Did Novanta beat or miss consensus estimates last quarter?

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What does Novanta do and what are its main business segments?

- **Q3 Beat**: $248M revenue (+1% YoY), 60% YoY new product growth, and 17% YoY bookings highlight strong execution.
- **Advanced Surgery Growth**: 17% YoY, with $50M incremental revenue in 2025 and $4B end market by 2030.
- **Robotics Momentum**: $1B addressable market by 2030, with warehouse automation deployments starting in 2026.
- **2026 Guidance**: Mid-single-digit organic growth, driven by new products and regional manufacturing resilience.
- **Share Buybacks**: $200M authorized, with $20M repurchased YTD.

**【CEO Summary Section】**
- Exceeded Q3 expectations with revenue of $248M (+1% YoY reported, -4% organic), driven by new products and commercial investments. New product revenue grew 60% YoY, bookings +17% YoY, and design wins +50% YoY.
- Advanced Surgery business (+17% YoY) is a key growth driver, with $50M incremental new product revenue in 2025 and a $4B end market opportunity by 2030.
- Robotics and Automation segment sees strong demand for warehouse automation and physical AI applications, with a $1B addressable market by 2030.
- Targeting mid-single-digit organic growth in 2026, supported by regional manufacturing initiatives and new product launches.

**【CFO Financial Commentary】**
- Q3 non-GAAP adjusted gross profit: $115M (46.5% margin), up 30bps YoY. Adjusted EBITDA: $58M (23% margin), +11% sequentially.
- Repurchased $20M in shares YTD, with $200M authorized for future buybacks. Full-year 2025 revenue guidance: $975M-$979M, EPS: $3.24-$3.30.
- Q4 2025 revenue expected $253M-$257M (+6%-8% YoY), driven by Advanced Surgery (+15% reported) and sequential improvement in Precision Medicine.
- Margins expected to stabilize at 46%, with regional manufacturing costs fully mitigated.

**【Q&A Highlights】**
- **Warehouse Automation**: Major e-commerce customer deployment begins in 2026, with significant revenue potential in 2027-2028.
- **Humanoid Robotics**: Early-stage design wins, with focus on force/torque sensors and embedded safety systems. Revenue contribution expected to grow post-2026.
- **Regional Manufacturing**: 22 facilities consolidated into regional hubs, with China and UK production already operational. Expected to offset tariffs and improve margins.
- **Precision Medicine**: Sequential growth (+3% QoQ) but challenges remain; multiomics adoption seen as long-term opportunity.
- **2026 Outlook**: Mid-single-digit organic growth driven by Advanced Surgery (+11% YoY) and Robotics/Automation, with cautious optimism on Precision Medicine.

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