Novanta Inc (NOVTU) 2025 Q4 法說會逐字稿

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

各位早安。我叫[Jamie]，今天我將擔任你們的會議接線生。在此，我謹代表 Novanta 公司歡迎各位參加 2020 年第四季及全年財報電話會議。（操作說明）

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

此時，我想把電話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 fourth-quarter and full year 2025 earnings conference call. This is Ray Nash, Corporate Finance Leader for Novanta. With me on today's call is our Chair and Chief Executive Officer, Matthijs Glastra; and our Chief Financial Officer, Robert Buckley. If you've not received a copy of our earnings press release issued last night, you may obtain it from the Investor Relations section of our website at www.novanta.com. Please note, this call is being webcast live and will be archived on our website shortly after the call.

非常感謝。早安，歡迎參加 Novanta 2025 年第四季及全年財報電話會議。這是諾萬塔集團企業財務主管雷‧納許。今天與我一起參加電話會議的有我們的董事長兼執行長馬蒂斯·格拉斯特拉，以及我們的財務長羅伯特·巴克利。如果您尚未收到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」欄位中取得。請注意，本次電話會議將進行網路直播，會議結束後不久，錄音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 those in our SEC filings. We may make some comments today, both in our prepared remarks and in our responses to questions that may include forward-looking statements. These involve inherent assumptions with known and unknown risks and other factors that could cause our future results to differ materially from our current expectations.

在開始之前，我們需要提醒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。即使我們的估計發生變化，我們也不承擔未來更新前瞻性聲明的任何義務。因此，您不應依賴任何此類前瞻性陳述來判斷我們在本次會議之後的任何時間點的觀點。

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 the call that are not reconciled to GAAP measures in the earnings press release, we will provide reconciliations promptly on the Investor Relations section of our website after this call.

在本次電話會議中，我們將提及一些非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。如果在電話會議期間我們使用了非公認會計準則財務指標，而這些指標在獲利新聞稿中沒有與公認會計準則指標進行核對，我們將在本次電話會議結束後立即在網站的投資者關係部分提供核對錶。

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

現在我很高興地向大家介紹 Novanta 的董事長兼執行長 Matthijs Glastra。

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

謝謝你，雷。各位早安，感謝各位參加我們的電話會議。我們曾說過，第四季將恢復內生成長和兩位數的利潤成長，而我們做到了。Novanta 第四季營收創歷史新高，其中報告成長率為 9%，內生成長率為 2%，季增成長率為 4%。預訂量年增 25%，季增 12%，訂單出貨比為 1.11。在同一季度，所有業務的預訂量均實現了兩位數成長，訂單出貨比也為正值。這是自 2022 年以來首次發生這種情況。

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

全年營收達 9.81 億美元，創歷史新高。全年預訂量增長了 14%，新產品收入全年增長超過 60%，其中第四季度增長超過 80%，超出了我們的預期，這表明我們在商業卓越性和創新方面的投資正在取得成效。這些結果為我們在 2026 年實現個位數中等水準的有機成長奠定了良好的基礎。

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

本季度，我們的利潤也實現了強勁的兩位數年增長，調整後 EBITDA 增長了 17%，調整後稀釋每股收益增長了 20%。雖然這些業績表現強勁，但利潤率和現金流都低於我們在第三季財報電話會議上設定的預期。這一切歸根結底是一個深思熟慮的決定。

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

隨著本季的推進，我們優先考慮客戶交付，而不是區域生產轉移的速度。對我們的客戶來說，這是一個正確的決定，但這也造成了一段時間內雙重營運成本較高和庫存增加的情況。我們已於一月份採取了行動，羅伯特將詳細介紹具體細節以及我們對復甦的信心。鑑於當前瞬息萬變的環境，我為我們公司的業績以及團隊保持韌性並取得如此優異成績的能力感到非常自豪。

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

從長遠來看，Novanta 的長期成長策略仍專注於在具有持久長期發展趨勢的高成長終端市場中取得成功，例如人工智慧驅動的機器人和自動化、微創和機器人手術、數位製造和精準醫療。我們在這些市場中擁有領先的技術地位，並與客戶建立了獨家的設計和產品合作關係，這種合作關係通常在客戶的平台上持續長達十年。

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

我們透過專有技術和解決方案滿足全球領先的 OEM 客戶最複雜的需求，同時利用 Novanta 的成長體系，以盡可能低的成本按時交付高品質的產品，從而與他們建立了獨特的長期合作關係。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、降低每次手術或零件的成本，或實現前所未有的性能。

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

我們對那些我們認為將推動我們大部分創新驅動成長的平台進行了有條不紊的重點投資。下一代充氣和 POPs、機器人手術技術、用於互聯護理的智慧物理 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光束控制和精準醫療的智慧子系統。到 2030 年，這些成長平台將帶來 40 億美元的新增市場機會。

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

我們的策略重點是繼續擴大我們在醫療技術、醫療耗材和嵌入式軟體領域的業務組合和技術領先地位，進一步加強我們的產品組合，從而實現可預測、可持續和穩定的收入、利潤和現金流成長。隨著客戶庫存減少，新產品和商業卓越動能加速發展，我們正走在回歸長期發展策略的正確道路上。中高個位數有機成長，週期性較小，對地緣政治風險的抵禦能力更強，無論市場狀況如何，業績都能保持穩定。

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

收購是我們成長策略的第二大支柱，推動了兩位數的營收成長和現金流的複合成長。這裡的格局從未如此穩固。在我擔任執行長期間，我們的團隊建立了最大的收購管道，專注於金屬技術、醫療耗材、生物加工和嵌入式軟體領域的中大型收購機會。11 月，我們籌集了超過 6 億美元的資金，這主要是因為我們對這條擁有近 15 億美元總收購能力的管道充滿信心，並且擁有嚴謹的價值創造記錄。我們正在積極尋求多個機會，並預計在 2026 年投入大量資金。

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

以下是我們目前在終端市場和業務中看到的情況。我們在微創和機器人手術應用領域的銷售額持續強勁成長，過去一年，我們的高級手術業務實現了兩位數中段的成長。我們的新一代充氣機樹立了行業標準，提高了病患安全，滿足了煙霧排出要求，並優化了手術流程。隨著 2025 年以來新產品的推出規模不斷擴大，以及 2026 年本身也將推出更多產品，我們預計在 2026 年再次實現兩位數的收入成長。從長遠來看，在充氣業務持續成長、關節鏡機器人手術業務擴張以及醫療耗材業務快速成長的推動下，該業務預計在 2030 年實現約 4 億美元的收入。

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

我們的機器人和自動化業務在三大由 GenAI 驅動的利好因素的推動下，繼續保持永續成長前景。首先，Novanta 在金融人工智慧應用領域擁有技術領先地位，其獨特的能力使精準機器人能夠在物理世界中感知和做出反應，並且能夠安全地做到這一點。2016 年，我們正在大力推進幾項新產品的發布，包括我們最近在倉儲機器人領域贏得的內容；其次，半導體晶圓製造設備市場正在復蘇，我們看到了上升週期開始形成的跡象；第三，GPU 鑽孔領域存在著非常具體且引人注目的機會——我們的氣浮軸承主軸 AI 驅動 GPU 板鑽孔供應商計算基礎設施的持續建設是其直接受益者，而該應用正以兩位數的強勁速度成長。這三大驅動因素共同支撐著我們對該業務在 2026 年實現高個位數成長的信心。

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

其次，在目標市場的強勁推動下，我們的精密製造業務已連續四個季度實現兩位數的訂單增長，並在 2025 年下半年實現了加速的環比收入增長勢頭。這讓我們有信心在 2026 年實現中等個位數的業務成長。該市場的長期成長動力很明確，客戶正在對其生產線進行數位化和自動化改造，對生產效率、更小的尺寸和更高的精度提出了越來越高的要求。這對諾萬塔來說是持續多年的利多因素。

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

最令我興奮的是，我們推出了具有獨特專有功能的智慧雷射光束控制子系統，這些功能是我們多年來一直在開發的。我們進入市場的時機恰到好處，因為新的數位化和人工智慧賦能的製造能力正從早期採用階段過渡到更廣泛的部署階段。

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

最後，我們的精準醫療業務在第四季度再次實現了營收環比成長。這項業務仍在逐步消化生命科學設備終端市場動態以及我們正在經歷的相關技術淘汰週期。我們仍然相信生命科學設備市場的長期機遇，並將對互聯醫療和疾病早期檢測的投資視為醫療保健生產力的重要驅動力。預計到 2026 年，該業務的銷售額將大致持平，不同產品類別之間的需求將會出現一些變化。

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

我們對智慧RFID解決方案和先進機器視覺技術的投資，有助於穩定今年的業務前景，並具有強勁的長期成長前景。尤其令我們感到滿意的是，最近（聽不清楚）的收購已經超出了我們早期的預期，並有助於為該業務提供近期和長期的成長機會。

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

現在讓我簡要介紹一下我們如何為組織的未來發展奠定更堅實的基礎。首先，Novanta 的成長體係正成為公司內部更深入、更持久的工作方式。我們持續改善的機制已融入 Novanta 的企業文化。NGS 是一項具有競爭優勢的差異化技術，它能夠同時推動客戶成功和營運效率，而這種組合很難複製。

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

這就是它在實踐中的樣子。就在本週，我們在全球 9 個不同的地點同時舉辦了十幾場改善活動，超過 150 名員工參與其中。從高階領導到第一線操作人員，我們共同致力於商業卓越、創新路線圖、供應鏈優化、準時交付以及我們的場地區域化計劃。

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

關於最後一點，我們的區域化生產計畫旨在鞏固和擴大我們與全球領先 OEM 廠商的首選供應商地位，透過在客戶銷售產品的地區生產我們的產品，幫助客戶在去全球化的世界中蓬勃發展。我們正在建造規模更大、系統更強大、人才更雄厚的製造零件中心，具備全面的區域內生產能力。策略邏輯清晰，客戶反應非常積極，對獲利能力、現金流量和抗風險能力的長期益處將是持久的。

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

總之，我對我們團隊在 2025 年的表現感到非常自豪。展望未來，我們2026年的三大優先事項已經很明確。首先，憑藉創紀錄的訂單量、新產品發布和商業勢頭，實現中等個位數的有機增長；其次，進行收購，將我們 15 億美元的產能部署到目標市場更大的機遇中；第三，完善我們的製造基礎，完成區域轉移，擴大能力中心規模，並將 Novanta 的增長體系嵌入到整個組織中。

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

接下來，我將把電話交給羅伯特，讓他詳細介紹我們的營運和財務表現。

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

謝謝你，馬蒂斯。我將首先回顧公司的一些關鍵績效指標。第四季度，Novanta 的預訂量年增 25%，季增 12%，訂單出貨比為 1.11，顯示積壓訂單量增加，前景樂觀。Novanta 的所有業務在第四季度都實現了兩位數的預訂量成長，所有業務的訂單出貨比均為正值。正如 Mattias 所提到的，自 2022 年以來，這種情況在一個季度內都沒有發生過，而且有強有力的經驗證據表明，我們對 2026 年的有機增長預期是由需求驅動的，而不是願景驅動的。

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

全年預訂量增加了 14%，預訂出貨比為 1.01。第四季新產品銷售額年增超過 80%，使活力指數達到銷售額的 24%。全年新產品銷售額比上年增長超過 60%，全年活力指數為 22%。我們的設計訂單也表現強勁，公司全年設計訂單數量比前一年增長了 20% 以上。第四季和全年，我們在醫療終端市場的銷售額佔總銷售額的 53%。雖然全年先進工業市場的銷售額也佔 47%，但我們的醫療耗材銷售額占公司總銷售額的 15%，由於我們下一代充氣機產品推出後的高附著率，該類別與前一年相比實現了強勁的兩位數增長。

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

接下來來看財務業績。我們 2025 年第四季非 GAAP 調整後毛利為 1.18 億美元，調整後毛利率為 45.5%，而 2024 年第四季為 1.12 億美元，調整後毛利率為 47%。調整後的毛利率年減 150 個基點，較上季下降 100 個基點。毛利率低於我們 11 月的預期，這是 Mattias 所描述的決定的直接後果，即優先考慮客戶交付而不是運輸時間，導致本季度雙重營運成本增加，對毛利率的影響超過 100 個基點，淨營運資本佔銷售額的百分比增加了 400 個基點。

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

1月份，我們在不影響交付或收入成長動能的情況下調整了成本結構。預計第一季毛利率將逐季提升，轉帳將於第二季末完成。因此，我們2026年全年毛利率較2025年成長約100個基點的目標不變。2025 年全年，非 GAAP 調整後毛利為 4.52 億美元，調整後毛利率為 46%，去年同期為 4.42 億美元，調整後毛利率為 46.5%。

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

進入第四節。研發費用為 2,300 萬美元，約佔銷售額的 9%。全年研發費用為 9,500 萬美元，約佔銷售額的 10%。第四季銷售、一般及行政費用（不包括某些調整）為 4,600 萬美元，約佔銷售額的 18%。全年銷售、管理及行政費用（不包括某些調整）為 1.81 億美元，約佔銷售額的 18%。第四季調整後 EBITDA 為 6,100 萬美元，較去年同期成長 17%，調整後 EBITDA 利潤率為 23.5%。

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

在稅務方面，我們 2025 年第四季的非 GAAP 稅率為 20.5%，而 2024 年第四季為 24%。我們全年的稅率為 21%，而前一年為 20%，由於稅前收入的管轄範圍不同，我們的稅率逐年上升。

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

第四季度，我們非GAAP調整後的每股盈餘為0.91美元，比去年同期成長20%。儘管11月份的股權融資使我們的稀釋股份數量增加了270萬股，但我們仍然取得了這一結果。2025 年全年，我們的非 GAAP 調整後 EBITDAS 為 3.29 美元，比前一年增加 7%。

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

第四季經營現金流為 900 萬美元，而 2024 年第四季為 6,200 萬美元。全年營運現金流為 6,400 萬美元。現金流受到同樣的區域製造業動態、庫存增加和臨時應收帳款時間因素的影響，其中大部分款項已於 1 月收回。隨著這些搬遷工作在上半年完成，我們預計庫存將大幅下降，現金流將強勁反彈。全年經營現金流預期為 1.45 億美元至 1.85 億美元，是 2025 年預期的兩倍多。

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

第四季末，我們的總負債為 2.6 億美元，總槓桿率為 1.2 倍。年末現金餘額為 3.81 億美元，淨債務為負 1.21 億美元，淨槓桿率為負 0.5 倍，這意味著十多年來我們首次實現了正淨現金部位。

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

第四季度，我們的債務餘額大幅減少，因為我們利用 11 月籌集的資金償還了超過 3 億美元的循環信貸額度，從而節省了短期內的資金和利息支出。部分抵銷這筆循環貸款償還的是 11 月發行的分期償還票據，這使我們的資產負債表增加了約 1.11 億美元的債務。11 月發行剩餘的資金在資產負債表的權益部分顯示為增加。

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

第四季度，我們回購了價值 1,900 萬美元的公司股票。全年來看，我們回購了近 4,000 萬美元的股票。雖然收購仍然是我們資本配置的首要任務，但當購買股票的價值能夠為我們帶來比 Novanta 的內在未來價值更大的現金回報時，我們仍將根據我們已批准的回購計劃回購股票。

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

接下來我將詳細介紹營運費用。第四季度，自動化使能技術部門的營收年增 2%，優於預期。該細分市場的預訂出貨比為 1.16，預訂量較去年同期成長 33%。全年來看，自動化賦能技術公司的銷售額成長了 2%，訂單量成長了 20%，全年訂單出貨比為 1.02。

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

我們的精密製造業務主要服務於工業設備市場，第四季營收年減了 3%。然而，該業務本季營收季增 8%，預訂量實現兩位數成長，我們繼續看到該業務的發展勢頭強勁。

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

我們的機器人和自動化業務第四季營收年增 6%，季增 2%。我們看到該產業前景依然良好，對先進機器人應用的需求強勁，一些半導體應用領域的需求也不斷增強，這得益於人工智慧領域的投資。

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

就自動化使能技術部門而言，經調整後的毛利率為 49%，環比增長，但同比下降，這是由於先前討論過的站點區域化動態所致。全年調整後毛利率為 49%，與前一年基本持平。

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

該業務部門的新產品收入在本季同比增長超過 80%，全年同比增長近 90%。由於團隊的創新和更強大的商業執行力，全年客戶設計訂單成長超過 30%。此外，第四季活力指數超過 20%，全年活力指數接近 100%，是去年同期的兩倍。

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

接下來是醫療解決方案板塊。該業務板塊的營收年增16%。該業務板塊第四季的訂單出貨比為 1.07，訂單量較去年同期成長 17%。全年來看，醫療解決方案業務銷售額成長了 5%，訂單量成長了 8%，訂單出貨比為 1.01。第四季新產品銷售額年增近 80%，該業務部門的活力指數接近銷售額的 28%。全年來看，新產品銷售額成長超過 50%，活力指數佔銷售額的 27%。

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

我們的高級外科手術業務年增 15%，這得益於強勁的患者手術量增長率以及我們第二代充氣機的新產品推出，這些產品繼續受到我們 OEM 客戶的青睞。預計這種成長勢頭將持續到2026年及以後。

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

在我們的精準醫療業務中，服務於生命科學和多組學市場，第四季度銷售額同比增長 16%，環比增長 4%——該業務的同比增長主要得益於（聽不清）收購以及一些有利的同比數據。在醫療解決方案領域，高階毛利率約為 43%，與去年同期基本持平。如前文所述，生產基地的動態變化對利潤率表現產生了影響。

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

現在進入指導環節。隨著原始設備製造商和最終用戶基本上適應了當前的宏觀經濟形勢，我們看到客戶對資本設備需求的信心穩步提升。正如 Matthijs 在演講中提到的，我們認為到 2026 年，這 4 項業務中有 3 項業務的成長前景非常樂觀。

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

我們預計 2026 年全年 GAAP 營收約為 10.3 億至 10.5 億美元，相當於 4% 至 6% 的有機收入成長。預計全年來看，我們的季度有機成長動能將逐週增強。

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

第一季度，我們預計有機成長率將在 1% 到 3% 之間。我們預計第二季度有機成長率將達到 5% 至 7%，下半年有機成長率也將維持類似水準。我們對第二季及以後有機收入成長速度加快充滿信心，這得益於近期預訂量強勁增長和積壓訂單不斷增加的良好前景。

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

預計全年調整後毛利率將達到約 47%，比上年增加 100 個基點。這項擴張源自於第二季完成的區域製造生產轉移。根據本季迄今的進展，我們對目前的勢頭感到樂觀。

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

我們預計全年研發和銷售、管理及行政費用約為 2.94 億美元至 2.98 億美元。這約佔銷售額的28%。該指導意見不包括與我們的製造 MRP 系統相關的預期成本，該系統正在部署以支援我們的區域製造計劃，並使 Novanta 能夠進一步整合工廠並降低複雜性。

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

全年折舊費用約為 1700 萬美元，我們預計這筆費用將大致平均分配到每季。全年股票補償支出將接近 3800 萬美元，但季度金額會因部分股權獎勵的具體時間而有所不同，其中包括在 2025 年年中授予的一次性獎勵，該獎勵將取代當年的正常員工現金獎金計劃。第一季度，我們預計股票補償支出約為 1200 萬美元。第二季度，我們預計股票補償支出約為 1,100 萬美元。然後到 2026 年下半年，將降至每季約 800 萬美元。

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

對於調整後的 EBITDA，我們預計 2026 年全年將在 2.45 億美元至 2.5 億美元之間，年增兩位數，預計 EBITDA 利潤率約為 24%。2026 年全年，扣除利息收入後的利息支出預計約為 800 萬美元，不包括債務餘額的任何重大變化。這包括與近期發行的分期償還票據相關的利息支出。

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

我們預計 2026 年全年非 GAAP 稅率約為 21%，與 2025 年大致持平。2026 年稀釋後的加權平均流通股數約為 4,100 萬股。這包括對我們股權發行可能產生的稀釋效應的估計。

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

正如我們在文件中詳細解釋的那樣，股權發行的稀釋效應可能會根據 Novanta 普通股的市場價格而有所不同。因此，該指引僅考慮了基於我們近期股價表現的稀釋估計，並不預期未來股價會大幅下跌。

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

我們預計全年稀釋後每股收益將在 3.50 美元至 3.65 美元之間，年增高達 11%。該指導意見中包含了股權融資帶來的不利影響，金額在 0.22 美元至 0.24 美元之間，平均分攤到前四個季度。這反映了股份數量增加的影響，但部分被較低的利息支出所抵消。指導意見中還包括了由於2025年一次性授予全體員工股權而產生的暫時性不利影響，我剛才已經討論過了。僅在 2026 年上半年，這就會造成 0.14 美元的影響。

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

預計全年現金流轉換率將較 2025 年反彈。2026 年全年營運現金流約為 1.45 億美元至 1.85 億美元，其中下限是由於庫存水準較高以降低風險、生產轉移和供應商中斷造成的，而上限則代表成功降低了這些風險。

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

展望2026年第一季。我們預計 GAAP 收入將在 2.5 億美元至 2.55 億美元之間，這意味著同比增長 1% 至 3%，報告收入增長 7% 至 9%。

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

考察我們各業務板塊第一季的成長情況。自動化賦能技術部門預計將實現個位數低至中等的成長，與上年相比，這代表著成長速度較第四季有所加快，這是基於我們從業務預訂和積壓訂單中看到的成長勢頭。

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

預計醫療解決方案業務板塊本季將實現高個位數至低兩位數的成長。由於季節性因素，醫療解決方案部門預計第一季將出現正常的環比下滑，低於第四季。然而，這項業務在第一季仍將實現穩健的同比增長。正如前面提到的，該業務全年前景非常強勁。

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

經調整後的毛利率，我們預計第一季將達到約 46.5%。這比第四季有所成長，與去年同期大致持平，反映了我們在區域製造業轉型方面已經取得的進展。正如我們在全年業績指引中所指出的，我們預計第二季及以後利潤率將實現更強勁的同比增長。

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

我們預計第一季的研發和銷售、管理及行政費用約為 7,600 萬美元至 7,700 萬美元，約佔銷售額的 30%。這一銷售百分比高於今年其他月份的銷售百分比，主要基於兩個因素。首先，我們正在積極地向團隊部署人工智慧工具和資源，以實現我們今年的生產力目標。我們看到，這些工具在幫助我們處理許多不同領域的工作方面取得了巨大進展，包括銷售流程、研發計劃、監管計劃和後台流程。

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

其次，與全員授予的股票補償費用相關的支出影響更大，但該支出僅影響上半年。第一季的折舊和股權激勵費用將與我在全年業績指引中提到的內容一致。

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

對於第一季的調整後 EBITDA，我們預計在 5,600 萬美元至 5,800 萬美元之間，年增 12% 至 17%，調整後 EBITDA 利潤率比上年同期高出約 100 個基點。第一季利息支出約200萬美元。我們預計第一季的非GAAP稅率將在19%至20%之間，由於某些稅收優惠的確認時間不同，將略低於全年稅率。

Diluted weighted average shares outstanding will be in line with what was covered in the full year guidance. For the first quarter, we expect adjusted diluted earnings per share to be in the range of 75% and to $0.80, growing up 8% year-over-year. Again, this growth rate is impacted by both the share count increase from the equity issuance and the timing of stock compensation expense in the quarter.

稀釋後加權平均流通股數將與全年業績指引中所述一致。我們預計第一季調整後稀釋每股收益將在 0.80 美元至 75% 之間，年增 8%。同樣，這一增長率會受到股權發行帶來的股份數量增加以及季度內股票補償費用發生時間的影響。

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

第一季的現金流轉換率應該會比第四季有所改善，並有望實現現金轉換率超過 GAAP 淨收入 100% 的目標。然而，隨著區域化站點計畫的推進，我們預計在第二季這些計畫完成後，現金流將更加強勁。

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

總之，我們對我們的長期策略和商業模式仍然充滿信心。我們看到成長勢頭強勁，這將有助於我們全年實現中等個位數的有機成長。我們對贏得客戶、訂單成長以及新產品發布持續取得的進展感到非常興奮。我們在高成長市場，特別是醫療技術市場和實體人工智慧機器人市場，持續取得進展。

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

最後，隨著融資成功，我們擁有了近 15 億美元的收購能力。此次融資使我們能夠探索多個潛在的大型機遇，並且我們擁有非常強大的收購管道。憑藉我們過往的業績和在五年內收購成本超過我們資本成本的企業的嚴謹作風，以及從收購之日起就能增加自由現金流的良好勢頭，我們有信心在 2026 年部署大量資金，從而為股東帶來強勁的長期回報。

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

我們的發言稿到此結束。現在開始接受提問。

(Operator Instructions) Lee Jagoda, CJS Securities.

（操作員指示）Lee Jagoda，CJS Securities。

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

各位早安。首先來看自動化賦能技術領域，該領域的訂單量較上季成長了約 3,000 萬美元，您能否介紹一下是哪些企業和哪些產品類別推動了這一成長？在這些訂單中，有多少是提前期較長的訂單，又有多少是預訂後一兩個季度內即可發貨的訂單？

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

是的，李，它的基礎相當廣泛，對吧？我們評論說，我們所有的業務，包括醫療解決方案業務，都實現了兩位數的預訂增長，並且自 2022 年以來首次實現了正的預訂出貨比。我們也提到，AET 業務領域實際上正在形成一股強勁的發展勢頭，尤其是在機器人和自動化領域，這股勢頭正由我提到的那些驅動因素推動。因此，我們有精密機器人，它需要對機械手臂末端有更強的感知和反應能力，這既是罕見的創新，也是外科手術機器人以及人類，並且是精密機器人的一個更大領域。

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

其次，我們預期半導體資本設備市場的發展動能將有所改善，並且可以看到一些訂單開始出現。

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

第三，我們是人工智慧 GPU 板鑽孔的唯一供應商，這項業務也正在獲得強勁的發展勢頭。以上是關於機器人和自動化方面的資訊。

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

而在精密製造方面，則涉及多種因素。該業務去年連續四個季度實現了兩位數的預訂量成長。去年下半年，公司營收開始穩定成長，第四季較上季成長 8%。雖然第四季業務年比仍略有下滑，但我們非常有信心，在多種因素的推動下，業務將在 2026 年實現中等個位數的成長。

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

一是客戶去庫存，這在過去兩年一直是該業務的不利因素，現在已經有所緩解。這是其中之一。其次，這家公司在設計項目上取得了非常強勁的成績，這些設計項目將在 2026 年達到高峰，訂單開始出現。第三，這家公司多年來致力於雷射光束控制智慧子系統的研發，這些產品從去年下半年開始陸續推出，預計將於 2026 年上市。這主要得益於各種市場的需求，例如製造業、先進製造業市場，這些市場需要極高的精度，無論是雷射製造、微加工，或是人工智慧基礎設施的製程。

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

但你也看到一些生產回流的情況發生，實際上，精度、吞吐量和生產率的提高需要抵消例如因生產回流而造成的生產率損失。因此，我們看到該業務有多個驅動因素，我們對該業務的持續成長勢頭感到滿意，我認為其核心訊息是它的基礎很廣泛。這並非某個特定企業的單一驅動因素，我們對現狀感到滿意。

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

李，我提供你一些可能對你有幫助的數據。因此，在精密製造業務方面，訂單出貨比為 1.2，訂單量增加了近 50%，積壓訂單量約為 100——略高於 1 億美元。所以你可以看出，積壓訂單大約是收入的兩倍。

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

在機器人和自動化領域，業務部門的訂單出貨比為 1.13。這比本季度增長了近 25%。而且，我們在那裡的積壓訂單量也大約是我們實際季度營收的 1.5 倍。

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

高級外科手術業務（金額將直接計入該業務板塊）的訂單出貨比為 1.12。積壓訂單量約為季度收入的 2 倍，而該業務的季度同比增長率接近 15%。我們的精準醫療業務訂單出貨比為 1.1，積壓訂單量幾乎是我們季度營收的 2 倍，訂單量年增 22%。

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

知道了。不，這些都很有幫助。再來一個，我就重新排隊。您在本季宣布了工業機器人訂單。那方面有什麼最新進展嗎？對2026年的收入有任何預期嗎？在您揭露該訂單後，該客戶或其他機器人客戶是否還有其他後續訂單？

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

我的意思是，我們看到這種勢頭正在穩步增強，而且我們的言論與我們之前所說的保持一致，李。所以這是第一階段的成長，今年的成長幅度會比較小，然後會在此基礎上逐步成長。我認為最關鍵的一點是，這正好證明了我們在科技領域的領先地位。這是領先企業選擇我們的地方，這會為其他機會帶來光環效應。

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

所以我覺得最讓我興奮的是，這項業務在廣泛的精準機器人技術和實體人工智慧方面的機會，包括搜尋機器人、倉庫自動化、人形機器人以及其他精準機器人應用。所以這就是我們看到的——這也是為什麼我們看到該業務的發展勢頭持續增強的原因。所以它只是多個驅動因素中的一個部分。

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

我想說的是——你們去年看到了我們發布的幾項公告——我們的伺服驅動器是自動化、倉庫機器人和人形機器人中實現精確運動控制的關鍵推動因素。我們正與業界以及 ISO 組織合作，以協助制定機器人在製造環境和家庭中安全運作的標準。

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

我們憑藉這項技術以及我們在人形機器人和倉庫自動化領域的力矩技術，處於有利地位。從競爭角度來看，我們認為它確實比市面上任何產品都更勝一籌。你可以看到，在人形機器人市場和倉庫自動化領域，我們幾乎與所有相關企業都有合作。所以我們對這項技術感到非常滿意。

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

正如馬蒂斯所說，這還需要一些時間才能完全實現。當然，就人形機器人而言，短期內可能會呈現一些二元性。但無論從產業角度或客戶角度來看，我們都處於非常有利的地位，希望能夠抓住這個機會。

Brian Drab, William Blair.

布萊恩·德拉布，威廉·布萊爾。

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

謝謝您回答我的問題。我的意思是，營收、預訂量、訂單量和積壓訂單都保持著如此強勁的增長勢頭——你能再說一遍嗎——也許對羅伯特來說是這樣，但只是想把這種增長勢頭與你對每股收益增長的預期聯繫起來——我認為中間值大約是 9%。或許可以再次對今年進行的投資進行排序，這些投資可能會導致獲利成長略顯受限。

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

我想說——所以每股收益成長，我忘了，我們進行了融資，對吧？因此，這次募款活動產生了 0.22 至 0.24 美元的阻力。顯然，我們不希望這種不利因素成為現實。我們希望將籌集到的資金用於收購。因此，我認為這只是暫時的不利因素，我們很有可能利用這筆資金收購一家新企業來創造收入。但大致來說——籌款金額本身為 0.22 至 0.24 美元。

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

此外，還有一項針對高階主管團隊以外的所有員工的全員補助金。而且，這也帶來了約 14% 的不利影響，但這種影響只會波及上半年。所以——如果你考慮每股收益增長約 10%，儘管融資和股權授予造成了稀釋，但它仍然同比增長了 10%。因此，每股盈餘成長中的內生成長部分顯然要大得多。

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

正確的。好的。通過這一點——然後您提到了這裡有很多機會。其中最讓我印象深刻的是GPU闆卡市場的機會。那是──那是突然出現的、讓你感到有些意外的新事物嗎？或者我以前沒聽過你提起過這件事，聽起來這可能是一件大事，可能會對氣浮軸承主軸業務產生影響。

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

我的意思是，聽著，我們已經有一段時間沒談過這件事了。在非常精確地鑽削非常厚的板材方面，我們絕對是這個領域的領導者。而 Gen AI 和 GPU 板的材料恰好變得越來越堅韌和厚實，事實證明，唯一能夠以高精度完成這種加工的方法就是使用我們的主軸。

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

因此，當然，隨著下半年的到來，這種可見度也開始提高。當然，這些電路板可以用於各種應用，但很明顯，GPU 領域的領導者對此有著濃厚的興趣，希望能擴展其應用範圍。所以這就是我們提到它的原因。公司業務發展勢頭迅猛，因此，我們覺得有必要提一下這件事。我們看到了一個令人振奮的多年發展軌跡。

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

當然，公司裡還有許多其他值得我們投資的司機。但我們一直都擁有這樣的領導地位。所以，我們擁有非常酷的能力，它通常應用於（聽不清楚）空間中更具週期性的部分。現在剛好也需要用到這種工具來給這些非常精密的電路板鑽孔，而只有我們才能做到。所以這就是我們提到這件事的原因。

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

您是否發現，隨著新客戶或現有客戶擴大規模以滿足終端市場需求，這些機會正在出現？

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

是的，這麼說吧，就是新的終端用戶。所以，你可以這樣理解：從原始設備製造商到設備製造商，他們的客戶群是類似的。我的意思是，幾十年來，我們一直在與這些客戶合作，並且一直沿用這種方法。這是一段牢固的關係。我們已聯繫這些客戶，請他們為這些電路板的鑽孔工作提供支援。

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

這些應用程式是我們與客戶共同開發的。所以——當然，真正面向GPU領域的是最終用戶——他們是新用戶。這就是看待這個問題的方式。我們的客戶群不變，但應用領域當然在快速發展。

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

最後一個問題。您說所有業務的訂單出貨比均為正值？或者更確切地說，您指的是這兩個部分還是全部四個子部分？或者說，我們這話是什麼意思？

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

是的。所以，包括全部 4 個業務單位和 2 個業務部門。所以訂單結算比為正。那些就是我一開始給李的數字。

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

因此，每個業務線的訂單出貨比均為正值，顯然，由於匯總，這兩個部門的訂單出貨比均為正值，整個公司也是如此。良好的成長勢頭，訂單積壓量大幅增加，每個業務部門的預訂量都達到了兩位數——顯然，新產品收入、設計訂單和訂單量都取得了顯著進展。因此，各隊都真正進入了最佳狀態。

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

布萊恩，關鍵在於，它支持了正在形成的連續發展勢頭，這種勢頭是基於結構性驅動因素的廣泛基礎，這些驅動因素不僅包括市場因素，但實際上，很多因素是創新、卓越的商業表現、佔據正確的位置、在正確的市場中贏得正確的客戶，對吧？這就是重點。

(Operator Instructions) Rob Mason, Baird.

（操作說明）羅伯梅森，貝爾德。

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

早安.馬提斯，我覺得你剛才也提到併購管道的穩健性，而融資狀況也印證了這一點。在考慮你的優先領域時，你似乎更傾向於醫療領域。您還談到了耗材和嵌入式軟體。顯然，軟體領域有很多討論，但嵌入式軟體似乎具有很高的用戶黏性。您能否詳細說明您正在進行的篩選過程，以確保任何類似的東西都得到適當的保護和保護？我們該如何看待這個問題？另外，您能否也談談估值流動性方面的問題？

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

羅布，問得好。所以我覺得我們在關注點和原因上一直相當一致，但讓我簡單解釋一下。在我任職的過去十年裡，我們已經真正擺脫了醫療業務的困境，醫療業務的收入佔比從 10% 上升到現在的近 55%。因此，預計這一發展方向將透過自身發展和併購繼續下去。所以，這是最重要的一點。

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

我們正在與生命科學和醫療技術領域所有主要的領先OEM廠商合作。因此，我們現在在客戶進入和客戶關係方面也擁有了競爭優勢。我們能夠為客戶提供的產品越多，我們能夠解決的問題越多，這些原始設備製造商的高管們就會非常積極地接受，因為他們需要有能力的供應商來為他們解決更多的問題，而不是去教育單一的小眾供應商。是的，他們正在尋找像我們這樣有規模、有監管和季度業績以及可持續發展能力的供應商，以便與他們進行長期的真正合作。以上就是背景資訊。

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

當然，其中我們擁有非常強大的高級外科手術業務特許經營權，而該業務又分為兩部分。其中一個領域基本上是內視鏡和骨科鏡領域，我們正在圍繞這個領域建立行業領導地位，但這只佔微創手術市場的 10%，對吧？所以仔細想想，面向同一客戶的周邊應用領域具有巨大的擴展潛力，對吧？所以客戶群是一樣的。這是其中之一，而且這將被視為非常積極的信號。

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

第二點，我認為我們現在已經建立了一個佔收入 15% 的醫療耗材業務，並且實現了兩位數的增長，這是一個非常強大的特許經營權，實際上需要質量、監管和運營方面的人員來交付這些產品，請注意，這些產品將通過手術交付，對吧？所以你不能在交付績效方面真正落後，否則病人就無法接受手術，因此這需要一定的規模和能力，而我們覺得我們現在已經建立了這種規模和能力。所以這是第二好的選擇。我們認為，醫療耗材這個能力領域是一個很好的起點，可以在此基礎上增加更多能力，對吧？所以，這是一個非常合乎邏輯的進化下一步。此外，還有一些相關的應用和能力可以圍繞它進一步發展。

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

但關於你的第三個問題，關於嵌入式軟體，是的，我知道整個軟體領域有很多討論和擔憂，但你可以把它看作是我們的智慧子系統，其中軟體和硬體都嵌入到了子系統中。所以你只需要把下一層元件疊加到硬體之上即可。這就是我們討論的內容，對吧？這不是應用層。這本質上是將硬體和軟體結合起來創造功能。

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

我們 30% 的業務和可能 80% 的產品發布都與在硬體上運行的嵌入式軟體和演算法的組合有關，對吧？這就是我們所說的。所以在某些業務領域，我們在這方面非常先進，例如高級外科手術業務，幾乎所有東西都是智慧子系統。

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

你聽我說過波束控制方面的內容，我們現在正帶著這些新的能力進入這個產業，進入市場。坦白說，這些能力實現了以前從未實現過的，可以說，這些能力實際上比市場上現有的產品好 2 到 5 倍，這僅僅是透過將不同的能力結合起來實現的。所以，我們所說的更多的是在我們現有硬體的基礎上增加的能力。這是垂直整合，能夠以更低的成本、更好的品質、更快的速度為客戶解決問題。

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

所以並非如此——我們認為它得到了很好的保護。這需要一些不公開的、深厚的應用程式專有技術。它實際上是直接在硬體上運行的，對吧，然後是韌體。所以，對我們來說，這就是我們所討論的。所以——我們感覺自己身處在一個非常安全的領域，正如我們所說，我們在這個領域正在迅速發展。

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

羅布，讓我來回答你關於財務方面的問題。所以，對我們來說，這是一筆額外的交易。我們一直堅持不懈，必須在第二年實現投資資本回報率超過資本成本，並在第五年實現更高的回報率。對我們來說，投資報酬率的衡量標準是，從比率的角度來看，稅後現金流必須超過投資額，對嗎？所以你可以把它理解為自由現金流的增加，而且成長速度比 Novanta 更快。

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

所以，在最高層，我們希望看到的是正在成長的企業。他們的頂級產品比我們的快。我們希望毛利率不會稀釋股東權益，因此，我們希望毛利率達到 50% 及以上，並且現金流能夠以更快的速度成長。

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

我們通常關注的另一個指標是企業的資產密集度。所以你可以透過多種方式最大化你的收益。我們認為實現這一目標的最佳方法是收購一家現金轉換率高的企業。因此，其轉換率高於 Novanta，這意味著其現金收益、種子輪、資產密集度和成長速度都比 Novanta 快。

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

最後，我們也不打算過度槓桿化公司。因此，我們努力將槓桿率保持在 3,3.5 以下。顯然，我們會偏向那些週期性不如我們投資組合波動性的資產，從而以更小的貝塔值產生更大的阿爾法收益。我們在這方面一直都很堅持。但我認為，無論我們正在考慮的是哪種類型的交易，或者交易規模有多大，你都應該認為我們在這些指標方面都非常自律。

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

然後，或許可以更詳細地說——如果你看看我們的高級外科手術業務，我們可以一致認為它做得非常好。我的意思是，我們當時遵循的框架和之前完全一樣，對吧？僅僅透過向合資公司或客戶交叉銷售，抱歉，進一步研究創新，並進一步為該業務添加 Novanta 增長系統，該業務就已經翻了一番，並且在未來十年剩餘的時間裡還將再次翻一番。因此，我們覺得我們可以為那些一直談論回報的公司增添一些東西。長遠來看，我們才能真正抓住這些策略機遇，讓這些企業變得更好。

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

明白了。那很有幫助。或許我再問一個後續問題。你提到（聽不清楚）到目前為止的表現有點超出了計劃。我知道那在某種程度上是一個以專案為導向的業務，而且那裡的專案儲備一直相當充足。但是，在業務轉為有機成長之前，第一季的貢獻究竟是什麼樣的呢？

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

如果你想了解真相，這當然很有幫助——顯然，你可以看到報告的收入和我們提供的自然收入之間的差異。這個差額幾乎完全是由（聽不清楚）收購造成的，其中也包含一些特效，但大部分是由（聽不清楚）收購造成的。

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

你說的沒錯，在專案業務領域，它帶來了約 900 萬美元的增量收入。它具有專案製業務的元素，但同時也具有經常性收入來源。因此，對於我們合作的每一個客戶，我們實際上都會向他們銷售一種軟體解決方案包，即用於大腦測試的中間件。

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

它不是一個應用程式。因此，我們可以控制從這些讀者收集到的所有數據。然後，這些數據透過持續的收入流出售給客戶，客戶要么自己利用人工智慧挖掘數據，要么購買某種軟體包應用程式解決方案來疊加這些數據，從而獲得他們正在尋找的洞察力，以最大限度地提高這些商店的業績。正是這個理念及其策略要素真正吸引了我們，也正是我們認為它在醫院環境中適用，並對此感到興奮的原因。

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

我應該提一下，我們對西班牙一家類似的企業進行了一筆非常小的少數股權投資——你可能會在 10-K 文件中看到這一點。這家企業擁有進入當地醫院環境的一線管道，這使我們能夠開始在該環境中對我們的產品進行 beta 測試，並真正了解如何以最佳方式打入該市場，應對數據隱私和患者隱私方面的監管障礙，以及如何最好地將解決方案包裝成適合該市場的產品。因此，我們在策略核心領域（即醫療領域）取得了進展。我們仍然認為我們有能力做到這一點。

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

同時，該企業在零售等基礎客戶群中佔據了非常穩固的地位，不斷在設計方面取得進展，不斷贏得新產品、新客戶，並保持這種發展勢頭。因此，我們預計圍繞著這一成長動力將超過交易模式。它不僅在 2025 年實現了這一目標，而且在 2026 年還將超越該交易模式。我們非常高興看到這種勢頭一直延續了下來。

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

好了，各位，今天的問答環節就到此結束了。現在我把發言權交還給馬蒂斯，請他做總結發言。

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 at our first quarter 2026 earnings call.

謝謝接線員，也謝謝大家的提問。最後，我要一如既往地感謝我們的客戶、股東，尤其要感謝我們敬業的員工們一直以來的支持。感謝您對本公司的關注以及您參與今天的電話會議。我期待很快能與大家一起參加我們2026年第一季的財報電話會議。

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

各位，今天的電話會議就到此結束。感謝各位蒞臨今天的報告會。現在您可以斷開線路了。