Novanta Inc (NOVTU) 2024 Q4 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 the Novanta Inc. fourth quarter and full year 2024 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. 2024 年第四季和全年財報電話會議。（操作員指示）請注意，此事件正在記錄中。

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 公司財務負責人 Ray Nash。請繼續。

Thank you very much. Good morning, and welcome to Novanta's fourth quarter and full year 2024 earnings conference call. This is Ray Nash, Corporate Finance Leader for Novanta. With me on today's call is our Chair and Chief Executive Officer, Matthijs Glastra; and our Chief Financial Officer, Robert Buckley.

非常感謝。早上好，歡迎參加 Novanta 2024 年第四季和全年財報電話會議。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 Glastra；以及我們的財務長羅伯特·巴克利（Robert Buckley）。

If you have not received a copy of our earnings press release issued today, you may obtain it from the Investor Relations section of our website at www.novanta.com. Please note, this call is being webcast live and will be archived on our website shortly after the call. 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.

如果您尚未收到我們今天發布的收益新聞稿，您可以從我們網站 www.novanta.com 的投資者關係部分取得。請注意，本次通話正在進行網路直播，通話結束後不久將存檔在我們的網站上。在我們開始之前，我們需要提醒大家，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了前瞻性陳述的安全港。

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. \

我們今天可能會發表一些評論，既包括我們準備好的發言，也包括我們對問題的回答，其中可能包括前瞻性的陳述。這些涉及固有假設，具有已知和未知風險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。\

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.

今天所做的任何前瞻性陳述僅代表我們截至目前為止的觀點。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.

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。

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.

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 solid financial results in 2024, effectively navigating a challenging environment. In the fourth quarter, we returned to organic growth as expected. We beat expectations for profit, and we achieved our best quarterly cash flow ever.

謝謝你，雷。大家早安，感謝您參加我們的電話會議。Novanta 在 2024 年取得了穩健的財務業績，有效應對了充滿挑戰的環境。第四季度，我們如預期恢復了有機成長。我們的利潤超出了預期，並且實現了有史以來最好的季度現金流。

For the full year of 2024, we had strong operating performance despite the choppy market demand, demonstrating strong core gross margin expansion, adjusted EBITDA growth and record cash flow generation. We launched 50 new products and received initial orders from our customers, supporting our new product revenue ramp in 2025.

2024 年全年，儘管市場需求波動，但我們仍保持強勁的營運業績，核心毛利率強勁擴張，調整後 EBITDA 成長，現金流創造創紀錄。我們推出了 50 款新產品，並收到了客戶的首批訂單，以支持我們在 2025 年新產品收入的成長。

Overall, I'm incredibly proud of our team's resilience in managing today's volatile environment to deliver these results. The Novanta business model with diversified exposure to high-growth medical, life science and advanced industrial markets as proof of resilient under multiple geopolitical and market economic scenarios.

總的來說，我為我們團隊在當今動盪的環境中表現出的韌性以及所取得的這些成果感到無比自豪。Novanta 的商業模式多元化，涉足高成長醫療、生命科學和先進工業市場，證明其在多種地緣政治和市場經濟情境下具有韌性。

Our proprietary products and technologies are well positioned in medical and advanced industrial applications with long-term secular tailwinds such as precision manufacturing, robotics and automation, advanced surgery, and precision medicine. We feel that our winning growth strategy focused on where we play and how we win, combined with the strength of our portfolio and our deployment of the Novanta growth system is what drives our performance no matter the environment.

我們的專有產品和技術在醫療和先進工業應用領域佔據有利地位，並具有精密製造、機器人和自動化、先進手術和精準醫療等長期的順風優勢。我們認為，我們的成功成長策略專注於我們的競爭領域和取勝之道，再加上我們強大的產品組合和 Novanta 成長系統的部署，無論環境如何，這都是推動我們業績的動力。

For the fourth quarter, we achieved $238 million in revenue, which was plus 3% organic growth year-over-year and plus 13% reported revenue growth. Our reported revenue would have been $2 million higher if exchange rates had stayed consistent with our fourth quarter guidance. Bookings grew 54% year-over-year and 5% sequentially driven by major OEM customers confirming their 2025 new product launches.

第四季度，我們實現了 2.38 億美元的收入，比去年同期有機成長 3%，報告收入成長 13%。如果匯率與我們第四季的預期保持一致，我們報告的收入將會高出 200 萬美元。受主要 OEM 客戶確認將於 2025 年推出新產品的推動，預訂量年增 54%，季增 5%。

Adjusted gross margins were 47%, with core businesses which exclude the Motion Solutions acquisition, expanding margins by 125 basis points. Adjusted EBITDA grew 15% to $52 million and operating cash flow hit a record $62 million, up 58%.

調整後的毛利率為 47%，不包括 Motion Solutions 收購的核心業務的利潤率擴大了 125 個基點。調整後 EBITDA 成長 15% 至 5,200 萬美元，營運現金流達到創紀錄的 6,200 萬美元，成長 58%。

For the full year of 2024, we delivered $949 million in revenue, with plus 8% reported revenue growth and a 2% organic decline. Adjusted gross margins were 47%, with our core businesses expanding margins by roughly 120 basis points year-over-year, and adjusted EBITDA grew 7% to $210 million. Operating cash flow reached a record $159 million, up 32%.

2024 年全年，我們的營收為 9.49 億美元，其中報告營收成長 8%，有機收入下降 2%。調整後的毛利率為 47%，核心業務利潤率年增約 120 個基點，調整後的 EBITDA 成長 7% 至 2.1 億美元。經營現金流達到創紀錄的1.59億美元，成長32%。

Looking ahead to 2025, we remain optimistic despite market uncertainties. Our sales to health care markets continue to thrive with strong patient procedure growth and hospital spending driving high single-digit growth in our Medical business.

展望2025年，儘管市場存在不確定性，我們仍保持樂觀。我們在醫療保健市場的銷售持續蓬勃發展，病患手術量強勁成長，醫院支出推動醫療業務實現高個位數成長。

In addition, we expect to grow faster than the health care market in 2025 from new product launches, allowing us to control our own destiny better. We are reconfirming $50 million of incremental new product revenue for 2025 mostly driven by new insufflators and pumps for hospitals and surgery centers as well as surgical and warehouse automation robotics. We are confident in the long-term growth outlook in our end markets, and we feel we have a strong technology position in segments with secular growth.

此外，我們預計到2025年，新產品的推出將帶來比醫療保健市場更快的成長，讓我們更能掌握自己的命運。我們再次確認 2025 年新產品收入增量為 5,000 萬美元，主要來自醫院和外科中心的新型充氣機和泵浦以及外科手術和倉庫自動化機器人。我們對終端市場的長期成長前景充滿信心，我們認為我們在長期成長的領域擁有強大的技術地位。

In the short term, it's fair to say that there's an increasing amount of change and uncertainty. We do see signs of growth slowly returning to all of our end markets as evident in certain robotics and automation applications in the fourth quarter as well as some short-cycle semiconductor applications.

短期內，可以公平地說，變化和不確定性正在增加。我們確實看到所有終端市場都出現了成長緩慢的跡象，這在第四季度的某些機器人和自動化應用以及一些短週期半導體應用中得到了明顯體現。

At the same time, the geopolitical disruptions and market economic uncertainty that we saw throughout 2024 are now being compounded by disruptions from trade war uncertainty, including tit-for-tat retaliatory responses as well as uncertainty around government funding such as from the US National Institute of Health.

同時，我們在整個 2024 年看到的地緣政治混亂和市場經濟不確定性，現在又因貿易戰不確定性而加劇，包括針鋒相對的報復性反應以及美國國立衛生研究院等政府資金的不確定性。

All of these factors create a more uncertain environment in 2025 for capital spending in industrial, semiconductor, bioprocessing and life sciences. Our teams, however, are already stronger and more resilient than ever to face these uncertainties. For example, our tariff and supply chain playbooks are in place. And thanks to the deeply embedded November growth system, you can expect us to deliver strong operating performance, no matter the environment.

所有這些因素都為 2025 年工業、半導體、生物加工和生命科學領域的資本支出創造了更不確定的環境。然而，我們的團隊已經比以往任何時候都更強大、更有韌性來面對這些不確定性。例如，我們的關稅和供應鏈劇本已經到位。而且得益於根深蒂固的十一月成長系統，無論環境如何，您都可以期待我們能實現強勁的營運業績。

All of this leads us to be confident in the fundamentals of our business and upbeat about a better year in 2025. At the same time, given the increase in uncertainty and volatility right now versus at the time of our last call, we will be prudent with our initial financial guidance for this year. Robert will cover guidance details in his section.

所有這些都使我們對業務基本面充滿信心，並對 2025 年更加美好的一年充滿樂觀。同時，考慮到目前的不確定性和波動性與上次電話會議時相比有所增加，我們將謹慎地制定今年的初步財務指引。羅伯特將在他的部分介紹指導細節。

Now we'll turn to 2024 to give more detail on our results for the year. For 2024 medical market sales made up 55% of total Novanta sales growing high single digits on a reported basis. We saw strong growth in multiple application areas, particularly in minimally invasive surgery and robotics for surgery. This was offset by weakness in DNA sequencing, the headwind from discontinuing our surgical display products and general softness in life sciences applications.

現在，我們將展望 2024 年，更詳細地介紹該年度的業績。預計到 2024 年，醫療市場銷售額將佔 Novanta 總銷售額的 55%，據報道成長率將達到個位數。我們看到多個應用領域都實現了強勁成長，尤其是微創手術和手術機器人。然而，DNA定序的疲軟、停止生產手術顯示器產品的不利因素以及生命科學應用的普遍疲軟抵消了這一增長。

Advanced Industrial markets made up 45% of total sales, growing low double digits on a reported basis. Despite the challenges we've seen in this space, we remain confident in our long-term exposure to [secular] growing niches in this end market. Novanta is well positioned in many attractive applications and trends, such as Industry 4.0, gen AI and onshoring and nearshoring, which is driving robotics and automation investments, particularly due to labor costs and shortages.

先進工業市場佔總銷售額的 45%，據報道成長率為兩位數。儘管我們在這個領域看到了挑戰，但我們對長期涉足這個終端市場的[長期]成長領域仍然充滿信心。Novanta 在許多有吸引力的應用和趨勢中佔據有利地位，例如工業 4.0、新一代人工智慧以及在岸和近岸外包，這些都推動了機器人和自動化投資，特別是由於勞動力成本和短缺。

Now let me touch on some of Novanta's strategic growth metrics. We saw solid design win activity with overall design wins growing by over 40% in the fourth quarter. We launched 50 major new products in 2024 with over 50% more planned for 2025 as our innovation pipeline is starting to gain steam. Our Vitality Index was mid-teens percentage of sales expected to climb in 2025 as we ramp new products.

現在讓我談談 Novanta 的一些策略性成長指標。我們看到設計勝利活動穩步進行，第四季整體設計勝利成長了 40% 以上。我們在 2024 年推出了 50 款主要新產品，並且隨著我們的創新管道開始蓬勃發展，計劃在 2025 年推出 50% 以上的產品。隨著我們推出新產品，我們的活力指數預計到 2025 年將達到銷售額的十五個百分點左右。

Some of our new product launch highlights from the past year are we launched multiple new next-generation smoke evacuation insufflator with leading medical device OEMs. These intelligent subsystems are in different phases of their launches. Some currently in soft lines and some now full ramp as we head into 2025. We launched one new endoscopic pump with a fast-growing OEM. We have more next generation pumps ready to enter market with large OEM customers in 2025.

我們去年推出的一些新產品亮點是，我們與領先的醫療設備原始設備製造商合作推出了多款新型下一代煙霧抽吸充氣機。這些智慧子系統目前處於不同的發布階段。有些目前處於軟線階段，而有些則已全面鋪開，準備進入 2025 年。我們與一家快速發展的OEM合作推出了一款新型內視鏡幫浦。我們有更多下一代幫浦準備在 2025 年進入大型 OEM 客戶市場。

We are investing to significantly expand our position here in the coming years, leveraging our insufflator competencies and playbook. We also launched multiple new products specifically designed for advanced robotics applications such as surgical robots, humanoid and warehouse automation roll-ups.

我們將進行投資，以便在未來幾年大幅擴大我們在這裡的地位，並利用我們的充氣機能力和劇本。我們也推出了多款專為先進機器人應用而設計的新產品，例如手術機器人、人形機器人和倉庫自動化捲軸。

These new products include ultra compact server derived, newly configured four-store sensors and minertizing coaters. We have already received large initial purchase orders for these new products in the third quarter and fourth quarter of 2024 and additional orders in January and February of this year. So our backlog is already filling up for the year.

這些新產品包括超緊湊伺服器衍生的、新配置的四店感測器和礦化塗佈機。我們已經收到了這些新產品在2024年第三季和第四季的大量初始採購訂單，以及今年1月和2月的額外訂單。因此，我們今年的積壓訂單已經滿了。

In addition, we received our first production order for a brand-new DUV EUV lithography intelligence subsystem product which is set to launch later in 2025. With all these launches and more planned throughout 2025, we remain on track to deliver our goal of $50 million of incremental NPI revenue in 2025.

此外，我們收到了首個全新 DUV EUV 光刻智慧子系統產品的生產訂單，該產品預計將於 2025 年下半年推出。透過所有這些產品的發布以及 2025 年全年計劃的更多產品，我們仍有望實現 2025 年 5000 萬美元增量 NPI 收入的目標。

Next, I'd like to give you a brief update on Novanta's acquisition activities. New acquisitions remain Novanta's top priority for capital allocation aligned with our operating model of being a cash flow compounder.

接下來，我想簡單介紹一下Novanta的收購活動。新收購仍然是 Novanta 資本配置的首要任務，這符合我們作為現金流複合者的營運模式。

For 2025, closing new acquisition is our executive team's top priority. We have a large and exciting pipeline of potential targets and are managing multiple active conversations. In today's volatile marketplace, valuations are becoming more attractive. And our balance sheet is well positioned for sizable transactions. We aim to close multiple transactions in 2025, while at the same time maintaining discipline on price and returns.

對 2025 年來說，完成新的收購是我們執行團隊的首要任務。我們擁有大量令人興奮的潛在目標，並且正在管理多個活躍的對話。在當今動盪的市場中，估值變得更具吸引力。我們的資產負債表非常適合進行大規模交易。我們的目標是在 2025 年完成多筆交易，同時保持價格和回報的紀律。

To better prepare for scaling Novanta organically and inorganically, we also made some significant organizational changes. As of January 2025, we have appointed two Co-Chief Operating Officers or co-COOs, to the Novanta leadership team, reporting directly to me. Each of these co-CEOs will lead an operating segment, either automation enabling technologies, which will include the precision manufacturing and robotics and automation business units or medical solutions, which will include the advanced surgery and precision medicine business units.

為了更好地為 Novanta 的有機和無機擴張做好準備，我們也進行了一些重大的組織變革。截至 2025 年 1 月，我們已任命兩位聯席營運長或聯合營運長加入 Novanta 領導團隊，直接向我報告。這些聯合執行長將各自領導一個營運部門，要么是自動化支援技術（包括精密製造和機器人及自動化業務部門），要么是醫療解決方案（包括先進手術和精準醫療業務部門）。

In these roles, these leaders will be responsible for organic growth strategies and for creating a robust organization capability and capacity to receive new acquisitions. The Automation Enabling Technologies segment will be led by Chuck Ravelo. In addition to this role, Chuck will also lead the Novanta Growth System or NGS, across Novanta as we integrate it deeper into our culture and operations. We're also excited to welcome to Novanta. John as co-CEO, will be responsible for the Medical Solutions segment.

在這些職位上，這些領導者將負責有機成長策略以及創造強大的組織能力和接受新收購的能力。自動化支援技術部門將由 Chuck Ravelo 領導。除了擔任這個職務之外，Chuck 還將領導 Novanta 的 Novanta 成長系統 (NGS)，將其更深入地融入我們的文化和營運中。我們也非常高興地歡迎 Novanta。約翰將擔任聯合首席執行官，負責醫療解決方案部門。

This segment will focus on Novanta's growth strategy for the health care industry with particular emphasis on surgical precision medicine and bioprocessing technology solutions. John brings extensive health care and life science markets experience from his 22-year career at Thermo Fisher Scientific, where he most recently led their $3.5 billion chromatography and mass spec division, serving biotech, academic and pharma customers in the high-growth proteomics and multiomic space as well as applied markets.

該部門將專注於 Novanta 的醫療保健產業成長策略，特別注重外科精準醫療和生物加工技術解決方案。約翰在賽默飛世爾科技公司工作了 22 年，擁有豐富的醫療保健和生命科學市場經驗，最近他領導了該公司價值 35 億美元的色譜和質譜部門，為高成長蛋白質組學和多組學領域以及應用市場的生物技術、學術和製藥客戶提供服務。

His expertise will be invaluable as he leads our organic growth and acquisition strategy in the medical, life science and bioprocessing markets.

當他領導我們在醫療、生命科學和生物加工市場的有機成長和收購策略時，他的專業知識將是無價的。

Finally, let me also give an update on building the culture of Novanta, which we called the Novanta Way. We believe the Novanta Way has been a differentiator in attracting, retaining, and developing core talent. We continue to focus on giving our employees a sense of belonging within the company and on improving our employee engagement scores, and we have invested heavily into leadership development initiatives and employee training.

最後，我還要介紹 Novanta 文化建構的最新進展，我們將其稱為 Novanta 之道。我們相信，Novanta Way 在吸引、留住和培養核心人才方面具有獨特的優勢。我們持續致力於讓員工在公司內有歸屬感並提高員工敬業度，並在領導力發展計畫和員工培訓方面投入了大量資金。

As we're entering the year, we have the strongest leadership team at bench since my tenure as CEO, a team that is ready and able to scale and further transform the company. One of the most critical aspects of our company culture is embedding the Novanta growth system known as NGS to drive excellence into the many ways we work together.

進入新的一年，我們擁有自我擔任執行長以來最強大的領導團隊，這個團隊已經做好準備並能夠擴大公司規模並進一步改造公司。我們公司文化的最重要方面之一是嵌入被稱為 NGS 的 Novanta 成長系統，以推動我們多種合作方式的卓越發展。

In 2024, we leveraged NGS to enhance performance across our factory teams, commercial organization, R&D, and product management. We hosted numerous Kaizen events and trained over 100 employees as NGS practitioners driving continuous improvement. These efforts significantly boosted our operations by speeding up product launches, reducing lead times in inventory, improving gross margins on medical consumables and expanding our commercial funnel with new OEM opportunities.

2024年，我們利用NGS來提升工廠團隊、商業組織、研發和產品管理的績效。我們舉辦了許多 Kaizen 活動，並培訓了 100 多名員工成為推動持續改善的 NGS 從業者。這些努力透過加快產品發布、減少庫存交付時間、提高醫療耗材的毛利率以及透過新的 OEM 機會擴大我們的商業管道，大大促進了我們的營運。

In 2025, we'll continue using NGS to optimize operations. This week, during our annual President's Kaizen Week, we're hosting multiple events at major sites across the globe, engaging over 200 employees from all levels to achieve our 2025 goals and long-term strategies. NGS is integral to Novanta's identity, fostering cross-functional teamwork and effective problem solving.

2025年，我們將繼續使用NGS來優化營運。本週，在我們的年度總裁改善週期間，我們將在全球主要站點舉辦多場活動，吸引各級 200 多名員工參與，以實現我們的 2025 年目標和長期策略。NGS 是 Novanta 的核心部分，可促進跨職能團隊合作和有效的問題解決。

In summary, we're proud of the progress we made as an organization in 2024. Novanta achieved solid financial results in 2024 with strong operating performance, gross margin expansion, adjusted EBITDA growth and record cash flow generation. In the fourth quarter, we've returned to organic growth. We beat expectations for profit, and we achieved our best quarterly cash flow ever. Our new product ramps are on track for 2025 with plans to launch 50% more new products than 2024.

總而言之，我們為組織在 2024 年的進步感到自豪。2024 年，Novanta 取得了穩健的財務業績，營運業績強勁，毛利率擴大，調整後 EBITDA 成長，現金流創造創紀錄。在第四季度，我們恢復了有機成長。我們的利潤超出了預期，並且實現了有史以來最好的季度現金流。我們的新產品發布計劃將於 2025 年順利進行，並計劃推出比 2024 年多 50% 的新產品。

We've reorganized the skill better organically and through acquisitions, strengthened our leadership brands in tenant pool. We remain confident in our strategy, our business fundamentals and the resilience of our portfolio and teams. As we look at 2025, Novanta's top three priorities will be first, ramp our -- all our plant new products and achieve the $50 million of growth from new products this year.

我們已經更好地有機地重組了技能，並透過收購加強了我們在租戶池中的領導品牌。我們對我們的策略、業務基礎以及投資組合和團隊的韌性仍然充滿信心。展望 2025 年，Novanta 的三大任務是：首先，擴大我們所有工廠的新產品，並在今年實現 5000 萬美元的新產品成長。

Second, further expand our profit margins and cash flow by driving NGS deep into our culture and the way we work. And finally, acquire additional companies that fit our strategy at attractive returns to drive double-digit reported growth in the year.

第二，透過將NGS深入到我們的文化和工作方式中，進一步擴大我們的利潤率和現金流。最後，以誘人的回報收購更多符合我們策略的公司，以推動今年實現兩位數的報告成長。

With that, I will 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詳細資訊。羅伯特？

Thank you. Our fourth quarter 2024 non-GAAP adjusted gross profit was $112 million or a 47% adjusted gross margin compared to $100 million or a 47% adjusted gross margin in the fourth quarter of 2023. Adjusted gross margins were flat year-over-year, but our core adjusted gross margins, which excluded the impact of the Motion Solutions acquisitions were up 125 basis points.

謝謝。我們 2024 年第四季的非 GAAP 調整後毛利為 1.12 億美元，調整後毛利率為 47%，而 2023 年第四季為 1 億美元，調整後毛利率為 47%。調整後的毛利率與去年同期持平，但我們的核心調整後毛利率（不包括 Motion Solutions 收購的影響）上漲了 125 個基點。

For the full year of 2024, non-GAAP adjusted gross profit was $442 million or a 47% adjusted gross margin compared to $413 million or 47% adjusted gross margin for the full year 2023. Our gross margin performance was better than expected in the quarter as a result of strong execution of our teams from embracing the Novanta growth system to better manage factory volumes, improve customer on-time performance and drive cost productivity deep into our supply chains and production processes.

2024 年全年，非 GAAP 調整後毛利為 4.42 億美元，調整後毛利率為 47%，而 2023 年全年為 4.13 億美元，調整後毛利率為 47%。由於我們的團隊大力執行，採用 Novanta 成長系統來更好地管理工廠產量、提高客戶準時履行情況以及將成本生產率深入到我們的供應鏈和生產流程中，我們的本季度毛利率表現好於預期。

For the full year, adjusted gross margins were nearly flat year-over-year, but core adjusted gross margins were up 120 basis points. For the fourth quarter, R&D expenses were $25 million. And for the full year, R&D expenses were $96 million or approximately 10% of sales. Fourth quarter SG&A expenses were $43 million and for the full year, $175 million or roughly 18% of sales. Adjusted EBITDA was $52 million in the fourth quarter, a 22% adjusted EBITDA margin versus $45 million in the prior year, demonstrating growth of 15% year-over-year.

全年調整後的毛利率與去年同期基本持平，但核心調整後的毛利率上漲了 120 個基點。第四季研發費用為2500萬美元。全年研發費用為 9,600 萬美元，約佔銷售額的 10%。第四季的銷售、一般及行政費用為 4,300 萬美元，全年銷售、一般及行政費用為 1.75 億美元，約佔銷售額的 18%。第四季調整後 EBITDA 為 5,200 萬美元，調整後 EBITDA 利潤率為 22%，而去年同期為 4,500 萬美元，較去年同期成長 15%。

For the full year 2024, adjusted EBITDA was approximately $210 million versus $196 million in the prior year. On the tax front, our non-GAAP tax rate in the fourth quarter was 24%. Our tax rate for the full year of 2024 was 20% versus 16% in the prior year. Our tax rate increased year-over-year due to changes in jurisdictional mix of pretax income, Pillar 2 implications and the increased geographical tax rates.

2024 年全年調整後的 EBITDA 約為 2.1 億美元，而前一年為 1.96 億美元。在稅務方面，我們第四季的非公認會計準則稅率為 24%。我們 2024 年全年的稅率為 20%，而前一年為 16%。由於稅前收入的管轄結構變化、第二支柱的影響以及地理稅率的增加，我們的稅率同比增長。

Our non-GAAP adjusted earnings per share was $0.76 in the fourth quarter, up 21% versus the prior year. For the full year of 2024, our non-GAAP adjusted earnings per share was $3.08. Fourth quarter operating cash flow was nearly $62 million, up 58% year-over-year and represents a record for cash flow in a single quarter.

我們第四季的非公認會計準則調整後每股收益為 0.76 美元，較上年增長 21%。2024 年全年，我們的非 GAAP 調整後每股收益為 3.08 美元。第四季營運現金流接近6,200萬美元，較去年同期成長58%，創下單季現金流最高紀錄。

For the full year 2024, operating cash flow was approximately $159 million, up 32% versus 2023 and up 75% from 2022. 2024 was our best-ever year for cash flow performance driven by solid improvements in reducing our net working capital needs, improving our profitability and delivering our more efficient manufacturing processes to enhance product quality and improve on-time delivery.

2024 年全年營運現金流約 1.59 億美元，較 2023 年成長 32%，較 2022 年成長 75%。 2024 年是我們現金流表現最好的一年，這得益於我們在減少營運淨資本需求、提高盈利能力和提供更高效的製造流程方面的穩步改善，以提高產品品質並改善準時交貨率。

We ended the fourth quarter with gross debt of $419 million, with a gross leverage ratio of less than two times, and our net debt was $305 million, giving us a net leverage ratio of approximately 1.4 times. We achieved our goal of reducing our growth and net leverage by year-end, putting Novanta's balance sheet in a great position to execute on our acquisition pipeline.

截至第四季度，我們的總債務為 4.19 億美元，總槓桿率不到兩倍，淨債務為 3.05 億美元，淨槓桿率約為 1.4 倍。我們實現了在年底前降低成長和淨槓桿率的目標，這使得 Novanta 的資產負債表處於有利位置，可以執行我們的收購計劃。

For the fourth quarter, Novanta book-to-bill was 0.96. Bookings were up 54% year-over-year and 5% sequentially. We saw continued strength in bookings in our Advanced Surgery business, formerly known as the minimum invasive surgical business posting a 1.14 book-to-bill as we took orders for our new insufflators and endoscopic pump products that are ramping in 2025.

第四季度，Novanta的訂單出貨比為0.96。預訂量年增 54%，季增 5%。我們的先進外科手術業務（原微創外科手術業務）的訂單量持續強勁，訂單出貨比為 1.14，因為我們承接了新的氣腹機和內視鏡幫浦產品的訂單，這些產品的產量將在 2025 年大幅增加。

Offsetting this was further softness in demand in OEM customers in life sciences, DNA sequencing and advanced industrial applications. Now turning to our new operating segments. As Matthijs has just explained, we've updated our operating segments into two segments.

與此相抵銷的是，生命科學、DNA定序和先進工業應用領域的OEM客戶需求進一步疲軟。現在來談談我們新的營運部門。正如 Matthijs 剛剛解釋的那樣，我們已將營運分部更新為兩個分部。

First, our automation enabling technology segment, which mainly serves our advanced industrial OEM customers and precision manufacturing and robotics and automation applications. And second, the Medical Solutions segment, which mainly serves our medical OEM customers serving the health care industry, our life science industry, and our bioprocessing OEM customers in the precision medicine space.

首先，我們的自動化支援技術部門，主要服務於我們的先進工業OEM客戶以及精密製造、機器人和自動化應用。第二是醫療解決方案部門，主要服務於醫療保健產業的醫療OEM客戶、生命科學產業以及精準醫療領域的生物加工OEM客戶。

These updated segments also reflect our new leadership structure and also better consolidate our end market exposures into common groups. So now turning to the Automation Enabling Technologies segment. Fourth quarter sales grew 9% year-over-year, driven by continued recovery in robotics and automation applications.

這些更新後的細分市場也反映了我們新的領導結構，並將我們的終端市場風險更好地整合到共同的群體中。現在轉向自動化支援技術領域。受機器人和自動化應用持續復甦的推動，第四季銷售額年增 9%。

For the full year, sales declined 2%. The book-to-bill in this segment in the fourth quarter was 0.89 and for the full year was 0.87, which reflects the continued softness in demand in industrial capital spending as evident in the Purchasing Managers Index.

全年銷售額下降了 2%。該部門第四季度的訂單出貨比為 0.89，全年為 0.87，反映出採購經理人指數顯示工業資本支出需求持續疲軟。

This was somewhat offset by returning demand in robotic and automation applications from industry investments in warehouse automation, mobile robotics and other niche industrial robotic applications. Adjusted gross margins in this segment were 51% in the fourth quarter, up nearly 350 basis points year-over-year, driven by strong productivity in our factories. For the full year, the segment saw a 49% adjusted gross margin up 70 basis points year-over-year.

這在一定程度上被產業對倉庫自動化、移動機器人和其他利基工業機器人應用的投資所導致的機器人和自動化應用需求的回升所抵消。由於工廠強勁的生產效率，該部門第四季度調整後毛利率為 51%，較去年同期成長近 350 個基點。全年該部門調整後毛利率為 49%，較上年同期上升 70 個基點。

Design wins in this segment were up high single digits year-over-year in the fourth quarter, driven by solid execution of our sales team to win new sockets and upcoming customer platforms. New product revenues grew strong double-digit year-over-year in the fourth quarter with Vitality Index in the teen’s percent of sales, similar to the prior year and in line with expectations and guidance.

在我們的銷售團隊出色地贏得新的插座和即將到來的客戶平台的推動下，該部門的設計勝利在第四季度同比增長了個位數。第四季度，新產品營收年增了兩位數，活力指數在青少年銷售額中所佔比例與上年同期相似，符合預期和指導。

Next, the Medical Solutions segment experienced reported revenue growth of 17% year-over-year and declined on an organic basis, 4%. The organic decline was largely caused by a decline in sales into DNA sequencing applications, which we discussed on our last call as well as broader weakness in the life science applications.

其次，醫療解決方案部門報告的收入年增 17%，但有機下降 4%。有機下降主要是由於 DNA 定序應用銷售額的下降，我們在上次電話會議上討論過這個問題，也包括生命科學應用領域更廣泛的疲軟。

This was partially offset by double-digit growth in our advanced surgery applications, which saw high levels of demand for minimum invasive surgical technologies as well as our new product sales from the launch of our next-generation insufflator.

這在一定程度上被我們先進手術應用的兩位數增長所抵消，這些應用對微創手術技術的需求很高，並且我們推出的下一代充氣機也推動了新產品的銷售。

For the full year, reported sales in this segment grew by 20% and saw an organic decline of 2% with revenue strength in advanced surgery being offset by declines in DNA sequencing and the end of life for surgical display products as well as some general weakness in the life science applications. This segment saw a book-to-bill of 1.05 in the fourth quarter, and core bookings grew 60% year-over-year.

全年而言，該部門報告銷售額增長了 20%，但有機下滑了 2%，其中先進外科手術的收入增長被 DNA 測序的下滑和手術顯示器產品的壽命終止以及生命科學應用方面的一些普遍疲軟所抵消。該部門第四季的訂單出貨比為1.05，核心訂單年增60%。

For the full year, the book-to-bill was 0.98. As already mentioned, advanced surgery applications had a book-to-bill of 1.14 as we continue to see customers placing large orders for new product launches scheduled for 2025. This strong result was partially offset by continued weakness in our precision medicine business line, we saw a book-to-bill below one.

全年訂單出貨比為0.98。如同前面所提到的，先進手術應用的訂單出貨比為 1.14，我們繼續看到客戶對計劃於 2025 年推出的新產品下大量訂單。這一強勁業績被精準醫療業務線持續疲軟所部分抵消，訂單出貨比低於1。

Design wins in the segment nearly tripled year-over-year in the fourth quarter driven by solid wins in Advanced Surgery business. The vitality index in the Sigma was above 20% of sales in the fourth quarter and on the full year.

由於先進外科業務的穩健成長，該部門第四季的設計訂單年增近三倍。Sigma 的活力指數在第四季和全年銷售額中均超過 20%。

Adjusted gross margin in this segment decreased roughly 500 basis points year-over-year in the fourth quarter, driven by a higher mix of revenue for our Motion Solutions acquisition and lower factory utilization in our Manchester facility caused by the before mentioned production stoppage of our products in the DNA sequencing market.

該部門第四季度的調整後毛利率年減約 500 個基點，主要原因是我們收購 Motion Solutions 帶來的營收組合增加，以及我們曼徹斯特工廠的工廠利用率下降（由於先前提到的 DNA 定序市場產品的停產）。

Excluding Motion Solutions, gross margins in the quarter decreased by approximately 280 basis points. And for the full year, adjusted gross margins declined roughly 160 basis points, but excluding the impact of Motion Solutions increased 130 basis points, mainly driven by the margin improvements in our Advanced Surgery business.

若不包括 Motion Solutions，本季的毛利率下降了約 280 個基點。全年調整後的毛利率下降了約 160 個基點，但除去運動解決方案的影響，則增加了 130 個基點，這主要得益於先進外科業務的利潤率提高。

Now turning to guidance. We saw strong growth in our medical business and confidently reconfirm our outlook for $50 million of incremental new product sales in 2025. As mentioned in the past calls, the majority of these new products are targeting surgical equipment sales at the hospital operating rooms and surgical centers.

現在轉向指導。我們的醫療業務實現了強勁成長，並有信心再次確認 2025 年新產品銷售額增量為 5,000 萬美元的前景。正如過去的電話會議中所提到的，這些新產品中的大多數都針對醫院手術室和外科中心的手術設備銷售。

And although capital spending in industrial and semiconductor remains depressed in capital spending in life science and bioprocessing markets are volatile due to the evolving geopolitical environment impacting trade and government spending, we continue to see demand gradually improving. However, due to the volatility in customers' ordering behavior from these ever-changing policy decisions and associated retaliatory trade actions we would characterize our full year outlook as cautiously optimistic.

儘管工業和半導體領域的資本支出在生命科學和生物加工市場的資本支出中仍然低迷，但由於不斷變化的地緣政治環境影響貿易和政府支出，生物加工市場的資本支出出現波動，但我們仍然看到需求在逐步改善。然而，由於這些不斷變化的政策決策和相關的報復性貿易行動導致客戶訂購行為不穩定，我們對全年前景持謹慎樂觀的態度。

We are extremely confident in our ability to successfully launch new products into a strong demand environment for their specific application areas. This gives us confidence in delivering $50 million of incremental revenue from these products in 2025, which is the basis for our full year revenue outlook. Our full year forecast presumes capital spending in industrial semiconductors, life science and bioprocessing remains volatile and deferred.

我們非常有信心能夠成功地將新產品推向特定應用領域強勁的需求環境。這使我們有信心在 2025 年從這些產品中實現 5,000 萬美元的增量收入，這是我們全年收入預測的基礎。我們的全年預測假設工業半導體、生命科學和生物加工領域的資本支出仍然不穩定且被延遲。

Effectively, we are pursuing disruptions in line with the first quarter news cycle caused by tariffs and retaliatory trade actions such as China blacklisting of certain OEM customers. We are also incorporating for our outlook for long macroeconomic weakness in Europe and China, demand pressures with the US federal spending cuts, including the US National Institute of Health and overall customer order volatility in line with what we experienced in January and February.

實際上，我們正​​在根據第一季的新聞週期來追蹤由關稅和報復性貿易行動（例如中國將某些 OEM 客戶列入黑名單）所造成的中斷。我們也將歐洲和中國的長期宏觀經濟疲軟、美國聯邦政府削減開支帶來的需求壓力（包括美國國立衛生研究院）以及整體客戶訂單波動納入我們的預測之中，這些波動與我們在一月和二月經歷的情況一致。

However, despite these dynamics, there are still strong signs of growth solely recovery in these end markets. After experiencing a three-year recession in capital spending in industrial and semiconductor markets, customers are leaning in on new product launches and investments are gradually improving. We see good demand already from robotics and automation applications and some short-cycle semiconductor and industrial applications.

然而，儘管存在這些動態，這些終端市場仍然顯示出強勁的成長復甦跡象。在工業和半導體市場經歷了三年的資本支出衰退之後，客戶開始傾向於新產品的推出，投資也逐漸改善。我們已經看到機器人和自動化應用以及一些短週期半導體和工業應用的良好需求。

Furthermore, we continue to see excellent strength in our medical business for hospitals, specifically operating room surgical centers and critical care units. Patient volumes and hospital spending remain strong at upper single-digit growth despite creating a solid backdrop for our new product launches in this space, some of which are already contributing to our near-term financial performance.

此外，我們繼續看到醫院醫療業務，特別是手術室外科中心和重症監護室的卓越實力。儘管為我們在該領域的新產品發布創造了堅實的背景，但患者數量和醫院支出仍然保持著高個位數的強勁增長，其中一些產品已經為我們的近期財務業績做出了貢獻。

So given these early positive signs, we are more optimistic of a better year in our end markets, but we believe it is prudent to be conservative with our initial full year 2025 guidance and to the growth trends strengthened enough to eliminate the risks associated with volatility. Therefore, our full year revenue guidance is based on delivering $50 million of incremental new product sales or 5% growth overall Novanta.

因此，鑑於這些早期的積極跡象，我們對終端市場今年的更好表現更為樂觀，但我們認為，對我們最初的 2025 年全年指引以及足夠強勁的增長趨勢採取保守態度是明智之舉，以消除與波動相關的風險。因此，我們的全年營收預期是基於實現 5,000 萬美元的增量新產品銷售額或 Novanta 整體 5% 的成長。

And so starting with the full year of 2025, we now expect GAAP revenue to be approximately $1 billion, which represents the overall revenue growth of approximately 5% just mentioned. For adjusted gross margins, we expect to deliver 100 basis points of margin expansion for the total company versus the full year results of 2024, which is approximately 47% to 47.5%.

因此，從 2025 年全年開始，我們現在預計 GAAP 收入約為 10 億美元，這代表剛才提到的約 5% 的整體收入成長。對於調整後的毛利率，我們預計整個公司的利潤率將比 2024 年全年業績成長 100 個基點，約為 47% 至 47.5%。

We expect to continue to lean heavily on the Novanta growth system to drive strong operating results even in a difficult environment. We've demonstrated our ability to do this in 2024 and 2023, and we believe we have continued momentum to achieve this again in 2025.

我們預計，即使在困難的環境下，我們也將繼續嚴重依賴 Novanta 成長系統來推動強勁的經營業績。我們已經在 2024 年和 2023 年證明了我們有能力實現這一目標，我們相信我們將繼續保持動力，在 2025 年再次實現這一目標。

We expect R&D and SG&A expenses for the full year to be approximately 29% of sales or between $285 million and $290 million, which is a similar percent of sales as to what they were in 2024. Depreciation expense should be approximately $17 million for the full year. Stock compensation expense should be approximately $28 million for the full year. For adjusted EBITDA for the full year 2025, we expect it to be between $225 million and $235 million or approximately a 23% EBITDA margin.

我們預計全年研發和銷售、一般及行政費用約佔銷售額的 29%，即 2.85 億美元至 2.9 億美元之間，與 2024 年的銷售額百分比相似。全年折舊費用約1700萬美元。全年股票薪酬費用約為 2800 萬美元。對於 2025 年全年調整後的 EBITDA，我們預計它將在 2.25 億美元至 2.35 億美元之間，或約 23% 的 EBITDA 利潤率。

Interest expense, which was nearly $32 million in 2024 is expected to be roughly $24 million for the full year 2025. The lower interest expense year-over-year is driven by debt paydown and the current levels of market interest rates. This does not assume any future debt drawdown from potential acquisitions.

2024 年的利息支出接近 3,200 萬美元，預計 2025 年全年的利息支出將達到約 2,400 萬美元。利息支出較去年同期下降主要是由於債務償還和當前市場利率水準所致。這並不假設未來潛在的收購會產生任何債務。

We expect our non-GAAP tax rate to be around 22% to 23% for the full year 2025. This guidance includes our current view of jurisdictional mix of pretax income, an increase in geographical tax rates and the impact of OECD Pillar 2 global minimum tax rates. Diluted weighted average shares outstanding will be approximately $36 million for the full year 2025 adjusted diluted earnings per share -- we expect approximately $3.35 and $3.55. This represents growth of 9% to 15% year-over-year.

我們預計 2025 年全年非公認會計準則稅率將在 22% 至 23% 左右。該指引包括我們對稅前收入的司法管轄區組合、地理稅率增加以及經合組織第二支柱全球最低稅率的影響的當前看法。2025 年全年調整後每股攤薄收益的攤薄加權平均流通股數約為 3,600 萬美元——我們預計約為 3.35 美元和 3.55 美元。這意味著同比增長 9% 至 15%。

Finally, we expect cash flows to demonstrate solid growth for the full year of 2025, and we expect to achieve a cash conversion rate greater than 100% of non-GAAP net income and a cash flow to EBITDA conversion at similar ratios or greater than we witnessed in 2024. As an acquisition compounder, Novanta's cash flow growth is essential component of this strategy.

最後，我們預計 2025 年全年現金流將穩健成長，我們預期實現非 GAAP 淨收入的現金轉換率超過 100%，現金流與 EBITDA 的轉換率與 2024 年相似或更高。作為一家收購複合型企業，Novanta 的現金流成長是該策略的重要組成部分。

Two years ago, we changed the compensation plans on our teams to incentivize cash flow compounding while training the entire manufacturing teams on NGS. And the last two years have seen the rewards of that change. Through the deployment of NGS and by maintaining these compensation incentives, we expect to maintain and even accelerate our progress here establishing a terrific foundation to deploy that capital towards acquisitions.

兩年前，我們改變了團隊的薪酬計劃，以激勵現金流複利，同時對整個製造團隊進行 NGS 培訓。過去兩年我們已經看到了這種改變的成果。透過部署 NGS 並維持這些薪酬激勵，我們希望維持甚至加快我們的進展，為部署資本進行收購奠定良好的基礎。

Moving now to guidance for the first quarter of 2025. We expect GAAP revenue in the range of $232 million and $236 million, which represents revenue growth of flat to plus 2%. The volatility in the market place from trade war actions, US government spending cuts, particularly at the NIH, China blacklisting certain OEM customers and other geopolitical disruptions is causing customers to be conservative and increases the volatility of their ordering and shipments.

現在轉向 2025 年第一季的指導。我們預計 GAAP 收入在 2.32 億美元至 2.36 億美元之間，這意味著營收成長持平至 2%。貿易戰行動、美國政府削減開支（尤其是美國國立衛生研究院的開支）、中國將某些 OEM 客戶列入黑名單以及其他地緣政治幹擾導致的市場波動，導致客戶趨於保守，增加了其訂購和發貨的波動性。

Therefore, while customer sentiment has been improving, these factors had a significant impact on the near-term ordering and shipping a product, and therefore, we feel prudent to guide conservatively. At the segment level, in the first quarter, we expect Automation Enabling Technology segment revenue to grow low to mid-single-digit percent year-over-year driven by continued growth in robotics and automation category, offset by continued weakness in precision manufacturing.

因此，雖然客戶情緒一直在改善，但這些因素對近期訂購和運送產品產生了重大影響，因此，我們謹慎地採取保守的指導。在細分市場層面，我們預計第一季自動化支援技術部門營收將年增低至中個位數百分比，這主要得益於機器人和自動化類別的持續成長，但精密製造的持續疲軟將抵消這一成長影響。

Our Medical Solutions segment is expected to show flat to low single-digit growth as the ramp-up of new products in advanced surgery is mostly offset by continued weakness in precision medicine, where our customers are now being impacted by uncertainties surrounding the US and NIH funding and China retaliatory trade actions.

我們的醫療解決方案部門預計將呈現持平至低個位數成長，因為先進外科手術領域新產品的成長大部分被精準醫療的持續疲軟所抵消，我們的客戶目前受到美國和國立衛生研究院資助的不確定性以及中國報復性貿易行動的影響。

Moving on to adjusted gross margin. For the first quarter, we expect to be approximately 46% to 46.5%. As a reminder, our margins are typically lower in the first quarter due to seasonality of some expenses. In this segment, we expect gross margins to be flat to down for the automation enabling technologies due to normal seasonality, whereas we expect Medical Solutions to be flat to up as the segment sees better factory utilization than was witnessed in the fourth quarter.

繼續調整毛利率。對於第一季度，我們預計約為46%至46.5%。提醒一下，由於某些費用的季節性，我們第一季的利潤率通常較低。在這一部門中，由於正常的季節性因素，我們預計自動化支援技術的毛利率將持平或下降，而我們預計醫療解決方案的毛利率將持平或上升，因為該部門的工廠利用率高於第四季。

We expect R&D and SG&A expenses in the first quarter to be $70 million to $71 million; depreciation expense of $4 million, stock compensation expense at $8 million. For adjusted EBITDA in the first quarter, we expect a range of $48 million to $51 million. Interest expense will be approximately $6 million in the first quarter, and we expect our non-GAAP tax rate to be 22% in the first quarter.

我們預計第一季研發及銷售、一般及行政費用為 7,000 萬美元至 7,100 萬美元；折舊費用為 400 萬美元，股票薪酬費用為 800 萬美元。對於第一季的調整後 EBITDA，我們預計在 4,800 萬美元至 5,100 萬美元之間。第一季的利息支出約為 600 萬美元，我們預計第一季的非 GAAP 稅率為 22%。

Higher tax rate is the increases in geographical tax rates, particularly in Europe and Pillar 2 changes and jurisdictional mix of income. For adjusted diluted earnings per share, we expect a range of $0.63 to $0.71. While we expect First quarter cash flows to be somewhat low due to timing of incentive compensation payments, equity compensation vesting events and the timing of seasonal tax payments. We also expect cash flow to strengthen as the year progresses, putting us in a great position to accelerate our acquisition strategy.

較高的稅率是由於地理稅率的增加，特別是歐洲和第二支柱的變化以及管轄收入的組合。對於調整後的每股攤薄收益，我們預計範圍為 0.63 美元至 0.71 美元。然而，我們預期第一季的現金流量會因為激勵薪資支付時間、股權薪酬歸屬事件和季節性稅收支付時間而略低。我們也預計隨著時間的推移，現金流將會增強，這將使我們處於有利位置來加速我們的收購策略。

As always, this guidance does not assume any significant changes in foreign exchange rates as seen in the fourth quarter, FX markets had more volatility due in part to some of the geopolitical and trade policy dynamics. And so while it's difficult to predict the trend of exchange rates month-to-month may have a more meaningful impact on our reported revenue results than we have experienced in the recent past. Finally, our guidance does not include any anticipated acquisitions at this time.

與往常一樣，本指引不假設外匯匯率有任何重大變化，如第四季所見，外匯市場波動加劇，部分原因是受到一些地緣政治和貿易政策動態的影響。因此，雖然很難預測月度匯率趨勢，但它可能會對我們報告的收入結果產生比我們最近經歷的更有意義的影響。最後，我們的指導目前不包括任何預期的收購。

In summary, we remain optimistic about our long-term growth prospects, and we continue to work diligently to support our customers with their successful launches in multiple new platforms. The long-term secular growth outlook of our end markets remains intact, and we feel we're well positioned to see 5% sales growth in 2025 on the strength of new product launches with more potential upside that depends on the resiliency of our customers and their end markets.

總而言之，我們對我們的長期成長前景仍然持樂觀態度，我們將繼續努力支持我們的客戶在多個新平台上成功發布。我們終端市場的長期成長前景保持不變，我們認為，憑藉新產品的推出，我們有能力在 2025 年實現 5% 的銷售成長，並且還有更大的上升空間，這取決於我們客戶及其終端市場的彈性。

As a company, we are confident in our long-term strategy and the fundamentals of the business remains strong. We are pleased with the team's deeper adoption of the Novanta Growth System operating model, which is giving us the ability to consistently execute and deliver on our promises and as evidenced by the solid results in the fourth quarter and the full year 2024.

作為一家公司，我們對我們的長期策略充滿信心，並且業務基本面依然強勁。我們很高興看到團隊更深入地採用 Novanta 成長系統營運模式，這使我們能夠始終如一地執行並兌現我們的承諾，第四季和 2024 年全年的穩健業績證明了這一點。

As a company remain focused on controlling what we can control and executing with excellence on our top priorities for 2025, no matter the business environment brings us. This concludes the prepared remarks.

作為一家公司，無論商業環境如何，我們仍將專注於控制我們能夠控制的事情，並出色地執行 2025 年的首要任務。準備好的發言到此結束。

I will now open the call up for questions.

我現在開始回答大家的提問。

(Operator Instructions) Lee Jagoda, CJS Securities.

(操作員指令) Lee Jagoda，CJS Securities。

So I guess just starting with the outlook versus the outlook you gave in November, there were some items that were not in the $50 million of new products and sort of not macro related that were expected to be resolved in 2025. And I guess, in particular, the DNA sequencing piece of the equation.

因此，我想，從與您 11 月給出的展望相比，有些項目不在 5000 萬美元的新產品中，而且與宏觀無關，預計將在 2025 年解決。我想，特別是等式中的 DNA 定序部分。

Could you comment on the DNA sequencing product lines and the issues that you faced and when we should expect the recovery there? And then if there's anything else like that maybe not explicitly being included in the guidance that could be a positive outside of the macro.

您能否評論一下 DNA 定序產品線以及您所面臨的問題以及我們何時可以預期其恢復？然後，如果還有其他類似的東西，可能沒有明確包含在指導中，這可能會對宏觀之外產生積極影響。

Yes. Thanks, Lee. Let me try to take this. Well, first off, in the short term, in the DNA sequencing were -- I mean, shipments are more or less normalized again. But obviously, this area has been substantially in the news and life sciences in general.

是的。謝謝，李。讓我嘗試一下這個。首先，從短期來看，DNA 定序——我的意思是，出貨量或多或少已經恢復正常。但顯然，這一領域在新聞和生命科學領域中一直受到廣泛關注。

So what has changed, of course, is the funding cuts in the National Institute of Health, which is driving, let's say, research funding, which is actually an important end customer of our customers, right? So that's a change.

那麼，當然改變的是美國國立衛生研究院的資金削減，而這正在推動研究資金的流向，而研究資金實際上是我們客戶的重要終端客戶，對吧？所以這是一個改變。

And customers are cautious, not fully knowing what that environment will bring them. And then, of course, there is some retaliatory responses as a result of tit-for-tat behavior as a result of trade policies that recently just got enacted -- all of these elements were, of course, not in our previous guidance.

而且客戶也很謹慎，因為他們並不完全了解那種環境會為他們帶來什麼。當然，由於最近剛頒布的貿易政策而導致的針鋒相對的行為也會導致一些報復性反應——當然，所有這些因素都不在我們之前的指導之中。

And to be honest, have substantially changed the volatility and short-term uncertainty. I would also say maybe midterm DNA sequencing headwinds should be considered higher given that some of the elements could be more prolonged in that market. So those -- that's maybe the major drivers of the changes versus the last fall.

說實話，波動性和短期不確定性已經發生了實質的改變。我還想說，也許中期 DNA 定序的阻力應該被認為更大，因為某些因素在該市場可能會持續更長時間。所以這些——這可能是與去年秋季相比變化的主要驅動因素。

Okay. And then, I guess, looking even further ahead because I might as well do that. If I look out to 2026, and I think about what's embedded in your guidance in '25 in terms of $50 million of new products. I think you've said previously that $50 million number because of the timing of the sell-in should at least be maintained, if not potentially grow over the next couple of years.

好的。然後，我想，我會把眼光放得更長遠，因為我也可能這麼做。如果我展望 2026 年，我會思考您在 25 年的指導下提出的 5,000 萬美元的新產品目標。我記得您之前曾說過，由於出售時機的原因，5,000 萬美元的數字至少應該維持下去，甚至在未來幾年內有可能成長。

So if I take that as sort of a baseline assuming that's correct and then layer in the macro environment, either stabilizing or potentially improving. All of that to say, like, should we see accelerating organic growth in 2026 versus 2025 sitting here today?

因此，如果我將其作為基線，假設它是正確的，然後在宏觀環境中分層，要么穩定，要么潛在地改善。所有這些都是說，我們是否應該看到 2026 年而不是 2025 年的有機成長加速？

Yes. I mean we remain very confident and consistent about the growth driver driven by innovation, right? So as we stated before, we're reconfirming the $50 million which we refill in this environment should say a lot about our ability to control our destiny there and the demand over -- for our innovation. So let's start with that.

是的。我的意思是，我們對創新驅動的成長動力仍然非常有信心並且始終如一，對嗎？因此，正如我們之前所說的，我們再次確認，在這種環境下我們重新註入的 5000 萬美元應該能夠說明我們控制自己命運的能力以及對我們創新的需求。那我們就從這裡開始吧。

Secondly, it's the first year of launch of these products. And therefore, the momentum around the demand for these products with our customers will only increase over time. So therefore, just on the back of that, we expect that new product revenue of this same base to increase.

其次，這是這些產品推出的第一年。因此，隨著時間的推移，客戶對這些產品的需求動能只會增加。因此，基於此，我們預期同一基礎上的新產品收入將會增加。

Secondly, not any significant part of the future growth will be driven by the consumables part in the Advanced Surgery business. And as we're booking to a large extent, the capital goods piece of that business as systems of our customers are starting to get placed and introduce the procedure growth rate will go up, and therefore, the consumable parts of the business will compound in a not insignificant matter for the rest of the decade.

其次，未來成長的大部分將不會來自先進手術業務中的耗材部分。而且隨著我們在很大程度上進行預訂，該業務的資本貨物部分作為我們客戶的系統開始被放置並引入程序，增長率將會上升，因此，該業務的消耗品部分將在未來十年內以不小的速度複合增長。

Third, we will launch additional new products that are not in the $50 million. We commented that we expect at least 50% more new products over the 15 that we've introduced last year to be introduced in 2025. The contribution of those products in the revenue is still modest, but you can, of course, expect that contribution to compound over the next years as well.

第三，我們將推出5000萬美元以外的其他新產品。我們表示，預計 2025 年將推出比去年推出的 15 種新產品至少多 50% 的新產品。這些產品對營收的貢獻仍然不大，但當然，你可以預期這種貢獻在未來幾年也會增加。

So in short, the answer to your question is yes, we expect the innovation and new product side to be a more significant impact to your growth going forward.

簡而言之，您的問題的答案是肯定的，我們預計創新和新產品方面將對您未來的成長產生更大的影響。

Brian Drab, William Blair.

布萊恩·德拉布，威廉·布萊爾。

I wanted to first -- just wanted to first just clarify, make sure I heard this correctly. On the EUV and DUV side, I think that you talked about getting some initial orders for subsystem product. Is that expected to materially increase your content with your customer there?

首先我想澄清一下，確保我聽得正確。在 EUV 和 DUV 方面，我認為您談到了獲得子系統產品的一些初始訂單。這是否有望大幅增加您與客戶之間的滿意度？

And is that something that is going to be pretty broadly rolled out over their existing installed base? Or is it in new products? And how does the timing of that revenue look throughout the year?

這是否會在他們現有的安裝基礎上廣泛推廣？還是在新產品中？全年來看，這些收入的分配情況如何？

Yes, Brian. Thanks for the question. Well, we're excited that we're starting to ramp this product or this product category rather. Yes, it's an intelligent subsystem. And yes, it will increase the content with -- in this particular category with this particular customer set.

是的，布萊恩。謝謝你的提問。嗯，我們很高興開始擴大這個產品或這個產品類別。是的，這是一個智慧子系統。是的，它會增加這個特定類別和特定客戶群的內容。

And it will be the first year of ramp and it will be more geared towards the second half of the year, which is what we thought what would happen, but it's good to see that confirmed. We're resolving a major set of issues for this customer set and therefore, the value that we bring to their customers is actually quite significant.

這將是成長的第一年，而且會更專注於下半年，這正是我們所認為會發生的情況，但很高興看到這一點得到證實。我們正在為這個客戶群解決一系列主要問題，因此，我們為他們的客戶帶來的價值實際上相當可觀。

So I won't go into, I think, further detail because it will then start to breach some, I think, confidentiality agreements that we have -- but it's fair to say that, yes, we and our customers are excited about it. The impact of these -- those launch is part of the $50 million and we expect the contribution of that, of course, to grow in the coming years because we're just only starting to ramp in the latter part of this year. And then there is further opportunity to further expand content and expand scope and reach, but I'd rather not comment on that at this stage, but it looks promising.

所以我認為我不會進一步詳細說明，因為這將開始違反我們簽訂的一些保密協議——但公平地說，是的，我們和我們的客戶對此感到興奮。這些發射的影響是 5000 萬美元的一部分，我們預計這筆貢獻在未來幾年當然會成長，因為我們才剛在今年下半年開始加速。然後還有進一步擴展內容、擴大範圍和影響力的機會，但我目前不想對此發表評論，但它看起來很有希望。

Okay. And then you commented again in the prepared remarks on Humanoids. And I wasn't sure if I was taking notes here, if you made a comment on orders picking up broadly? Or did you specifically say with humanoid these saw orders picking up in the fourth quarter and into January and February? So can you just clarify that?

好的。然後您在關於 Humanoids 的準備好的評論中再次發表了評論。而且我不確定我是否在這裡做了筆記，您是否對訂單普遍增加發表了評論？或者您是否特別說過，人形機器人的訂單在第四季度以及一月和二月有所回升？你能澄清一下嗎？

And then can you elaborate on how that business is building. Is this really a revenue-generating business for you maybe 2025, 2026.

然後您能詳細說明一下該業務的發展嗎？這對你來說真的是創收業務嗎？也許在 2025 年、2026 年。

Yes. I mean the humanoid category is still small, but it's growing rapidly. I would just argue that what trying to message here is that we're getting a lot of questions like, hey, why are you growing robotics and automation, whereas the overall market seems to be more subdued.

是的。我的意思是人形類別仍然很小，但它正在迅速增長。我只是想說，這裡試圖傳達的訊息是，我們收到了很多問題，例如，嘿，為什麼你們要發展機器人和自動化，而整體市場似乎更加低迷。

And our answer is we're more geared towards specialty robotics, in high-performance robotics high-precision robotics that include surgical robotics, obviously, but also warehouse automation and humanoids, right? And as a result, of course, rapid advances in Gen AI, there's things possible in these precision robotics categories that will drive further adoption.

我們的答案是，我們更傾向於專業機器人，高性能機器人，高精度機器人，顯然包括手術機器人，但也包括倉庫自動化和人形機器人，對嗎？因此，隨著人工智慧的快速發展，這些精密機器人類別中的可能性將進一步提高，從而推動其進一步應用。

Now it's too early to say that this category will become a prevalent category in the world, and therefore, for Novanta's, let's say, portfolio. But it's fair to say, and this is why we're commenting on it, it's a testament to the incredible capability of Novanta's technology that is recognized by the majority of the humanoid players in terms of incredibly precise small form factor, high-power density extremely complex embedded safety, which is all incredibly important in these type of applications, and we're uniquely positioned to actually sell multiple products whether it's servo drives, whether it's actually for store expensing, whether it's the compacting coders all of which provide a sense of touch and precision motion at low latency that are an act.

現在說這個類別將成為世界上流行的類別還為時過早，因此對於 Novanta 的投資組合而言也是如此。但公平地說，這就是我們評論它的原因，它證明了 Novanta 技術的驚人能力，該技術得到了大多數人形機器人玩家的認可，其尺寸非常精確，功率密度高，嵌入式安全性極其複雜，這些在這些類型的應用中都非常重要，並且我們擁有獨特的優勢，可以實際銷售多種產品，無論是伺服驅動器，甚至實際

That's why we're commenting on it because we do see demand there. Long term, I think on humanoid, let's kind of wait and see how the application evolves. But so far, we're working with all the key leaders.

這就是我們對此發表評論的原因，因為我們確實看到了那裡的需求。從長遠來看，我認為就人形機器人而言，讓我們拭目以待應用程式將如何發展。但到目前為止，我們正在與所有主要領導人合作。

Rob Mason, Baird.

羅布梅森，貝爾德。

I wanted to -- you already touched Matthijs, just on EUV, EUV is probably more second half weighted, but just at a high level, around the $50 million of incremental revenue. I mean -- can you give us any help on just how we should think on cadencing. I don't know maybe even first half, second half, just around the contribution from that overall $50 million.

我想 - 你已經提到了 Matthijs，僅就 EUV 而言，EUV 可能在下半年會更加佔優勢，但只是在較高的水平上，增量收入約為 5000 萬美元。我的意思是——您能給我們一些關於我們應該如何思考節奏的幫助嗎？我不知道也許上半年、下半年的貢獻大約是多少，總共 5,000 萬美元。

Yes. I mean let me start in and just give a high-level answer, and then Robert can provide more specifics. And when we -- as you would expect, you see the Crexendo, of course, increasing as the year progresses. So every quarter will get steadily better, right?

是的。我的意思是，讓我先給一個高層次的答案，然後羅伯特可以提供更具體的內容。而且當我們 — — 正如您所預料的，您會看到 Crexendo 當然會隨著時間的推移而增加。所以每季都會穩定好轉，對嗎？

And as I also said, there's the launches -- I mean a large chunk is focused on the hospital and surgical center market, very robust market. So there's a lot of pool for the product, but there's, of course, also some timing of when, what, which OEM will launch, what products. Some of them are soft launches and it will becoming full launch kind of in the middle of the year.

正如我所說，有很大一部分產品都集中在醫院和外科中心市場，這是一個非常強大的市場。因此，產品的潛力很大，但當然也存在一些時間安排，包括何時推出什麼產品、哪家 OEM 會推出什麼產品。其中一些是軟發布，並將在年中全面發布。

Some of them are already launched and are starting to ramp right? So there's all these dynamics. But I think the upside is it's a gradually but very steadily increasing momentum throughout the year, quarter-over-quarter. Anything else?

其中一些已經啟動並開始加速，對嗎？這就是所有這些動態。但我認為好處是，全年來看，每季的成長動能都是緩慢但穩定的。還要別的嗎？

Yes, I would say by the time you get to the third quarter, you're probably in the high single digit and then low double digit in the fourth quarter type of revenue, and that's consistent with the ramp of predominantly the insufflators and the pumps and then a little bit in the fourth quarter, you're picking up some semiconductor new product revenue as well.

是的，我想說，到第三季度的時候，你的收入可能會達到高個位數，然後在第四季度達到低兩位數，這與主要充氣器和泵的增長相一致，然後在第四季度，你也會獲得一些半導體新產品的收入。

I see. Okay. And then just last quarter, we talked about some early signs in the short-cycle businesses picking up some of the electronics area, some of the precision manufacturing. I'm just around those early green shoots that you saw in the third quarter, how did those sustain or move around, I guess, as you've entered 2025 and -- I guess, the fourth quarter as well? Any update there?

我懂了。好的。就在上個季度，我們談到了短週期業務在部分電子領域和部分精密製造領域興起的一些早期跡象。我只是在關注您在第三季度看到的早期綠芽，我想，當您進入 2025 年和——我想，第四季度也是如此——它們是如何維持或發展的？有任何更新嗎？

Yes. I would say they are sustaining. They were still up strongly in the fourth quarter. They've sustained that growth for what we could see at least for the first half, bookings have come in to cover demand. for the first half around that.

是的。我想說他們正在堅持下去。他們在第四節仍然強勢領先。至少在上半年，他們保持了這種成長勢頭，預訂量已經可以滿足需求。前半部就是這樣的。

So there are some positive signs like that right now that are holding that momentum forward. So I think it does get back to like we're trying to be prudent with the guidance here given the volatility of orders and shipments with people's disturbances around all the geopolitical changes that are occurring.

因此，目前存在的一些積極跡象正在保持這一勢頭向前發展。因此，我認為，考慮到訂單和出貨量的波動以及人們對正在發生的所有地緣政治變化的不安，我們確實試圖謹慎地提供指導。

But I think for the most part, at the same time, we're seeing demand starting to fill in, and we're seeing that short-cycle business remains strong, and we're seeing the NPIs accelerate. And so there's more positives than there are negatives, but there's a new cycle that's very difficult to ignore.

但我認為，在大多數情況下，同時，我們看到需求開始填補，我們看到短週期業務依然強勁，我們看到新產品導入加速。因此，正面因素多於負面因素，但有一個新周期很難被忽略。

Sure. Just last question. Matthijs, you sound reasonably optimistic around actionability on M&A this year, pipeline sounds fairly robust as well. You just as you think about the opportunity set and understanding these opportunities are just episodic in the way that they play out. How are you thinking about your comfort level upper levels around leverage and just what you would be willing to commit to.

當然。最後一個問題。Matthijs，你對今年併購的可行性聽起來相當樂觀，通路聽起來也相當強勁。當您思考機會集並理解這些機會時，它們只是偶然發生而已。您如何看待自己在槓桿方面的舒適度上限以及您願意承擔什麼。

Yes. Well, first of all, I mean, if you're a cynic, to say, well, you were confident last so what happened. And I would just say, listen, we have multiple active conversations. We're actually very excited about them, but it doesn't mean we should just jump on any opportunity. We remain very disciplined on price. And some of the timing of these discussions where we don't want to have time be the determining factor -- so let me just start with that.

是的。嗯，首先，我的意思是，如果你是一個憤世嫉俗者，那麼說，好吧，你上次很有信心，那麼發生了什麼。我想說的是，聽著，我們進行了許多正面的對話。我們實際上對它們感到非常興奮，但這並不意味著我們應該抓住任何機會。我們對價格保持非常嚴格的紀律。在進行某些討論時，我們不希望時間成為決定性因素——所以讓我從這一點開始。

So a lot of these conversations are still ongoing. So that's one, and there is actually multiple news at it. We feel the overall environment for M&A is very supportive, is improving, and we see more and more assets coming on the market as well as founders and private owners becoming -- we're willing to have conversations.

因此許多此類對話仍在進行中。這就是其中一條，其實還有多條新聞。我們認為，併購的整體環境非常有利，正在改善，我們看到越來越多的資產進入市場，創辦人和私人所有者也越來越願意進行對話。

That's not dissimilar from what we've seen when there is a lot of macro uncertainty, particularly for a prolonged period of time, that's actually the moment when people are becoming more willing to have conversations. We saw that with Brexit, for example.

這與我們所看到的情況並無不同，當宏觀不確定性存在很多時，特別是在較長一段時間內，這實際上是人們變得更願意進行對話的時刻。例如，我們在英國脫歐中看到了這一點。

We saw that with the previous trade wars, et cetera. So that, I would just say, provides -- all of that provides the support from our comments that we're very confident and excited about it while remaining disciplined on price and returns.

我們在之前的貿易戰等等都看到了這一點。所以，我只想說，所有這些都為我們的評​​論提供了支持，我們對此非常有信心和興奮，同時在價格和回報方面保持紀律。

Then, of course, where we're looking and what type of spaces we're looking at wouldn't be a surprise that it just assures our strategy to either in secular markets that we're excited about, whether it's health care, particularly given the environment that is robust as well as intelligent subsystems or when possible, find consumables that have a high IP component.

然後，當然，我們正在尋找的地方以及我們正在尋找的領域類型不會令人感到驚訝，它只是確保我們的戰略要么在我們興奮的世俗市場中，無論是醫療保健，特別是考慮到強大和智能子系統的環境，或者在可能的情況下，找到具有高 IP 組件的消耗品。

So that's kind of the direction, and that's where kind of the majority of the conversations are happening, embedded software is part of that, too. So those are aspects that we're pushing. In terms of leverage, I mean, I think we've been very consistent about that. But Robert, you can reiterate or sort of comment on that.

這就是一種方向，也是大多數對話發生的地方，嵌入式軟體也是其中的一部分。這些都是我們正在推動的面向。就槓桿而言，我的意思是，我認為我們在這方面一直非常一致。但是羅伯特，你可以重申或對此發表評論。

Yes. I would say we don't have an interest in putting the company in a levered position. So we have been pretty consistent about that, saying below three times. You look at it on a net basis, we're 1.4 right now. So I think we're in a fairly good position to do what we want to do and more meaningful acquisitions within the bandwidth and within the scope of our parameters.

是的。我想說我們無意讓公司陷入槓桿。因此，我們對此一直非常堅持，並說過以下三次。從淨值來看，我們現在是 1.4。因此，我認為我們處於相當有利的地位，可以做我們想做的事情，並在我們的頻寬和參數範圍內進行更有意義的收購。

And I do reiterate what Matthijs said, we're focused on the returns. There are attractive returns out there. Most of the deals we pursue are proprietary in nature as a consequence, they're less predictable on closing because they're not run in some sort of process. And so -- but at the same time, we're going to make sure we do the right things and compound the cash flows of this business in the right way without putting any sort of jeopardy of risk, undue risk onto the business.

我確實重申了馬蒂斯所說的話，我們專注於回報。那裡有很誘人的回報。我們所追求的大多數交易都是專有的，因此，由於它們沒有經過某種流程，因此在完成時不太可預測。所以——但同時，我們要確保我們做正確的事情，以正確的方式增加這項業務的現金流，而不會給業務帶來任何風險和不當風險。

Brian Drab, William Blair.

布萊恩·德拉布，威廉·布萊爾。

Just a question -- last quarter, there was a discussion of, I guess, a minor pause in your sales into robotic surgery with one customer. And I'm just wondering if you could comment on is that resolved. And then also, can you just talk about -- are you seeing continued diversification of your revenue into robotic surgery across a broader customer base at this point?

只是一個問題——上個季度，我猜我們與一位客戶討論了你們在機器人手術方面的銷售暫停的問題。我只是想知道您是否可以評論一下這個問題是否已經解決了。另外，您能否談談—目前，您是否看到您的收入繼續多樣化，轉向更廣泛的客戶群中的機器人手術？

So the first is the shipments into the robotic surgery space have been resolved. They're back to normal in January. And so -- and there's no disruptions there. So we feel pretty good about the position there. Obviously, we've increased our content with that customer and done fairly well.

首先，機器人手術領域的出貨量已經解決。一月就恢復正常了。所以——那裡沒有任何干擾。因此，我們對那裡的立場感到非常滿意。顯然，我們增加了與該客戶的內容，並且做得相當好。

In terms of diversifying with additional players, it really comes down to the success of those additional players. We've been designed into a multitude OEMs. For a long period of time. They just haven't shipped with the volumes to be meaningful with one or two exceptions. And so it really comes down ultimately to their own commercial success in the marketplace.

就透過增加參與者來實現多樣化而言，這實際上取決於這些額外參與者的成功。我們已被設計成眾多OEM。很長一段時間以來。除了一兩處例外，它們只是沒有附帶有意義的捲。所以這最終還是取決於他們在市場上的商業成功。

We continue to work with a large variety of customers in that marketplace. We continue to be optimistic that there will be additional robotic plays in the hospital environment and into different modalities. It could be orthopedics, it could be into spine, it could be into neurological. It could be a number of different application areas, and we feel good about being a participant in all those areas that they begin to grow.

我們將繼續與該市場的各種客戶合作。我們仍然樂觀地認為，將會有更多的機器人在醫院環境和不同的模式下發揮作用。它可能是骨科，可能是脊椎科，也可能是神經科。它可能涉及許多不同的應用領域，我們很高興能夠成為它們開始發展的所有這些領域的參與者。

This concludes our question-and-answer session. I would like to turn the conference back over to 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，請他作最後發言。

Thank you, operator. And so to recap, we're proud of the progress we've made in 2024 with strong operating performance, core gross margin expansion, adjusted EBITDA growth, record cash flow and a return to organic growth in the fourth quarter. Our new product ramps are on track for 2025, and we've reorganized the skill better organically and through acquisitions, our top leadership and strengthened our talent pool. I'm incredibly proud of our team's achievements.

謝謝您，接線生。總而言之，我們為 2024 年的進步感到自豪，包括強勁的營運業績、核心毛利率擴大、調整後的 EBITDA 成長、創紀錄的現金流以及第四季度恢復有機成長。我們的新產品預計在 2025 年問世，我們透過有機方式和收購更好地重組了技能、我們的高層領導並加強了我們的人才庫。我對我們團隊的成就感到無比自豪。

Looking ahead, we remain focused on the three top priorities for 2025. First, ramp or all our planned new products and achieve our new product sales growth; second, further expand our margins and cash flow using the Novanta Growth System and finally, acquire additional companies that fit our strategy at attractive returns.

展望未來，我們仍專注於2025年的三大重點任務。第一，增加新產品的研發投入，實現新產品銷售的成長；第二，利用 Novanta 成長系統進一步擴大我們的利潤和現金流；最後，以可觀的回報收購更多符合我們策略的公司。

Despite the global macro dynamics, the Novanta remains extremely well positioned in the medical and advanced industrial end markets with diversified exposure to long-term secular macro trends in precision manufacturing, robotics and automation, Precision Mat is in an advanced surgery.

儘管全球宏觀情況如此，Novanta 在醫療和先進工業終端市場仍保持著極其有利的地位，並在精密製造、機器人和自動化領域多元化投資於長期宏觀趨勢，Precision Mat 則處於先進的手術領域。

We feel that our winning strategy and our deployment of the Novanta Growth System to continuously improve our company operations. This what drives our performance no matter the environment. In closing, as always, I would like to thank our customers, our employees and our shareholders for their ongoing support.

我們認為，我們的勝利策略和對 Novanta 成長系統的部署將持續改善我們的公司營運。無論環境如何，這都是推動我們表現的動力。最後，像往常一樣，我要感謝我們的客戶、員工和股東一直以來的支持。

I continue to be specifically grateful for the continued and persistent efforts of all Novanta employees who work together every day to take on new challenges and strive to make the company a great place to work. We appreciate your interest in the company and your participation in today's call.

我繼續特別感謝所有 Novanta 員工的持續不懈努力，他們每天齊心協力，迎接新的挑戰，努力使公司成為一個理想的工作場所。我們感謝您對公司的關注以及您參加今天的電話會議。

I look forward to joining all of you in several months on our fourth quarter and full year -- for the first quarter of 2025 earnings call. Sorry. Thank you very much. This call is now adjourned.

我期待著幾個月後與大家一起參加我們的第四季和全年—2025 年第一季財報電話會議。對不起。非常感謝。本次電話會議現在結束。

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。