everybody. you, Thank morning, and good Matthijs,
of $XXX margin gross $XX adjusted margin, Our gross XX% in fourth quarter or million million quarter XX% XXXX. non-GAAP profit the to adjusted adjusted compared of fourth or was gross
XXX For up the points year-over-year. basis quarter, adjusted margins were gross
For slight a XX% XXX our million up in gross represent year or the $XXX prior points volumes exceeded were fantastic drop adjusted profit gross million adjusted in non-GAAP basis teams, adjusted goal. year. year. which outcome compared or especially the second margin gross year-over-year, XXXX, half full of for This XX% was margins the XXXX gross the $XXX to the a a in our considering of margin,
the success our in by year the expenses. on of tools Our to gross deployment margin in with System and factories and driven our Growth in Novanta adoption operating operating expansion largely teams.Moving productivity was the
sales. were roughly $XX fourth of or expenses For the R&D quarter, million, approximately XX%
or For the were roughly XX% million, SG&A expenses were of roughly full expenses year, $XX $XX sales.Fourth XX% of approximately sales. quarter or R&D below million, slightly
million sales.Adjusted fourth roughly adjusted SG&A was the XX% year, quarter, margin EBITDA $XX $XXX or full year. the million the were For million expenses versus EBITDA a or XX% of $XX prior approximately in in
due $XXX versus This the the For the margin full or year differed statutory of XXXX, EBITDA roughly adjusted the EBITDA our adjusted margins a was rate million in mix non-GAAP year-over-year.On XX%. rate basis points fourth front, prior EBITDA tax was million, by tax jurisdictional for from XXX $XXX approximately year. the income. to of XX% expanded quarter
quarter in full in with rate was was the XXXX. the per the fourth quarter above For our earnings of year.Our non-GAAP fourth adjusted tax of share flat year $X.XX XX%, to compared which non-GAAP the XXXX, was just $X.XX prior
compared our XXXX. of earnings $X.XX was per non-GAAP For the year $X.XX full share in the of to adjusted year full XXXX,
representing in rates prior compared operating our performance an million cash EPS full the by in debt was obviously Our million, in flow the increase XXXX $XXX interest was of cash year, approximately approximately million, impacted quarter interest operating to $XX year-over-year. expense.Fourth XX% on or impacting was flow year, the $XX for significant increase
leverage gross in net and year of to are this $XXX manage of into cash as expect with drive we in a approximately with XXXX pleased gross flows rigorously We half carry with ratio X.Xx. of operating improvement debt the second year million working We we to and capital the ended the our profits. momentum the continue
the debt basis. to still Our coverage we of backlog the was expectation was to positioning acquisitions.Turning million, $XXX further close backlog backlog to a company with and $XXX bookings, a go-forward well fund above on net ended but of is levels year pre-pandemic our coverage which million,
well reducing an some was to our visibility a operating to X.XX, quarter the reflects to their the reduction low impact customers and deal This book-to-bill was with macroeconomic line lead continued by in in segments. at now levels of levels, turn times from back of book-to-bill performance update lower cash the our year-end to extent as largely to the Our as fourth historical both expectations. on customers which lesser positions inventory dynamics.I'll maximize with
by First, book-to-bill was driven demand the segment the previously applications, I'll in speak quarter more guidance. prior in flows, just industrial are year-end cash precision dynamics segment. market the purchases The X% for in by to our X.XX medicine end maximize deferrals life year-over-year, and discussed. quarter, which fourth to sales which science slightly Fourth deferrals our and customers manufacturing than the declined this advanced we was and
segment full XXXX, to win adjusted which design the mainly confidence volume quarter results. growth we of segment of full year-over-year overall. sequential in the activity. demonstrated same based normalization were in the temporary have is as expansion and segments basis believe and strength The quarter, these year Therefore, this weaker year. for new already lead markets.With year We experienced demand the industrial product the delivered XX% hit and the the fourth this financial months X% manufacturing into as of performance a times customer Design strong strong, expected the bottom strong than pre-pandemic as for XXX segment up from double progress X the levels, continued for stayed the quarter, sales greater we've fourth points. discussed year-over-year as improvement on book-to-bill the X.XX, new adjusted revenues last over in of growth gross we as reflects dynamics margin medicine the fourth of order year. advanced and digits were science was in rebound closer to over Despite backlog order our full achieved of revenue its year, full fourth life wins for their the precision coverage previously softening which quarter well the the and The
gives experienced sales growth being We about which XXXX.Turning year-over-year decline half segment. the of line later robotics impact the This revenue to last that and are the in mainly prior segment of started automation by guidance. confidence robotics in in to the The by and weaknesses expectations and second the some largely and microelectronic China. dynamics customers, in particularly was of the we to to in excited have materialize, see stabilizing in XX% large segment industrial we multiple made weaknesses strategic The reported signs decline caused was with progress showed This markets, end our us advanced driven related industrial headwinds returning quarter. of this quarter. a with of in growth shoots the green microelectronics
end sequentially was XXXX. in its segment more across this expected and starting dynamics market first indicative we these is end to improvement as to repeat overall markets see we improving stable the and the ratio signs for X.XX, of environment segment sequential While a book-to-bill is are the which in of are a quarter, demand enter The quarter markets.
and Our ATI decline in the it fourth gross industrial a strengthens book-to-bill expanded the for robotic basis in an our over the Despite driven of in improving points robotics of the impressive business year-over-year, sales further was year from which outcome. X faced, mainly year confidence year, X.XX. full saw full which segment still microelectronics. than market XXXX.For by the XX% sales margins the full headwind challenges successfully saw a was segment the for to Book-to-bill XX XXXX, greater automation sequentially quarter,
doubled beyond.Finally, digits. in strength be in The business medical confidence the hospital win year grew mainly bookings wins and the was in and experienced of XX% solutions. reflect well, the growth fourth strength to segment solidifies more JADAK as The in in revenue in from lead year-over-year line double with and for solutions Growth quarter. softening medical business full to life further year-over-year, times weaker saw strong of in year. broader product demand by the strength our as This segment Design markets. wins roughly where procedures, end which segment our a of of segment X% was continues thanks continues expectations. to The reported our driven science the this revenue spending. design X.XX design XXXX of sales in the elective New this line well surgical segment and in than book-to-bill normalization for quarter perform full some
inventory However, medical we impacts they orders timing-related levels also full in year-end product customers platforms XXXX XX% the saw as product for ready growing was X.XX. half.For year, this from the some of launches saw year reducing from ramps The in new second of their some excellent their legacy on our managing end year-over-year. reflects segment and strength markets. demand This the book-to-bill the resilient for growth, full medical the
remained deliver We driven to adjusted increasing is success This basis year. tools are in by at segment level our with points sales of with our segment expectations. who in margins Novanta in this Growth are of pleased vitality at percent margins, line the deploying gross efforts System The see operations. for teams deeper mid-teens strong their XXX having this into full operating index the dedicated business
we segments of products XXXX. quarter performed in as As adapt to we the by and of half rapidly customers handle to challenges. second significantly Overall, in launch we the obstacles later strength were testament of the our multiple It's in XXXX a of rebound talent our variety environment. and with a we new before, a metric the the our this expect as shifting they expected flexibility a macroeconomic changing able to to set businesses to caused mentioned in
surgical to versus our team's equipment. In precision to performance.Now, proud medicine medical science guidance. expect equipment to are our markets, and between end our turning different We we see dynamics life of exposure
create launches them new less product are trend proactively In of both our equipment, the strong down, capacity for to half. phase launches half in will a out growth. growth the products year, legacy new as second muting For year phase the product surgical and attractive of expecting products of customers first we the in out we as anticipation
low science these to the us positioning XXXX and double-digit to to are into life second finish in lead expected growth capital precision sales. strong interest new in the result largely spending this to the first growth environment, this expect temporary in However, half, the single-digit we low equipment, beyond.For continued to rate industry, in and will sustain declines year medicine in launches half weakness and allowing us well due pressuring which
applications biopharma the second these return normalize, launches and growth both equipment interest broader kick to allowing stabilize in However, as to market the half, should rates product in and gradually improve.
We to expect expect medical to growth second these levels lead for the in total, in year, dynamics will full overall In with growth rising half. markets growth the low second our see single-digit the strong we weighted two of half.In approximately are X% markets, marketplace. see sales early signs our represent versus microelectronics applications. the all different split again In some now, industrial of microelectronics, advanced between dynamics improvement other in end we we which seeing to
the double-digit expected launches, of expect of year, new is to the This in impact but end lithography. caused is the We both product the improvements to the half this half incremental of low have in end growth and market in return market flat in first mainly the year. growth next-generation back to by
year. interest see first decline the of of are sensitive low more to and the rate industrial to For advanced applications these therefore, and dynamics, the macroeconomic half exposures, remainder our expect the single-digit in
quarter.So flat In solid digit to total, but low- industrial ramp platforms order our in second the range. resulting year, for fourth be expect the of rates and to showing in advanced year growth demand the of XXXX. full XXXX markets improvement year, starting for we the the to demand see the mid-single the books, starts normalize, in growth products in appear in in gradual and guidance as roughly the full However, half new interest should
expect we For billion. growth This $X the now GAAP revenue in of represent for the to low year. million full single-digit $XXX revenue guidance, range organic would
expect year-over-year medicine revenue On we manufacturing basis. single-digit low a percent grow to precision and segment on the segment level,
acquisition, Motion adjusted Motion and And to medical growth, robotics on segment includes organic is which Solutions addition single-digit by strong to expected double-digit the and margin. our now Our segment, solutions low reported low gross the finally, we Novanta's growth.Moving percent grow expect driven single-digit of automation revenue largely Solutions year-over-year.
to We XXX expect be which gross XX% gross is Novanta's year-over-year. prior year. core margin for acquisitions, points the Motion excluding approximately year XX%, will to be from roughly the the up margins, flat basis Solutions full
for manufacturing Novanta's are XX segment is Growth segment Novanta be margin we both XXX As shift execute Motion the have million System and on down and nearly the offset margins year-over-year will gross pipeline expansion to our cost before, interest the Motion we by as higher of to first be rate labor products solutions additional versus be year, using mentioned the investments should see to business as year X of basis tools. of The for our in is on XXXX the In expect expected increases year in medical core into engine. is further expense the gross their points year the Depreciation prior where margin Motion Solutions, and stock the strong million. the Solutions.Turning million to million compensation well to year.For million million and The the non-GAAP and range the $XXX was segment, Solutions full of to these of roughly tax to they global minimum expense which $XXX expense, to the higher the Motion for XXXX. addition and guidance in a the be in segment full for full solutions. impact medicine the full SG&A expenses, transaction.We by rates. in EBITDA, of increase the the dilutive approximately of full million and R&D we driven as as be Two in continue the driven adjusted precision segments our view for expected largely approximately for be dilutive around approximately is tax further should includes $XX $XX rate Solutions robotics cost to year business of margin in $XX expense $XXX The million full for year-over-year expect expansion XXXX. this business XXX and year year XXXX, innovative our $XXX expansion impact year. year by points, full of Pillar of $XX expected should basis Interest range healthy XXX investments the current commercial to is both some borrowing automation OECD plans XX% margin full the The or
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full precision the out decline in end Novanta's On year-over-year revenue on market a phasing segment organic a basis. of expect to the in revenue a $X.XX.For manufacturing quarter and demand between of second we per due on medicine of weaknesses X% now million, product share is expect million GAAP first XXXX, first represent advance We the X% the represent basis quarter, declines and to $X.XX guidance an and basis. of $XXX XXXX, year-over-year first believe expected For on we level to new bottom earnings launches legacy be adjusted year $XXX the in revenue for organic products range the revenue in quarter which the to mid-single-digit to half. revenue both
to of roughly demonstrate organically, robotics by our expected flat decline this gross double-digit low to segment is in Our year-over-year quarter, to revenue percent Solutions. the the solutions reported segment medical double-digit expect largely addition adjusted segment first driven is growth and year-over-year.Moving Motion be on And revenue margin. we automation expected to and
which in solutions million to expense year-over-year. We this to medicine be up $X to dilutive approximately quarter, expect margins manufacturing, be quarter, first decline expect million. and have is segment, in in Solutions.For approximately first in gross is and margins to and million. precision expected $XX gross automation. sequential expense XX% will XX.X% impact robotics to due approximately the quarter the segment be to and the expenses, R&D medical SG&A Motion to compensation we Depreciation a stock approximately are The first expected be $XX in $X be flat roughly will In million flat the sequentially, to of
expected we and range non-GAAP to EBITDA, million. expense For expect Interest $X around be is we XX%. to of roughly adjusted million a our rate million $XX tax $XX expect be to
we For XXXX the to adjusted momentum debt Xx. XXXX, as around ratio acquisition, X.Xx. in year-end we acquisitions, $X.XX Solutions the at working roughly cash $XXX debt inventory diluted of range to expect earnings end return leverage half perspective, per share, a million, improve approximately year-end of the net gross we overall further to continue we of we us no be flows $X.XX.Following first expect by our gross expected following to expect be quarter manage and rigorously to to continue the levels giving of Presuming to capital second is XXXX XXXX.Finally, of levels. our gross the From debt expect Motion close a the of to
of year than first U.K. expect the timing somewhat of to payments lower of related quarter compensation tax events, We Manchester, the expenditures and flow remainder the equity to seasonal facility. compensation timing of incentive our cash the payments, certain capital timing of vesting completion due to be
great flow as us to acquisition to expect cash we a However, the putting position on progressing, strategy. accelerate year our strengthen
always, rates.To of about excited are As in foreign exchange wrap we $X delivering XXXX. to not up sales assume guidance changes the in guidance, does billion this prospect significant
growth strategy teams. that solid the quarter markets our XXXX year fourth continue growth.In in we summary, secular and for was the in the We term performance of with excellent execution applications full Novanta's by right to right to strongly feel and reflected end exposure are and attractive long
a new performance environment. to operating in revenue diversification, environment.Looking and product the in the business yet was achieve on second on short-term delivered expectations to of our our executing in performance matter another happening towards testament resiliency year. profit and and for XXXX, navigate to dynamic ambitious teams we business of no This the above results, the plan the tenacity teams our year, great confident Our of ability portfolio half the launches our the market-based deliver including challenges are an
to consistent medical to We performance of product high-growth customer's markets deliver concludes our growth to our both accelerating and continue We and deliver need successful environment. company $X be feel of in commitments a forward billion back confident our to and advanced our our employees, and and dynamic end growth our applications. to have to launches playbook to employees a innovations them on predictable, to they shareholders.This And and up to We remarks. call shareholder our growing continue confidence we We'll long-term for forward the faith in remain beyond, and deliver strong help our open and and customers we our ability remaining to be their We exciting successful. to Novanta prospects us prepared to continuing even we the the exposure to right remain to look efforts look now industrial see grateful questions. the on value. new the long-term very in outstanding
