It came in markets where we also have real significant opportunities. So think about it as, we’re wildly under-indexed in China, we’re under-indexed in India, and also at some of the growth in emerging markets in Southeast Asia. So I do think that there, as we think about the world, the opportunity to implantables is in the international markets. It is in penetration in the US. And it is in kind of steady performance. There’ll be some next generation products. They’re a little ways out for us. We’re pretty much consistent with what we said at Capital Markets Day. I do think the one thing to consider is that we have multiple vectors of growth here. I think one of the things that maybe isn’t appreciated enough is how big an opportunity Hydrus might be, how big an opportunity some of our torics and multifocal and reusable contact lenses are.
We’ve got a lot of stuff going on in equipment and in consumables that’s coming in the next 12 to 24 months. We’ve got eyedrops, the multi-dose preservative free business is growing really well. We’ve got contact lens care back on track. We’ve got Rx that’s still moving nicely. So I would just make sure you’re giving a fulsome view of how we’re going to grow, because our view is almost every one of those categories, we can outgrow the market. So we’re feeling pretty good about the market growth and then fundamentally how we perform inside of it.
Larry Biegelsen: Thank you.
Operator: Thank you. Our next question is from Daniel Buchta with ZKB. Please proceed with your question.
Daniel Buchta: Yes, thank you very much. Hello gents. Maybe the first question just to follow up a bit on the surgical performance and thanks for the comment on how the market has done. But I mean at least compared to what consensus was expecting for today’s result, I mean the performance in surgical was probably a notch weaker. Is this purely the market or do you see any product innovation from competitors? Are there seasonal factors that have influenced your organic growth momentum a little bit in this business? So, I mean, yeah, because I think we would have all expected a little bit of a strong momentum in surgical. And then the second question, maybe an update on China VBP. Do you have an idea already on the timeline when it should concrete, how it may look like, and then ultimately, of course, the question on how it may affect you in 2024 and maybe in 2025, if it’s rather a bit slower, the implementation? Thank you very much.
David Endicott: Yeah, I mean, look, I would put really a fine point on the growth number as really this is market. What we saw in the second quarter, I think maybe people got a little bit enthusiastic about, was a 7% procedural growth in the second quarter. That’s not a normal number, nor was the first quarter, which was again, very high number. So when you come back to 4% globally in the third quarter, that’s a pretty normal number. And you should expect the market to kind of move to a mid-single digit normalization over time. And that’s really what we’re trying to communicate is procedural growth on a normalized basis is going to be kind of in the low mid-single digits, depending on what we see. We think it’s a little bit better than that because there’s some backlog, because there’s some productivity gains.
But when you look at the third quarter, it was 2%. So if you look at the gap between us and the market, we grew faster than the market in Surgical in almost all three categories. So my view is that with a little bit of a softer market, I think that’s mostly a US comparator from prior year, because there was a big bounce back last year. But that really is, I think, what’s happening. And I do think we’ll see a steady kind of mid-single growth going forward. What I do think also on the on the China piece is that we are in a position to really take advantage of China at some point. We just haven’t really — we didn’t participate in the VBPs in the past and the VBP had some very old products in it. So we weren’t 100% clear as to how that would impact the private markets and our strategy, I think, was very successful as we went through it.
But we’re evaluating the VBP. It comes out, I think in the end of first quarter, early second quarter, something like that. We’ll have to see how that turns out. But I think directionally, I would think about China and Asia and many of the developing markets as an opportunity for both penetration to grow, but also our share to grow. So I think those are kind of where we’re thinking about growth opportunities, as well as obviously penetration in Europe and the more in the US. So that’s kind of where we are.
Daniel Buchta: Okay. Thank you very much. Very helpful.
Operator: Thank you. Our next question is from Ryan Zimmerman with BTIG. Please proceed with your question.
Ryan Zimmerman: Good morning. Thanks for taking the question, and I appreciate the update. Just, some of your peers have called out, particularly in MedTech, and this is more for Tim, that supply chain inflationary numbers have been easing. I know you’re still factoring into your guidance. We got a pretty good CPI print yesterday. So I’m just kind of wondering what you expect from here into 2024 from an inflationary or supply perspective, appreciating that freight costs have come down, energy costs have come down, et cetera.
