While this is positive, we are going to be prudent in our initial guidance. For the full year guide, we expect revenue in the range of $6.71 billion to $6.81 billion. This represents a core growth range from a slight decline of 0.5% at the low end to 1 point of growth at the high end. Currency is a headwind of 1.2 points while M&A is also a slight headwind of 10 basis points related to Resolution Bioscience. On a reported basis, we are expecting a decline in the range of 1.8% to 0.3% year-on-year. From a geographic perspective, we expect modest growth in the Americas and Europe. While we expect to see recovery during the year in China, our initial view is it will still decline for the full year. From a business group perspective, we expect growth in both DGG and ACG, while LSAG instruments will still be pressured.
In terms of phasing, we expect the first half of FY24 to look similar to the second half of FY23, with growth in the second half of next year. We are projecting modest operating margin expansion for the year. Below the line, we expect interest income and expense to offset each other, a tax rate of 13.5%, and 293 million shares outstanding. Fiscal 2024 non-GAAP EPS is expected to be in the range of $5.44 to $5.55. This range represents flat to 2% growth versus FY23. From a cash flow perspective, we expect another robust year. We are expecting roughly $1.6 billion in operating cash flow and $400 million in CapEx as spending increases on NASD’s Train C and D expansions. Looking to Q1 2024, we expect revenue in the range of $1.555 billion to $1.605 billion.
This represents a core decline of 11.3% to 8.5% with currency and M&A having a minimal impact. At the midpoint, we are expecting growth that resembles what we just delivered in Q4 and assumes no significant budget flush during the end of this calendar year. This is against another difficult comp of 10% growth in Q1 of last year. First quarter 2024 non-GAAP earnings per share are expected to be between $1.20 and $1.23 as the cost savings fully ramp through the quarter. As Mike indicated, while we are expecting low growth in 2024, we remain optimistic about the future of our markets and our long-term prospects. Our business remains very profitable and healthy, and I know we will come out stronger as a company when market growth returns. And now I will turn the floor back over to Parmeet for your questions.
Parmeet?
Parmeet Ahuja: Thanks, Bob. Bo, if you could please provide instructions for the Q&A now?
Operator: [Operator Instructions] We’ll go first this afternoon to Vijay Kumar at Evercore ISI.
Vijay Kumar : And some helpful comments here. Mike, maybe starting with those book-to-bill comments here. Overall company 1 turn LSAG instrumentation looks like it’s turned. Curious what those book-to-bill numbers for ex-China? And if instrumentation has turned, that Q1 guidance, comps get easier. Why is Q1 assuming no benefit from this turn in instrumentation?
Robert McMahon : Yes, Vijay. Let me take that. I think if you look at the book-to-bill ratio, it’s — for LSAG instruments, it’s actually very similar to both including China and excluding China. China was actually slightly positive as well. So that’s a good sign. And as we mentioned in the prepared remarks, we’re taking a prudent approach to our first quarter. And certainly, we see this as a positive. We did have some — we typically do have seasonality from our Q4 to Q1, but we’re taking it kind of one quarter at a time.
Mike McMullen: Yes, I think part of the big story, too, Vijay, is the 10% comp from last year as well. But as we said it in the call, we were — it was encouraging to see some initial signs of stabilization with that kind of book-to-bill on the instrument side.
Vijay Kumar : Understood. I’m glad to hear prudency and right off the bat here.
Mike McMullen: We got that into the script, Vijay.
Vijay Kumar : On — just one more related on guidance here. What are you assuming for NASD in China for fiscal ’24?
Robert McMahon: Yes. So for China, we are thinking mid-single-digit decline for the full year. So very similar to this year. And then for NASD, right now, we’re expecting low single-digit — mid-single-digit growth.
Mike McMullen: Mid-singles. Yes.
