Matt Larew: Hi, good evening. Thanks for the update on the customers who’ve been in to your new GMB facility. And it sounds like they’ve done audits and have qualified the facility. You talked about sort of a full fall audit calendar. I’m just curious as you’re now kind of peeking into winter, at least for those of us in the Midwest, and into the spring, sort of what the pipeline of audits look like. And then, sort of beyond that, Stephen, you referenced sort of scaling into production of those customers next year. Could you just maybe give us a sense, like are there break points along the way as they move from qualification to full production that either reflect the level of commitment to working with you or give you some higher level of certainty that sort of business is afoot? Anything sort of at least internally that you track?
Stephen Gunstream: Yes, great. So certainly in winter, we’re starting to book audits into 2024 right now, just based on requests and continue to build out that calendar. So it looks pretty good from that perspective. Obviously, the feedback has been really positive from the customers that have seen the facility. So the pipeline, I’m pretty happy with the work that the team in the field is doing, but also just our current customers going through there and being really excited about what we’ve built. Now for the next year production piece, right? And what you’re alluding to is the timing from that qualification until really they start ramping with scale, and that is a delay. It’s less so a delay for existing customers that have audited us before and have bought GMT grade products from us, than those that we’re converting from other companies.
And there’s, for example, we have one that we’ve been working with that has, we’ve done a number of pilots with where we’ll actually make their products in our facility, then we’ll ship it to them, and then they will test it at very small batch sizes to make sure it’s meeting what they need and from their current supplier and comparing the two, and then start migrating. And then we tend to do an audit and then they host them and then we start planning a transition. That period can be sometimes if they’re an urgent need, it can be quick, but at this point in time, with the current environment, they tend to be much more selective with timing of those things and they take more of a six to 12 month time period. So, that ramp up can take some time when you are shifting from a new customer.
And we’ve been doing quite a bit of that fairly recently. So that gives us a little bit of confidence as we move into 2024, particularly the back half.
Matt Larew: Okay, and then, given the benefit of sort of going last year within our in season, we’ve heard sort of two sides of the coin from companies throughout the certain season about sequential improvement or not throughout the month in the third quarter and then October. And so just curious if you could sort of give us a sense of the latest, we obviously saw the year-over-year declines and the sequential declines in revenue, but from an order perspective, just kind of curious what the more recent trends have been.
Stephen Gunstream: Yes, I don’t think we’re in a position to say we’re at the bottom, but I can tell you that it feels like we’re at or near the bottom for our perspective. I’m just, the question is about how fast the ramps back up more than anything else. We have been, I’ve been pretty encouraged by the orders recently. And like I said, for us, when I look at it, obviously I have a lot more insight than you get to on the customer perspective, but I know we had two really large orders last year that were very unique one-time orders outside of this biopharma space. When you take and you remove those, you really start to see, hey, this underlying growth is there for Q3. And so to me, that is a actual financial metric of where we are.
