Solid Revenue Growth
Revenue for the third quarter grew by 12% year-over-year, driven by strong performances in both developed and emerging markets.
Strong Service Business Performance
The service business represented approximately 49% of revenue and 59% of gross margin, with service revenue growing by 9% year-over-year.
Improved Adjusted EBITDA
Adjusted EBITDA was $6 million compared to $1.1 million a year ago, driven by volume, pricing, and operational improvements.
Efficient Operational Management
The company generated $16 million of free cash flow and reduced overall inventory levels.
Healthy Customer Demand
Book-to-bill ratio was over 1.2x, driven by new customer expansion and replacement of aged equipment.