Revenue Growth in Medical and Industrial Segments
Both the Medical and Industrial segments delivered revenue growth of 3% year-over-year. The Medical segment showed strong demand, particularly in CT tubes, while the Industrial segment benefited from global security screening demand.
Improved Gross Margin
Gross margin increased to 36% from 33% in the same quarter last year, driven by improved volume, favorable product sales mix, and productivity gains.
Strong Cash Position
Cash from operations was $17 million, with cash, cash equivalents, and marketable securities totaling $226 million, up $36 million year-over-year.
Significant Cargo Inspection Order
A $25 million order was announced for cargo inspection systems, adding to the previous quarter's $14 million order, with expected installations over the next 12 to 18 months.
Photon Counting Technology Advancements
Continued progress in photon counting technology with active engagement from large imaging OEMs for next-generation CT systems.