Adjusted gross margin was 46.1%, slightly down from 46.6% in Q2 2024 but flat sequentially, and adjusted EBITDA margin was 22%, up 2% year-over-year.
Automation Enabling Technologies segment revenue grew 4% year-over-year, driven by Robotics and Automation business up nearly 16%.
Bookings grew 10% year-over-year and 20% sequentially with a book-to-bill ratio of 1.02, indicating strengthening backlog and outlook.
Gross debt ended at $465 million with a gross leverage ratio of 2.2x and net leverage ratio of approximately 1.7x.
Medical market sales represented 54% of total sales, with advanced industrial markets at 46%.
Medical Solutions segment revenue was roughly flat year-over-year, with Advanced Surgery up 17% and Precision Medicine down 13% year-over-year but up 10% sequentially.
New product revenue grew over 50% year-over-year, with customer orders up 10% year-over-year and 20% sequentially.
Non-GAAP adjusted earnings per share increased 4% to $0.76 in Q2 2025.
Novanta reported second quarter 2025 revenue of $241 million, representing 2% reported growth and a 2% organic decline, surpassing guidance.
Operating cash flow declined to $15 million from $41 million in the prior year quarter, mainly due to timing of tax payments, increased inventory purchases, and the Kion acquisition.
CSGS reported record high revenue of $597 million in the first half of 2025, up from $585 million in the prior year period.
Net debt leverage ratio stood at 1.5x adjusted EBITDA with $146 million cash and cash equivalents and $621 million liquidity at quarter end.
Non-GAAP adjusted EBITDA was $132 million or 24.4% of revenue, up from $118 million or 22.0% in the prior year period.
Non-GAAP adjusted free cash flow was $47 million in the first half, a significant improvement from $5 million in the prior year, marking the best first-half free cash flow in a decade.
Non-GAAP EPS increased 13% to $2.29 from $2.02 in the prior year period, driven by higher operating income and lower tax rate, partially offset by adverse currency impacts.
Non-GAAP operating income for the first half was $106 million, representing a 19.5% operating margin, up from 17.0% in the prior year.
Local Media revenue declined 8% year-over-year due to lack of political advertising in an off-election year, but core advertising outperformed peers driven by local sports rights and NBA/NHL playoffs contributing over $7 million.
Net leverage improved to 4.4x at quarter-end, down 0.5 turns from Q1, reflecting ongoing debt paydown efforts.
Scripps Networks revenue was $206 million, down 1.4% year-over-year, with connected TV revenue up 57%, and segment profit margin improved to 27% from 18% in Q2 2024 due to significant expense reductions.
Second quarter earnings per share was a loss of $0.59, impacted by $38 million in financing transaction costs, a $31 million gain on asset sale, and preferred stock dividend reducing EPS by $0.18.
SSP closed a $750 million senior secured second-lien notes placement, refinancing and extending maturities on $1.7 billion of debt, reducing near-term debt maturities and increasing cost of capital by just over 1%.
Dafinchi