So pretty pleased about where we’re at from a pricing standpoint, and certainly one of the favorable drivers of margin that we do see. Share is a great story for us, and certainly excited to talk about that. On the production side, I think we’ve got a long-standing track record, particularly in our biomaterials and bioprocessing business of share growth. You typically see us outperforming the broader market on bioprocessing 300 basis points to 400 basis points. And again, even with the declines we saw in the quarter, I think that performance is as good as you’re going to see and certainly, again, best-in-class. And even if you were to adjust for maybe our more modest exposure to China, I think that’s still a true statement. On the Lab side, we’ve talked a lot about our strong focus in the academia world.
We continue to see nice growth there, a nice penetration and a lot of new customer wins there, a lot of important contract renewals. That’s an end market or a customer segment that historically has been a little bit more open to – to churn. I’m not sure we’re seeing it any differently now. Maybe we’re playing it a bit more aggressively now. But just with the more fixed budget environment and less sensitivity to maybe some of the – the high regulatory environment that a biopharma customer might have. That is an area that we think that we can continue to be successful with. So again, another great quarter here of, we think, share expansion in both of our segments.
Josh Waldman: Got it. Thank you, Michael. I appreciate all the color.
Operator: We have time for one final question today. And so our next question comes from the line of Patrick Donnelly with Citi. Please go ahead.
Patrick Donnelly: Hey guys. Thanks for getting me in here. Michael, I know on the last call, you talked a little bit about some of the margin pacing and even the exit rate potential this year. I guess with the bioprocessing order improvement, obviously, nice margin flow through on that. The cost savings plan, obviously, Brent talked a lot about just the visibility there. Can you talk about just the confidence on that margin exit rate and how you are viewing things on that front, given the current trend?
Michael Stubblefield: That’s a really good question, Patrick. We’ve reaffirmed our full year guidance today, which I think does a couple of things for us. One, it shows our confidence in the plan that we have in place. But with the margin outperformance that we drove in Q1, of course, that has the effect then of derisking the margin ramp that was necessary to hit the full year margin numbers. So I like that. Certainly, it’s early in the year. Brent talked a bit today about our cost transformation initiative that seems to be ahead of plan. Still a lot of things to get done on that front this year, but we’re focused on executing those, and perhaps there’ll be some upside as we get further into the year. But I think it’s – at this stage of where we’re at in the calendar, prudent to kind of bank the outperformance in Q1, continue to drive hard on all the initiatives that we have in – in flight here, and we’ll keep you updated as we move through the quarter.
But I think the read for me on this is just, the – a bit of derisking here on being able to deliver that margin target for the full year.
Patrick Donnelly: That’s helpful. And just a very quick one. I know we’re kind of tight. But Brent, just on the debt paydown, visibility, leverage exit rate, when you guys love to think about capital deployment getting back in the mix there? Thank you guys.
Brent Jones: Yes, sure. Thanks, Patrick. Look, we continue to generate cash very well. We’re holding our pre-transformation costs, cash flow guidance for the year. Just – you do the math on that, it will certainly – absent a meaningful increase in EBITDA, will certainly be within 2025. I mean, we’re absolutely committed getting to adjusted net leverage of below three times. We’re certainly doing what we can to accelerate that, but we’ll keep posting you every quarter, and we’re going to keep diligently grinding down the debt balance.
Operator: Those are all the questions we have time for today. And so this concludes our question-and-answer session. I would now like to turn the call back over to Michael for any concluding remarks.
Michael Stubblefield: Yes. Thank you. Maybe just a couple of quick comments here. I just would reiterate how well positioned we are here in this environment, particularly with our new operating model. As you can tell from our comments today, we’re – we’re encouraged by the leading indicators that we’re seeing, particularly in the improving order book in bioprocessing. We’re out of the gate strong with our cost transformation initiative. We’re able to accelerate some savings into the first quarter here, and I’m pleased with our progress here. So thank you all for joining us today. I certainly look forward to updating you when we meet next. Until then, be well, everyone.
Operator: Thank you, everyone for joining us today. This concludes our call, and you may now disconnect your lines.
