出現。

For the full year, we had $981 million in revenue, our biggest year ever. Full year bookings grew 14%, new product revenue grew over 60% in the full year, including over 80% growth in the fourth quarter, exceeding our expectations as our commercial excellence and innovation investments are paying off. These results set us up well for mid-single-digit organic growth in 2026.

就全年而言，我們營收達 9.81 億美元，創下公司史上最高年度。全年訂單成長 14%；全年新產品營收成長超過 60%，其中第四季成長超過 80%，超出我們預期，顯示我們在商業卓越與創新方面的投資正在見效。這些成果讓我們在 2026 年有望實現中個位數的有機成長。

We also demonstrated strong double-digit year-over-year profit performance in the quarter with adjusted EBITDA growing by 17% and adjusted diluted EPS growing by 20%. While these are strong results, margins and cash flow came in below the expectations we set on our third quarter call. This came down to a single deliberate decision.

我們在本季也展現強勁的兩位數年增獲利表現：調整後 EBITDA 成長 17%，調整後稀釋每股盈餘（EPS）成長 20%。儘管成果強勁，但毛利率與現金流低於我們在第三季電話會議所設定的預期。這主要源自一項刻意做出的單一決策。

As we move through the quarter, we prioritized customer deliveries over the pace of our regional manufacturing transfers. That was the right call for our customers, and it created a temporary period of higher dual running costs and elevated inventory. We have already acted on this in January, and Robert will walk through the specifics and our confidence in the recovery. Given the very highly dynamic environment, I'm very proud of our business performance and our team's ability to stay resilient and deliver these strong results.

在季度進行期間，我們將客戶交付置於區域製造移轉進度之上。這對客戶而言是正確的決定，但也造成一段暫時性的雙重運行成本較高以及庫存偏高的期間。我們已在一月採取行動，Robert 將說明具體細節以及我們對復原的信心。在高度動態的環境下，我對我們的營運表現以及團隊保持韌性並交出這些強勁成果的能力感到非常自豪。

Taking a step back, Novanta's long-term growth strategy remains focused on winning in high-growth end markets with durable secular tailwinds, AI-driven robotics and automation, minimally invasive and robotic surgery, digital manufacturing and precision medicine. We hold leading technology positions in these markets with exclusive design and product relationships that typically last up to a decade on our customers' platforms.

從更宏觀的角度來看，Novanta 的長期成長策略仍聚焦於在具備持久結構性順風的高成長終端市場中勝出，包括 AI 驅動的機器人與自動化、微創與機器人手術、數位製造與精準醫療。我們在這些市場中擁有領先的技術地位，並與客戶平台建立獨家設計與產品合作關係，通常可持續長達十年。

We have established these unique long-term collaborative partnerships with the leading OEM customers across the world by solving their most complex needs with proprietary technologies and solutions while leveraging the Novanta growth system to deliver on-time, high-quality products at the lowest possible cost. While our products typically represent no more than 10% of our customers' bill of material, they enable differentiation and innovation in their systems for their customers improving clinical outcome, throughput, yield, cost per procedure or part or never before possible performance.

我們透過專有技術與解決方案滿足全球領先 OEM 客戶最複雜的需求，同時運用 Novanta 成長系統，以最低可能成本提供準時且高品質的產品，從而建立了這些獨特的長期協作夥伴關係。雖然我們的產品通常在客戶物料清單（BOM）中的占比不超過 10%，但它們能在客戶系統中帶來差異化與創新，為其客戶改善臨床結果、產能（throughput）、良率（yield）、每次手術或每個零件的成本，或實現前所未有的效能。

We've made disciplined focused investments in the platforms we believe will drive the majority of our innovation-driven growth. Next-generation insufflation and POPs, robotic surgery technologies, intelligent physical AI solutions for connected care, warehouse automation, humanoid and precision robotics and intelligent subsystems for laser beam steering and precision medicine. These growth platforms represent a $4 billion incremental market opportunity by 2030.

我們以嚴謹且聚焦的方式，對我們相信將驅動大部分創新型成長的平台進行投資。包括下一代充氣（insufflation）與 POPs、機器人手術技術、用於互聯照護的智慧實體 AI 解決方案、倉儲自動化、人形與精密機器人，以及用於雷射光束轉向與精準醫療的智慧子系統。到 2030 年，這些成長平台代表約 40 億美元的增量市場機會。

Our strategic focus is to continue to expand our business mix and technology leadership in medical technologies, medical consumables and embedded software further strengthening our portfolio that delivers predictable, sustainable and consistent revenue, profit and cash flow growth. With customer destocking behind us and accelerating new product and commercial excellence momentum, we're well on the path to get back to our long-term algorithm. Mid- to high single-digit organic growth with less cyclicality, better resilience to geopolitical risks and more consistent performance regardless of the market conditions.

我們的策略重點是持續擴大在醫療技術、醫療耗材與嵌入式軟體方面的業務組合與技術領導地位，進一步強化我們的產品組合，以帶來可預測、可持續且一致的營收、獲利與現金流成長。隨著客戶去庫存已告一段落，且新產品與商業卓越動能加速，我們正穩步回到長期成長算法。也就是中到高個位數的有機成長、較低的循環性、對地緣政治風險更具韌性，並在各種市場條件下展現更一致的表現。

Acquisitions are the second pillar of our growth strategy, driving double-digit reported revenue growth and compounding cash flows. The setup here has never been stronger. Our teams have built the largest acquisition pipeline in my tenure as CEO, focused on mid- to larger opportunities in metal technologies, medical consumables, bioprocessing and embedded software. In November, we raised more than $600 million, specifically because of our confidence in this pipeline with nearly $1.5 billion in total acquisition capacity and a proven track record of disciplined value creation, we're actively working multiple opportunities and expect to deploy meaningful capital in 2026.

併購是我們成長策略的第二支柱，推動報告口徑兩位數營收成長並使現金流複利增長。目前的佈局從未如此強勁。在我擔任執行長期間，我們的團隊建立了規模最大的併購案源管線，聚焦於金屬技術、醫療耗材、生物製程與嵌入式軟體等中型至較大型的機會。11 月，我們募得超過 6 億美元，正是因為我們對這條管線充滿信心；在總計近 15 億美元的併購資金能力以及經驗證的嚴謹價值創造紀錄之下，我們正積極推進多個機會，並預期在 2026 年投入具相當規模的資本。

Now here's what we're seeing across our end markets and businesses. Our sales into minimally invasive and robotic surgery applications remain consistently strong with mid-teens double-digit growth in our Advanced Surgery business this past year. Our next-generation insufflator set the industry standard improving patient safety, addressing smoke evacuation requirements and optimizing surgical workflows. We are poised for another year of double-digit revenue growth in 2026 as our new product launches from 2025 continue to scale up and also with additional launches that are happening in 2026 itself. Long term, the business is on track to achieve approximately $400 million in revenue by 2030, driven by continued momentum in insufflation, expansion into robotic surgery in arthroscopy and a rapidly scaling medical consumable business.

接下來說明我們在各終端市場與各事業所觀察到的情況。我們在微創與機器人手術應用的銷售持續穩健，過去一年我們的先進手術（Advanced Surgery）事業實現了十幾個百分點的兩位數成長。我們的下一代充氣機（insufflator）樹立了產業標準，提升病患安全、滿足煙霧排除要求，並優化手術工作流程。隨著 2025 年的新產品上市持續放量，以及 2026 年本身也將推出更多新品，我們已蓄勢待發，預期 2026 年將再度實現兩位數營收成長。長期而言，在充氣業務持續動能、拓展至關節鏡領域的機器人手術，以及快速擴張的醫療耗材業務帶動下，該事業有望在 2030 年達成約 4 億美元營收。

Our Robotics and Automation business continues to see a sustainable growth outlook with 3 distinct GenAI-driven tailwinds. First, Novanta's technology leadership in fiscal AI applications, unique capabilities that enable the perception and reaction of precision robotics in this physical world and to do so safely. In 2016, we're ramping several new product launches including content we recently won in the warehouse robotics space; second, a recovering semiconductor wafer fab equipment market, where we're seeing signs of an up cycle starting to take shape; and third, the highly specific and compelling opportunity in GPU drilling -- our air bearing spindles are currently the only qualified supplier for drilling AI-driven GPU boards, a direct beneficiary of the ongoing build-out of AI compute infrastructure, and this application is growing at a strong double-digit rate. Together, these 3 drivers underpin our confidence in high single-digit growth for this business in 2026.

我們的機器人與自動化業務持續展現可持續的成長前景，並受惠於三股由 GenAI 驅動的明確順風。第一，Novanta 在工業 AI 應用方面的技術領導地位，以及能讓精密機器人在物理世界中進行感知與反應、並且安全運作的獨特能力。在 2016 年，我們正加速多項新產品上市，包括我們近期在倉儲機器人領域贏得的專案內容；第二，半導體晶圓廠設備市場正在復甦，我們已看到上行週期開始成形的跡象；第三，在 GPU 鑽孔方面存在高度特定且極具吸引力的機會——我們的空氣軸承主軸目前是用於鑽孔 AI 驅動 GPU 板的唯一合格供應商，直接受惠於 AI 算力基礎設施持續擴建，而此應用正以強勁的雙位數成長率成長。綜合而言，這三項驅動因素支撐我們對該業務在 2026 年實現高個位數成長的信心。

Next, our Precision Manufacturing business has seen four consecutive quarters of double-digit bookings growth and accelerating sequential revenue momentum in the second half of 2025 driven by strong activity in our target markets. This gives us confidence in seeing mid-single-digit growth in the business in 2026. The long-term growth driver in this market is clear, customers are digitizing and automating their manufacturing lines with ever-increasing demands for throughput productivity, smaller form factors and higher tolerances. This is a durable multiyear tailwind for Novanta.

接下來，我們的精密製造業務已連續四個季度實現訂單（bookings）雙位數成長，且在 2025 年下半年受目標市場強勁活動帶動，營收動能逐季加速。這讓我們有信心在 2026 年看到該業務達到中個位數成長。此市場的長期成長驅動因素十分明確：客戶正推動製造產線數位化與自動化，並對產出效率（throughput productivity）、更小的外形尺寸以及更高的公差要求持續提升。這對 Novanta 而言是可持續的多年期順風。

What particularly excites me is our launches of intelligent laser beam steering subsystems with unique proprietary capabilities that we have been building for several years. We're hitting the market at exactly the right time as new digital and AI-enabled manufacturing capabilities are moving from early adoption into broader deployment.

特別令我振奮的是，我們推出具備獨特專有能力的智慧雷射光束轉向子系統，這些能力是我們多年來持續打造的成果。我們切入市場的時機恰到好處，因為新的數位化與 AI 賦能製造能力正從早期採用走向更廣泛的部署。

Finally, our Precision Medicine business experienced another quarter of sequential revenue growth in the fourth quarter. This business continues to gradually digest the life science equipment end market dynamics and the associated technology obsolescence cycle we are working through. We continue to believe in the long-term opportunities in the life science equipment market are seeing investments in connected care and early disease detection as big drivers of healthcare productivity. In 2026, we expect sales to be roughly flat in this business with some shifts in demand between our different product categories.

最後，我們的精準醫療業務在第四季度再次實現營收逐季成長。該業務仍在逐步消化生命科學設備終端市場的動態，以及我們正在經歷的相關技術汰換週期。我們仍然相信生命科學設備市場的長期機會，並看到互聯照護（connected care）與早期疾病檢測的投資是提升醫療生產力的重要驅動因素。在 2026 年，我們預期該業務銷售額大致持平，但不同產品類別之間的需求將出現一些轉移。

Our investments in intelligent RFID solutions and advanced machine vision technologies are helping to stabilize the outlook for the business this year and have strong long-term growth prospects. In particular, we're pleased with the recent (inaudible) acquisition, which is already outperforming versus our early expectations and helping to offer both near- and long-term growth opportunities for this business.

我們在智慧 RFID 解決方案與先進機器視覺技術上的投資，正協助穩定今年該業務的前景，並具備強勁的長期成長潛力。尤其是，我們對近期（聽不清）收購案感到滿意；該項收購目前的表現已超出我們早期預期，並有助於為該業務提供短期與長期的成長機會。

Now let me give you a brief update on how we're building a stronger foundation for future growth as an organization. First, the Novanta growth system continues to become a deeper and more permanent way of working across the company. Our continuous improvement engine embedded in our Novanta way culture. NGS is a competitive differentiator that drives customer success and operational efficiency simultaneously, and that combination is difficult to replicate.

現在我簡要更新一下，我們作為一個組織如何為未來成長打造更強健的基礎。第一，Novanta 成長系統（NGS）持續在全公司成為更深入且更長久的工作方式。我們的持續改善引擎已嵌入 Novanta 方式的文化之中。NGS 是一項競爭差異化優勢，能同時推動客戶成功與營運效率，而這種組合很難被複製。

Here's what that looks like in practice. This very week, we have over a dozen simultaneous Kaizen events happening across 9 different global locations with over 150 employees participating. From senior leaders to frontline operators, working together on commercial excellence, innovation road maps, supply chain optimization, on-time delivery and our site regionalization initiatives.

以下是實務上的樣貌。就在本週，我們在全球 9 個不同據點同時進行超過十多場 Kaizen（改善）活動，並有超過 150 名員工參與。從高階主管到第一線操作人員，大家共同投入商業卓越、創新路線圖、供應鏈最佳化、準時交付，以及我們的據點區域化（regionalization）倡議。

On that last point, our regionalized manufacturing initiative is designed to solidify and expand our preferred supplier status with leading OEMs globally, helping our customers thrive in a deglobalizing world by manufacturing our products in the regions where they sell theirs. We're building manufacturing component centers with better scale, stronger systems and deeper talent with full in-region-for-region capability. The strategic logic is clear, the customer response is very positive, and the long-term benefits to profitability, cash flow and resilience will be durable.

就最後一點而言，我們的製造區域化倡議旨在鞏固並擴大我們在全球領先 OEM 客戶中的首選供應商地位，透過在客戶銷售其產品的區域內製造我們的產品，協助客戶在去全球化的世界中蓬勃發展。我們正在建立具備更佳規模、更強系統與更深人才的製造零組件中心，並具備完整的「區域對區域」（in-region-for-region）能力。其策略邏輯清晰，客戶回饋非常正面，而對獲利能力、現金流與韌性的長期效益也將是持久的。

To conclude, I'm very proud of our team's performance in 2025. As we look ahead, our top 3 priorities for 2026 are clear. First, drive mid-single-digit organic growth on the back of record bookings, new product launches and commercial momentum; second, acquisitions, deploying our $1.5 billion capacity into larger opportunities in our target markets; and third, completing our manufacturing foundation, finishing the regional transfers, scaling competence centers and embedding the Novanta growth system across the organization.

總結來說，我對團隊在 2025 年的表現感到非常自豪。展望未來，我們 2026 年的三大優先事項很明確。第一，依託創紀錄的訂單、新產品上市與商業動能，推動中個位數的有機成長；第二，進行併購，將我們 15 億美元的資金能力部署到目標市場中更大型的機會；第三，完成我們的製造基礎建設，完成區域轉移、擴大能力中心（competence centers）規模，並在全組織嵌入 Novanta 成長系統。

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

接下來，我將把電話會議交給 Robert，請他提供更多關於我們營運與財務表現的細節。

Thank you, Matthijs. I'll start by reviewing some of the key performance metrics of the company. In the fourth quarter, Novanta bookings increased 25% year-over-year and 12% sequentially with a book-to-bill of 1.11, indicating a stronger backlog and a positive outlook. All of Novanta's businesses had double-digit bookings growth and all had a positive book-to-bill in the fourth quarter. As Mattias mentioned, this has not happened in a single quarter since 2022 and a strong empirical evidence that our organic growth outlook for 2026 is demand driven and not aspirational.

謝謝你，Matthijs。我將先回顧公司的一些關鍵績效指標。在第四季度，Novanta 的訂單（bookings）年增 25%、季增 12%，出貨比（book-to-bill）為 1.11，顯示在手訂單更強、前景正向。Novanta 所有業務在第四季度的訂單皆呈雙位數成長，且出貨比皆為正值。如 Mattias 所提，這自 2022 年以來從未在單一季度發生過，並且是強而有力的實證證據，顯示我們對 2026 年有機成長的展望是由需求驅動，而非僅是願景。

For the full year, bookings increased 14% and the book-to-bill was 1.01. New product sales in the fourth quarter grew over 80% year-over-year, raising the vitality Index to 24% of sales. And for the full year, new product sales grew over 60% versus the prior year, and the full year vitality Index was 22%. Our design wins were also strong, with company-wide design wins for the full year, up over 20% versus the prior year. For both the fourth quarter and full year, our sales in the medical end markets represented 53% of total sales. While sales in advanced industrial markets were 47% also for the full year, our medical consumable sales were 15% of total company sales with this category growing at a strong double-digit rate versus the prior year due to the high attachment rate we see in our next generation insufflator product launches.

就全年而言，訂單成長 14%，出貨比為 1.01。第四季度新產品銷售年增超過 80%，使活力指數（vitality Index）提升至銷售額的 24%。而就全年而言，新產品銷售較前一年成長超過 60%，全年活力指數為 22%。我們的設計導入（design wins）也很強勁，全公司全年設計導入較前一年成長超過 20%。無論第四季度或全年，我們在醫療終端市場的銷售占總銷售額的 53%。雖然全年先進工業市場的銷售占比為 47%，但我們的醫療耗材銷售占公司總銷售額的 15%；由於我們在下一代充氣機（insufflator）產品上市中看到很高的搭載率（attachment rate），該類別相較前一年以強勁的雙位數成長率成長。

Now moving on to the financial results. Our fourth quarter 2025 non-GAAP adjusted gross profit was $118 million or 45.5% adjusted gross margin compared to $112 million or 47% adjusted gross margin in the fourth quarter of 2024. Adjusted gross margins were down 150 basis points year-over-year and down sequentially by 100 basis points. Gross margins came in below our November guidance, a direct consequence of the decision Mattias described, prioritizing customer deliveries over transfer timing created higher dual running costs in the quarter with more than a 100 basis point impact to gross margin and a 400 basis point increase to net working capital as a percent of sales.

接著說明財務結果。2025 年第四季度，非 GAAP 調整後毛利為 1.18 億美元，或調整後毛利率 45.5%；相較之下，2024 年第四季度為 1.12 億美元，或調整後毛利率 47%。調整後毛利率年減 150 個基點，且季減 100 個基點。毛利率低於我們 11 月的指引，直接原因是 Mattias 所描述的決策：相較於轉移時點，我們優先確保客戶交付，導致本季度更高的雙重運行成本（dual running costs），對毛利率造成超過 100 個基點的影響，並使淨營運資金占銷售額的比例增加 400 個基點。

In January, we adjusted the cost structure without disrupting deliveries or revenue momentum. Gross margins are expected to step up sequentially in the first quarter and the transfer will be completed by the end of the second quarter. As a result, our full year 2026 gross margin expansion target of approximately 100 basis points of expansion versus 2025 is intact. For the full year of 2025, non-GAAP adjusted gross profit was $452 million or 46% adjusted gross margin compared to $442 million or 46.5% adjusted gross margin.

在 1 月，我們在不影響交付或營收動能的情況下調整了成本結構。預期毛利率將在第一季度逐季提升，而轉移將於第二季度末完成。因此，我們 2026 年全年毛利率擴張目標——相較 2025 年約擴張 100 個基點——仍維持不變。2025 年全年，非 GAAP 調整後毛利為 4.52 億美元，或調整後毛利率 46%；相較之下，前一年為 4.42 億美元，或調整後毛利率 46.5%。

Moving on to the fourth quarter. R&D expenses were $23 million or approximately 9% of sales. For the full year, R&D expenses were $95 million or approximately 10% of sales. Fourth quarter SG&A expenses, excluding certain adjustments, were $46 million or approximately 18% of sales. Full year SG&A expenses, excluding certain adjustments, was $181 million or approximately 18% of sales. Adjusted EBITDA was $61 million in the fourth quarter, demonstrating strong growth of 17% year-over-year and achieving a 23.5% adjusted EBITDA margin.

接著談第四季。研發費用為2,300萬美元，約占銷售額的9%。全年研發費用為9,500萬美元，約占銷售額的10%。第四季SG&A費用（不含特定調整項）為4,600萬美元，約占銷售額的18%。全年SG&A費用（不含特定調整項）為1.81億美元，約占銷售額的18%。第四季調整後EBITDA為6,100萬美元，年增17%展現強勁成長，並達成23.5%的調整後EBITDA利潤率。

On the tax front, our non-GAAP tax rate in the fourth quarter of 2025 was 20.5% versus 24% in the fourth quarter of 2024. Our tax rate for the full year was 21% versus 20% in the prior year, and our tax rate increased year-over-year due to jurisdictional mix of pretax income.

在稅務方面，我們2025年第四季的非GAAP稅率為20.5%，相較於2024年第四季的24%。全年稅率為21%，相較前一年的20%有所上升；稅率年增主要是由於稅前所得的司法管轄區組合變化所致。

Our non-GAAP adjusted earnings per share was $0.91 in the fourth quarter, up 20% versus the prior year. This result was achieved despite adding 2.7 million incremental shares to our diluted share count from the November equity fund raise. For the full year 2025, our non-GAAP adjusted EBITDAS was $3.29, an increase of 7% versus the prior year.

我們第四季非GAAP調整後每股盈餘為0.91美元，較去年同期成長20%。儘管因11月的股權募資使稀釋後股數增加270萬股，本結果仍得以達成。2025年全年，我們的非GAAP調整後EBITDAS為3.29美元，較去年增加7%。

Operating cash flow in the fourth quarter was $9 million compared to $62 million in the fourth quarter of 2024. For the full year, operating cash flow was $64 million. Cash flow was impacted by the same regional manufacturing dynamics, higher inventory builds and temporary account receivable timing items, most of which have already been collected in January. As these site moves complete in the first half, we expect a significant inventory drawdown and strong cash rebound. Operating cash flow guidance for the full year is $145 million to $185 million, more than double our 2025 result.

第四季營運現金流為900萬美元，對比2024年第四季的6,200萬美元。全年營運現金流為6,400萬美元。現金流受到前述相同的區域製造動態、更高的庫存建立，以及應收帳款時點的暫時性因素影響，其中大部分已於1月收回。隨著這些廠址移轉在上半年完成，我們預期庫存將顯著下降，現金也將強勁回升。全年營運現金流指引為1.45億至1.85億美元，較2025年實績高出一倍以上。

We ended the fourth quarter with gross debt of $260 million, a gross leverage ratio of 1.2 times. Our cash balance at year-end was $381 million, and so our net debt was negative $121 million giving us a net leverage ratio of a negative 0.5 times, which means we're in a positive net cash position for the first time in over a decade.

我們在第四季末的總負債為2.60億美元，總槓桿比率為1.2倍。年末現金餘額為3.81億美元，因此淨負債為負1.21億美元，淨槓桿比率為負0.5倍；這表示我們十多年來首次處於淨現金為正的狀態。

Our debt balance was significantly reduced during the fourth quarter as we used the proceeds from the November fund raise to pay down over $300 million of our revolving credit facility, giving us near-term savings and interest expense. Partly offsetting this revolver paydown is the addition of the amortizing notes that were issued as part of the November offering, which added approximately $111 million in debt to our balance sheet. The remaining funds for November offering are shown as an increase to the equity section of the balance sheet.

第四季我們的負債餘額大幅下降，因為我們使用11月募資所得償還了循環信用額度（revolving credit facility）超過3億美元，帶來短期的利息費用節省。部分抵銷該循環額度還款的是：作為11月發行的一部分所發行的攤還型票據（amortizing notes）新增，約為資產負債表增加1.11億美元的負債。11月發行剩餘資金則反映為資產負債表權益部分的增加。

In the fourth quarter, we repurchased $19 million worth of company stock. And for the full year, we repurchased nearly $40 million of shares. While acquisitions remain our top capital allocation priority, we'll still repurchase shares under our approved repurchase program when the value of purchasing the stock gives us a greater cash return versus the intrinsic future value of Novanta.

第四季我們回購了1,900萬美元的公司股票。全年我們回購了近4,000萬美元的股份。雖然併購仍是我們資本配置的首要優先事項，但在我們認為回購股票相較於Novanta的內在未來價值能帶來更高的現金報酬時，我們仍會依核准的回購計畫進行回購。

I'll now share some details on the operating expenses. In the fourth quarter, Automation Enabling Technologies segment revenue grew by 2% year-over-year, better than expected. The book-to-bill in this segment was 1.16 and bookings were up 33% year-over-year. For the full year, Automation Enabling Technologies grew sales by 2% and bookings grew by 20% and the full year book-to-bill was 1.02,

接下來我將分享一些營運費用的細節。第四季，自動化使能技術（Automation Enabling Technologies）事業部營收年增2%，優於預期。該事業部的出貨/接單比（book-to-bill）為1.16，接單（bookings）年增33%。全年，自動化使能技術銷售額成長2%，接單成長20%，全年出貨/接單比為1.02，

Our Precision Manufacturing business, which mainly serves the industrial equipment market, saw a year-over-year revenue decline of 3% in the fourth quarter. However, this business saw a sequential revenue growth of 8% and double-digit growth in bookings in the quarter, and we continue to see momentum build in this business.

我們的精密製造（Precision Manufacturing）業務主要服務工業設備市場，第四季營收年減3%。然而，該業務本季營收季增8%，接單亦呈現雙位數成長，我們持續看到此業務動能正在累積。

Our Robotics and Automation business grew revenues up 6% year-over-year in the fourth quarter and 2% sequentially. We continue to see a healthy outlook in this business with solid demand for advanced robotic applications and increasing strength in some semiconductor applications, benefiting from the investment in artificial intelligence.

我們的機器人與自動化（Robotics and Automation）業務第四季營收年增6%，並季增2%。我們持續看好此業務的前景：先進機器人應用需求穩健，部分半導體應用亦日益強勁，受惠於人工智慧投資。

For the Automation Enabling Technologies segment, adjusted gross margins were 49%, up sequentially but down year-over-year, driven by the site regionalization dynamics as discussed. For the full year, adjusted gross margins were 49%, roughly flat year-over-year.

就自動化使能技術事業部而言，調整後毛利率為49%，較上季上升但較去年同期下降，主因為前述廠址區域化動態所致。全年調整後毛利率為49%，與去年大致持平。

New product revenue for the segment grew over 80% year-over-year in the quarter and nearly 90% for the full year. Customer design wins for the full year grew over 30% on the back of both innovation and stronger commercial execution by our teams. In addition, the vitality index was above 20% in the fourth quarter then at high teens percent for the full year, and this is double last year's performance.

該事業部新產品營收在本季年增超過80%，全年接近90%。在創新與團隊更強的商務執行力帶動下，全年客戶設計導入（design wins）成長超過30%。此外，第四季活力指數（vitality index）高於20%，全年則為十幾個百分點的高檔水準，為去年的兩倍。

Moving on to Medical Solutions segment. Revenue in the segment grew 16% year-over-year. This segment saw a book-to-bill of 1.07 in the fourth quarter and bookings were up 17% year-over-year. For the full year, Medical Solutions, grew sales by 5%, bookings grew by 8% and the book-to-bill was 1.01. New product sales in the fourth quarter grew by nearly 80% year-over-year and the Vitality Index in this segment was nearly 28% of sales. For the full year, new product sales grew by over 50% and the Vitality Index was 27% of sales.

接著談醫療解決方案（Medical Solutions）事業部。該事業部營收年增16%。第四季該事業部出貨/接單比為1.07，接單年增17%。全年醫療解決方案銷售成長5%，接單成長8%，出貨/接單比為1.01。第四季新產品銷售年增近80%，該事業部活力指數接近銷售額的28%。全年新產品銷售成長超過50%，活力指數為銷售額的27%。

Our Advanced Surgery business experienced 15% growth year-over-year, driven by both strong patient procedural surgical growth rates and from our new product launches of our second-generation insufflators, which continue to see favorable demand from our OEM customers. These growth dynamics are expected to continue into 2026 and beyond.

我們的先進外科（Advanced Surgery）業務年增15%，動能來自病患手術量的強勁成長，以及我們第二代充氣機（insufflators）新產品上市；該產品持續受到OEM客戶的良好需求。預期這些成長動態將延續至2026年及之後。

In our Precision Medicine business, which serves the Life Science and multi-omics market sales in the fourth quarter grew by 16% year-over-year and grew sequentially by 4% -- the year-over-year growth in this business was largely driven by the (inaudible) acquisition as well as some favorable year-over-year comparables. In the Medical Solutions segment, Advanced gross margins were approximately 43% which is roughly flat year-over-year. The margin performance was impacted by the manufacturing site dynamics as discussed.

在我們的精準醫療（Precision Medicine）業務（服務生命科學與多組學市場）方面，第四季銷售額年增16%，並季增4%——該業務的年增主要由（聽不清）收購案所帶動，另加上部分有利的年對年比較基期。在醫療解決方案事業部，Advanced毛利率約為43%，與去年大致持平。毛利率表現受到前述製造廠址動態影響。

Now turning to guidance. We see steady improvement in customer sentiment for capital equipment demand as OEMs and end users have largely adjusted to the current macroeconomic dynamics. As Matthijs covered in his remarks, we see a very favorable growth outlook for 3 of the 4 businesses in 2026.

接下來談指引。我們看到客戶對資本設備需求的情緒穩步改善，因為OEM與終端用戶已大致適應目前的總體經濟動態。如Matthijs在發言中所述，我們對2026年四項業務中的三項有非常有利的成長展望。

For the full year of 2026, we expect GAAP revenue to be approximately $1.03 to $1.05 billion which represents 4% to 6% organic revenue growth. With the full year range, we expect to see sequentially increasing momentum in our quarterly organic growth.

針對 2026 全年，我們預期 GAAP 營收約為 10.3 億至 10.5 億美元，代表有機營收成長 4% 至 6%。在全年區間內，我們預期季度有機成長動能將逐季增強。

In the first quarter, we expect to see organic growth in the positive 1% to positive 3% range. And in the second quarter, we expect to see organic growth in the positive 5% to positive 7% with a similar level of organic growth in the back half of the year. This confidence in the faster pace of organic revenue growth in the second quarter and beyond is driven by the good visibility we have in the recent booking strength and a growing backlog.

在第一季，我們預期有機成長落在正 1% 至正 3% 的區間。而在第二季，我們預期有機成長為正 5% 至正 7%，且下半年將維持相近水準的有機成長。我們對第二季及其後有機營收成長加速的信心，來自於近期接單強勁所帶來的良好能見度，以及在手訂單（backlog）持續增加。

For adjusted gross margin for the full year, we expect to achieve approximately 47%, which is 100 basis points of expansion year-over-year. This expansion is coming from completing the regional manufacturing production moves in the second quarter. Based on progress made thus far in the quarter, we feel good about the momentum we have here.

就全年調整後毛利率而言，我們預期可達約 47%，較去年擴張 100 個基點。此一擴張主要來自於在第二季完成區域製造的產能移轉。根據本季迄今的進展，我們對目前的動能感到樂觀。

We expect R&D and SG&A expenses for the full year to be approximately $294 million to $298 million. This represents roughly 28% of sales. This guidance excludes expected costs associated with our manufacturing MRP system, which is being deployed to support our regional manufacturing initiative and to position Novanta for further site consolidations and reduce complexity.

我們預期全年研發（R&D）與銷售、一般及行政（SG&A）費用約為 2.94 億至 2.98 億美元。約占銷售額的 28%。此指引不包含與我們製造 MRP 系統相關的預期成本；該系統正部署以支援我們的區域製造計畫，並使 Novanta 能進一步推動廠址整併、降低複雜度。

Depreciation expense will be approximately $17 million in the full year, and we expect this to be approximately evenly split in each quarter. Stock compensation expense will be nearly $38 million for the full year, but the quarterly amount will vary due to the specific timing of some of our equity awards, including the onetime award that was granted in mid-2025 to replace the normal employee cash bonus program for that year. In the first quarter, we expect approximately $12 million of stock compensation expense. In the second quarter, we expect approximately $11 million of stock compensation expense. And then fall to approximately $8 million a quarter in the second half of 2026.

全年折舊費用約為 1,700 萬美元，我們預期各季分攤大致平均。全年股票酬勞費用將接近 3,800 萬美元，但各季金額會因部分股權獎勵的特定時點而有所變動，其中包括 2025 年年中授予的一次性獎勵，用以取代該年度一般員工現金獎金計畫。第一季我們預期股票酬勞費用約 1,200 萬美元。第二季我們預期股票酬勞費用約 1,100 萬美元。之後在 2026 年下半年將降至每季約 800 萬美元。

For adjusted EBITDA, and for the full year 2026, we expect to be between $245 million and $250 million, representing a low double-digit increase year-over-year and we expect to achieve approximately a 24% EBITDA margin. Interest expense, net of interest income is expected to be roughly $8 million for the full year of 2026, excluding any material changes in debt balances. This includes the interest expense associated with the recently issued amortizing notes.

就 2026 全年調整後 EBITDA 而言，我們預期介於 2.45 億至 2.50 億美元，代表年增低雙位數，並預期可達約 24% 的 EBITDA 利潤率。2026 全年利息費用（扣除利息收入後）預期約為 800 萬美元，前提是不出現債務餘額的重大變動。其中包含近期發行之分期攤還票據（amortizing notes）相關的利息費用。

We expect our non-GAAP tax rate to be around 21% for the full year of 2026, roughly in line with 2025. Diluted weighted average shares outstanding will be approximately 41 million shares in 2026. This includes an estimate for the dilutive effect of our equity offering.

我們預期 2026 全年非 GAAP 稅率約為 21%，大致與 2025 年一致。2026 年稀釋後加權平均流通股數約為 4,100 萬股。其中包含我們股權發行所造成稀釋效果的估計。

As explained in details, in our filings, the dilutive effect of the equity offering can vary based on the market price of Novanta's common shares. And so this guidance only factors in an estimate for dilution based on our recent share price performance and does not anticipate material declines in our share price in the future.

如我們在申報文件中已詳述，股權發行的稀釋效果會因 Novanta 普通股的市場價格而有所不同。因此，本指引僅納入基於近期股價表現的稀釋估計，並未預期未來股價會出現重大下跌。

For the full year, we expect diluted earnings per share to be in the range of $3.50 and $3.65, representing growth of up to 11% year-over-year. Included in this guidance is the unfavorable impact from our equity fundraise in the range of $0.22 to $0.24, spread evenly through the first four quarters. This reflects the impact of the higher share count, partially offset by lower interest expense. Also included in the guidance is the temporary unfavorable impact due to the onetime 2025 all employee equity grant. which I just discussed. This was a $0.14 impact in the first half of 2026 only.

就全年而言，我們預期稀釋後每股盈餘介於 3.50 至 3.65 美元，代表年增最高可達 11%。此指引包含我們股權募資帶來的不利影響，約為 0.22 至 0.24 美元，並在前四個季度平均分攤。這反映了股數增加的影響，部分由較低的利息費用所抵銷。指引亦包含因 2025 年一次性全員股權授予所造成的暫時性不利影響（我剛剛已說明）。此影響僅發生在 2026 年上半年，金額為 0.14 美元。

Cash flow conversion for the full year is expected to rebound versus 2025. Full year 2026 operating cash flow will be approximately $145 million to $185 million, with the bottom end of the range, driven by higher inventory levels to mitigate risk and manufacturing moves and vendor disruptions and the upper end of the range representing the successful mitigation of these risks.

我們預期全年現金流轉換率將較 2025 年回升。2026 全年營運現金流約為 1.45 億至 1.85 億美元；區間下緣主要受較高庫存水位影響，以降低風險並因應製造移轉與供應商中斷；區間上緣則代表成功緩解上述風險。

Turning to the first quarter of 2026. We expect GAAP revenue to be the range of $250 million to $255 million, which represents a year-over-year organic growth of positive 1% to positive 3%, and reported revenue growth of positive 7% to positive 9%.

接著談 2026 年第一季。我們預期 GAAP 營收介於 2.50 億至 2.55 億美元，代表年增有機成長正 1% 至正 3%，以及報告營收成長正 7% 至正 9%。

Looking at growth in our segments in the first quarter. Automation Enabling Technology segment is expected to achieve low to mid-single-digit growth versus the prior year, which represents an acceleration in growth rate versus the fourth quarter based on the building momentum we see in the business's bookings and backlog.

就第一季各事業部門的成長來看。自動化賦能技術（Automation Enabling Technology）事業部預期相較去年達到低至中個位數成長；基於我們在接單與在手訂單所見的動能累積，這代表相較第四季成長率加速。

Medical Solutions segment is expected to achieve high single-digit to low double-digit reported growth in the quarter. On a sequential basis, the Medical Solutions segment is expected to see normal sequential decline in the first quarter versus the fourth quarter due to seasonality. However, this business -- will still see solid year-over-year growth in the first quarter. And as already mentioned, the full year outlook for this business is extremely strong.

醫療解決方案（Medical Solutions）事業部預期本季報告成長為高個位數至低雙位數。以季對季來看，受季節性影響，醫療解決方案事業部預期第一季相較第四季出現正常的季節性下滑。然而，該業務在第一季仍將呈現穩健的年增成長。且如先前所提，該業務的全年展望極為強勁。

For adjusted gross margin, we expect to achieve approximately 46.5% in the first quarter. This is a sequential step up from the fourth quarter and roughly flat year-over-year, representing the progress we have already made in the regional manufacturing moves. And as indicated in our full year guide, we expect stronger year-over-year margin expansion in the second quarter and beyond.

就調整後毛利率而言，我們預期第一季可達約 46.5%。這較第四季呈現季增，且年對年大致持平，反映我們在區域製造移轉方面已取得的進展。並且如我們全年指引所示，我們預期第二季及其後的年對年毛利率擴張將更為強勁。

We expect R&D and SG&A expenses in the first quarter to be approximately $76 million to $77 million, which represents roughly 30% of sales. This is a higher percent of sales than the rest of the year will be based on two factors. First, we are aggressively deploying artificial intelligence tools and resources to our teams to deliver upside to our productivity goals for the year. We are seeing great progress in the adoption of these tools to help us with many different areas, including selling processes, R&D programs, regulatory programs and back-office processes.

我們預期第一季研發與 SG&A 費用約為 7,600 萬至 7,700 萬美元，約占銷售額的 30%。此占比高於全年其餘期間，主要基於兩項因素。第一，我們正積極向團隊部署人工智慧工具與資源，以在今年的生產力目標上帶來上行空間。我們看到這些工具的採用進展良好，可協助我們在多個領域，包括銷售流程、研發計畫、法規計畫以及後勤（back-office）流程。

Second, there's a higher impact from the stock compensation expense associated with the all-employee grant that only impacts the first half. Depreciation and stock compensation expense in the first quarter will be in line with what I covered in the full year guidance.

第二，與僅影響上半年的全員授予相關之股票酬勞費用影響較高。第一季的折舊與股票酬勞費用將與我在全年指引中所說明的內容一致。

For adjusted EBITDA for the first quarter, we expect a range of $56 million to $58 million, which represents plus 12% to plus 17% growth year-over-year and an adjusted EBITDA margin roughly 100 basis points higher than the prior year. Interest expense will be approximately $2 million in the first quarter. We expect our non-GAAP tax rate to be between 19% and 20% in the first quarter, slightly lower than the full year based on the timing of recognition of certain tax benefits.

就第一季調整後 EBITDA 而言，我們預期介於 5,600 萬至 5,800 萬美元，代表年增 12% 至 17%，且調整後 EBITDA 利潤率較去年約高 100 個基點。第一季利息費用約為 200 萬美元。我們預期第一季非 GAAP 稅率介於 19% 至 20%，因部分稅務優惠認列時點的影響，略低於全年水準。

Diluted weighted average shares outstanding will be in line with what was covered in the full year guidance. For the first quarter, we expect adjusted diluted earnings per share to be in the range of $0.75 and to $0.80, growing up 8% year-over-year. Again, this growth rate is impacted by both the share count increase from the equity issuance and the timing of stock compensation expense in the quarter.

稀釋加權平均流通在外股數將與全年指引中所涵蓋的內容一致。就第一季而言，我們預期調整後稀釋每股盈餘將落在 0.75 美元至 0.80 美元的區間，年增 8%。再次強調，這個成長率同時受到股權發行導致股數增加，以及本季股權薪酬費用認列時點的影響。

Cash flow conversion in the first quarter should improve versus the fourth quarter and should achieve our goal of hitting cash conversion of greater than 100% of GAAP net income. However, with the regionalization site initiatives still underway, we see stronger cash flow materializing after these are completed in the second quarter.

第一季的現金流轉換率應會較第四季改善，並應可達成我們的目標：現金轉換率高於 GAAP 淨利的 100%。不過，由於區域化站點（regionalization site）相關計畫仍在進行中，我們預期在第二季完成後，較強勁的現金流才會顯現。

In summary, we remain confident in our long-term strategy and business model. We see growing momentum, which will help us achieve mid-single-digit organic growth for the full year. We are excited about our customer wins, our bookings growth and the continued momentum of our new product launches. We continue to make progress in high-growth markets, particularly in medical technology markets and physical AI robotic markets.

總結來說，我們對長期策略與商業模式仍然充滿信心。我們看到動能持續增強，這將幫助我們達成全年中個位數（中段）的有機成長。我們對客戶贏單、訂單（bookings）成長，以及新產品持續推出所帶來的動能感到振奮。我們也持續在高成長市場取得進展，特別是在醫療科技市場與實體 AI 機器人市場。

And finally, with the successful fund raise we have nearly $1.5 billion in acquisition capacity. This fundraise has unlocked our ability to explore multiple large potential opportunities, and we have a very robust acquisition pipeline. Combined with our track record and discipline of acquiring businesses that exceed our cost of capital within five years and our free cash flow accretive day one, we feel confident in our ability to deploy meaningful capital in 2026 that will drive strong long-term shareholder returns.

最後，隨著本次成功募資，我們幾乎擁有 15 億美元的併購能力。這次募資解鎖了我們探索多個大型潛在機會的能力，我們也擁有非常強健的併購案源（pipeline）。結合我們一貫的紀錄與紀律——在五年內收購能超過資本成本的企業，且自第一天起即可增厚自由現金流——我們對於在 2026 年部署具規模的資本、以帶動長期強勁股東報酬的能力充滿信心。

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

以上為我們的準備發言。接下來我們將開放提問。

(Operator Instructions) Lee Jagoda, CJS Securities.

(接線員指示) Lee Jagoda，CJS Securities。

Good morning, guys. So looking at the Automation Enabling Technologies segment first and just a sequential increase in bookings of about $30 million, can you go through sort of what businesses and what product categories are driving that increase? And how much of those bookings are longer lead time versus more book and ship within a quarter or two?

各位早安。先看自動化使能技術（Automation Enabling Technologies）部門，訂單（bookings）季增約 3,000 萬美元；你們能否說明是哪些業務、哪些產品類別在推動這個增幅？另外，這些訂單中有多少屬於較長交期，多少是屬於一到兩季內即可接單出貨（book and ship）的類型？

Yeah, Lee, it's pretty broad-based, right? We commented that all our businesses, so including also the Medical Solutions businesses had double-digit bookings growth and a positive book-to-bill for the first time since 2022. And we also commented that actually particular momentum was building actually in the AET businesses where you see a continued strong momentum building in robotics and automation, driven by the drivers that I mentioned. So we have precision robotics where you need more perception and reaction for end of arm, which is both in rare innovation, but also surgical robotics as well as human and kind of a larger segment of precision robotics.

是的，Lee，這其實相當廣泛，對吧？我們提到所有業務——也包括醫療解決方案（Medical Solutions）業務——訂單（bookings）都呈現雙位數成長，且自 2022 年以來首次出現正向的接單出貨比（book-to-bill）。我們也提到，特別是在 AET 業務中動能其實正在累積，你會看到機器人與自動化持續走強，這是由我先前提到的驅動因素所帶動。因此我們在精密機器人領域，需要更強的感知與反應能力用於末端執行器（end of arm），這不僅在（原文：rare innovation）方面，也涵蓋手術機器人，以及人形等更大範疇的精密機器人。

Secondly, we expect to see momentum in the semiconductor capital equipment market improving, and you see some bookings starting to come in.

第二，我們預期半導體資本設備市場的動能將改善，你也開始看到一些訂單進來。

And the third, we have -- we're the sole source supplier for drilling in GPU boards for artificial intelligence, and that business is gaining strong momentum as well. So that's on the robotics and automation side.

第三，我們是 AI 用 GPU 板鑽孔（drilling）的唯一來源供應商（sole source supplier），而這項業務也正在獲得強勁動能。以上是機器人與自動化端的情況。

And on the precision manufacturing side, there's a combination of multiple factors. That business has shown double-digit bookings growth for four consecutive quarters last year. And revenue started to sequentially build really in the second half of last year with an 8% sequential growth in Q4. Now that business is still modestly negative year-over-year in the fourth quarter, but we're -- yes, very confident that business will turn to mid-single-digit growth in 2026 driven by a few dynamics.

至於精密製造端，則是多項因素的組合。該業務在去年連續四個季度呈現雙位數訂單成長。營收也在去年下半年開始逐季回升，第四季季增 8%。目前該業務在第四季仍略為年減，但我們——是的——非常有信心在幾項動態的帶動下，該業務在 2026 年將轉為中個位數成長。

One is customer destocking, which has been a headwind for this business for the last two years has subsided. So that's one. Secondly, this business has a very strong design win performance, and these design wins are coming up to speed in 2026 with bookings starting to appear. And then third, this business has been working for multiple years on intelligent subsystems of laser beam steering and these product launches that started to happen in the latter part of last year starting to hit (inaudible) in 2026. which is primarily driven by a variety of, yes, let's say, manufacturing, advanced manufacturing markets that need extreme precision whether it's laser editor of manufacturing, micromachining actually or processes for Gen AI infrastructure.

其一是客戶去庫存（destocking）——這在過去兩年一直是該業務的逆風——已經緩解。這是第一點。第二，該業務在設計導入（design win）方面表現非常強勁，而這些設計導入將在 2026 年逐步放量，訂單也開始浮現。第三，該業務多年來一直在開發雷射光束轉向（laser beam steering）的智慧子系統，而這些在去年後段開始推出的產品，將在 2026 年開始帶來（inaudible），主要由多種先進製造市場所驅動；這些市場需要極高精度，無論是雷射（原文：laser editor of manufacturing）、微加工（micromachining），或是用於生成式 AI 基礎設施的製程。

But also you see some reshoring happening where actually the precision and throughput and productivity improvements are requiring to offset let's say, productivity losses as a result of the reshoring. So we see multiple drivers in that business, we feel good about that business momentum building sequentially and I think the core message is it's broad-based. It's not a single driver per se of a single business, and we feel good where we are.

此外，你也會看到一些回流生產（reshoring）正在發生；為了抵消因回流生產造成的生產力損失，企業需要提升精度、產能（throughput）與生產力。因此我們在該業務看到多重驅動因素，對其動能逐季累積感到樂觀；我認為核心訊息是這是廣泛性的。並非單一業務或單一因素在驅動，我們對目前的狀況感到滿意。

Lee, let me give you a couple of pieces of data that might help. So on the Precision Manufacturing business, the book-to-bill was 1.2 that represented nearly 50% growth in bookings at backlog amount of about 100 -- a little over $100 million. So you can see that backlog is about 2 times that of revenue.

Lee，我再提供幾個可能有幫助的數據。在精密製造業務方面，接單出貨比（book-to-bill）為 1.2，代表訂單成長接近 50%，期末在手訂單（backlog）約 100——略高於 1 億美元。因此你可以看到，在手訂單大約是營收的 2 倍。

In the Robotics and Automation area, business unit, the book-to-bill was 1.13. That was close to 25% growth in the quarter. And our backlog there is also roughly 1.5 times our actual quarterly revenue.

在機器人與自動化業務單元方面，接單出貨比（book-to-bill）為 1.13，本季成長接近 25%。而我們該處的在手訂單也約為實際單季營收的 1.5 倍。

The Advanced Surgery business, which amounts will just go through that segment had 1.12 book-to-bill. The backlog is roughly 2 times that of quarterly revenue, and that business had close to 15% quarterly growth on a year-over-year basis. And our Precision Medicine business had a book-to-bill of 1.1 with a backlog of nearly 2 times that of our quarterly revenue, and it had bookings growth of 22% year-over-year.

先進外科（Advanced Surgery）業務——我會把該部門的金額快速帶過——接單出貨比（book-to-bill）為 1.12。在手訂單約為單季營收的 2 倍，且該業務年比年單季成長接近 15%。而我們的精準醫療（Precision Medicine）業務接單出貨比為 1.1，在手訂單接近單季營收的 2 倍，訂單年增 22%。

Got it. No, that's all very helpful. One more, and I'll just hop back in the queue. On the industrial robotics order you announced the quarter. So is there any update there? Any revenue expectations for 2026? And then any additional follow-through orders from either that customer or potentially other robotics customers after you kind of disclosed that order?

了解。不，這些都非常有幫助。再一個問題，我就回到隊列。關於你們本季宣布的工業機器人訂單。那邊有任何更新嗎？對 2026 年的營收有任何預期嗎？另外，在你們披露該筆訂單之後，是否有來自該客戶或其他機器人客戶的後續追加訂單？

I mean, we're -- we see that momentum building very steadily and our remarks stay consistent with what we said before, Lee. So it's a first phase of ramp, which will be modest this year, and then it will be sequentially building from there. I think the key takeaway is that it's just a testament to our technology leadership. It is area that leading players are selecting us, and that then creates a halo effect for other opportunities.

我的意思是——我們看到那個動能非常穩定地在累積，我們的說法也與先前對你說的一致，Lee。這是第一階段的爬坡，今年會相對溫和，之後會在此基礎上逐季增長。我認為關鍵重點是，這只是對我們技術領先地位的證明。這是領先業者正在選擇我們的領域，而這也會對其他機會產生光環效應（halo effect）。

So I think what I'm most excited about is just the broad-based precision robotics and of our physical AI opportunity for this business, which is both in search robotics warehouse automation, humanoid as well as other precision robotics applications. So that is what we -- which is why we're seeing the momentum of that business sequentially building. So it's just one part of multiple drivers.

所以我認為我最興奮的是，這項業務在廣泛基礎上的精密機器人，以及我們在實體 AI 方面的機會；涵蓋搜尋機器人、倉儲自動化、人形機器人，以及其他精密機器人應用。因此，這也是我們看到該業務動能逐季累積的原因。所以這只是多重驅動因素中的一部分。

I will say that the -- you saw a couple of announcements last year around our -- both our servo drives, which are a key enabler of precision motion control within automation, within warehouse robotics and within humanoid. We are working with the industry as well as the ISO organizations to help set the standard around how robots operate safely in a manufacturing environment as well as the home.

我想說的是——你們去年看到我們有幾項公告，涉及我們的伺服驅動器；這是自動化、倉儲機器人以及人形機器人中精密運動控制的關鍵促成技術。我們正與產業以及 ISO 組織合作，協助制定機器人在製造環境以及家庭中如何安全運作的標準。

We are well positioned with that technology and our force torque technology in humanoid and in warehouse automation. We feel it is really superior to anything out there from a competitive perspective. And you can see we are working with pretty much everybody out there when it comes to the humanoid markets and the leading players in warehouse automation. So we feel really good about that technology.

憑藉這項技術以及我們在力/扭矩技術方面的能力，我們在人形機器人與倉儲自動化領域都具備很好的布局。我們認為從競爭角度來看，它確實優於市面上任何其他方案。而且你可以看到，在人形機器人市場以及倉儲自動化的領先玩家方面，我們幾乎與所有人都在合作。所以我們對這項技術非常有信心。

As Matthijs said, it will take a little time to kind of fully materialize. And of course, on the humanoid side, a little bit binary in the short term. But we could not be better positioned, both industry-wise and customer-wise and hoping to grapple on to that opportunity.

正如 Matthijs 所說，這需要一些時間才能算是完全顯現。當然，在人形機器人這一端，短期內會有點二元（成或不成）。但無論在產業面或客戶面，我們的布局都不可能更好，並希望能把握住這個機會。

Brian Drab, William Blair.

Brian Drab，William Blair。

Thanks for taking my questions. I mean, so much momentum on the top line, the bookings, the orders and backlog -- can you just, again -- maybe for Robert, but just bridge that momentum and kind of reconcile that with your expectation for -- at the midpoint, I think it's about 9% EPS growth. And just maybe rank order the investments again that are happening this year that will kind of maybe result in what might be perceived as a little bit of restrained earnings growth.

謝謝讓我提問。我的意思是，營收、接單、訂單與積壓訂單都有很強的動能——你能否再一次（也許請 Robert）把這些動能串起來，並與你們對 EPS 成長的預期做個對照？在中位數我想大約是 9% 的 EPS 成長。另外也請再把今年正在進行的投資按重要性排序一下，這些投資可能會導致外界覺得獲利成長稍微受到抑制。

I would say -- so the EPS growth, I forget, we did the fundraise, right? And so the fundraise generated $0.22 to $0.24 of headwind. Obviously, we don't want that headwind to materialize. We would like to deploy the capital that we raised towards acquisitions. And so I would look at that as a temporary headwind with the likelihood that we deploy that capital and generate income through the acquisition of a new business. But it's roughly -- the fundraise itself is $0.22 to $0.24.

我會說——關於 EPS 成長，我忘了，我們做了募資，對吧？而這次募資帶來了每股 $0.22 到 $0.24 的逆風。顯然，我們不希望這個逆風真的持續存在。我們希望把募集到的資金用於併購。因此我會把它視為暫時性的逆風，而且很可能我們會部署這筆資金，透過收購新業務來產生收益。但大致上——單就募資本身而言，就是 $0.22 到 $0.24。

And then there's the all-employee grant that went out to all employees other than the executive team. And that had about a 14% headwind that only impacts the first half of the year. So the -- if you think about the EPS growth of roughly 10%, it is growing 10% year-over-year despite the dilution from the fundraise and despite the dilution from that equity grant. And so the organic element of that EPS growth is obviously much bigger.

另外，還有一項全員股權授予，發給除高階主管團隊以外的所有員工。這帶來大約 14% 的逆風，而且只影響上半年。所以——如果你把 EPS 成長約 10% 來看，儘管有募資造成的稀釋、也儘管有那次股權授予造成的稀釋，EPS 仍然能年增 10%。因此，這個 EPS 成長中的有機成分顯然要大得多。

Right. Okay. And through that -- and then you mentioned a number of opportunities here. And one of them that stepped out that stood out to me was the GPU Boards opportunity. Does that -- is that something that kind of surprised you that has popped up that is new? Or I haven't heard you talk about that one before, and it sounds like that could be a big deal and kind of revise that air bearing spindle business.

了解。好。那接著——你提到這裡有不少機會。其中一個讓我特別注意的是 GPU 板的機會。這是你們也感到意外、最近才冒出來的新機會嗎？我以前沒聽你談過這個，聽起來可能很重要，並且可能會重新帶動你們的空氣軸承主軸業務。

I mean, listen, we haven't talked about this business for a little while. It's -- we're the -- really by far the leader in this space in drilling really thick boards very precisely. And it so happens that the material set in Gen AI and GPU boards are getting tougher and thicker and the only way you can really do this with throughput at precision, it turns out is with our spindles.

我的意思是，聽著，我們有一段時間沒談這個業務了。在這個領域，我們在非常精密地鑽孔超厚板方面，確實是遠遠的領導者。而剛好在 Gen AI 與 GPU 板上，材料組合變得更難加工、也更厚；結果發現，若要在維持精度的同時達到產能（throughput），唯一真正可行的方法就是用我們的主軸。

And so of course, the visibility is starting to increase around that start to increase in the second half of the year. Of course, these boards can be drilled in a variety of applications, but it became clear that the leader in GPUs had a personal interest in this in terms of scaling that. So that's why we're mentioning it. The business is really starting to be on a tear, and therefore, we felt it was good to start to mention it. We see a multiyear trajectory here that is exciting.

因此，相關能見度開始提升，並在下半年進一步增加。當然，這些板子可以用於各種應用來鑽孔，但很明顯 GPU 的領導者對於擴大這件事有個人層面的高度關注。所以這就是我們提到它的原因。這項業務真的開始快速成長，因此我們覺得現在開始提及它是好的。我們看到這裡有一條令人振奮的多年期成長軌跡。

Nevertheless, of course, there's many other drivers in the company that we've been investing in. But this is a leadership position that we've always had. So really cool capability that we've had, and it typically was applied in a more cyclical part of the (inaudible) space. It so happens that it's also needed now to drill these really sophisticated boards, and we're the only ones who can do it. So that's why we thought we mentioned it.

不過，當然，公司還有許多其他我們一直在投資的驅動因素。但這一直是我們既有的領導地位。所以這是我們長期具備的一項很酷的能力，而過去通常應用在（聽不清）領域中較具循環性的部分。剛好現在也需要它來鑽這些非常精密複雜的板子，而我們是唯一能做到的。所以這就是我們覺得值得提一下的原因。

And are you finding that opportunities coming with new customers or existing customers that are ramping up to meet the end market demand?

那你們看到的機會，主要是來自新客戶，還是既有客戶為了滿足終端市場需求而在加速擴產？

Yeah, it's -- let's say, new end users, let's put it this way. So the way to think about it is you have the OEMs to the equipment makers that set of customers is similar. I mean, we've been using where we've been working with those customers over decades. It's a strong relationship. And those customers have been approached to provide the support for the drilling these boards.

是的，這——我們這樣說吧，是新的終端使用者。所以可以這樣理解：你有 OEM，也就是設備製造商；那一組客戶其實差不多。我的意思是，我們與那些客戶合作已經數十年了。關係很穩固。而那些客戶也被接洽來提供支援，以便鑽這些板子。

So these applications have been developed with us and together with our customers. So -- but it's really the end users that, of course, are more -- are new geared towards that GPU space. So that's how to see it. Our customers are the same, but the application is, of course, rapidly evolving.

因此，這些應用是我們與客戶一起共同開發的。所以——但真正的終端使用者當然更偏新，且是面向 GPU 領域。所以可以這樣看。我們的客戶是一樣的，但應用本身當然正在快速演進。

And then just one last quick question. You said book-to-bill was positive across all of the businesses? Or just to put a finer point on that, are you talking about the 2 segments or all 4 subsegments? Or what do we mean by that?

最後再一個很快的問題。你說所有業務的接單出貨比（book-to-bill）都是正的？或者更精確一點，你指的是兩個事業群（segments），還是四個子事業（subsegments）？你所說的範圍是什麼？

Yes. So all 4 business units and then the 2 segments. So book-to-bill was positive. That was the numbers that I was giving Lee in the beginning.

是的。四個事業單位，以及兩個事業群。所以接單出貨比是正的。這就是我一開始提供給 Lee 的那些數字。

So positive book-to-bill in every business line and then obviously, as a consequence of aggregation, the 2 segments had a positive book-to-bill and then the entire company. Nice momentum building backlog, double-digit bookings in each of the business units so -- and then obviously, significant progress in new product revenue, significant progress and design wins. And so the teams are really hitting their stride.

所以每一條業務線的接單出貨比都是正的；然後很顯然，彙總之後，兩個事業群也都是正的，整個公司也是正的。積壓訂單動能良好、持續累積；各事業單位的接單（bookings）都是雙位數成長——此外，新產品營收有顯著進展，設計導入（design wins）也有顯著進展。因此團隊真的進入了最佳狀態。

And the key takeaway, Brian, is that it just supports the sequential momentum that is building and that is broad-based based on structural drivers that are not only -- some of it is market, but actually, a lot of it is really innovation, commercial excellence, being at the right place, winning business with the right customers in the right markets, right? So that's the takeaway.

而關鍵重點（takeaway），Brian，是這些結果確實支持正在形成、且範圍廣泛的連續性動能；其背後的結構性驅動因素不僅僅是——其中一部分來自市場，但其實很大一部分真正來自創新、商業卓越、在正確的位置、在正確的市場與正確的客戶贏得業務，對吧？所以這就是重點。

(Operator Instructions) Rob Mason, Baird.

(接線員指示) Rob Mason，Baird。

Good morning. I think you made a comment, Matthijs, just around the robustness of the M&A pipeline and the capital raise kind of signaled that as well. As you think about your areas of priority, it seems like you're biased to medical. You've also talked about consumables, embedded software. Obviously, there's a lot of discussion around software, but embedded software seems to infer itself a high degree of stickiness. But could you just maybe elaborate on the filtering process you're going through to make sure anything along those lines has the right level of protection and moat around it? And how should we think about that? And also maybe just any comment on valuation fluidity there as well?

早安。Matthijs，我想你提到了一點，關於併購（M&A）管線的強勁程度，而這次的資本募集似乎也傳達了同樣的訊號。當你思考優先領域時，看起來你偏向醫療。你也談到耗材、嵌入式軟體。顯然市場對軟體有很多討論，但嵌入式軟體似乎意味著高度黏著性。但你能否進一步說明一下，你們在篩選這類標的時所採取的過濾流程，以確保相關業務具備足夠的保護與護城河？我們應該如何看待這點？另外，也請你評論一下那邊估值的彈性（valuation fluidity）？

Rob, great question. So I think we've been pretty consistent in where the focus is and why, but let me kind of just go through that. Over the last decade under my tenure, we're really through the medical exposure to now close to 55% of revenue, up from 10%. So that direction of travel is expected to continue both organically and through M&A. So that's first and foremost.

Rob，問得很好。我想我們在聚焦方向以及原因上一直相當一致，但我稍微把脈絡走一遍。在我任內的過去十年，我們透過醫療曝險（medical exposure）把營收占比提升到接近55%，從10%上來。因此，這個前進方向預期會持續，不論是有機成長或透過併購。這是第一優先。

And we're working with all the key leading OEMs in both the life sciences as well as the medtech space. So we now have a competitive moat also around customer access and relationships. And the more and more products we can kind of offer our customers and the more and more solutions that -- or problems we can solve will be received very positively by the executives of those OEMs because they need capable suppliers that solve more problems for them and rather than educating individual niche suppliers. They're looking at suppliers like us that have the scale that have the regulatory and quarterly performance and sustainability to really work with them over the long term, yes. So that's the context.

而且我們與生命科學以及醫療科技（medtech）領域所有關鍵的領先OEM都在合作。因此，我們現在也在客戶觸達與關係上建立了競爭護城河。我們能提供給客戶的產品越多、能提供的解決方案——或能替他們解決的問題越多——這些OEM的高階主管就會越正面地看待，因為他們需要有能力、能替他們解決更多問題的供應商，而不是去教育一個個利基型供應商。他們在尋找像我們這樣具備規模、具備法規能力、季度績效與永續性，能夠長期合作的供應商，是的。這就是背景。

Within that, of course, yes, we have a very strong franchise with the Advanced Surgery business, and that splits into two. One is basically, the endoscopy and orthoscopy space, and we're starting to build category leadership around that, but that's only 10% of the minimum invasive surgery market, right? So if you think about it, there's huge expansion potential in surrounding applications to the same customer, right? So the same customer base. So that is one, and that will be received as very positive.

在這之中，當然，是的，我們在先進外科（Advanced Surgery）業務上有非常強的特許經營（franchise），而它分成兩塊。一塊基本上是內視鏡與關節鏡（endoscopy and orthoscopy）領域，我們正開始在那裡建立品類領導地位，但那也只占微創手術市場的10%，對吧？所以如果你這樣想，對同一個客戶而言，在周邊應用上有巨大的擴張潛力，對吧？也就是同一個客戶基礎。這是第一點，而且會被非常正面地看待。

The second piece that I think we've now built a medical consumables business of 15% of revenue that's growing double digits, very strong franchise where you actually need quality and regulatory and operations jobs to deliver these products that mind you, they will be delivered in procedures, right? So you cannot really older on delivery performance because otherwise, patients will not get their surgeries and so that requires a certain level of scale and competence that we feel we now have built. So that's the second better. That's the competence area of medical consumables that we feel we can is a great jump-off point to add more competencies to that, right? So that's a very logical evolutionary next step. And then there are some surrounding applications and competencies that can further build around that.

第二塊，我認為我們現在已建立一個醫療耗材業務，營收占比15%，而且以雙位數成長；這是一個非常強的特許經營領域，因為你確實需要品質、法規與營運能力來交付這些產品——請注意，這些產品會在手術程序中使用，對吧？所以你在交付表現上不能出差錯，否則病患就無法接受手術；因此這需要一定程度的規模與能力，而我們認為我們現在已經建立起來了。所以這是第二個押注。這就是醫療耗材的能力領域；我們認為這是一個很好的起跳點，可以在其上再加入更多能力，對吧？所以這是一個非常合乎邏輯的演進式下一步。然後也有一些周邊應用與能力，可以在此基礎上進一步擴建。

But the third, on your third question, on embedded software, yes, I know there's a lot of chatter and concern around the whole software space but think about it as our intelligent subsystems where you have embedded software and hardware into subsystems. So you combine just the next layer on top of the hardware. That is what we're talking about, right? This is not the application layer. This is intrinsically combining hardware and software to create functionality.

但第三點，針對你第三個問題——嵌入式軟體，是的，我知道整個軟體領域有很多雜音與疑慮；但請把它視為我們的智慧子系統（intelligent subsystems），也就是把嵌入式軟體與硬體整合到子系統中。所以你是在硬體之上再加上一層。這就是我們在談的，對吧？這不是應用層（application layer）。這是把硬體與軟體內建式地結合，以創造功能。

30% of our business and probably 80% of our product launches are linked to a combination of embedded software and algorithms that work on the hardware, right? That is what we speak about. So there are certain businesses where we are very progressive around this, like the Advanced Surgery business, where almost everything is intelligent subsystems.

我們30%的業務、以及可能80%的產品上市（product launches），都與嵌入式軟體與在硬體上運行的演算法的組合有關，對吧？這就是我們所說的。所以在某些業務上，我們在這方面非常積極，例如先進外科業務，幾乎所有東西都是智慧子系統。

You heard me talk about the beam steering side, where we're now entering the business, entering the market with these new capabilities that quite frankly, achieved never before possible, let's say, capabilities that are actually 2 to 5 times better than what is out there in the market just by combining the different competencies together so that's what we're talking about is more of an added competence on top of the hardware that we have. That is a vertical integration that solves problems cheaper, better, faster for our customers.

你也聽到我談到光束轉向（beam steering）那一塊，我們現在正以這些新能力進入該業務、進入市場；坦白說，透過把不同能力結合在一起，我們達成了以前不可能做到的能力——可以說，比市場上現有方案好2到5倍——所以我們談的是在既有硬體之上再加上一項能力。這是一種垂直整合，能以更便宜、更好、更快的方式替客戶解決問題。

So it's not -- and we feel that is very well protected. It requires some deep proprietary know-how of the application that is not public. And it really runs directly on the hardware, right, and then the firmware. So that, for us, that is what we're talking about. So it's -- we feel a very protected area, and we're growing rapidly in that area as we speak.

所以它不是——而且我們認為這是受到良好保護的。它需要一些深度的、專有的應用知識（proprietary know-how），而這些並非公開資訊。而且它是直接在硬體上運行，對吧，然後是韌體（firmware）。所以對我們而言，我們談的就是這個。因此——我們認為這是一個保護性很強的領域，而我們目前在這個領域也正快速成長。

Rob, let me answer your question on the financial side. So the first and foremost, a bolt-on transaction for us. We've been very consistent and has to have a return on invested capital that exceeds our cost of capital by year two and a larger one by year five. The metric of return on invested capital for us is the after-tax cash flow has to exceed the investment from a ratio perspective, right? So think of it as like free cash flow accretive and growing at a faster rate than Novanta.

Rob，我來回答你財務面的問題。首先也是最重要的，對我們而言，附加型（bolt-on）交易——我們一直非常一致：投資資本報酬率（ROIC）必須在第二年就高於我們的資本成本，而在第五年要明顯更高。對我們來說，ROIC的衡量方式是：稅後現金流必須在比率角度上高於投資額，對吧？所以你可以把它想成是自由現金流（free cash flow）具增益（accretive），而且成長速度要快於Novanta。

So the very top level, we want businesses that are growing. They're top line faster than ours. We want gross margins that are non-dilutive, so therefore, 50% and above type of gross margins and that cash flow really growing at a faster rate.

所以在最上層的標準，我們要的是正在成長的企業。它們的營收（top line）成長要比我們更快。我們希望毛利率不具稀釋性（non-dilutive），因此是50%或以上這類毛利率水準，且現金流確實以更快的速度成長。

The other metric we tend to look at is the asset intensity of the business. So you can maximize your return multiple ways. The best way that we feel is doing that is acquiring a high cash conversion business. So as a conversion ratio higher than Novanta, meaning it's cash earnings, it seed, it's asset intensity and grow at a faster rate than Novanta is.

另一個我們通常會看的指標是該業務的資產密集度（asset intensity）。所以你可以用多種方式把報酬最大化。我們認為最好的方式是收購高現金轉換（high cash conversion）的業務。也就是轉換比率高於Novanta，意思是它的現金獲利能力、其資產密集度，並且成長速度要快於Novanta。

And then lastly, we're not looking to over lever the company. And so we try to keep that leverage ratio below 3, 3.5 Obviously, we'll bias to things that are less cyclical than our portfolio and, therefore, generate stronger alpha with less beta. We've been pretty consistent about that. But I think regardless of what type of deal we're looking at or the size of the deal that we're looking at, you should think of us as being highly disciplined around those metrics.

最後，我們不希望讓公司過度槓桿化。因此我們會努力將槓桿比率維持在 3、3.5 以下。顯然，我們會偏好相較於我們投資組合而言景氣循環性較低的標的，因而能以較低的 beta 產生更強的 alpha。我們在這方面一直相當一致。但我認為，不論我們在看的是哪一類交易，或是交易規模多大，你都應該把我們視為在這些指標上高度自律。

And then maybe just to put -- finer point to this, if you look at our Advanced Surgery business that we can agree is doing extremely well. I mean, we followed exactly the same framework there, right? And just by cross-selling to joint companies or customers, sorry, further investigate innovation and further adding a Novanta growth system to that business, that business has doubled and will double again in the remaining part of the decade. So we feel we can add something to those companies with those returns that ever talk about. So that longer term, we can really drive these strategic opportunities and make those businesses better.

再者，或許把這點說得更明確一些，如果你看我們的先進外科（Advanced Surgery）業務，我們可以同意它表現非常出色。我的意思是，我們在那裡完全遵循同樣的框架，對吧？而且僅僅透過對合資公司或客戶的交叉銷售——抱歉——進一步推動創新，並進一步把 Novanta 成長系統導入該業務，該業務已經翻倍，並且在本十年剩餘期間還會再翻倍。因此我們覺得，對於那些具備我們一直在談的那種回報的公司，我們確實能帶來一些增值。如此一來，從更長期來看，我們就能真正推動這些策略性機會，讓這些業務變得更好。

Understood. That's very helpful. Maybe I'll just ask a quick follow-up. You talked about how (inaudible) has kind of outperformed plan thus far. I know that's a project-oriented business to some degree and project pipeline has been pretty healthy there. But just what does the first quarter contribution look like in that business before it turns before it goes into the organic bucket?

了解。這非常有幫助。也許我再快速追問一下。你提到（聽不清）迄今為止的表現有點超出計畫。我知道那在某種程度上是以專案為導向的業務，而且那邊的專案管線一直相當健康。但在它轉入有機成長（organic）項目之前，該業務第一季的貢獻大概是什麼樣子？

It does help if you're trying to get at what's -- obviously, you could see the delta between the reported revenue and the organic revenue that we gave. That delta is driven pretty much all by the (inaudible) acquisition, a little bit of FX in there, but for the most part, the (inaudible) acquisition.

如果你想釐清其中的差異，這確實有幫助——顯然，你可以看到我們提供的已報告營收與有機營收之間的差額（delta）。這個差額幾乎完全是由（聽不清）收購所驅動，其中也有一點外匯（FX）的影響，但大部分來自（聽不清）收購。

You're right in the project business; it delivered about $9 million of incremental revenue. It has an element of project-based business, but it also has a recurring revenue stream associated with it as well. So each of the individual customers that we work with, we actually sell a software type of solution package to them that is brain test to purposes middleware.

你說得對，在專案型業務方面，它帶來了約 900 萬美元的增量營收。它有一部分是以專案為基礎的業務，但同時也有與之相關的經常性收入來源。因此，對於我們合作的每一個個別客戶，我們實際上會向他們銷售一套軟體類型的解決方案套件，用於腦部測試用途的中介軟體（middleware）。

It's not an application. And so we control in all the data that we gather from those readers. And then that data gets sold on to the customer through a recurring revenue stream that they then go out and either mine themselves with artificial intelligence or buy some sort of package application solution that overlays onto it, to give them the insights that they're looking for to maximize those stores. It's that concept and that the strategic element of it is that really got us attracted to the business and why we see the applicability in the hospital environment and why we're excited about that.

它不是一個應用程式（application）。因此，我們能掌控從那些讀取器（readers）所蒐集到的所有資料。接著，這些資料會透過一個經常性收入模式再賣給客戶；客戶之後要嘛自行用人工智慧去挖掘（mine）這些資料，要嘛購買某種套件式的應用解決方案疊加在其上，以提供他們想要的洞察，來把那些門市的效益最大化。正是這個概念，以及其策略性要素，真正吸引我們投入這項業務；也因此我們看到了它在醫院環境中的適用性，並對此感到興奮。

I should mention, we did a very small -- you'll probably see it in the 10-K, minority investment into a similar business in Spain that has got frontline access to the hospital environment there to allow us to start beta testing our products in that environment and really understanding the best way to penetrate that market and deal with the regulatory hurdles around data privacy and in patient privacy and how best to package the solution to that marketplace. So we are making progress in the strategic core, which is around the medical field. We continue to feel that we are well positioned to do that.

我應該補充一下，我們做了一筆非常小的——你可能會在 10-K 裡看到——對西班牙一家類似業務的少數股權投資；該公司在當地醫院環境具有第一線的接觸管道，讓我們能開始在那個環境中對我們的產品進行 beta 測試，並真正了解打入該市場的最佳方式，以及如何應對圍繞資料隱私與病患隱私的監管障礙，並以最佳方式將解決方案打包提供給該市場。因此，我們在策略核心（也就是醫療領域）方面正在取得進展。我們仍然認為，我們具備良好的條件來做到這一點。

And then simultaneously, the business is really strongly positioned in its base customers around retail, continue to make design win progress, continue to win new products, new customers and have that momentum. So the growth driver around that, we expect it to exceed the deal model. Not only did it do that in 2025, it will exceed the deal model in 2026. We feel very good that that momentum has continued to be present.

同時，該業務在其零售等基礎客戶方面也具備非常強的定位，持續在設計導入（design win）上取得進展，持續贏得新產品、新客戶並保持這股動能。因此，對於這方面的成長驅動因素，我們預期它將超越交易模型（deal model）。它不僅在 2025 年做到了，2026 年也將超越交易模型。我們對這股動能持續存在感到非常有信心。

And with that, everyone, we'll be concluding today's question-and-answer session. I'd like to turn the floor back over to Matthijs for closing remarks.

那麼各位，我們將結束今天的問答環節。我想把時間交回給 Matthijs 作結語。

Thank you, operator, and thank you, everyone, for your questions. In closing, as always, I would 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 soon at our first quarter 2026 earnings call.

謝謝接線員，也謝謝各位的提問。最後，一如既往，我要感謝我們的客戶、股東，尤其是我們敬業的員工，感謝你們持續的支持。我們感謝各位對公司的關注，以及參與今天的電話會議。我期待不久後在 2026 年第一季財報電話會議上與各位再相會。

And with that, everyone, we'll conclude today's conference call. We thank you for attending today's presentation. You may now disconnect your lines.

那麼各位，我們將結束今天的電話會議。感謝各位出席今天的簡報。各位現在可以掛線。