Novanta supplies precision technology components and subsystems to OEMs in the medical, life science, and advanced industrial markets. Rather than selling end products, Novanta's products are embedded inside customers' equipment, enabling critical precision, motion control, and sensing functions. Key product lines include laser beam steering and scanning systems, force/torque sensors, servo drives and encoders for robotics, medical insufflators and endoscopic pumps, and RFID and machine vision solutions. Novanta's products typically represent a small share of a customer's bill of materials but are enabling technologies — the OEM's product cannot perform its core function without them. Once designed into an OEM platform, Novanta's products tend to stay embedded for the life of that platform, which can span up to 10 years, creating significant revenue stickiness. Novanta operates two segments: Automation Enabling Technologies (~51% of revenue) and Medical Solutions (~49% of revenue). Medical consumables — primarily disposables tied to insufflators and pumps — represent roughly 15% of total revenue and are growing at a double-digit rate. Novanta's growth strategy centers on new product launches, expansion into high-growth niches like robotic surgery and physical AI applications, and M&A targeting adjacent medical technologies and embedded software. The business is relatively capital-light, as products involve light assembly and testing rather than heavy fabrication, supporting strong cash flow conversion.