Strong Revenue Growth
Third quarter revenue was flat sequentially and up 11% year-over-year, excluding divestitures, driven by stronger demand in battery production and stable general industrial demand.
Medical Segment Expansion
Received FDA clearance for the next generation of thulium medical laser systems, with shipments expected by the end of the fourth quarter, indicating progress in expanding the medical portfolio.
Advancements in Directed Energy
Showcased CROSSBOW, a scalable laser defense system, at major defense shows with high interest from defense and commercial customers, and opened a new customer center in Huntsville, Alabama.
Revenue Performance by Region
Revenue in Asia increased 5% sequentially and 15% year-over-year, driven by higher welding sales in China, Japan, and Korea.
Financial Performance
Adjusted gross margin was 39.8%, driven by improved manufacturing cost absorption and a decrease in inventory provisions, with adjusted EBITDA at $37 million.