Josh Waldman: Got it. Okay. Then Mike, I guess, staying on China and a follow-up there. Can you unpack a bit more of what you’re seeing by end market? I mean, like where demand is holding in versus like areas that you’ve seen come in lighter as the quarter progressed again. I guess, outside of China – sorry, outside of pharma. And then I guess, a follow-up on Dan’s question. I believe it was earlier. What are the variables within China, Mike that you’re trying to account for as you forecast the medium term? I mean, maybe beyond just the next couple of months. And I guess any risk that we need to kind of rethink, the underlying growth rate in the industry if China remains light here in the medium term?
Mike McMullen: Yes. So let me start with the view by end market. I think the academia and government market was – grew for us in the third quarter. But everything else was pretty much down. The big change really were in the pharma space. And as Bob commented earlier about how we exited the quarter, the July performance. Some weakness in chemicals, but I’d say the down there was really just a byproduct of – we’re going off of 43% compared last year. And we’re looking at a 70% growth compare in the fourth quarter. But I’d say the concerns or the cost of this in the China marketplace is really across the board. And with varying degrees, but I think it’s really most reflected in the pharma outlook. I think that’s a $64,000 question.
I think there’s a case to be made that this market will get back to its longer-term growth rates, but it will take a period of years to get there. It’s not going to be a snapback in 12 months. But again, that’s work to be done. The factors that we’re looking at, I think are the same factors that everybody else is staring at, which is what’s going to happen to the macro in China. Storyboard here is a macro story and is bleeding over into life science tools, but we need to see the China economy get moving again. We need to see consumer confidence coming back. We need to see investment commerce is coming back in China. I think those things will take some time. But I do think there are priorities of the government, and they’ll find a way to make that happen.
But we’re not calling for a quick snapback here either.
Josh Waldman: Got it. Appreciate guys.
Operator: Thank you. We’ll go next now to Dan Brennan at TD Cowen.
Dan Brennan: Great guys. Thanks for taking the questions. Maybe just one on instruments, Bob, I think you talked earlier, I think to Derik’s question maybe you gave the L segment, but I know there’s consumables within that. Could you just break out what the instrument number is? I know we’ve got on the Q. Just wondering how instrument did and as we look ahead, I think given your instrument exposure, it’s always a key question, I know there’s been various times asked throughout, but just how would we think about kind of the outlook for instrument, whether it be fourth quarter, if you want to point to go out a little further?
Robert McMahon: Yes. So to maybe add a little more flavor and clarity to my answer previously, LSAG was down 9% core. It was down 9% in instruments as well. So the consumables business was up basically a point.
Dan Brennan: And as we look out there, I’m just wondering. I guess it’s really depends upon that – the type of product, which you guys already discussed, it sounds like you’re optimistic on LSAG given the funnel is going to get back towards that excuse me LCMS is going to get back to that 5% growth. I guess, would you assume instruments as a starting point growth in fiscal ’24 for what you see today?
Mike McMullen: Based on what we see today, yes.
Dan Brennan: Got it. I mean one more, quick one just on – yes…
