you, thanks for and call. morning, Ray. Thank joining Good everybody, our
start we up to all would this for challenging how thank to employees Novanta review, results continue like quarterly I they our in Before normal step environment.
pleased been very to weather of great see engagement with and teams this the that humbled spirit and a We’re pandemic. Novanta to foundation is the the our strong help is culture crisis. and has alive that our through It resiliency
Now let’s move review. on results to quarterly our normal
performance XXXX. Novanta’s third of with the pleased in quarter are We
continued teams above challenging cash revenue, very the in flow. and execute for of well Our to face circumstances our delivered profit and expectations
$XXX basis reported year-over-year Our revenue, million an and revenue representing organic company on basis. in decline delivered a a approximately on decline X% X% a
continue EBITDA our third XXX quarter, pleased XXXX. with We profit $XX sales or XX% of decrementals. was teams expanding how basis versus Adjusted are especially million manage to in the points
the times rigorous of reflecting capital. record our cash at ratio of delivered quarter working management $XX performance third and the of at million, in teams Our a net GAAP XXX% up eight over over flow free year-over-year nearly operations income,
immune not the the show of positioned the COVID-XX weather well While Novanta to is economic Novanta pandemic that the pandemic, is these resulting results to weakness. impact and
strong. is sheet balance Our
innovation Our engine is strong.
third XX Our in secular the in quarter less medicine. The of diversification the fourth different result our and and are deep trough the results the to now since expect approximately expected, XX% quarter, long-term steady XX% quarter to quarter. trends automation, was we pre-COVID improvement played bookings third productivity diversification in XX% quarter. levels, out an continue many and care trends the as second portfolio procedures than our test From third our medical with precision and and of about end reopened. in with as of And and on labs the diagnostic market our versus teams and perspective, partially expected a to be benefits to show we revenues as second to the the secure quarter in recovered resilient of is robotics volumes exposure portfolio safe. up health applications, approximately Elective the research sequentially across commented
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in the as As businesses medical our low double-digit expected, and a industrial third result saw and quarter. declines
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We call. the this momentum and on fourth third versus later improvement the improve a quarter for our are October, and will September backlog in seeing fourth in discuss quarter bookings detail more in revenue sequential expectations our supports Robert quarter.
principles the recent quarter can managing pandemic, we’ve what thought strategic through and While on better in than and about remain long-term in we resurgence U.S.. laid previous which immediate the given out pandemic we we cautious confident outlook our are the uncertainty the calls. market In four control, remain focused in the given Europe guiding the about third we particularly our previously results remain were positioning, and
at the to majority continue the remains employees our goal from of production of safety our of our the which absenteeism the engineers Novanta home, operate. be in well-being primary working communities our Globally, to work and on-site families non-production First, low. and their we and employees, continues personnel and
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We are hospitals. maintain continuity antibody our great monitoring can our equipment and COVID-XX business fight so we used into support ICU the equipment mission-critical against the in pandemic guiding is take second patient in test help Our that customers. embedded pride and knowing diagnostic principle to to into and detecting technologies in
in demand and and to deployment the to System minimize profit is changing quarter. respond with rapidly free Growth Aggressive deliver better and cash third in patterns. record the we to suppliers Novanta supply are pandemic during customers continue that of decrementals Our agility help at to flows see and operating said, helping getting and,
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values and deliver core our guiding in fourth culture company healthy continue is principle environment. Finally, build a to this
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more our see which X.XX offset year-to-date in these Motion of China in for and driven of revenue than growth of China, the from well of of third in markets. year-over-year In this segment. quarter ground robotic segment, in customers with partially very XXXX. was is XXXX Much This to some and surgery. X% Precision offset infrastructure quarter, saw reduction segment. this – line markets Turning helped by the led segment the XX% top we the the continue This to our Bookings quarter elsewhere. end strong book-to-bill growing autonomous and a in XG versus vehicles, third in sales with timing bookings excellent growth cloud-based in as the by coming demand as to doubling performance industrial in this challenges based customers China to in OEM with our which quarter
in markets such serving We long-term continue the Precision as precision surgery and this to secular robotic segment, the markets. like – robotics Motion trends automation,
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product segment, Motion and total in strong new the than percentage of revenue double-digit Precision the sales make the a now quarter. more third quarter, up in Within doubled
to Photonics our segment. the of performance Turning
momentum segments, laser production decline deferred line is continues beam sales, also sales sales to the either quarter decisions. Photonics many Photonics For were demand or is feel labs extending capital quarter research the bookings book-to-bill our XX% into greater the to in market operating diagnostic was the segment ophthalmology and in and XX%, and Photonics third during particularly from also the the industrial doctors capital below digits revenue our double the China medical XXXX, investment space skill Of spending the down in third sequencers as of in was our downturn pandemic. depressed XX% at quarter, driving year-over-year of saw driving three Further, with grow grew X.XX, stalling lower quarter. and in our delivery a sales the third nearly products. caused The the product third expectations. the in the revenue in strong quarter October. the in than by team The impact and capacity, effectively third most quarter with closed offices sequentially was which third segment stayed of in The new economic
of the feel pipeline Photonics to continue in We very segment. innovation our confident robust
grow new and anticipate high-growth to drilling share over markets, wrap continue XX% packaging. us for up, medical To expect introducing we help an customers. of industrial for focused sustainable portfolio result, well which high-speed of the the cash of, robust and manufacturing; are: year, resilient revenue automation Strategically, performance, mobile into profit the share electric XG in expected to the As which for pandemic. processing a very decrementals gain platforms term. areas. for managed we multiple markets on devices; weather battery next proud additive fine-hole and uncertain to to comes resilience we headwinds or are supporting to our growing invest innovation here, team adjacent Examples and and XX application and of in drilling processing in structurally medical Close via-hole flow example, applications; laser agility environment. are of year-to-date vehicles; Novanta’s I’m The while favorable overall and from – and extremely teams long our staying COVID-XX positioning our is product our
trends is us allows are and us environment pandemic, strong precision portfolio productivity by pandemic. the focus secular our the more to increase our health And in automation, care is resilience sheet balance to finally, as pipeline. our Our becoming post whether exposure giving and which medicine, diversification robotics relevant to while the also economic caused innovation on long-term
focus us of deployment, criteria. capital returns which the expect they to our provided strategic fit our opportunities, stringent You is financial in can primary acquisition on also and lean
actively very the imposed within constraints are pursuing opportunities engaged in M&A the pandemic. even We by
call details turn performance. Robert? So with financial provide that, Robert our on more I will the over to to
