Mike McMullen: Hi Bob, maybe Bob or Padraig and also going to maybe comment on some discounting trends he may have been seeing?
Padraig McDonnell: Yes. No, I think – no, I think it’s the pricing holds discounts has really held stable as well. We haven’t seen any – increase in that rate of it, and we continue to monitor that, but it’s been very stable, Mike.
Puneet Souda: Got it. Thanks for that. And then if I could ask an academic and government here, smaller segment for you, but it did solid in the quarter. Maybe could you talk a little bit about what you’re seeing across the globe in different geographies for academic and government and your expectations here going forward? Thank you.
Mike McMullen: Yes, Bob, I think this is an end market that is holding up reasonably well. I mean we’re seeing that on a global basis, in most cases, with the exception being China, where the funding is there, the funding is stable. And it’s been a positive surprise for us so far through this year. And I don’t…
Robert McMahon: No, it’s really across many of our instrument platforms as well as the service business. And from what we’re seeing, Puneet, is funding continue to be available, and it’s flowing from governments. I think they’re seeing the strategic nature of many of the investments that they’re making. And our expectation is that, that funding will continue.
Puneet Souda: Got it. Super. Thank you.
Mike McMullen: You’re welcome.
Operator: We’ll go next now to Rachel Vatnsdal at JPMorgan.
Rachel Vatnsdal: Good afternoon. And thank you for taking the question. So first off, one of your peers have flagged that they were actually seeing some early signs of pharma spending recovery I appreciate that most of the incremental this quarter, is really related to the China weakness. So maybe ex-China, can you walk us through if you’re seeing any signs of recovery of spending with biopharma customers. And then you’ve previously flagged for us that historically, when pharma spending slows down, like we’re seeing today that it can take 12 to 24 months to recover. So how are you thinking about the timing, and recovery given the incremental weakness this quarter?
Mike McMullen: Sure, Rachel. So while we saw signs of stabilization in our European and U.S. business stabilization relative to expectations. We’re not hearing anything along those lines yet in terms of recovery or desire to increase spending, the fact we’re hearing the exact opposite right now from our large major pharma companies. So, I hope that commentary from others in this space is correct. And there’s going to be a big recovery here from year-end, but we’re not seeing any kind of indications of that. If it does happen, great. It would be upside relative to our current outlook, and we know we do well in these markets. But Padraig, I don’t think we’re seeing and hearing anything like along those lines.
Padraig McDonnell: No, I think it’s spot on, Mike.
Robert McMahon: The only thing I would say, Rachel, is if we look at our funnels, they continue to be growing. So it’s a question of when, not if, and particularly in pharma. And as Mike and Padraig just mentioned, we’re not assuming a budget flush into our Q4. And if it happens, that would likely happen in our Q1 in any event, from a revenue perspective. But what we see at least from our funnels, is they continue to be helping. And let me just answer Brandon’s question from a couple of times ago. If I look at LC and LCMS on a three-year CAGR, they’re between 7% and 9%, so higher than the overall LSAG average.
