Brian McKelligon: Yes. I think you’ve got a couple of buckets of M&A, Mark. I think you’ve got some activity that’s really driven around companies trying to find synergies as a way to continue to capitalize their business. And then you’ve got these larger deals like the Olin deal. I think they’re kind of falling into those two buckets. I think for us, Mark, our number one priority for 2024, we have everything that we need in our technology stack. It’s really just delivering on what we need to in terms of growth with the reagents at the center of that and then securing additional and then continue to expand our biopharma business. So there’s nothing that is of immediate need that would be better done with an M&A. That said, we are always keeping our head on a swivel and looking at opportunities and trying to do that kind of in a reasonable resource method.
Operator: Thank you. One moment for our next question. And our next question will come from the line of Rachel Vatnsdal from JP Morgan. Your line is open.
Rachel Vatnsdal: Perfect. Good afternoon. Thanks for taking the question. I want to follow-up on some of my earlier questions around placements. Can you just kind of walk us through what are your base case assumptions for placements this year in 2024? In the past, you’ve talked about a run rate of a few hundred instruments per year. Should we model that for this year as well? And then, what are the potential sources of upside and downside on that this year? Thanks.
Brian McKelligon: Yes. Thank you, Rachel. Your numbers are right. I think a couple hundred is fair. We probably wouldn’t get more specific than that. And then, I think the upsides, I think we still have upsides, certainly on reagents as we expand our content, as we get the 2Os fully utilized in the field with their increased capacity as software solutions like MaxFuse become more prominent and our panels continue to rollout. So I think there’s certainly upside there. I also feel like we have opportunities to continue to advance our clinical partnership portfolio, to — hopefully to secure additional significant partnerships in that realm and much of that would be additive to our top line whether it’s this year or next year. We try not — we have not baked into our base financial fundamentals and assumption around additional significant CDx deals. But when they do come, as I noted earlier, that would be a source of upside.
Rachel Vatnsdal: Great. And then, I just wanted to touch on the macro backdrop a little bit more. You talked about how 4Q continue to have some of those macro pressures impacting capital equipment purchases. Can you talk about how that trend has continued into January and February as customers have kind of had some of these budgets reset on Jan 1? And then you highlighted that China was an area of weakness from some of this capital purchase spending, but were there any other geographies that were notably impacted by the macro backdrop as well? Thanks.
Brian McKelligon: No, obviously you can have exchange rate issues that effectively drives up your ASP, but that’s not to the point, I think where beyond the macros, it’s really impacting our top-line. And I think, as I noted earlier, it’s really, Rachel, just about some budget tightening, but also an increased in diligence and approval circles around many capital purchases, just like we do internally with our own capital purchases. So those are the large scale dynamics at play.
Rachel Vatnsdal: Great. And then, just on January, February trends, could you walk us through how some of those conversations trended in January and February so far?
Brian McKelligon: Yes. I mean I’m hesitant to give any specific guidance on Q1 other than to say we have as an expectation in our full year guide that the market trends that we saw in second half and in Q4 will continue into Q1 and the rest of the year.
Operator: Thank you. I’m not showing any further questions in the queue. I’d like to turn the call back over to Brian McKelligon for any closing remarks.
Brian McKelligon: Yes. Well, thank you, Victor, for hosting us. Thank you to everybody for your time. I think for Akoya, we have, and we’ll continue to demonstrate and realize the benefits of our strategy with ultimately that being as we know that hitting operating cash flow breakeven by the end of the year, with our reagent growth and the margin expansion along with that being core contributors. But again, as I noted, we’re also seeing real significant movement and opportunities for us to take that next leap as a company and continue to advance our portfolio from a research-based product to additionally a clinical-based product. And we’ll continue to share those successes with all of you as part of future calls. So I thank you for your time, and I look forward to following up with each of you soon.
Operator: Thank you for participation in today’s conference. This does conclude the program. You may now disconnect. Everyone have a great day.
Brian McKelligon: All right. Thank you.
