Nordson Corporation is an innovative precision technology company that engineers, manufactures, and markets differentiated products and systems used for precision dispensing, applying, and controlling adhesives, coatings, polymers, sealants, biomaterials, and other fluids **[0000072331-24-000041_ndsn-20240131.htm:19]** **[0000072331-24-000111_ndsn-20240731.htm:24]** **[0000072331-24-000075_ndsn-20240430.htm:22]**. They also offer solutions for testing and inspecting quality, treating and curing surfaces, and various medical products such as catheters, cannulas, medical balloons, and medical tubing **[0000072331-24-000041_ndsn-20240131.htm:19]** **[0000072331-24-000111_ndsn-20240731.htm:24]** **[0000072331-24-000075_ndsn-20240430.htm:22]**. The company operates in three primary segments: Industrial Precision Solutions, Medical and Fluid Solutions, and Advanced Technology Solutions **[0000072331-24-000075_ndsn-20240430.htm:15]** **[0000072331-23-000242_ndsn-20231031.htm:92]** **[0000072331-24-000111_ndsn-20240731.htm:16]**.

1. **Industrial Precision Solutions** - Delivers proprietary dispensing and processing technology to diverse end markets, including industrial, agricultural, consumer durables, and non-durables, with best-in-class profitability.
2. **Medical and Fluid Solutions** - Provides fluid management solutions for medical and high-tech industrial markets, significantly expanding their addressable market through strategic acquisitions.
3. **Advanced Technology Solutions** - Serves electronics end markets with products that integrate proprietary technologies for surface treatment, precise material dispensing, and test and inspection applications.

ef06875a92c18ebbbb137a788f9fc7a499a7723e052ad729417bbbc961090aee

Total Revenue [USD, Thousands]

Cost of Goods Sold (COGS) [USD, Thousands]

Selling, General, and Administrative Expenses (SG&A) [USD, Thousands]

Research and Development (R&D) [USD, Thousands]

Depreciation and Amortization (D&A) [USD, Thousands]

Interest Expense [USD, Thousands]

Operating Income (EBIT) [USD, Thousands]

Net Income [USD, Thousands]

Earnings Per Share (EPS) - Basic [USD, Units]

Earnings Per Share (EPS) - Diluted [USD, Units]

501b5a084d172c5064789513824df9cf59164a39962f25c70e77253b91527518

| Metric (Unit: Thousand USD) | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|-----------------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Americas Revenue            | 303,738  **[0000072331-22-000183_ndsn-20221214xex991.htm:4]**  | 264,878  **[0000072331-23-000038_ndsn-q120238kxex991.htm:4]**  | 278,731  **[0000072331-23-000096_ndsn-q220238kxex991.htm:4]**  | 290,515  **[0000072331-23-000141_ndsn-q320238kxex991.htm:4]**  | 315,635  **[0000072331-23-000232_ndsn-20231213xex991.htm:4]**  | 274,012  **[0000072331-24-000036_ndsn-q120248kxex991.htm:5]**  | 294,428  **[0000072331-24-000070_ndsn-q220248kxex991.htm:4]** **[0000072331-24-000075_ndsn-20240430.htm:15]**  | 287,016  **[0000072331-24-000108_ndsn-q320248kxex991.htm:5]**  |
| Europe Revenue              | 165,702  **[0000072331-22-000183_ndsn-20221214xex991.htm:4]**  | 162,939  **[0000072331-23-000038_ndsn-q120238kxex991.htm:4]**  | 167,904  **[0000072331-23-000096_ndsn-q220238kxex991.htm:4]**  | 167,536  **[0000072331-23-000141_ndsn-q320238kxex991.htm:4]**  | 184,297  **[0000072331-23-000232_ndsn-20231213xex991.htm:4]**  | 179,310  **[0000072331-24-000036_ndsn-q120248kxex991.htm:5]**  | 182,070  **[0000072331-24-000070_ndsn-q220248kxex991.htm:4]** **[0000072331-24-000075_ndsn-20240430.htm:15]**  | 179,370  **[0000072331-24-000108_ndsn-q320248kxex991.htm:5]**  |
| Asia Pacific Revenue        | 214,141  **[0000072331-22-000183_ndsn-20221214xex991.htm:4]**  | 182,660  **[0000072331-23-000038_ndsn-q120238kxex991.htm:4]**  | 203,530  **[0000072331-23-000096_ndsn-q220238kxex991.htm:4]**  | 190,626  **[0000072331-23-000141_ndsn-q320238kxex991.htm:4]**  | 219,381  **[0000072331-23-000232_ndsn-20231213xex991.htm:4]**  | 179,871  **[0000072331-24-000036_ndsn-q120248kxex991.htm:5]**  | 174,144  **[0000072331-24-000070_ndsn-q220248kxex991.htm:4]** **[0000072331-24-000075_ndsn-20240430.htm:15]**  | 195,218  **[0000072331-24-000108_ndsn-q320248kxex991.htm:5]**  |
| Total Net External Sales    | 683,581  **[0000072331-22-000183_ndsn-20221214xex991.htm:4]**  | 610,477  **[0000072331-23-000038_ndsn-q120238kxex991.htm:4]**  | 650,165  **[0000072331-23-000096_ndsn-q220238kxex991.htm:4]**  | 648,677  **[0000072331-23-000141_ndsn-q320238kxex991.htm:4]**  | 719,313  **[0000072331-23-000232_ndsn-20231213xex991.htm:4]**  | 633,193  **[0000072331-24-000036_ndsn-q120248kxex991.htm:5]**  | 650,642  **[0000072331-24-000070_ndsn-q220248kxex991.htm:4]** **[0000072331-24-000075_ndsn-20240430.htm:15]**  | 661,604  **[0000072331-24-000108_ndsn-q320248kxex991.htm:5]**  |

a77d68e01cde7ee305f97074bf1b921d458a363a523e5b808003df61cc450d0e

25602489630fd877f74426b18cea3f12fafecbd3f5a36fc8cc94d5c5e8a53605

1. Margins at Atrion have significantly declined since 2022. Beyond the general supply chain issues you've mentioned, can you provide specific actions you're taking to restore margins to Nordson levels, and what is your timeline for achieving this?

2. Despite the year-over-year growth in your test and inspection products, particularly in optical and acoustic lines, the semiconductor cycle is known to be volatile. How sustainable is this growth, and what steps are you taking to mitigate potential future downturns in the semiconductor market?

3. Your full-year EPS guidance remains unchanged at the midpoint despite the slightly dilutive impact of the Atrion acquisition in Q4. Given this, what other factors or business segments are offsetting this dilution, and how confident are you in achieving this guidance?

4. With ARAG experiencing lower volumes due to a downturn in the agricultural market, what contingency plans do you have if this market doesn't recover as quickly as you anticipate, and how will prolonged weakness impact your overall growth strategy?

5. Europe has shown weaker organic growth compared to other regions. What strategic initiatives are you implementing to address the challenges in the European market, and how do you plan to drive growth in this region amidst the current economic conditions?

e47bde98b8d252f7acc0b8a97acafccc4824ff65a9cdd55c26fe53109e523e17

Industrial Precision

Medical and Fluid

Advanced Technology

Adhesive Dispensing Systems

Advanced Technology Systems

Industrial Coating Systems

Industrial Precision Solutions

Medical and Fluid Solutions

Advanced Technology Solutions

Total Revenue

55c104c678995330062da68818b4e10f7c783edf65954fedee6d0a57a99b13b6

Adjustments for Non-Cash Items [USD, Thousands]

Stock-Based Compensation [USD, Thousands]

Changes in Working Capital [USD, Thousands]

Capital Expenditures (CapEx) [USD, Thousands]

Proceeds from Debt [USD, Thousands]

Repayments of Debt [USD, Thousands]

Share Repurchases [USD, Thousands]

Dividend Payments [USD, Thousands]

Net Change in Cash [USD, Thousands]

714a1218adfa8b08446616905f0b8594692237c790cf144ec7869b884f9d641f

Americas

- United States

- Other Americas

Europe

Asia Pacific

- Japan

- Other Asia Pacific

e099c09a6f9ee0a2a94631d169698b78bd8515786f2c4bf89d02316cf0b1e5c6

### Q4 2024 Earnings Call
- **Issued Period**: Q4 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Full Year Fiscal 2024 Adjusted Earnings Per Diluted Share**: Expected to be in the range of **$9.45 to $9.65** per diluted share  **[NDSN_3399747_5]** .
  2. **Base Business Revenue Guidance**: Expected to be in the range of **flat up to 2%** over record fiscal 2023  **[NDSN_3399747_4]** .
  3. **Impact of Atrion Acquisition**: Expected to increase base sales by approximately **$30 million** in the fiscal fourth quarter  **[NDSN_3399747_4]** .

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Full Year Fiscal 2024 Adjusted Earnings Per Diluted Share**: Expected to be in the range of **$9.45 to $9.65** per diluted share  **[NDSN_3399747_5]** .
  2. **Base Business Revenue Guidance**: Expected to be in the range of **flat up to 2%** over record fiscal 2023  **[NDSN_3399747_4]** .
  3. **Impact of Atrion Acquisition**: Expected to increase base sales by approximately **$30 million** in the fiscal fourth quarter  **[NDSN_3399747_4]** .

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: Q3 2024 and FY 2024
- **Guidance**:
  1. **Full Year Revenue Guidance**: Expected to be in the range of **flat to up 2%** over the record fiscal 2023  **[NDSN_3390252_4]** .
  2. **Full Year Earnings Guidance**: Forecasted to be in the range of **down 5% to down 1%** per diluted share  **[NDSN_3390252_4]** .
  3. **Third Quarter Sales Guidance**: Forecasted to be in the range of **$645 million to $670 million**  **[NDSN_3390252_5]** .
  4. **Third Quarter Adjusted Earnings Guidance**: Expected to be in the range of **$2.25 to $2.40** per diluted share  **[NDSN_3390252_5]** .
  5. **Effective Tax Rate for the Full Fiscal Year**: Estimated to be **20% to 22%**  **[NDSN_3390252_3]** .
  6. **Capital Expenditures for the Full Fiscal Year**: Expected to be approximately **$40 million to $50 million**  **[NDSN_3390252_3]** .
  7. **Net Interest Expense for the Full Fiscal Year**: Estimated to be **$74 million to $77 million**  **[NDSN_3390252_3]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: Q2 2024 and FY 2024
- **Guidance**:
  1. **Full Year Revenue Growth**: Expected to be between **4% to 7%** over the record fiscal 2023  **[NDSN_3374754_5]** .
  2. **Full Year Earnings Growth**: Forecasted to be in the range of **2% to 7%** growth per diluted share  **[NDSN_3374754_5]** .
  3. **Second Quarter Sales**: Forecasted to be in the range of **$645 million to $670 million**  **[NDSN_3374754_6]** .
  4. **Second Quarter Adjusted Earnings**: Expected to be in the range of **$2.20 to $2.35** per diluted share  **[NDSN_3374754_6]** .
  5. **Impact of ARAG Acquisition**: Expected to contribute approximately **5% growth** at the midpoint of guidance  **[NDSN_3374754_6]** .
  6. **Foreign Exchange Rates**: Assumed to have a neutral impact  **[NDSN_3374754_6]** .
  7. **Chinese New Year Impact**: Estimated to have a **$10 million to $15 million** impact on the second quarter  **[NDSN_3374754_13]** .
  8. **Backlog**: Entered the second quarter with approximately **$750 million** in backlog  **[NDSN_3374754_5]** .
  9. **Effective Tax Rate for Full Fiscal Year**: Estimated to be **20% to 22%**  **[NDSN_3374754_3]** .
  10. **Capital Expenditures for Full Fiscal Year**: Expected to be approximately **$40 million to $50 million**  **[NDSN_3374754_3]** .
  11. **Net Interest Expense for Full Fiscal Year**: Estimated to be **$74 million to $78 million**  **[NDSN_3374754_3]** .

2312d28d4739829a45d64c039aeaa0a48f524839774ccc13a9d4150f72ce6a22

| Name                  | Position                                                                 | Start Date          | Short Bio                                                                                                                                                                                                                                                                                                                                                   |
|-----------------------|--------------------------------------------------------------------------|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Sundaram Nagarajan    | President and Chief Executive Officer                                    | August 1, 2019      | Sundaram Nagarajan has served as the President and CEO of Nordson Corporation since August 1, 2019. He previously had a 23-year career with Illinois Tool Works Inc., holding various executive roles, including Executive Vice President of the ITW Automotive OEM Segment from 2015. He is also a director of Wesco International  **[0000072331-23-000242_ndsn-20231031.htm:35]** **[0001193125-23-016893_d397561ddef14a.htm:19]** .                      |
| Stephen Shamrock      | Vice President and Corporate Controller, Interim Chief Financial Officer | November 1, 2023    | Stephen Shamrock was appointed as Vice President and Corporate Controller, Interim CFO of Nordson Corporation effective November 1, 2023. Before joining Nordson in March 2022, he held positions at Wyandot Snacks, Inc. and Materion Corporation, and has experience from The Goodyear Tire & Rubber Company and KPMG, LLP  **[0000072331-23-000242_ndsn-20231031.htm:35]** .                             |
| James E. DeVries      | Executive Vice President                                                 | 2012                | James E. DeVries has been serving as an Executive Vice President at Nordson Corporation since 2012. He has been with the company for over 38 years, working in various positions in engineering, operations, and division leadership, and played a key role in creating the NBS Next growth framework  **[0000072331-23-000242_ndsn-20231031.htm:35]** **[NDSN_3402600_8]** .                                                  |
| Stephen P. Lovass     | Executive Vice President                                                 | 2017                | Stephen P. Lovass has been serving as an Executive Vice President at Nordson Corporation since 2017. He joined Nordson as a Corporate Vice President in November 2016 and was named Executive Vice President - Medical and Fluid Solutions effective August 1, 2022. Previously, he was President at Danaher Corporation  **[0000072331-23-000242_ndsn-20231031.htm:35]** **[0000072331-22-000185_ndsn-20221031.htm:35]** .                             |
| Jennifer McDonough    | Executive Vice President, General Counsel and Secretary                  | November 1, 2021    | Jennifer L. McDonough was named Executive Vice President, General Counsel and Secretary at Nordson Corporation effective November 1, 2021. She leads the company's global legal function and has over 20 years of experience advising companies on corporate initiatives. She previously worked at PPL Corporation and REX Energy Corporation  **[0000072331-23-000242_ndsn-20231031.htm:36]** **[0000072331-22-000185_ndsn-20221031.htm:36]** .       |
| Joseph P. Kelley      | Executive Vice President, Industrial Precision Solutions Segment Leader  | November 1, 2023    | Joseph P. Kelley is the Executive Vice President and Industrial Precision Solutions segment leader at Nordson Corporation, effective November 1, 2023. He previously served as Executive Vice President and CFO since July 2020 and held roles at Materion Corporation, Avient Corporation, and Lincoln Electric  **[0000072331-23-000242_ndsn-20231031.htm:35]** **[0001193125-24-010767_d482491ddef14a.htm:3]** .                                      |
| Sarah Siddiqui        | Executive Vice President - Chief Human Resources Officer                 | February 20, 2023   | Sarah Siddiqui was named Executive Vice President - Chief Human Resources Officer at Nordson Corporation, effective February 20, 2023. Before joining Nordson, she served as Vice President of HR at UTC Aerospace Systems and held other HR roles  **[0000072331-23-000242_ndsn-20231031.htm:36]** **[0000072331-23-000242_ndsn-20231031.htm:35]** .                                                                                                   |
| Srinivas Subramanian  | Executive Vice President - Advanced Technology Solutions                 | August 1, 2022      | Srinivas Subramanian was named Executive Vice President - Advanced Technology Solutions at Nordson Corporation effective August 1, 2022. He joined the company in 2006 and has held various roles of increasing responsibility  **[0000072331-23-000242_ndsn-20231031.htm:37]** **[0000072331-22-000185_ndsn-20221031.htm:36]** .                                                                                                                     |
| Annette Clayton       | Director, Member of the Audit Committee                                  | April 1, 2024       | Annette Clayton serves as a Director at Nordson Corporation, starting April 1, 2024. She is also a member of the Audit Committee  **[0000072331-24-000053_xslF345X02/wk-form3_1712148461.xml:0]** **[0001193125-24-010767_d482491ddef14a.htm:22]** .                                                                                                                                                                                                                   |
| Christopher Mapes     | Director, Member of the Audit Committee                                  | January 16, 2024    | Christopher L. Mapes was appointed to the Board of Directors of Nordson Corporation effective January 16, 2024. He serves as a member of the Audit Committee and has over 35 years of experience in industrial manufacturing, previously serving as President and CEO of Lincoln Electric Holdings, Inc.  **[0001193125-24-010767_d482491ddef14a.htm:8]** **[0001193125-24-010767_d482491ddef14a.htm:5]** **[0001193125-24-010767_d482491ddef14a.htm:22]** .                                        |
| Daniel Hopgood        | Executive Vice President, Chief Financial Officer                        | May 20, 2024        | Daniel Hopgood joined Nordson Corporation as the Executive Vice President and CFO in May 2024. He has over 25 years of experience in various roles at large global industrial companies, including 12 years at Eaton Corporation  **[0000072331-24-000078_xslF345X02/wk-form3_1716926103.xml:0]** **[NDSN_3402600_28]** .                                                                                                                  |

74b3818510f3de35c091b8b282505e84150f359b755e17fc0f37254c4ebfd646

| Program Details          | Program 1       | Program 2       | Program 3       | Program 4       |
|--------------------------|-----------------|-----------------|-----------------|-----------------|
| Approval Date            | December 2014  **[0000072331-24-000177_ndsn-20241031.htm:41]**  | August 2015  **[0000072331-24-000177_ndsn-20241031.htm:41]**   | August 2018  **[0000072331-24-000177_ndsn-20241031.htm:41]**   | September 2022  **[0000072331-24-000177_ndsn-20241031.htm:41]**  |
| End Date/Duration        | No expiration  **[0000072331-24-000177_ndsn-20241031.htm:41]**  | No expiration  **[0000072331-24-000177_ndsn-20241031.htm:41]**  | No expiration  **[0000072331-24-000177_ndsn-20241031.htm:41]**  | No expiration  **[0000072331-24-000177_ndsn-20241031.htm:41]**  |
| Total Additional Amount  | $300,000  **[0000072331-24-000177_ndsn-20241031.htm:41]**     | $200,000  **[0000072331-24-000177_ndsn-20241031.htm:41]**     | $500,000  **[0000072331-24-000177_ndsn-20241031.htm:41]**     | $500,000  **[0000072331-24-000177_ndsn-20241031.htm:41]**     |
| Remaining Authorization Amount | $0  **[0000072331-24-000177_ndsn-20241031.htm:41]**          | $0  **[0000072331-24-000177_ndsn-20241031.htm:41]**          | $23,798  **[0000072331-24-000177_ndsn-20241031.htm:41]**     | $500,000  **[0000072331-24-000177_ndsn-20241031.htm:41]**     |
| Details                  | Treasury shares  **[0000072331-24-000177_ndsn-20241031.htm:41]**  | Treasury shares  **[0000072331-24-000177_ndsn-20241031.htm:41]**  | Treasury shares  **[0000072331-24-000177_ndsn-20241031.htm:41]**  | Treasury shares  **[0000072331-24-000177_ndsn-20241031.htm:41]**  |

d7c651db8d8880ecc6441e90d8b31df8c670dbd6ff934d80489afbfa1b976d55

**Annual guidance for FY 2024:**
- **Full Year Fiscal 2024 Adjusted Earnings Per Diluted Share**: $9.45–$9.65  **[NDSN_3399747_4]** (no change from $9.45–$9.65  **[NDSN_3399747_5]** )  
- **Base Business Revenue Guidance**: flat up to 2%  **[NDSN_3399747_4]** (no change from flat up to 2%  **[NDSN_3399747_5]** )  
- **Impact of Atrion Acquisition**: increase base sales by ~$30 million  **[NDSN_3399747_4]** (no change from ~$30 million  **[NDSN_3399747_5]** )  

2d3ab940303972d96dff5be23ab79ae695dafd113203114890dce4c74086a6c2

| Name               | Start Date | End Date | Reason for Change |
|--------------------|------------|----------|-------------------|
| Ernst & Young LLP  | 1956  **[0000072331-24-000177_ndsn-20241031.htm:99]**    | Present  | Current auditor   |

acb02151e21e1013134f5221991b9055d65ed0401f1f19f4b9ae88652f870cc3

d841d49a54e157250b6ac99182e51893520287b11cd01519a547fad31a3bc92e

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

- Total Revenue: $744.52 million (up ~4% YoY from $719.29 million)  **[0000072331-24-000177_ndsn-20241031.htm:94]** **[0000072331-23-000242_ndsn-20231031.htm:93]**   
- Medical and Fluid: $200.22 million (up **19%** YoY from $168.62 million)  **[0000072331-24-000177_ndsn-20241031.htm:94]** **[0000072331-23-000242_ndsn-20231031.htm:93]**   
- Asia Pacific: $236.01 million (up **8%** YoY from $219.38 million)  **[0000072331-24-000177_ndsn-20241031.htm:94]** **[0000072331-23-000242_ndsn-20231031.htm:43]**   

1ee573f2cfa1084a49b2343b80d9f95645e5235045510bee7dee0ba2d1ddfd36

795ce78e2a2c2428273f4f22713cc35a1117a86e0139833ae80cf4d37a8fb5fa

Organic sales growth for Industrial Precision Solutions (percentage)

Organic sales growth for Medical and Fluid Solutions (percentage)

Organic sales growth for Advanced Technology Solutions (percentage)

Organic sales growth for Total (percentage)

412efa4d4c94ffff516d5845c2e42e2b10700721c039990f53cdd496a920f779

1. **ATS Segment Recovery**  
   **Q:** What gives you confidence that ATS electronics and semiconductor will recover this year?  
   **A:** While order entry hasn't picked up as hoped, we expect ATS recovery in the second half due to easier comparisons, existing backlog with expected shipments, early increases in UV lamp orders for semiconductor customers, and a pickup in electronic adhesive packaging demand. Our opportunity pipeline remains robust.  **[NDSN_3374754_8]** 

2. **Semiconductor Cycle Timing**  
   **Q:** Is the test and inspection investment cycle rolling over?  
   **A:** Test and inspection faces tough comparisons after robust growth, but its cyclicality is more muted compared to our dispense business. We acknowledge the cycle, but continue to see solid performance without significant decline.  **[NDSN_3374754_9]** 

3. **Chinese New Year Impact**  
   **Q:** How big is the Chinese New Year impact this quarter?  
   **A:** The Chinese New Year is causing a **$10–$15 million** impact in Q2, contributing to about half of the projected **negative 4% organic growth**.  **[NDSN_3374754_13]** 

4. **ARAG Acquisition Trends**  
   **Q:** How is ARAG performing and impacting results?  
   **A:** ARAG integration is going well, contributing **5%** to organic growth. With **45%** of revenue from recurring aftermarket parts, we see consistent demand even amid European market softness. ARAG is expected to be accretive to EBITDA and slightly accretive to EPS excluding amortization.  **[NDSN_3374754_11]** **[NDSN_3374754_15]** **[NDSN_3374754_17]** 

5. **Biopharma Destocking**  
   **Q:** What's the outlook for biopharma demand recovery?  
   **A:** Destocking appears to be at the bottom of the cycle. While significant order intake hasn't resumed, customer ordering patterns have shifted from blanket to regular orders. We see strong growth in patient care and surgical applications, and long-term biopharma trends remain favorable, though timing of demand inflection is uncertain.  **[NDSN_3374754_20]** 

6. **Margin Outlook and Ascend Strategy**  
   **Q:** How much more margin expansion can Ascend deliver?  
   **A:** Ascend and NBS Next are growth frameworks focusing on organic growth and customer focus rather than cost-cutting. We're in early stages, with several divisions achieving leadership performance. We expect **40%** incrementals on organic growth, leading to margin expansion over time.  **[NDSN_3374754_19]** 

7. **Backlog Levels and Book-to-Bill**  
   **Q:** When do you expect book-to-bill to turn positive, and what's the backlog outlook?  
   **A:** Our backlog stands at **$750 million**, above the normalized **$600–$650 million**. Order patterns have normalized without previous customer anxiety. We consumed about **$50 million** of backlog in Q1 and remain on a normalized pace.  **[NDSN_3374754_12]** 

8. **MFS Structural Challenges**  
   **Q:** Are there structural challenges limiting MFS growth?  
   **A:** There are no structural or competitive issues. MFS has returned to growth, with Medical Interventional growing double digits. After last year's biopharma decline, we're seeing modest order pickup in patient care and surgical applications. We expect MFS to return to high single-digit growth over time.  **[NDSN_3374754_10]** 

9. **IPS Demand and Order Patterns**  
   **Q:** Any red flags in IPS demand as order patterns normalize?  
   **A:** IPS order entry is steady and similar to pre-COVID patterns. With strong backlog in system businesses and ARAG contributing **5%** to organic growth, we are confident in IPS performance.  **[NDSN_3374754_11]** 

10. **Chinese New Year Segment Impact**  
    **Q:** Which segments are most impacted by Chinese New Year?  
    **A:** The impact is concentrated in the IPS segment and, to a lesser degree, in ATS.  **[NDSN_3374754_20]** 

8a339b081e2ec2b103d08743025c924446cc46ae74e4bec8272bb5eb0bf1ecc9

- **Strong Momentum in Test and Inspection Segment:** Nordson's Advanced Technology Solutions segment is experiencing strong momentum in their optical and acoustic product lines, with the **CyberOptics business showing impressive year-over-year growth**. This is driven by new products like **WaferSense used in semiconductor processing**, coupled with a cyclical upturn in semiconductor manufacturing demand.  **[NDSN_3399747_7]**
- **Steady Performance in Industrial Precision Solutions with High Recurring Revenue:** The Industrial Precision Solutions segment maintains a steady outlook, supported by **over 50% recurring revenue** and diversification across end markets. Trends such as **electric battery vehicles, automotive electronics, reshoring, and e-commerce packaging** are contributing to growth, providing a strong base for continued success.  **[NDSN_3399747_9]**
- **Confidence in Margin Improvement for Recent Acquisitions:** Nordson is confident in returning the **Atrion Medical acquisition to Nordson-like EBITDA margins** over time. Despite recent margin pressures due to supply chain issues, Atrion's past track record aligns with Nordson's margins, indicating significant potential for future profitability enhancements.  **[NDSN_3399747_6]**

a32665389fd0d1b1e6e44bb57948488bb1dbc848de379c7b743684c26c911716

1. **Conservative Outlook and Guidance**  
   **Q:** How are you thinking about growth and guidance for the year?  
   **A:** We are taking a conservative approach due to an uncertain macro environment, expecting **flat organic growth** for the year with sales following typical seasonality.  **[NDSN_3411529_8]** **[NDSN_3411529_16]**  If end markets recover more strongly, particularly in semiconductor, electronics, and general industrial sectors, we could reach the higher end of our guidance.  **[NDSN_3411529_12]**  As Q1 and Q2 progress, we'll have a clearer view of the second half.  **[NDSN_3411529_23]** 

2. **EPS Growth Amid Flat Sales**  
   **Q:** With flat organic growth expected, how will EPS increase?  
   **A:** Despite anticipating flat organic sales, we expect EPS to grow through cost actions and efficiency improvements.  **[NDSN_3411529_21]**  We've taken restructuring actions to improve our cost base and will benefit from deleveraging and a lower tax rate throughout the year.  **[NDSN_3411529_21]** 

3. **Atrion Acquisition Performance**  
   **Q:** How is the Atrion acquisition impacting your business?  
   **A:** The Atrion acquisition is performing well, slightly ahead of early expectations.  **[NDSN_3411529_14]**  Atrion added about **$35 million** to our backlog, bringing it to approximately **$550 million** excluding the acquisition.  **[NDSN_3411529_10]**  Atrion's EBITDA margins are in the upper **20%** range, and we're confident in achieving Nordson-like margins over the next two years.  **[NDSN_3411529_14]** 

4. **Advanced Technology Solutions (ATS) Outlook**  
   **Q:** Can you discuss the performance and outlook for ATS?  
   **A:** ATS delivered **4% organic growth** in Q4, and order patterns support ongoing growth.  **[NDSN_3411529_16]**  The team repositioned the business during the downturn, achieving **27% EBITDA margins** even at the start of the cycle.  **[NDSN_3411529_15]**  We've opened a new manufacturing location in India to meet customers' China plus one strategy and are investing in new products.  **[NDSN_3411529_15]** 

5. **Backlog Normalization**  
   **Q:** Is backlog normalization largely complete, and which businesses were impacted?  
   **A:** Backlog normalization is largely done.  **[NDSN_3411529_18]**  Atrion added about **$35 million** to the backlog, bringing it to around **$550 million** excluding the acquisition.  **[NDSN_3411529_10]**  The reduction mainly affected our system businesses, including plastic processing, industrial coatings, and parts of our adhesive business.  **[NDSN_3411529_18]** 

6. **Interventional Business Destocking**  
   **Q:** What is the status of destocking in the interventional business?  
   **A:** We're midway through addressing supply chain changes in our interventional business.  **[NDSN_3411529_20]**  We expect normalization after another quarter or two.  **[NDSN_3411529_20]**  We're investing in new growth areas to support future demand.  **[NDSN_3411529_20]** 

7. **Polymer Processing Challenges**  
   **Q:** What factors are affecting the polymer processing segment?  
   **A:** The segment faces tough comparables after two record years.  **[NDSN_3411529_19]**  There's reduced investment in recycling in Europe and in virgin polymer production in Asia, especially China.  **[NDSN_3411529_19]** 

8. **Efficiency Gains and NBS Next**  
   **Q:** How are efficiency gains contributing to performance?  
   **A:** Deploying NBS Next has improved efficiency, enabling us to make higher volume products more efficiently and significantly improve on-time delivery.  **[NDSN_3411529_13]**  In ATS, NBS Next helped reposition the business and invest in new products, contributing to strong margins.  **[NDSN_3411529_15]** 

9. **Customer Hesitancy and Uncertainties**  
   **Q:** What's causing customer hesitancy and macro uncertainties?  
   **A:** Factors like changes in EV battery investments, solar, and geopolitical issues contribute to an uncertain macro environment.  **[NDSN_3411529_24]**  Customers are hesitant, leading to cautious investment decisions.  **[NDSN_3411529_24]** 

10. **Chinese New Year Impact on Q1 Sales**  
    **Q:** How will the Chinese New Year affect Q1 sales?  
    **A:** The Chinese New Year will impact our first quarter, causing a sales impact typically in the **$10 to $20 million** range.  **[NDSN_3411529_11]**  This shift means Q1 will be slightly weaker, with the effect usually in Q2.  **[NDSN_3411529_11]** 

ebfc30133d3d36dff2d370215b1455d5cb5b653b5a1e99cc07ecb01c8b2fa5fb

- **Nordson's Polymer Processing business, a significant growth contributor in recent years, is expected to decline due to reduced investments in recycling in Europe and virgin polymer production in Asia, particularly China.**  **[NDSN_3411529_19]**
- **The Medical and Fluid Solutions segment is experiencing weakness in the Interventional Solutions product line, which accounts for approximately 47% of the segment's sales, due to customers being more cautious with inventory purchases.** The company anticipates growth in this segment to come primarily from the Atrion acquisition rather than organic growth.  **[NDSN_3411529_6]**
- **A decreasing backlog, especially in large system businesses like polymer processing and industrial coatings, may indicate a slowdown in future sales.** Excluding the Atrion acquisition, the backlog stands at $550 million.  **[NDSN_3411529_18]**

c167b2e43957f18e5d494dfeb388f28828890e71d4ef70162154e46e6a755d5a

| Year | Amount Due (in $ millions) | Debt Type                     | Interest Rate (%) | % of Total Debt                                                                 |
|----------|--------------------------------|------------------------------------|------------------------|------------------------------------------------------------------------------------|
| 2025     | 103.9 **[0000072331-24-000177_ndsn-20241031.htm:85]**                 | Senior Notes                      | 3.07 **[0000072331-24-000177_ndsn-20241031.htm:83]**          | 4.7% = (103.9 / 2,223.9) * 100 **[0000072331-24-000177_ndsn-20241031.htm:85]** **[0000072331-24-000177_ndsn-20241031.htm:29]**                                    |
| 2026     | 330.0 **[0000072331-24-000177_ndsn-20241031.htm:85]**                 | Term Loan Facility                | Variable (5.66) **[0000072331-24-000177_ndsn-20241031.htm:83]**| 14.8% = (330.0 / 2,223.9) * 100 **[0000072331-24-000177_ndsn-20241031.htm:85]** **[0000072331-24-000177_ndsn-20241031.htm:29]**                                   |
| 2027     | 10.0 **[0000072331-24-000177_ndsn-20241031.htm:85]**                  | Senior Notes                      | 3.13 **[0000072331-24-000177_ndsn-20241031.htm:83]**          | 0.4% = (10.0 / 2,223.9) * 100 **[0000072331-24-000177_ndsn-20241031.htm:85]** **[0000072331-24-000177_ndsn-20241031.htm:29]**                                     |
| 2028     | 630.0 **[0000072331-24-000177_ndsn-20241031.htm:85]**                 | Revolving Credit Agreement & Notes| 5.60 **[0000072331-24-000177_ndsn-20241031.htm:84]**          | 28.3% = (630.0 / 2,223.9) * 100 **[0000072331-24-000177_ndsn-20241031.htm:85]** **[0000072331-24-000177_ndsn-20241031.htm:29]**                                   |
| 2029     | 620.0 **[0000072331-24-000177_ndsn-20241031.htm:85]**                 | 4.500% Notes                      | 4.50 **[0000072331-24-000177_ndsn-20241031.htm:84]**          | 27.9% = (620.0 / 2,223.9) * 100 **[0000072331-24-000177_ndsn-20241031.htm:85]** **[0000072331-24-000177_ndsn-20241031.htm:29]**                                   |
| 2033     | 500.0 **[0000072331-24-000177_ndsn-20241031.htm:84]**                 | 5.800% Notes                      | 5.80 **[0000072331-24-000177_ndsn-20241031.htm:84]**          | 22.5% = (500.0 / 2,223.9) * 100 **[0000072331-24-000177_ndsn-20241031.htm:84]** **[0000072331-24-000177_ndsn-20241031.htm:29]**                                   |

a1f344dbd02e0e6a916b92efaa523d9c01067edec7c7fcbfaab5a47dd0760f18

- **Industrial Precision Solutions (IPS) segment continues strong performance**, with steady order entry and robust growth, supported by the ARAG acquisition contributing approximately **5%** to organic growth this year.  **[NDSN_3374754_11]**
- **Medical and Fluid Solutions (MFS) segment has returned to growth**, driven by double-digit increases in the Medical Interventional business and a pickup in order entry in patient care and surgical applications; expecting high single-digit growth.  **[NDSN_3374754_10]**
- **Advanced Technology Solutions (ATS) segment is expected to recover in Q4**, with signs of increased order entry in niche businesses, a robust project pipeline, and easier comparisons in the second half, giving confidence in future growth.  **[NDSN_3374754_8]**

fa13c1daaff4366816cdd0dceee5b5a312579ef278c772c729f8634a31625026

- **Nordson's Advanced Technology Solutions segment achieved a best-in-class EBITDA margin of 27% even at the bottom of the electronics cycle, demonstrating strong operational performance and positioning the company for growth when the market recovers.**  **[NDSN_3411529_25]**
- **The company's recurring revenue has expanded to approximately 57%, providing stability and predictability to revenues, with a significant portion being 'book and ship', supporting ongoing performance regardless of backlog fluctuations.**  **[NDSN_3411529_10]**
- **Strategic investments, including a new manufacturing and distribution location in India to support customers' 'China plus one' strategies, and significant R&D investments of 14% to 15% of revenues in the ATS segment, are expected to drive future growth and capitalize on emerging opportunities.**  **[NDSN_3411529_15]**

06190c6943d967657e331e03f9588604ac34f2234c3c7fb784e1fee80187fb0b

- Nordson is positioning its Advanced Technology Solutions segment for future growth by **strengthening delivery and quality performance, moving manufacturing closer to customers, and introducing exciting new products** such as the MXI line and updated AXI software. This strategic focus is expected to drive growth as electronics markets recover.  **[NDSN_3390252_12]**
- The company maintains **strong profit margins**, even in challenging market conditions. For example, despite a reduction in revenue, certain businesses have profit margins **north of the company's margins**, indicating resilient profitability.  **[NDSN_3390252_15]**
- Nordson believes in the **long-term strategic fit and growth opportunities** of recent acquisitions like **ARAG** and **CyberOptics**. The company is expanding its portfolio of precision technologies, confident that these high-quality assets will contribute significantly as market conditions improve.  **[NDSN_3390252_22]**

14df43996e0e95414614e8b91986986bd3989a1cb0354fb207fd3758ce023ad0

- **Weakness in Nordson's Medical and Fluid Solutions segment**: The company is experiencing lower demand and weakness in order entry due to medical device customers being cautious about their inventory levels, which could negatively impact future revenues.  **[NDSN_3399747_9]**
- **Challenges with the ARAG acquisition**: The ARAG business is facing market headwinds, with sales normalizing at lower levels in the current agriculture cycle. This slowdown may affect Nordson's margins and profitability in this segment.  **[NDSN_3399747_19]**
- **Potential pullback in the Industrial Precision Solutions segment**: After two years of record growth in areas like plastic processing, there is a possibility of modest pullback in demand, which could impact Nordson's revenues in this segment.  **[NDSN_3399747_16]**

d222df8d1635c2fc874fbc70d18b5fe810f662adfd443023795bcbb46ee9c71e

- **Advanced Technology Solutions (ATS) segment sales decreased by 18%** in Q1 2024 compared to the prior year, driven by weakness across the segment, primarily in electronics dispense products serving semiconductor end markets.  **[NDSN_3374754_3]** ,  **[NDSN_3374754_9]**
- **The company lowered the midpoint of its full-year guidance**, now assuming recovery of the semiconductor electronics end markets begins in the fourth quarter of fiscal 2024, indicating prolonged headwinds in this critical market segment.  **[NDSN_3374754_6]** ,  **[NDSN_3374754_5]**
- **Biopharma growth remains uncertain**, with the company not expecting any significant pickup in the short term and acknowledging that destocking has led to a lower demand level without a clear timeline for recovery.  **[NDSN_3374754_20]** ,  **[NDSN_3374754_5]** ,  **[NDSN_3374754_10]**

13b01d3f329277aca28241856efe5350f59838655c3b00001589f6e4395d373d

1. **Impact of ARAG Underperformance**  
   **Q:** How is ARAG's downturn affecting Nordson's performance?  
   **A:** ARAG's business is more affected by the agricultural cycle than expected, with the market down **20-25% globally**.  **[NDSN_3390252_17]**  This downturn has put the sales part of our plan behind.  **[NDSN_3390252_14]**  Despite reduced revenue, ARAG's profit margins remain higher than the company's average.  **[NDSN_3390252_15]** 

2. **Electronics Market Outlook**  
   **Q:** When is the electronics market expected to recover?  
   **A:** We anticipated a pickup in electronics orders, but it hasn't materialized yet.  **[NDSN_3390252_6]**  We have derisked our outlook for electronics for the rest of the year, and a significant recovery isn't expected until possibly **2025**.  **[NDSN_3390252_19]** 

3. **Guidance and Market Recovery Assumptions**  
   **Q:** What are the assumptions in guidance for market recovery?  
   **A:** Our guidance does not require a comeback in electronics or ARAG this year.  **[NDSN_3390252_7]**  We expect sequential improvements but not a full recovery in these stressed markets.  **[NDSN_3390252_7]** 

4. **Gross Margin Expectations**  
   **Q:** How should we think about gross margins going forward?  
   **A:** Q2 gross margins benefited from a favorable mix and efficiencies.  **[NDSN_3390252_9]**  We're not focused on margin expansion but aim to maintain current margins; we don't expect such favorable mix in the rest of the year.  **[NDSN_3390252_9]** 

5. **Capital Allocation and Cyclicality**  
   **Q:** How do you consider cyclical timing in acquisitions?  
   **A:** While we aim to consider cyclicality, we believe the technologies from acquisitions like ARAG and CyberOptics are strategically vital.  **[NDSN_3390252_22]**  Despite short-term pressures, we expect long-term benefits as market conditions improve.  **[NDSN_3390252_22]** 

6. **Decremental Margins**  
   **Q:** What are your expectations for decremental margins?  
   **A:** In our core businesses, the target decremental margin is about **50-55%**, aligning with gross margins.  **[NDSN_3390252_23]**  Despite ARAG's impact skewing total company decrementals, we maintain strong EBITDA margins of over **31%**.  **[NDSN_3390252_23]** 

7. **Customer Reluctance in ATS Orders**  
   **Q:** Why is there uncertainty in ATS customer orders?  
   **A:** Customers haven't canceled projects but are hesitant to convert project work into system orders.  **[NDSN_3390252_20]**  There's reluctance without clear reasons, affecting the timing of spend.  **[NDSN_3390252_20]** 

8. **Regional Performance Variances**  
   **Q:** Are certain regions impacting demand more than others?  
   **A:** We're not seeing significant regional differences.  **[NDSN_3390252_21]**  While activity in Asia has picked up compared to last year, Southeast Asia performs better than China for us.  **[NDSN_3390252_21]** 

9. **Impact of Market Cycles on ARAG**  
   **Q:** Why is precision agriculture down despite expectations?  
   **A:** Precision ag is down **20-25%**, which is unique this cycle.  **[NDSN_3390252_17]**  There is destocking and hesitancy in investing in large equipment, impacting us more than expected.  **[NDSN_3390252_18]** 

10. **Strength of Coatings and Adhesives**  
    **Q:** How are coatings and adhesives performing?  
    **A:** Our coatings business shows strong market demand.  **[NDSN_3390252_13]**  Adhesives have grown in **12 out of 14 quarters**, with packaging performing exceptionally well; we expect to finish the year flat to slightly up.  **[NDSN_3390252_13]** 

11. **Electronics "Canary" Indicators**  
    **Q:** Are early indicators still signaling an upturn in electronics?  
    **A:** Yes, our UV lamp business and consumables are strengthening.  **[NDSN_3390252_11]**  However, this hasn't yet translated into system sales due to uncertainties in electronics CapEx spending.  **[NDSN_3390252_11]** 

12. **ARAG Inventory Destocking**  
    **Q:** How long will ARAG's inventory destocking last?  
    **A:** With **40%** of ARAG's business in aftermarket parts through distributors, destocking is ongoing, but the duration is uncertain.  **[NDSN_3390252_10]** 

13. **Test and Inspection (T&I) Business**  
    **Q:** What's the outlook for the T&I segment?  
    **A:** T&I is facing tough comparisons, especially in X-ray.  **[NDSN_3390252_12]**  Some areas like WaferSense sensors and acoustic inspection are growing.  **[NDSN_3390252_12]**  We believe T&I will have lower declines compared to our dispense business.  **[NDSN_3390252_12]** 

14. **Shift Away from Handset Dependency**  
    **Q:** Is handset demand affecting electronics processing?  
    **A:** Handsets are now a small part of the business.  **[NDSN_3390252_16]**  Growth is driven by semiconductor advanced packaging and automotive electronics.  **[NDSN_3390252_16]** 

15. **Manufacturing Efficiencies**  
    **Q:** How are you enhancing manufacturing operations?  
    **A:** We're moving manufacturing closer to customers, opening a new facility in India.  **[NDSN_3390252_12]**  We're also releasing new products to position for growth.  **[NDSN_3390252_12]** 

5c77702c62a8a6716af764066672e87decf2cff7b645c81f9e8567af4fc985e3

- **Nordson reduced its guidance due to the electronics market recovery not happening as fast as expected, with orders not meeting anticipated rates and no significant pickup expected for the rest of the year.**  **[NDSN_3390252_21]** **[NDSN_3390252_19]**
- **The precision agriculture market downturn is impacting Nordson more than expected, particularly affecting the ARAG acquisition, and the company's sales plans are behind as a result. Additionally, Nordson admits its knowledge in this market is not as deep as in other end markets.**  **[NDSN_3390252_18]** **[NDSN_3390252_14]**
- **Nordson acknowledges being on the wrong side of cycle timing for recent acquisitions like ARAG and CyberOptics, leading to short-term pressures due to unfavorable market conditions and challenges in achieving expected synergies and sales growth.**  **[NDSN_3390252_22]**

6c47590180a914614bc0a11e4c764807ca00098ad6ff1fe76465414ea2900738

1. **Atrion Acquisition Impact**  
   **Q:** What's the expected margin profile for Atrion and steps to improve it?  
   **A:** Atrion's margins have declined due to supply chain issues over the last couple of years.  **[NDSN_3399747_6]**  Historically, Atrion achieved **EBITDA margins in line with Nordson's**.  **[NDSN_3399747_6]**  Management is confident they can return Atrion to those margins over time, aiming to resolve issues within the next two years using NBS Next, their business system, and expect Atrion to reach Nordson-like margins by **2026**.  **[NDSN_3399747_11]** 

2. **Medical Segment Slowdown**  
   **Q:** How long will the medical interventional destocking persist?  
   **A:** Last year, the interventional business grew by **15-16%**, above its typical **6-8%** growth rate.  **[NDSN_3399747_12]**  The current slowdown is an adjustment from that exceptional growth, with customers being more cautious about inventory levels.  **[NDSN_3399747_12]**  While it's difficult to predict exactly when conditions will normalize, management believes the long-term growth drivers remain strong as procedure volumes are up and project activity continues.  **[NDSN_3399747_12]** 

3. **Outlook for Key Segments**  
   **Q:** How has your outlook for IPS, ATS, and MFS progressed?  
   **A:** The year is unfolding as expected for the fourth quarter, with the base business holding steady.  **[NDSN_3399747_8]**  In the Industrial Precision Solutions (IPS) segment, they anticipate **slight growth to flattish** performance after two record years.  **[NDSN_3399747_9]**  Advanced Technology Solutions (ATS) is showing signs of recovery with order entry picking up, though management remains cautious.  **[NDSN_3399747_9]**  In Medical and Fluid Solutions (MFS), they face tough comparisons due to significant growth last year and see weakness in order entry as customers adjust inventory levels.  **[NDSN_3399747_9]** 

4. **Leverage and M&A Plans**  
   **Q:** How are you managing leverage after the Atrion deal, and what's in the M&A pipeline?  
   **A:** After acquiring Atrion, leverage will be at the higher end of their **2 to 2.5x** target but is expected to decrease quickly due to strong free cash flow.  **[NDSN_3399747_14]**  The M&A pipeline remains healthy, and they are committed to balanced growth through both organic initiatives and disciplined acquisitions that meet their strategic and financial criteria.  **[NDSN_3399747_14]** 

5. **ARAG Performance Amid Weakness**  
   **Q:** How is ARAG performing amid lower sales volumes?  
   **A:** Despite market softness, ARAG is delivering **Nordson-like EBITDA margins**.  **[NDSN_3399747_19]**  Integration is nearly complete, and the team is focusing on new product development and preparing for market recovery.  **[NDSN_3399747_19]**  Management is pleased with the technology, market presence in Europe, and precision agriculture components ARAG provides.  **[NDSN_3399747_19]** 

6. **Geographic Market Trends**  
   **Q:** Can you comment on trends in Asian and European markets?  
   **A:** U.S. markets remain the strongest.  **[NDSN_3399747_17]**  In Asia-Pacific, electronics businesses are recovering, with encouraging order entries from Asian electronics customers  **[NDSN_3399747_13]** .  **[NDSN_3399747_17]**  Nonwoven OEM customers in China also contribute to strength in that region.  **[NDSN_3399747_17]**  Europe shows weaker organic growth, with good parts revenues but softer system revenues.  **[NDSN_3399747_17]** 

7. **Backlog Normalization**  
   **Q:** How do you view current backlog levels and trends?  
   **A:** Historically, backlog was around **$400 million to $450 million**, but it has increased to **$640 million to $650 million**, still weighted toward system businesses.  **[NDSN_3399747_18]**  Changes in customer order patterns, like fewer large blanket orders and improved delivery performance, have affected backlog composition.  **[NDSN_3399747_18]**  Regular book-and-ship businesses have returned to normal order entry and backlog levels.  **[NDSN_3399747_18]** 

8. **EFD Business Performance**  
   **Q:** How is the fluid components side, particularly EFD, performing?  
   **A:** The EFD business is doing well with **encouraging order entries**.  **[NDSN_3399747_13]**  There are early indicators of increased orders from electronics customers, especially in Asia, signaling positive trends in this segment.  **[NDSN_3399747_13]** 

9. **CFO's Focus on Growth**  
   **Q:** What areas do you see as opportunities for further improvement?  
   **A:** The primary opportunity lies in continuing to grow organically.  **[NDSN_3399747_15]**  With very healthy margins and cash flow, management believes focusing on organic and inorganic growth is more beneficial than further margin expansion efforts.  **[NDSN_3399747_15]** 

676feac0ac1e83d933e44668705ef80eca634e57fd2bc6d63d567940862d720d

Nordson Corp (NDSN)

Financials