So what’s going to happen in bone graft? I think we’ve been driving growth with new product, the new fibers and global allografts, and those have been a big driver of our growth. That’s probably going to stabilize a little bit. It’s probably going to settle. And so we’ll be continuing to see growth from that. But the question is when that will be sort of moderating more to high single-digit growth rather than double digits. So I think we’re going to continue to monitor carefully. We’re continuing to look at new product ideas. But right now, we’re feeling positive about these changes, and it’s going to be a couple of quarters before you see all the benefits of it.
Chase Knickerbocker: Great. Thanks for the questions. Congrats again on the progress
Operator: Thank you. The next question comes from the line of Robbie Marcus from JPMorgan. Your line is open.
Lilia-Celine Lozada: Hi, this is actually Lily on for Robbie. Thanks for taking questions. This year has had some challenges, but it seems like you’ve made some good progress stabilizing some of these trends. And I know it’s still early, but as you look out to 2024, how do you think about your ability to drive overall revenue growth next year? And what sort of headwind tailwind should we be keeping in mind?
Mark Singleton: We look into 2024, we expect a return to growth. We’re going through our plan on 2024 as a team right now and looking for solid growth in that – in 2024. We talked about HA, we look to have mid- to high single-digit growth. And so as prices stabilize and we expect the volume to continue to grow, we also – the team has done a really good job on improving our processes around the predictability of our total business, but also in HA and that will help us have confidence in managing that, and we’ll also continue our disciplined expense trends and the culture that we’ve developed in 2023. And – but I think starting in Q4 and we look into 2024, we’re going to start to look at investments that are going to drive return the business back to growth.
And we talked about having solid growth in 2024. So we’ll start to look at some commercial investments starting in Q4 with our sales team as well as R&D investments that will help drive the growth over the long-term. So, both of those will be investments that we would make. And so, when we look at 2024 off of the guidance numbers that we’re providing, we would expect to see a smaller than the expected increase in EBITDA. We expect to increase it, but it’s not going to be maybe as much as what you would expect with the growth that will drive just because of some of the investments that we’re putting back to drive growth in 2024 and beyond.
Lilia-Celine Lozada: Alright. That’s really helpful. And how do you think about where the portfolio stands today? Are there still any divestitures potentially on the table? And where does M&A fit into the equation as you think about continuing to drive growth and innovation? Thanks so much.
Tony Bihl: Lily, Tony Bihl, let me take that one. First of all, yes, M&A is probably not in the near term on our horizon. I think our focus is to digest a lot of great products and a lot of great processes that we have in our current portfolio. So that’s what we’re focused on. And I think for the foreseeable future, at least for the next year or so, you’ll continue to see us focus there. I think that from a standpoint of whether we’re looking at our portfolio, yes, we’re constantly looking at it. Those activities are ongoing. Nothing new to report here today, but have confidence that we are evaluating where can we make investment to fund future sustainable profitable growth and continue to focus on those businesses.
And we’ll continue forward with our evaluations of what belongs in the portfolio and what might change. But right now, we’re very, very focused on driving what we have in our portfolio, and we feel comfortable that we don’t have anything that we have to – we are forced to do. We have good cash generation from the businesses we have and – but we will continue to evaluate.
Lilia-Celine Lozada: Great. Thank you.
Operator: Thank you. [Operator Instructions] Next question is coming from the line of Bill Plovanic from Canaccord. Your line is open.
Bill Plovanic: Hi, thanks. My question has been answered. Thanks.
Operator: With that, there are no further questions at this time. I would like now to turn the call over back to our CEO, Tony Bihl.
Tony Bihl: Well, thanks, everyone, for your interest in Bioventus. We continue to generate significant improvement in our financial position through strong execution of our business plan. Our increased visibility into our business provides us with confidence in our ability to raise our revenue and earnings commitment for the year. Our leadership team and I lead a dedicated team of employees that are focused on our mission and stakeholder value creation. Thanks again.
Operator: This now concludes today’s conference call. Thank you for joining. You may now disconnect.
