Derik De Bruin: So Mike, you said it’s an unprecedented environment for instrument demand and such. We’ve been covering these markets a long time, you and I and looking at these, and these are just numbers, which are really just amazing instrumentation numbers. So what’s embedded for instrument growth in your 2023 guide? And how much of this is already covered by your backlog versus what’s going to be new or have to get in through the year?
Mike McMullen: Yes. So yes, thanks, Derik. And you and I have been in this business for a while and eye-popping growth rates, that’s why we love — we’ve really been joining these growth rates. I do think there’s elements in the market that actually have increased the long-term growth rates relative what we’ve seen in the past. But I think it’s also fair to assume that some of these accelerated replacement cycle seen will start to moderate over time. That being said, Bob, I think we’re looking at LSAG, what, in the mid-singles?
Robert McMahon : Mid-single. That’s correct.
Mike McMullen: And I’ll let you pick the second part of the question there.
Robert McMahon : Yes, yes. So it is mid-single digits. What I would say, Derik, is we’re not going to disclose the amount of contribution for our backlog in there. But you can imagine that, that healthy backlog that we just talked about is primarily on the instrument side. It’s just the way that we book business. And we have pretty good visibility into the first half of the year just given the way our order trends happened.
Derik De Bruin : Got it. Can we talk a little bit about the academic market and what you’re seeing there? Low single digits there in the quarter, low single-digit demand. How is that sort of like tracking relative to your expectations? I mean, I know you don’t have a huge academic footprint, but I know your genomics business was actually doing — they actually did — was actually quite strong in the quarter. So I’m just wondering if you could sort of talk through what’s going on in that market and sort of are you seeing any pressures there?
Mike McMullen: Yes. So Bob, maybe we can tag team on this, and I’ll start. So first of all, this is the one market that we always coming out of COVID said will be the slowest to recover, and that’s still proven to be the case. We saw really, really good demand in China in Academia & Government and also good demand for certain aspects of our portfolio. But at the same point in time, a level of caution is around CapEx. NIH funding is not as robust as people had hoped. So we’ve tempered our outlook for ’23 as kind of just a continuation of more and more of the same.
Robert McMahon : Yes. And I would say, Derik, the growth that we had met our expectations right down the line; and as Mike said, stronger in places like China, and less so in the U.S. but it met our overall expectations. And that’s kind of how we’re expecting it in FY ’23 as well.
Derik De Bruin : And I have to ask the obligatory M&A question. Your share is obviously a good choice right now, but anything peaking your interest, valuation starting to come in on some of the stragglers in the market?
