Novanta Inc (NOVTU) 2025 Q3 法說會逐字稿

Good morning. My name is Andrea, and I will be your conference operator today. At this time, I would like to welcome everyone to Novanta Incorporated third quarter 2025 earnings call. (Operator Instructions)

早安.我是Andrea，今天將擔任本次電話會議的接線生。現在，我謹代表Novanta Incorporated公司歡迎各位參加2025年第三季財報電話會議。 （接線生操作說明）

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

現在我將把會議交給諾萬塔公司企業財務主管雷‧納許。請繼續。

Thank you very much. Good morning and welcome to Novanta's third quarter 2025 earnings conference call. This is Ray Nash, corporate finance leader for Novanta. With me on today's call is our Chair and Chief Executive Officer Matthias Glaser; and our Chief Financial Officer, Robert Buckley.

非常感謝。早安，歡迎參加 Novanta 2025 年第三季財報電話會議。這是諾萬塔集團的企業財務主管雷‧納許。今天和我一起參加電話會議的還有我們的董事長兼執行長馬蒂亞斯·格拉澤，以及我們的財務長羅伯特·巴克利。

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.

如果您尚未收到我們昨晚發布的獲利新聞稿，您可以從我們網站 www.novanta.com 的投資者關係部分取得。請注意，本次電話會議將進行網路直播，會議結束後不久，會議錄影將存檔於我們的網站上。

Before we begin, we need to remind everyone of the safe harbor for forward-looking statements that we've outlined in our earnings press release issued last night and also 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，我們需要提醒大家注意我們在昨晚發布的盈利新聞稿以及提交給美國證券交易委員會的文件中概述的前瞻性聲明的安全港條款。我們今天可能會發表一些評論，包括在我們準備好的發言稿中以及在回答問題時，其中可能包含前瞻性陳述。這些都涉及固有的假設，存在已知和未知的風險以及其他因素，這些因素可能導致我們未來的業績與我們目前的預期有重大差異。

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.

今天發表的任何前瞻性聲明僅代表我們截至目前為止的觀點。我們不承擔未來更新前瞻性聲明的任何義務，即使我們的估計發生變化，因此您不應依賴任何此類前瞻性聲明來代表我們在本次電話會議之後的任何時間的觀點。

During this call, we will be referring to certain non-GAAP financial measures. A reconciliation of such non-GAAP financial measures to the most directly comparable GAAP measures is available as an attachment to our earnings press release. To the extent that we use non-GAAP financial measures during this call that are not reconciled to GAAP measures in the earnings press release, we will provide reconciliations promptly on the investor relations section of our website after this call. I'm now pleased to introduce the Chair and Chief Executive Officer of Novanta, Matthijs Glastra.

在本次電話會議中，我們將提及一些非GAAP財務指標。此類非GAAP財務指標與最直接可比較的GAAP指標的調節表，可作為我們獲利新聞稿的附件查閱。如果在本次電話會議中使用了非GAAP財務指標，且這些指標在獲利新聞稿中尚未與GAAP指標進行核對，我們將在會議結束後立即在公司網站的投資者關係頁面提供核對錶。現在，我很高興地向大家介紹Novanta的董事長兼執行長Matthijs Glastra先生。

Thank you, Ray. Good morning everybody, and thanks for joining our call.

謝謝你，雷。各位早安，感謝各位參加我們的電話會議。

Novanta delivered above expectations for the third quarter, beating our outlook for sales, margins, and adjusted EPS. We continue to see solid sequential momentum in the business with a 3% increase in revenue driven by investments in our commercial engine and innovation.

Novanta第三季業績超出預期，銷售額、利潤率和調整後每股盈餘均高於預期。公司業務持續保持強勁的環比成長勢頭，營收成長3%，主要得益於對商業引擎和創新方面的投資。

Revenue reached a record $248 million surpassing guidance, which represents reported revenue growth of plus 1%, and organic revenue declines of 4%. New product revenue grew by nearly 60% year over year. Customer bookings grew 17% year over year and 4% sequentially, reflecting an improving outlook.

營收達到創紀錄的 2.48 億美元，超過預期，其中報告營收成長 1%，有機營收下降 4%。新產品營收年增近 60%。客戶預訂量年增 17%，季增 4%，反映出前景正在改善。

We also saw significant design wind activity, up 50% year-to-date. Adjusted gross margins overdelivered at 46.5% and adjusted EBITDA margins was up above, was above 23%. I'm very proud of our team's ability to successfully execute in a fluid macroeconomic and trade environment.

我們也看到風電設計活動顯著增加，年初至今成長了50%。調整後的毛利率超出預期，達到46.5%，調整後的EBITDA利潤率也高於預期，超過23%。我為我們團隊在瞬息萬變的宏觀經濟和貿易環境下依然能夠成功執行各項任務而感到非常自豪。

With the strength of our third quarter results and the sequential improvement we're seeing in bookings and revenue across all of our businesses, we're confident that we've turned a corner and we'll return to positive organic growth and double-digit profit growth in the fourth quarter.

憑藉第三季度強勁的業績以及我們所有業務預訂量和收入的環比增長，我們有信心我們已經扭轉局面，並將在第四季度恢復正向內生增長和兩位數的利潤增長。

And with our strong momentum over growth platforms, recent customer design wins, and new product launches, we believe this sets us up well to deliver mid-single-digit organic growth for the full year of 2026. Our long-term growth strategy remains focused on winning in markets with long-term secular tailwinds such as AI-driven robotics and automation, advanced minimally invasive and robotic surgery, digital manufacturing, and precision medicine.

憑藉我們在成長平台、近期贏得的客戶設計專案以及新產品發布方面的強勁勢頭，我們相信這將使我們有信心在2026年全年實現中等個位數的內生成長。我們的長期成長策略仍專注於在具有長期發展趨勢的市場中取得成功，例如人工智慧驅動的機器人和自動化、先進的微創和機器人手術、數位製造以及精準醫療。

Novanta holds strong technology leadership positions in these areas which are still early in their adoption. We build trusted long-term collaborative partnerships with the world's leading OEM customers in these applications by solving their most complex needs with our proprietary technology solutions, securing up to 10 years of exclusive and sticky design and platforms.

Novanta 在這些仍處於早期應用階段的領域擁有強大的技術領先地位。我們透過自主研發的技術解決方案，解決全球領先的 OEM 客戶在這些應用領域中最複雜的需求，從而與他們建立值得信賴的長期合作關係，確保長達 10 年的獨家和持久的設計和平台。

While our products typically represent no more than 10% of our customers' bill of materials, 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.

雖然我們的產品通常只佔客戶物料清單的 10% 以內，但它們能夠幫助客戶在系統中實現差異化和創新，從而改善臨床結果、提高吞吐量、提高產量、降低每次手術或部件的成本，或實現前所未有的性能。

Over the past decade, we have extended our proven business model into high growth healthcare markets, medical consumables, and intelligent subsystems featuring advanced embedded software.

過去十年，我們已將成熟的商業模式擴展到高成長的醫療保健市場、醫療耗材和具有先進嵌入式軟體的智慧子系統。

Today, medical markets account for 53% of Novanta's year-to-date revenue. Intelligent subsystems contribute nearly 30%, and medical consumables represent about 15% of sales, the latter growing at a high 10s rate.

目前，醫療市場佔 Novanta 今年迄今收入的 53%。智慧子系統貢獻了近 30% 的銷售額，醫療耗材約佔銷售額的 15%，後者以 10% 以上的速度成長。

Looking forward, our strategic direction focuses on continuing to expand our business mix and technology leaderships in medical technologies, consumables, and embedded software.

展望未來，我們的策略方向是繼續擴大我們在醫療技術、耗材和嵌入式軟體領域的業務組合和技術領先地位。

By strengthening our portfolio in these areas, we're positioning Novanta to deliver sustainable mid to high single-digit organic revenue growth with less cyclicality, ensuring resilience and consistent performance regardless of market fluctuations.

透過加強我們在這些領域的投資組合，我們使 Novanta 能夠實現可持續的中高個位數有機收入成長，減少週期性波動，確保無論市場如何波動，都能保持韌性並取得持續的績效。

We have prioritized commercial and innovation investments accordingly with a specific focus on our growth platforms of insulators and pumps, robotic surgery technologies, intelligent physical AI solutions for connected care, warehouse automation, humanoids, and precision robotics, and also intelligent subsystems for laser beam steering and precision medicine applications.

我們已相應地優先考慮商業和創新投資，特別關注我們的成長平台，包括絕緣體和泵浦、機器人手術技術、用於互聯護理的智慧實體 AI 解決方案、倉庫自動化、人形機器人和精密機器人，以及用於雷射束控制和精準醫療應用的智慧子系統。

We've launched 20 new products here today in these areas and believe these growth platforms offer an additional $4 billion end market opportunity for Novanta by 2030.

今天，我們在這些領域推出了 20 款新產品，並相信到 2030 年，這些成長平台將為 Novanta 帶來額外的 40 億美元終端市場機會。

We are also investing in regionalized manufacturing, are deploying the Novata growth system and a new ERP system while reducing our manufacturing footprint to build a strong foundation for growth and resilience. In parallel to these organic investments, we're advancing our robust acquisition pipeline to expand our portfolio to towards these same areas of medical technologies, consumables, and embedded software.

我們也投資區域化生產，部署Novata成長系統和新的ERP系統，同時縮小生產規模，為成長和韌性奠定堅實基礎。在這些內部投資的同時，我們也正在推動穩健的收購計劃，以拓展我們在醫療技術、耗材和嵌入式軟體等領域的業務組合。

This will have a compounding effect on the sustainability of our growth and the resilience of our business model. We continue to work on multiple acquisition opportunities while maintaining our discipline and leverage and cash returns.

這將對我們成長的永續性和商業模式的韌性產生疊加效應。我們將繼續尋求多項收購機會，同時保持穩健的營運紀律、槓桿水準和現金回報。

Now let me provide an update on the customer and market dynamics we're seeing. Our sales and minimally invasive robotic surgery markets remain exceptionally strong, with high 10s double-digit growth in our advanced surgery business driven by new product launches, share gains in surgical robotics, robust patient procedure growth rates, and hospital spending.

現在讓我來介紹一下我們目前觀察到的客戶和市場動態。我們的銷售和微創機器人手術市場仍然非常強勁，在新產品推出、手術機器人市場份額提升、強勁的患者手術增長率和醫院支出的推動下，我們的先進手術業務實現了兩位數的高速成長。

This business supports our strategy by expanding our medical portfolio, boosting intelligence subsystem sales, and driving recurring consumables income.

這項業務透過擴大我們的醫療產品組合、促進智慧子系統銷售和推動經常性耗材收入來支持我們的策略。

Our latest inserflator innovations set industry standards, improve patient safety, and efficiently address new smoke evacuation requirements while optimizing surgical workflows.

我們最新的插管器創新樹立了業界標準，提高了病患安全，有效滿足了新的煙霧排放要求，同時優化了手術流程。

Thanks to our recent product launches in this area, Novanta is on track to achieve $50 million in incremental new product revenue in 2025. In the 3rd quarter, we further extended our market leadership position by securing yet another major new design win with a large OEM for future generation in layers, reinforcing our position as a trusted partner in this field.

由於我們近期在該領域的產品發布，Novanta預計在2025年實現5000萬美元的新產品增量收入。第三季度，我們透過與一家大型OEM廠商就未來幾代分層技術產品達成另一項重大新設計合作，進一步鞏固了我們的市場領先地位，強化了我們作為該領域值得信賴的合作夥伴的地位。

This ongoing customer adoption and innovation momentum strengthens our outlook for 2026 and our outlook that the advanced surgery business revenue will nearly double to $400 million by 2030.

客戶持續接受和創新勢頭增強了我們對 2026 年的展望，並使我們更加確信，到 2030 年，先進外科手術業務的收入將幾乎翻一番，達到 4 億美元。

Moving on, our robotics and automation applications continue to see strong demand, as evidenced by the sequential revenue growth in the third quarter. Growth in this business is driven by demand for our products that support physical AI applications such as rarehouse automation, precision robotics, and humanoids.

接下來，我們的機器人和自動化應用繼續保持強勁的需求，第三季營收季增就證明了這一點。該業務的成長是由市場對我們支援實體人工智慧應用（如稀有房屋自動化、精密機器人和人形機器人）的產品的需求所驅動的。

Robots surpass humans in speed and accuracy when analyzing complex data, but they often struggle to effectively navigate the physical world. Inventa has unique capabilities that enable the perception or reaction of precision robotics in this physical world and to do so safely. We are excited about our recent design wins in the warehouse automation space, our momentum insurgical robotics, and the ongoing development with multiple humanoid and warehouse automation players.

機器人分析複雜數據的速度和準確性都超過了人類，但它們往往難以有效地應對物理世界。Inventa擁有獨特的技術，能夠使精密機器人在現實世界中感知並做出反應，並確保安全。我們對近期在倉儲自動化領域的設計專案、手術機器人領域的強勁發展勢頭以及與多家人形機器人和倉儲自動化廠商的持續合作感到非常興奮。

He believes these physical AI applications are an important growth platform for Novanta, representing an incremental $1 billion of addressable market by 2030. Turning to our advanced industrial markets, we saw continued improvement in the quarter as our customers are now back to normalized order patterns.

他認為這些實體人工智慧應用是Novanta的重要成長平台，到2030年將帶來10億美元的潛在市場。再來看我們的先進工業市場，隨著客戶的訂單模式恢復正常，本季我們看到了持續的改善。

This resulted in sequential growth in our precision manufacturing business, and another quarter of double-digit growth of customer bookings positioned us well for further sequential revenue growth in the 4th quarter.

這使得我們的精密製造業務實現了環比增長，客戶訂單量又一個季度實現了兩位數增長，這為我們在第四季度實現收入的進一步環比增長奠定了良好的基礎。

In this third quarter, we also saw a sequential increase in sales to China as our Chinese customers have grown confident in the progress of our in-region for region manufacturing plants. Design wins in the precision manufacturing business also continued their strong pace, showing year-to-date growth of over 60%.

第三季度，隨著中國客戶對我們區域內製造工廠的進展越來越有信心，我們對中國的銷售額也較上季成長。精密製造業務的設計訂單量也持續保持強勁成長勢頭，年初至今成長超過60%。

We're starting to see customer wins in attractive areas such as additive manufacturing driven by both aerospace investments and reshoring and applications supporting AI investments like advanced packaging and undevised AI compute with our intelligent light engine and scan system.

我們開始看到客戶在一些有吸引力的領域取得進展，例如受航空航太投資和回流驅動的積層製造，以及支援人工智慧投資的應用，例如先進的包裝和利用我們的智慧光引擎和掃描系統開發的人工智慧運算。

This growth platform represents an increment of $400 million of addressable market opportunity for an event by 2030 as customers continue to digitize and automate their manufacturing lines with ever higher demands for throughput and productivity at ever smaller form factor, tighter tolerances, and quality levels.

到 2030 年，隨著客戶不斷推進生產線的數位化和自動化，對產量和生產率、更小的尺寸、更嚴格的公差和更高的品質水準提出更高的要求，這個成長平台代表著 4 億美元的潛在市場機會。

Next, in advanced semiconductor applications which represent roughly 10% of our revenue, we saw some early signs of an upcycle with waiver fab equipment growth expected to achieve mid-single-digit next year. Our short cycle sales remain strong off the back of new construction for data centers and other AI-related infrastructure.

其次，在占我們收入約 10% 的先進半導體應用領域，我們看到了一些上行週期的早期跡象，預計豁免晶圓廠設備的成長將在明年達到個位數中段。由於資料中心和其他人工智慧相關基礎設施的新建設，我們的短期銷售依然強勁。

Finally, speaking to life science equipment markets, which is mainly served by a precision medicine business, we were pleased to see the business show another quarter of sequential revenue growth in the third quarter, while we continue to work our way through consistent yet challenging end market dynamics. We've invested in intelligent RFID solutions through the Keon acquisition, and we have added advanced machine vision technology offerings to our to our portfolio.

最後，談到主要由精準醫療業務服務的生命科學設備市場，我們很高興地看到該業務在第三季度再次實現了收入環比增長，同時我們也在繼續努力應對持續但充滿挑戰的終端市場動態。我們透過收購 Keon 投資了智慧 RFID 解決方案，並將先進的機器視覺技術產品添加到我們的產品組合中。

Through our new commercial partnership. These steps are helping to support the sequential momentum we're seeing and expect to see going forward. We continue to believe in the long-term opportunities in the life science equipment market and are seeing investments in early disease detection as a big driver of productivity in the healthcare industry.

透過我們新的商業合作關係，這些舉措有助於鞏固我們目前以及未來預期將持續保持的成長勢頭。我們依然堅信生命科學設備市場的長期發展機遇，並認為對疾病早期檢測的投資將成為提升醫療保健產業生產力的重要驅動力。

To conclude, I'm proud of our team's third quarter performance. We exceeded our expectations for sales margins and adjusted EPS. Our solid momentum in our growth platforms, design wins, and new product launches positioned us well for a return to positive organic growth in the fourth quarter of 2025 and for mid-single-digit organic growth in 2026.

總之，我對我們球隊第三季的表現感到自豪。我們的銷售利潤率和調整後每股盈餘均超出預期。我們在成長平台、設計訂單和新產品發布方面的強勁勢頭，使我們預計在2025年第四季恢復正向內生成長，並在2026年實現中等個位數的內生成長。

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

那麼，接下來我將把電話交給羅伯特，讓他詳細介紹我們的營運和財務表現。羅伯特。

Thank you, Matthijs. Our third quarter, 2025 non-GAAP adjusted gross profit was $115 million or 46.5% adjusted gross margin compared to $113 million or 46.2% adjusted gross margin in 2024. Adjusted gross margins were up 30 basis points year over year and up 40 basis points sequentially, which was better than our expectations, notwithstanding the increased cost of tariffs.

謝謝你，馬蒂斯。我們2025年第三季的非GAAP調整後毛利為1.15億美元，調整後毛利率為46.5%，而2024年同期為1.13億美元，調整後毛利率為46.2%。儘管關稅成本增加，但調整後的毛利率比去年同期上升 30 個基點，環比上升 40 個基點，這比我們的預期要好。

As we stand here today, the cost of tariffs in our supply chain and the impact on gross margins has now been fully mitigated.

截至目前，我們供應鏈中的關稅成本及其對毛利率的影響已完全消除。

For the third quarter, R&D expenses were $24 million and approximately 10% of sales. SG&A expenses, excluding certain adjustments were $44 million or 18% of sales. Non-GAAP adjustments included restructuring costs, ERP design costs, and legal costs related to the insurance recovery claim.

第三季研發費用為 2,400 萬美元，約佔銷售額的 10%。銷售、一般及行政費用（不包括某些調整）為 4,400 萬美元，佔銷售額的 18%。非GAAP調整包括重組成本、ERP設計成本以及與保險索賠相關的法律成本。

Adjusted EBITDA was $58 million in the third quarter, 23% adjusted EBITDA margin, demonstrating growth of 2% year over year and 11% sequential.

第三季調整後 EBITDA 為 5,800 萬美元，調整後 EBITDA 利潤率為 23%，較去年同期成長 2%，較上季成長 11%。

On the tax front, our non-GAAP tax rate for the third quarter was 24% versus 21% in the prior year. Our tax rate increased year over year, mainly due to changes in jurisdictional mix of pre-tax income. Our non-GAAP adjusted earnings per share was $0.87 in the quarter, up 2% versus the prior year, and up 14% sequentially.

在稅務方面，我們第三季的非GAAP稅率為24%，而去年同期為21%。我們的稅率同比上升，主要原因是稅前收入的司法管轄區組成發生變化。本季我們的非GAAP調整後每股盈餘為0.87美元，較上年同期成長2%，較上季成長14%。

Operating cash flows in the third quarter was $8 million compared to $23 million in the prior year. This was below our expectations, but it's driven by temporary factors. After successfully settling on a German tax audit, we paid more than $5 million in the prior period cash tax payments in the quarter, and this amount is up to $15 million year over year on a year-to-date basis. In addition, we've incurred roughly $15 million of restructuring and acquisition related costs year-to-date.

第三季經營現金流為 800 萬美元，去年同期為 2,300 萬美元。這低於我們的預期，但這主要是由暫時性因素造成的。在成功解決德國稅務審計後，我們在本季度支付了超過 500 萬美元的上期現金稅款，而今年迄今為止，這筆金額已累計達到 1,500 萬美元。此外，今年迄今為止，我們已產生約 1500 萬美元的重組和收購相關成本。

With a significant portion paying out in the 3rd quarter, and finally we had higher than expected inventory purchases to accelerate the ramp of manufacturing in our regional manufacturing centers. We believe these decisions better position the company in the 4th quarter and the full year 2026 to be more resilient and deliver stronger cash flows, and we expect to recover back to our normal levels of greater than 100% conversion of the net income.

第三季支付了相當一部分款項，最後，我們採購了高於預期的庫存，以加快區域製造中心的生產進度。我們相信這些決定將使公司在 2026 年第四季和全年更具韌性，並帶來更強勁的現金流，我們預計淨收入轉換率將恢復到 100% 以上的正常水平。

We ended the third quarter with gross debt of $457 million with a gross leverage ratio of 2.2 times and a net debt of $368 million, giving us a net leverage ratio of approximately 1.7 times. In the quarter we purchased $14 million worth of company stock opportunistically and nearly 20 million of shares have been repurchased year-to-date.

第三季末，我們的總負債為 4.57 億美元，總槓桿率為 2.2 倍；淨負債為 3.68 億美元，淨槓桿比率約為 1.7 倍。本季我們抓住機會購買了價值 1,400 萬美元的公司股票，今年迄今已回購了近 2,000 萬股股票。

As we've recently announced, the board of directors has authorized an additional $200 million of capacity in our share buyback program. While acquisitions remain our top capital allocation priority, we will repurchase shares whenever the value of the stock gives us a cash return greater than our internal investments or acquisition investments.

正如我們最近宣布的那樣，董事會已批准在我們的股票回購計劃中增加 2 億美元的額度。雖然收購仍然是我們資本配置的首要任務，但只要股票價值能為我們帶來比內部投資或收購投資更大的現金回報，我們就會回購股票。

Now I'll share some additional performance metrics and details of our operating segments.

現在我將分享一些額外的績效指標和我們營運部門的詳細資訊。

Novanta bookings increased 17% year to year and 4% sequentially with a book a bill of 1.03%, indicating a stronger backlog and positive outlook. New product sales grew nearly 60% year over year, raising the vitality index to 23%. Design win activity remains strong, with company-wide design wins up 20% year over year, with more than 50% higher on a year-to-date basis.

Novanta 的預訂量年增 17%，季增 4%，預訂率達 1.03%，顯示積壓訂單量增加，前景樂觀。新產品銷售額年增近 60%，活力指數提升至 23%。設計專案中標活動依然強勁，公司整體設計專案中標數量年增 20%，年初至今成長超過 50%。

In the third quarter, automation enabling technology segment revenue declined 3% year over year in line with expectations. The book to bill in this segment was 0.96%. However, bookings were up 15% year over year. A precision manufacturing business, which served the industrial equipment market saw year over year revenue decline of 7% in the quarter. However, this business saw sequential growth of 3%. And double-digit growth in both bookings and design wins, demonstrating building momentum.

第三季度，自動化賦能技術部門的營收年減 3%，符合預期。此業務板塊的訂單出貨率（即預訂量與實際出貨量之比）為0.96%。然而，預訂量年增了15%。一家服務於工業設備市場的精密製造企業，本季營收年減了 7%。然而，該業務實現了 3% 的環比增長。預訂量和設計訂單量均實現了兩位數成長，顯示發展勢頭強勁。

In our robotics and automation business, revenue was roughly flat year over year and grew 3% sequentially. This was also in line with our expectations. We continue to see a solid outlook in this business with resiliency and demand for advanced robotic applications and strength in short cycle semiconductor applications tied to data center investments supporting AI.

在我們的機器人和自動化業務中，營收與去年同期基本持平，季增了 3%。這也符合我們的預期。我們繼續看到該業務的穩健前景，這得益於其韌性和對先進機器人應用的需求，以及與支援人工智慧的資料中心投資相關的短週期半導體應用的強勁表現。

For the automation enabling technology segment, adjusted gross margins were above 48%, approximately flat year over year, driven by factory productivity and favorable product mix. In addition, we fully offset the cost of tariffs and temporary redundancies and overhead costs as we execute on our regional manufacturing plans.

自動化賦能技術部門的調整後毛利率超過 48%，與去年同期基本持平，這主要得益於工廠生產率的提高和有利的產品組合。此外，我們在執行區域製造計劃的過程中，完全抵消了關稅、臨時裁員和間接費用。

New product revenue for the segment nearly doubled year over year, and customer design wins grew 30% on the back of both of our innovation and stronger commercial executions by our teams. In addition, the vitality index was in the high 10s percent of sales, up double from where it was last year.

該業務板塊的新產品收入年增近一倍，客戶設計訂單量增加了 30%，這得益於我們團隊的創新和更強大的商業執行力。此外，活力指數佔銷售額的10%以上，比去年翻了一番。

Moving to the medical solution segment, revenue in the segment was up 6% year to year. This segment saw a book a bill of 1.1% in the third quarter, and bookings were up 19% year over year and up 14% sequentially on the back of record new product launches. New product sales in the quarter grew by over 40% year over year, and the vitality index in this segment was nearly 30% of sales.

醫療解決方案領域，該領域的收入年增了 6%。該業務板塊第三季的訂單額增長了 1.1%，由於創紀錄的新產品發布，訂單量同比增長了 19%，環比增長了 14%。本季新產品銷售額年增超過 40%，該細分市場的活力指數接近銷售額的 30%。

Our advanced surgery business experienced 17% growth year over year, driven by both strong patient procedural growth rates in the healthcare on a global basis, and from the launch of our second generation insulators, which have received overwhelming market acceptance and adoption.

我們的先進外科手術業務年增 17%，這得益於全球醫療保健領域強勁的患者手術成長率，以及我們推出的第二代絕緣體獲得了市場的廣泛認可和採用。

These growth dynamics are expected to continue into the 4th quarter and well into 2026 and beyond. In our precision medicine business, which serves the life science and multi-omics markets, sales declined 4% year over year, but grew sequentially by 3%.

預計這種成長動能將持續到第四季度，並延續到 2026 年及以後。在我們服務生命科學和多組學市場的精準醫療業務中，銷售額比去年同期下降了 4%，但環比增長了 3%。

This business is expected to continue to improve sequentially in subsequent quarters as we work through some of the challenging and market dynamics.

隨著我們逐步克服一些挑戰和市場動態，預計該業務將在接下來的幾季繼續逐季改善。

In the medical solution segment, advanced gross margins, adjusted gross margins were approximately 45% in the quarter, better than expected, which represented margin expansion of 70 basis points year over year and 130 basis points sequentially. This solid margin expansion comes from both factory productivity initiatives and from improving scale from our in-house medical consumables manufacturing facility.

在醫療解決方案領域，本季高級毛利率和調整後毛利率約為 45%，優於預期，年比毛利率成長 70 個基點，環比毛利率成長 130 個基點。這項穩健的利潤成長得益於工廠生產力提升措施以及我們內部醫療耗材製造工廠規模的擴大。

Finally, our efforts to mitigate the cost of tariffs on our supply chain and the impact on gross margins were successful and are now offsetting any incremental costs. In addition, our regional manufacturing initiative is on track and is being well received by customers. As a reminder, this initiative helps our customers avoid the increased cost of tariffs by manufacturing their demand in the regions in which they sell their products.

最後，我們為減輕關稅對供應鏈成本和毛利率的影響所做的努力取得了成功，目前正在抵銷任何新增成本。此外，我們的區域製造計劃進展順利，並受到了客戶的好評。再次提醒大家，這項措施可以幫助我們的客戶透過在他們銷售產品的地區生產所需產品來避免關稅增加的成本。

The 11% sequential revenue growth in China, along with 17% growth in bookings, 60% growth in new product sales, 20% growth in design wins, all demonstrate the progress we have made here, not only for Novata but for our costs.

中國市場營收季增 11%，預訂量成長 17%，新產品銷售額成長 60%，設計訂單量成長 20%，所有這些都顯示我們在這裡取得了進步，不僅對 Novata 而言如此，對我們的成本控制也是如此。

Overall across all regions, we see gradual improvement in investment settlement in the capital equipment demand as OEMs and end users adjust to trade policy dynamics. Nevertheless, while this market momentum continues to build, we continue to prudently manage the company's profitability, including following through on our cost reduction plans, which we announced earlier this year. These plans are on track and we are seeing some savings this year with full savings run rating into 2026.

總體而言，在所有地區，隨著原始設備製造商和最終用戶調整以適應貿易政策動態，資本設備需求的投資結算逐漸改善。儘管如此，在市場動能持續增強的同時，我們將繼續謹慎管理公司的獲利能力，包括落實我們今年稍早宣布的成本削減計畫。這些計劃進展順利，我們今年已經看到了一些節省，預計到 2026 年將實現全面節省。

Doing the guidance.

進行指導。

Nevada is committed to delivering sequential revenue and profit growth driven by our innovation pipeline and our strong customer demand in our end market. We are seeing improving momentum as evident by our revenue and bookings growth, by the strong design win activity, and our successful new product launches. As such, we now expect 4th quarter 2025 GAAP revenue to be in the range of $253 million to $257 million, which represents year to year organic revenue growth of 3%.

內華達州致力於透過創新產品線和終端市場強勁的客戶需求，實現收入和利潤的持續成長。我們看到發展動能正在增強，這體現在我們的收入和訂單成長、強勁的設計中標活動以及我們成功的新產品發布上。因此，我們現在預計 2025 年第四季 GAAP 營收將在 2.53 億至 2.57 億美元之間，這意味著年增 3%。

The reported revenue growth of 6% to 8%.

據報道，營收成長了 6% 至 8%。

This guidance in the 4th quarter is in line with the current Wall Street consensus, and we're confident in this outlook. As a result, for the full year 2025, we now expect GAAP revenue to be approximately $975 million to $979 million, which represents roughly flat organic growth for the full year and 3% reported revenue growth. At the segment level in the 4th quarter, we expect automation enabling technologies to grow 1% year over year and up 3% sequentially.

第四季的業績指引與華爾街目前的普遍預期一致，我們對此展望充滿信心。因此，我們預計2025年全年GAAP營收約9.75億美元至9.79億美元，全年有機成長基本持平，報告營收成長3%。在第四季度，我們預期自動化賦能技術業務將年增1%，較上季成長3%。

Our medical solution segment is expected to demonstrate up to 15% reported growth in the fourth quarter, which includes up to 11% organic growth year over year. And sequential growth of 4%. This growth will come from continued strength and advanced surgery at growth rates comparable to the 3rd quarter and from a sequentially improving precision medicine business.

我們的醫療解決方案業務部門預計第四季將實現高達15%的營收成長，其中包括高達11%的年成長（內生成長）和4%的環比成長。這一成長將得益於持續強勁的先進外科手術業務（增速與第三季度持平）以及精準醫療業務的環比改善。

For adjusted gross margins, we expect to achieve approximately 46% in both the fourth quarter and the full year. Excluding the cost of our regional manufacturing initiative, we should be on track to achieving our goal of 100 basis points of gross margin expansion this year.

調整後的毛利率，我們預計第四季和全年均將達到約 46%。撇開區域製造計畫的成本不談，我們應該能夠實現今年毛利率成長 100 個基點的目標。

We expect R&D and SG&A expenses in the fourth quarter to be approximately $69 million to $70 million and for the full year to be $276 million to $277 million.

我們預計第四季研發和銷售、管理及行政費用約為 6,900 萬美元至 7,000 萬美元，全年約 2.76 億美元至 2.77 億美元。

This represents roughly 28% of sales. This guidance excludes expected costs associated with the design and planning phase of the standard ERP system, which will be deployed over the next few years. And further supports our footprint consolidation and regional manufacturing initiative. Depreciation expense, which was approximately $4 million in the third quarter, would be similar in the fourth quarter and will be approximately $16 million in the full year.

這約佔銷售額的28%。此預算指引不包括標準ERP系統設計和規劃階段的預期成本，該系統將在未來幾年內部署。此外，該預算指引也進一步支持了我們的業務整合和區域製造計劃。第三季的折舊費用約為400萬美元，預計第四季與此相近，全年折舊費用約為1,600萬美元。

Stock compensation expense, which was below $7 million in the third quarter due to one-time adjustments to certain long-term equity grants, will be approximately $11 million in the fourth quarter. And so for the full year would be roughly $33 million.

由於對某些長期股權激勵進行了一次性調整，第三季的股權激勵費用低於 700 萬美元，第四季預計將達到約 1,100 萬美元。因此，全年約為 3300 萬美元。

For adjusted EBITDA in the fourth quarter, we expect a range of $62 million to $65 million, which represents 18% to 24% growth year over year. For the full year of 2025, we expect EBITDA to be $222 million to $225 million or approximately 23% EBITDA margin.

我們預計第四季度調整後 EBITDA 為 6,200 萬美元至 6,500 萬美元，年增 18% 至 24%。我們預計 2025 年全年 EBITDA 為 2.22 億美元至 2.25 億美元，EBITDA 利潤率約為 23%。

Interest expense, which was $6 million in the third quarter, would be similar in the fourth quarter and expected to be roughly $24 million for the full year of 2025, excluding any material changes in debt balances.

第三季利息支出為 600 萬美元，第四季預計與此類似，2025 年全年利息支出預計約為 2,400 萬美元，不包括債務餘額的任何重大變化。

We expect our non non-GAAP tax rate to be around 22% in the fourth quarter and for the full year. Diluted weighted average shares outstanding will be approximately 36 million shares. For the 4th quarter, you expect diluted earnings per share to be in the range of $0.87 to $0.93, growing 14% to 22% year over year.

我們預計第四季及全年的非GAAP稅率約為22%。稀釋後加權平均流通股數約3,600萬股。預計第四季稀釋後每股收益將在0.87美元至0.93美元之間，年增14%至22%。

For the full year of 2025, we expect adjusted diluted earnings per share to be $3.24 and $3.30. Cash flow conversion in the 4th quarter should improve versus the past few quarters as we stabilize our inventory levels as we move beyond some of the large timing related payments made in the 3rd quarter.

我們預計2025年全年調整後稀釋每股收益為3.24美元和3.30美元。隨著我們逐步消化第三季一些與時間相關的大額付款，庫存水準趨於穩定，第四季的現金流轉換率應較過去幾季有所改善。

For the full year, we expect to achieve a goal of hitting cash conversion of greater than 100% of GAAP net income. Overall, our latest full year guidance is in line with current Wall Street consensus. And looking ahead to 2026, based on our view of the sequentially improving demand environment, we expect to achieve a baseline of mid-single-digit organic growth for the full year.

全年目標為實現現金轉換率超過GAAP淨利的100%。整體而言，我們最新的全年業績指引與華爾街目前的普遍預期一致。展望2026年，基於我們對需求環境持續改善的預期，我們預期全年有機成長將達到中等個位數水準。

Of course, in early 2026, we will give you another update with additional details, but given the momentum, we wanted to share our initial views now. And finally, with a strong balance sheet and robust pipeline, we are well positioned to accelerate our acquisition strategy.

當然，在2026年初，我們會發布另一份包含更多細節的更新報告，但鑑於目前的良好勢頭，我們希望現在就與您分享我們的初步看法。最後，憑藉穩健的資產負債表和強大的專案儲備，我們已做好充分準備，加速推進我們的收購策略。

In summary, we remain confident in our long-term strategy and business model. We see growing momentum which will help us return to organic growth in the 4th quarter and maintain our organic growth trajectory into next year.

總之，我們對我們的長期策略和商業模式仍然充滿信心。我們看到成長勢頭日益強勁，這將有助於我們在第四季度恢復內生成長，並將內生成長的勢頭保持到明年。

We're excited about our new customer wins, the success of our new product launches, and we continue to make strong progress in high growth markets, particularly in medical technology markets and physical AI robotic markets. We remain focused on executing with excellence in our strategy and our top priorities, no matter what the market environment brings. This concludes our prepared remarks. We'll now open the call up for questions.

我們對贏得新客戶、新產品發布成功感到興奮，並且在高成長市場，特別是醫療技術市場和實體人工智慧機器人市場，我們繼續取得強勁進展。無論市場環境如何變化，我們始終專注於卓越地執行我們的策略和首要任務。我們的發言稿到此結束。現在開始接受提問。

We will now begin the question-and-answer session.

現在開始問答環節。

(Operator Instructions) Lee Jagoda, CJS Security.

（操作員說明）Lee Jagoda，CJS Security。

Hi, good morning. Good morning, Lee.

你好，早安。早安，李。

So Mathtijs, last quarter you talked about, some exciting contracts with a robotics, retail customer. Can you give us any update there, in terms of how that's trending and where you see that relationship evolving with that customer over time?

所以馬蒂斯，上個季度你談到了與一家機器人零售客戶簽訂的一些令人興奮的合約。您能否提供一些最新進展，例如目前的趨勢如何，以及您認為隨著時間的推移，您與該客戶的關係會如何發展？

Yeah, thanks, Lee. So we last quarter we spoke about multiple design wins. One I believe you're referring to is the warehouse Automation, a large e-commerce player, actually the world's largest e-commerce player. Yeah, we're very excited about that win, and I think we're in very early stages still. The deployment will start in 2026 and we'll grow from there and we'll hit really crescendo in 207, 228.

是啊，謝謝你，李。上個季度我們談到了多個設計項目的成功拿下。我相信您指的是倉庫自動化項目，客戶是大型電商企業，實際上是全球最大的電商企業。是的，我們對這個計畫的成功拿下感到非常興奮，而且我認為我們目前還處於非常早期的階段。部署將於2026年開始，之後我們會逐步發展，並在2027年和2028年達到真正的高峰。

Of course the exact, deployment is driven by our customer, but, I couldn't be more excited about it. So consistent with what I reported, in last quarter in some of our bookings numbers you actually see already some bookings from that customer.

當然，具體的部署方案是由我們的客戶決定的，但我對此感到無比興奮。正如我之前報告的那樣，在上個季度的某些預訂數據中，您實際上已經可以看到來自該客戶的一些預訂。

Got it. And then, a lot of the calls we're getting from investors are really focused around this nascent humanoid opportunity. Can you remind us the products that are most relevant on the humanoid robotics and how we should think about the potential for revenue and the ability to scale over time?

知道了。而且，我們接到的許多投資人的電話都集中在這個新興的人形機器人領域。您能否提醒我們一下，在人形機器人領域，哪些產品最相關？我們應該如何看待其潛在的收入以及隨著時間的推移其規模化發展的能力？

Yeah, we said the combined physical AI, which is both robotics for warehouse automation and for humanoids, is about a billion dollars market opportunity for an event about 2030. So that's how we sized it.

是的，我們說過，結合實體人工智慧（包括用於倉庫自動化的機器人和用於人形機器人）的市場機會在 2030 年左右將達到約 10 億美元。這就是我們確定它尺寸的方法。

And the deployment will is like you said, still very nascent, and is expected to hit more crescendo in 27, 28, but of course the design activity is happening right now.

正如你所說，部署工作仍處於非常初期的階段，預計將在 2027 年、2028 年達到高潮，但當然，設計活動現在正在進行中。

What I said in my prepared remarks is that.

我在準備好的演講稿中是這麼說的。

Robots need help in reacting to and operating efficiently and effectively in unstructured environments or reacting to their environments like humans can, and for that you need the perception of humans and you need the safety built in in case something goes wrong. And so Novanta's unique capabilities are in creating a sense of touch, and a combination of touch and reaction is what really Novanta brings, including embedded safety. So that a robot, when it malfunctions, can Basically collapse safely and not on humans. And you can imagine that that is a big thing in terms of the deployment and adoption of these types of technologies. We feel we're a leader in enabling that perception and safety.

機器人需要幫助才能在非結構化環境中高效、有效地做出反應和運行，或者像人類一樣對環境做出反應，為此，你需要人類的感知能力，並且需要內建安全機制，以防出現問題。因此，Novanta 的獨特之處在於創造觸覺，而觸覺和反應的結合才是 Novanta 真正帶來的，其中還包含嵌入式安全功能。這樣，當機器人發生故障時，基本上可以安全倒塌，而不會傷害人類。你可以想像，這對這類技術的部署和應用來說是一件大事。我們認為我們在營造這種認知和安全感方面處於領先地位。

And as well as that reaction speed, so the products are 4 stroke sensors, but also included our our position sensors that are integrated in that into intelligent subsystems and servo drives which basically intelligently and safely react to all the signals that are there and yeah, you need these competencies in typically all the joints of of a robot.

除了反應速度之外，這些產品還包含 4 個行程感測器，以及整合到智慧子系統和伺服驅動器中的位置感測器，這些感測器能夠智慧、安全地對所有訊號做出反應。是的，機器人的所有關節通常都需要這些功能。

Whether that's in the wrists or the ankles, or sometimes in other joints as well. And whereas automation is just another form, right? So we all talk about humanoids, but you need the same type of, let's say, perception and reaction speed, of course, in warehouse automation, where you need to surpass the human's ability to pick accurately, right?

無論是手腕、腳踝，或是其他關節。而自動化只不過是另一種形式，對吧？我們都在談論人形機器人，但當然，在倉庫自動化中，你需要同樣的感知能力和反應速度，因為你需要超越人類的揀貨準確率，對吧？

And for that, that's a pretty high bar. And for that you need our technology. So hopefully, that provides some more insight in there. I think what we said last quarter and we what I still stand by is that the wireless automation market is is starting to get deployed right now. You've got large players with a lot of capital and a proven use case. So that is what we see happening first. We're super excited about that. Humanoids is a little bit more, I would say, speculative, maybe. The use cases need to kind of get proven still, but the speed at which this market is developing is unmatched. And you can see the improvements happening so we're very encouraged by all the momentum there although we're just in designing mode, we don't see much revenue of that of that application yet hopefully that's that helps providing some color. Yeah.

為此，這確實是一個很高的標準。而這需要我們的技術。希望這能提供一些更深入的見解。我認為我們上個季度說過的話，也是我仍然堅持的觀點，就是無線自動化市場現在正開始部署。你們擁有資金雄厚的大公司，以及經過驗證的應用案例。這就是我們首先看到的情況。我們對此感到非常興奮。「類人生物」這個概念，我覺得比較像是推測性的。這些應用案例還需要進一步驗證，但這個市場的發展速度是無與倫比的。你可以看到正在發生的改進，所以我們對目前的發展勢頭感到非常鼓舞，儘管我們目前還處於設計階段，還沒有看到該應用程式帶來多少收入，希望這能有所幫助。是的。

That that's great and if I could sneak one more in for Robert and I'll hop back in the queue, just in terms of the the regional manufacturing footprint. How far along are we, and once we're fully transitioned there, how do you view the potential margin uplift from either current levels or levels prior to the transition for like for just this one item, understanding there's, a lot of other moving parts going on at one at once.

那太好了，如果我能再給羅伯特加一個，我就可以重新排隊了，就為了擴大區域製造業規模。我們進展到什麼程度了？一旦完全過渡到過渡階段，您如何看待相對於當前水準或過渡前水準的潛在利潤提升？就這一個產品而言，要知道同時還有很多其他因素在起作用。

Yeah, no, I appreciate that there, we obviously we're somewhere in the range of around 22 different manufacturing facilities and so there is an opportunity over a period of time to build some scale into, regional hubs, and centralize that scale into regional hubs while reducing our overall footprint and overall cost structure.

是的，不，我很欣賞這一點。顯然，我們目前擁有大約 22 個不同的製造工廠，因此隨著時間的推移，我們有機會將規模擴大到區域中心，並將這種規模集中到區域中心，同時減少我們的整體佔地面積和整體成本結構。

So it's roughly about 100 basis points of an incremental margin expansion despite the fact that a traditional regional manufacturing initiative would result in duplication of manufacturing and duplication of cost structure. We have a unique situation where we can actually drive margin expansion by by doing that consolidation.

因此，儘管傳統的區域製造計劃會導致製造重複和成本結構重複，但其利潤率仍提高了約 100 個基點。我們目前的情況很特殊，透過這種整合，我們實際上可以推動利潤率的提升。

And then of course once you're done with with establishing that duplication of production in those regions you're now making yourself resistant or resilient from any sort of future dynamics around trade. Which helps our customers ultimately in our situations our customers end up paying the tariffs on our products, when they import those products into the various regions and so by manufacturing them in region for region you're helping them reduce their cost structure which thereby manifests as higher demand flows for us.

當然，一旦你在這些地區建立了生產複製，你就能夠抵禦或適應未來貿易方面的任何動態變化。這最終會幫助我們的客戶，因為我們的客戶在將這些產品進口到各個地區時最終會支付關稅，所以透過在各個地區進行生產，可以幫助他們降低成本結構，從而為我們帶來更高的需求量。

And when do we think that gets completed?

我們認為這項工作何時才能完成？

Some of the initiatives we announced back in July will largely be completed by the end of the 1st quarter. Some are actually, have already been completed, and so we are up and running in production in some of our facilities today. You see a little bit more so in China, and our UK facility has started production already. I would say by the 4th quarter we feel pretty good that, the majority of it will be done, but largely by the 1st quarter we feel like by the end of the 1st quarter will be completed with the 1st phase of it. There's additional steps we would take, but I would say the first phase of it, that is the majority of the effort getting completed by the end of the 1st quarter.

我們在7月宣布的一些舉措將在第一季末基本完成。有些項目實際上已經完成，因此我們目前在一些工廠已經投入生產。在中國，這種情況更為常見，而我們在英國的工廠已經開始生產了。我認為到第四季度，大部分工作應該都能完成，但我們感覺到第一季末，第一階段的工作應該就能基本完成。我們也會採取其他措施，但我想說，第一階段的大部分工作將在第一季末完成。

Perfect, I'll hop back in queue. Thanks very much.

好的，我這就重新排隊。非常感謝。

Thanks Lee.

謝謝李。

Rob Mason of Baird.

貝爾德公司的羅布梅森。

Hi, good morning guys. I wanted to, maybe probe, good morning, I wanted to probe, the perspective on 2026 or, around mid single-digit, growth as you look across your businesses. I think it's probably a safe assumption, advanced surgery, curries maybe the most momentum into the year. I'm curious how you're thinking about robotics now from a year over year standpoint just for the year. And whether does it have like double-digit growth potential, and we should think about, the precision manufacturing precision medicine just again if we kind of run out with a gradual sequential maybe there's flattish or a little bit of growth. I'm just curious how the kind of growth dynamics work among your four main business units.

大家好，早安。我想，或許可以探究一下，早安，我想探究一下，您對 2026 年或大約中等個位數增長的看法，以及您如何看待貴公司各業務的增長情況。我認為這可能是個合理的假設，先進的手術，咖哩可能是今年發展勢頭最強的。我很好奇，從年度角度來看，你對機器人技術今年的發展有何看法。它是否具有兩位數的成長潛力？我們應該考慮一下，精密製造和精密醫療領域，如果我們採取漸進式的順序發展，可能會出現停滯或略微增長的情況。我只是好奇你們四大業務部門之間的成長動態是如何運作的。

Yeah, I mean it's fair to say that the two higher growth category businesses that we'll have in 2026 will be the advanced surgery business and then the robotics and automation business. Like those two businesses are trending in a nice trajectory. I think you'll see precision manufacturing continue to sequentially improve. That's what's happening now. It's gone from a. A double-digit decline to a low single-digit and they'll return to growth next year.

是的，我的意思是，可以公平地說，到 2026 年，我們擁有的兩大成長最快的業務類別將是先進外科手術業務和機器人及自動化業務。這兩家企業的發展勢頭良好。我認為你會看到精密製造技術持續穩定提升。這就是現在正在發生的事情。它已經從一個。如果降幅從兩位數降至個位數，明年他們將恢復成長。

So then the real wild card is just our precision, medicine business. The dynamics there, are, positive, particularly as we start to get into 2026. But the volatility in that market raises some questions, which is, why we established that guideline for 2026 as our kind of baseline of what we're seeing today. It is something that if there's one variable piece of our forecast, it's the precision medicine. I think our forecast takes into all the potential dynamics that we've been confronted with, and so we see that as our baseline growth for next year.

所以，真正的變數就只剩下我們的精準醫療業務了。那裡的發展趨勢是正面的，尤其是在我們開始進入 2026 年之際。但該市場的波動性引發了一些疑問，那就是，為什麼我們將 2026 年的指導方針設定為我們今天所看到的基準。如果說我們的預測中有什麼不確定因素的話，那就是精準醫療了。我認為我們的預測已經考慮到了我們所面臨的所有潛在動態，因此我們將其視為明年的基準成長。

Sure, how should we be thinking about again for 2026, how should we be thinking about.

當然，我們該如何再考慮 2026 年呢？我們該如何考慮呢？

I guess the reliance on new product launches that need to happen in 2026 versus those that occurred in 2025 that are, would continue to scale and and gain volume.

我認為，與 2025 年已經推出的新產品相比，2026 年需要推出的新產品數量將持續增加，銷售量也會持續成長。

Yeah, I mean, Rob, the way to think about it is basically current new product, current product launches in this year continuing to build momentum. That is the majority of the growth momentum, of course we will launch, multiple new products next year as well, about the same amount, but typically the contribution is in year two after launch of 2027, right? So. But yeah, continue a very steady pace of new product launches. The majority contribution, of course, is from the big launches of this year that, not all of them are full year, so they will compound and, very nicely. So that's why we also feel so comfortable with this guide, I will say maybe just if you take a step back and, just look further out, right?

是的，我的意思是，羅布，基本上可以這樣理解：今年推出的新產品將繼續保持成長勢頭。當然，這構成了成長勢頭的大部分。明年我們還會推出多款新產品，數量大致相同，但通常來說，成長的動力會在 2027 年產品上市後的第二年體現出來，對吧？所以。是的，要繼續保持新產品推出的穩定步伐。當然，大部分貢獻來自今年的大型發布，但並非所有發布都能持續一整年，因此它們將產生複利效應，而且效果非常好。所以，這也是我們對這份指南感到如此放心的原因。我想說，也許只要你退後一步，把目光放得更遠一些，對吧？

We do feel that long-term growth algorithm of mid to high single-digit organic growth is really building midterm, and based on the strength of the growth platforms we talked about, us gain share in customers and content right with intelligent subsystems as well as the medical consumables continue to drive double-digits for the remainder of this decade, right? So those are kind of key drivers. And we believe mid-single-digit next year is a good step up towards that.

我們認為，中高個位數有機增長的長期增長演算法在中期內確實正在構建，並且基於我們討論過的增長平台的實力，我們在客戶和內容方面獲得的份額，以及智能子系統和醫療耗材，將繼續在本十年剩餘的時間裡推動兩位數的增長，對嗎？所以這些都是關鍵驅動因素。我們相信明年實現個位數中段的成長是朝著這個目標邁出的重要一步。

And finally, I would just say is that the deterred growth markets that we've talked about are still early in their adoption, right? So about 15% of surgical procedures are performed robotically and approximately 40% minimally invasively with further runway, penetration of physical AI and robotics. We just talked about, it's still very early stages.

最後，我想說的是，我們討論過的那些成長受阻的市場仍處於早期採用階段，對吧？因此，大約 15% 的外科手術由機器人完成，約 40% 的外科手術由微創完成，隨著物理人工智慧和機器人技術的進一步發展和滲透，這一比例將繼續上升。我們剛才談到的，現在還處於非常早期的階段。

And precision medicine, while challenged, I would say short, maybe even midterm. Long-term, less than 5% of diagnostics use precision medicine and multiomm techniques today.

精準醫療雖然面臨挑戰，但我認為短期內，甚至中期都難以實現。長期來看，目前只有不到5%的診斷採用精準醫療和多學科技術。

With less than 1% of the world's population being sequenced, right? So you do see longer-term and continued very strong outlook for these markets. So I just want to reiterate that.

目前全球只有不到 1% 的人口接受了基因定序，對吧？因此，這些市場的長期前景確實非常強勁，並將持續保持強勁勢頭。所以我只想重申一下這一點。

Sure, it just real quick, if I last question, I'll hop back in the queue as well. The, we talked earlier in the year about, I'll just call it trap revenue around, just tariff dynamics, it was China, but it's really more of a, I guess, global phenomenon. Maybe it was a $30 million dollar number. Can you just give us an update on where that stands, and, have we seen more of that revenue come out in the second half, or is it how to think about maybe what carries over to 26?

當然，就簡單問一下，如果我問完最後一個問題，我也會重新排隊。今年早些時候，我們討論過，我姑且稱之為圍繞關稅動態的陷阱收入，雖然是在中國，但實際上這更像是一種全球現象。或許是三千萬美元。您能否為我們更新這方面的最新進展？下半年我們是否看到了更多收入？或者我們應該考慮哪些收入會延續到 2026 年？

Yeah, so I do think that that provides, the more we solidify our manufacturing, footprint, the more that revenue starts to recover. You are starting to see the dynamics improve, so it's fair to say that some of the organic growth returning in the fourth quarter is a consequence of us establishing that regional initiatives already in a cup in China specifically and then a little bit into Manchester in the UK. But if you take a look overall, you just take a step back, you can look at the trajectory we had solid growth in China on a year to year basis. We are seeing, strong design wind activity in China.

是的，所以我認為，我們越鞏固我們的製造基地，收入就越會開始恢復。你開始看到情況有所改善，因此可以公平地說，第四季度部分有機增長的恢復，是我們已經在中國（具體來說是中國）建立了一些區域性舉措的結果，然後又在英國曼徹斯特取得了一些進展。但如果你從整體來看，退後一步，你會發現我們在中國的業務發展軌跡是逐年穩定成長的。我們看到，中國正在進行強勁的風電設計活動。

We're seeing strong new product revenue in China, so we're seeing nice progress, and that is much more broad than we were anticipating. And so that those activities are suggesting, a comfort with the new regional structure. You see the same dynamics happening across the company. In Europe and in the US and so, despite the fact that the regional structure is not completed yet, and so our customers are gaining confidence in the business and our initiative, they're gaining confidence that we're offsetting those costs or we're putting a structure in place to make ourselves immune to those on a go forward basis, and that's evident in the rollout that you're seeing in the design when progress, the bookings for progress, the uptick in in revenue in China and so forth.

我們在中國看到了強勁的新產品收入，並且取得了不錯的進展，而且這項進展比我們預期的要廣泛得多。因此，這些活動表明，人們對新的區域結構感到滿意。你會發現公司內部到處都在發生同樣的情況。在歐洲和美國，儘管區域架構尚未完成，但我們的客戶對業務和我們的舉措越來越有信心，他們相信我們正在抵消這些成本，或者我們正在建立一個架構，使我們未來免受這些成本的影響，這一點在設計推廣、進度、進度預訂、中國收入增長等方面都顯而易見。

That's great. Thank you.

太好了，謝謝。

Yes, thanks, Rob.

是的，謝謝你，羅布。

Brian Drab, William Blair.

布萊恩·德拉布，威廉·布萊爾。

Hi, good morning. I'm at a little bit of a disadvantage because I had another earnings call at the exact same time, so I'm catching up, but, in that outlook that you have for mid single-digits in 2026, what, what's the expectation for your, DNA sequencing business and for the, EUV and DUV business? Are the, are those growth businesses in 2006?

您好，早安。我有點處於劣勢，因為我同時還有另一個財報電話會議，所以我正在努力追趕。但是，鑑於您對 2026 年實現個位數中段成長的預期，您對您的 DNA 定序業務以及 EUV 和 DUV 業務有何預期？這些是2006年的成長型企業嗎？

No, we, let's start with DNA sequencing. We're actually not counting on growth in that business actually at all, and, as a matter of fact, we're redeploying our resources to other higher growth areas.

不，我們還是先從DNA定序開始吧。實際上，我們根本沒指望該業務能成長，事實上，我們正​​在將資源重新部署到其他成長更快的領域。

So in the guide we, we're not actually counting on growth, if anything, so that's one, and I think on EV lithography we're just linked to our customer adoption, so we're very excited about the midterm there. The exact timing next year, is a little too early, to say. But again, probably later in 26 and then 27 starts to build nice nice momentum. So excited midterm we'll launch when the customer launches with us.

所以，在指南中，我們實際上並沒有指望增長，如果有的話，這是其中一點。我認為，在電動車光刻技術方面，我們只是與客戶的接受度掛鉤，所以我們對中期前景非常樂觀。明年具體時間現在說還為時過早。但再次強調，可能在第 26 和 27 賽季晚些時候，勢頭會開始好轉。期中考前我們非常興奮，我們將在客戶與我們合作上線時正式發布。

So I would say in that case there's no, we're not factoring in any sort of, individual customer taking off and to get to these numbers. This is, a forecast that establishes a baseline based on the trajectory of the business as we exit the fourth quarter. So nice continued progress in robotics and automation, and nice continued progress in advanced surgery, gradually recovering in precision manufacturing, and then the precision medicine business just being a little bit, let's say we're being conservative at the stands so we can see some brighter signs of stabilizing and market. So there's not, we're not, you don't have anything baked in that says, okay, there's one or two large platforms that are going to take off and that's going to drive the growth. This is a baseline number that we feel pretty good about.

所以我認為，在這種情況下，我們沒有考慮任何個別客戶單筆消費來達到這些數字。這是根據公司在第四季末的發展軌跡建立基準線的預測。機器人和自動化領域持續取得良好進展，先進外科手術領域也持續取得良好進展，精密製造業正在逐步復甦，而精準醫療行業則略顯……我們姑且說，我們持保守態度，這樣才能看到市場趨於穩定並出現一些更樂觀的跡象。所以，我們並沒有任何先例表明，會有一兩個大型平台脫穎而出，從而推動成長。這是一個我們比較滿意的基準數字。

Okay and the okay, thanks. And then the warehouse automation opportunity that you, announced on the second quarter call, the $50 million, opportunity over 3 years, can you, comment at all on how that might, be recognized, the pace of that or cadence of that over the 3 years, and is that business expected to be, at segment level margin?

好的，謝謝。然後，您在第二季電話會議上宣布了倉庫自動化機遇，這是一個價值 5000 萬美元、為期 3 年的機會。您能否就如何實現這一機會、這 3 年的進展速度或節奏發表一些評論？預計該業務的利潤率將達到細分市場水準嗎？

Yeah, so, one of the I'll say is that we are seeing rev we are seeing bookings now, we are seeing revenue, materializing in 2026 and we'll continue to ramp from there, it is a. Could be a fairly sizable opportunity for us as we size before, so we feel good overall. I don't want to get into its margin profile, knowing these are public calls and all that and the individual the company itself knowing exactly who it is, so I would steer clear of that. I would just say that the robotics and automation, business is. It is a healthy gross margin business. It's got the healthiest gross margin business and it's most differentiated technology. It's most differentiated technology is uniquely calibrated to serve these marketplaces.

是的，我想說的是，我們現在看到了收入，看到了預訂量，看到了收入，這些收入將在 2026 年實現，我們將繼續以此為基礎擴大規模。這可能是我們之前評估過的相當大的機會，所以我們整體感覺良好。我不想深入探討其利潤率情況，因為我知道這是公開的認購，而且公司本身也清楚認購者是誰，所以我會避開這一點。我只想說，機器人和自動化產業就是這樣。這是一個毛利率健康的行業。它擁有最健康的毛利率業務和最具差異化的技術。它最具差異化的技術是專門為服務這些市場而量身定制的。

So the four storic sensors, the set, the our inductive encoders or optical. Coders are servo drives are have all been calibrated and uniquely designed to serve this physical AI space around mobile robotics, warehouse automation, humanoid based applications we feel extremely strong about what we offer our competitive differentiation. And the market acceptance around those technologies we're making great progress and so it's one of the healthiest margin, businesses we have we don't see any reason why that environment that would change that dynamic would change anytime next year or anytime into the future at this point.

所以，這四個 story 感測器，這套裝置，我們的電感編碼器或光學編碼器。編碼器和伺服驅動器都經過校準和獨特設計，可服務於移動機器人、倉庫自動化、人形機器人等實體人工智慧領域。我們對我們提供的產品和競爭優勢充滿信心。我們正在取得巨大進展，這些技術的市場接受度也越來越高，因此這是我們利潤率最高的業務之一。目前來看，沒有任何理由會改變這個局面，無論是明年或未來任何時候。

And delivering customer value right in that in the process which is which is of course the most important. Right. And if I can just, I was just going to ask one more quick one, you, I think everyone appreciates your reporting the percentage of sales related to consumables and, given the momentum that you have in the insulator business and then, next gen pump and some of the wins there and getting into robotic surgery with the insulator. Is that, is there any reason to not think that that 15% kind of picks up modestly as we move forward into 26% and beyond?

而在這個過程中為顧客創造價值，當然也是最重要的。沒錯。如果可以的話，我還想再問一個問題，我想大家都很欣賞您報告與耗材相關的銷售額百分比，鑑於您在絕緣體業務方面取得的進展，以及下一代泵和一些成功案例，還有利用絕緣體進入機器人手術領域。也就是說，有什麼理由不認為 15% 這個數字會隨著我們向前邁進到 26% 甚至更高而略有上升呢？

Yeah, I mean, what we've commented on is that we see that category growing double-digit for the remainder of the decade. So yes, it will be a more pronounced piece of our portfolio. I mean, what we're excited about is that we really build a competence here right at close to $150 million. This is really, you can see this also in the margin profile we built scale and competence. And engineering capability and so on the back of that, we think this is a great platform to grow and jump off into other applications, whether it's organically or inorganically, right? So you can expect this to further expand us into other areas organically and inorganically because of this strong beachhead that we've now established.

是的，我的意思是，我們已經評論過，我們預計該類別在本十年剩餘時間內將保持兩位數的成長。所以，是的，它將成為我們投資組合中更突出的一部分。我的意思是，我們感到興奮的是，我們在這裡真正建立了接近 1.5 億美元的實力。這一點，你也可以從我們所建立的規模和能力的利潤率概況中看出。憑藉工程能力等等，我們認為這是一個很好的平台，可以發展壯大並跳出到其他應用領域，無論是有機增長還是無機增長，對吧？因此，由於我們現在已經建立了一個強大的灘頭陣地，您可以預期這將進一步推動我們透過有機和非有機方式拓展到其他領域。

Right, okay, I'll follow-up more later. Thank you very much.

好的，我稍後會跟進。非常感謝。

All right. Thanks, Brian.

好的。謝謝你，布萊恩。

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

我們的問答環節到此結束。我想把會議交還給先生。Matthijs Glastra 將作總結發言。

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 and the upcoming investor conferences over the coming weeks, and early in 2026.

謝謝接線員，也謝謝大家的提問。最後，一如既往，我要感謝我們的客戶、股東，特別要感謝我們敬業的員工們一直以來的支持。感謝您對公司的關注，也感謝您參加今天的電話會議。我期待著很快能與大家見面，並參加未來幾週以及 2026 年初的投資者會議。

Thank you very much. This call is now adjourned.

非常感謝。本次通話到此結束。

The conference is now concluded. Thank you for attending today's presentation, and you may now disconnect.

會議到此結束。感謝您參加今天的報告，您可以斷開連接了。