Patrick Wood: Really appreciate it. Thanks for the details.
Operator: Our next question comes from Vijay Kumar with Evercore. Please go ahead.
Vijay Kumar: Hey, guys. Thanks for taking my question. Maybe my first one here, you look at 2023 double-digit organic, that’s a pretty big number. Should we worry about comps? When you look at the outlook here, can you just remind us, the plus and minuses from a product perspective, what could be tailwinds, headwinds in fiscal ’24?
Mike Mahoney: Yeah. So we — it’s good for us to create tough comps. We didn’t have an easy comp going into this year. It was about a 9% comp going into ’23. So that’s a pretty healthy comp. And you indicated what the guidance is. I won’t repeat up too many of the other comments. It’s broad-based momentum. So growing in that guidance range versus 9% comp is a strong year. And we’ll give guidance obviously in January for 2024, and Dan will give some insights to our three-year LRP at Investor Day. And we’re really bullish about this next three-year period based on these differentiated launches that based on the current momentum that we have in the business, the product cycle that we have and the opportunity to potentially take it up to another level over a three-year period with these launches, many of which we’ve been discussed on the call today, many of them coming out of the cardio business.
And also the benefit of the margin improvement opportunity that Dan outlined, which we think is a multiyear margin improvement opportunity for us and the increasing strength of the balance sheet. So I think all those areas point to the momentum of the company, but we’re excited about really the next chapter of the company, given the cadence of launches that really have been a bit more derisked, I would say, versus a year ago.
Vijay Kumar: Understood. That’s helpful commentary. Dan, on the margin question, any one-offs that we should be aware of when we think of fiscal ’24? Anything on FX, kind of VVP (ph), anything that’s outside the normal operating leverage at Boston and Delaware that we should be thinking about?
Dan Brennan: Yeah. Obviously, with FX, we’ll see where that is when we snap the line when we give guidance. So hard to comment on that now. And then there’s always things that happen – VPP (ph) and other things that happen in every year. So our goal will be to — we’ll hit that 26.4% for this year continue to move that north over the LRP period. And again, as Mike said, look for us to be pretty prescriptive as what we think we can do at our Investor Day upcoming in September.
Vijay Kumar: Understood. Thanks, guys. Congrats on the [indiscernible].
Dan Brennan: Thanks.
Operator: Our last question comes from Jayson Bedford with Raymond James. Please go ahead.
Jayson Bedford: Good morning and thanks for fitting me in. Just touching on an earlier question and trying to break out what’s normalized market growth versus, say, a temporary catch-up here. You’ve grown revenue in the double digits in three of the last four quarters here. So I guess my question is, what do you think end market growth is right now in the markets in which you compete?
Mike Mahoney: You’ve seen others report. So the markets are healthy. There’s — we had a bit tougher comps than some of the others in the second quarter. So we’re proud of the growth we had in the second quarter. And we had maybe a bit less easier comp. So the — we’ll further redefine what we think the markets are growing in the future. We call it maybe the — we would have said 6% to 7%-ish range for our served market growth and maybe that’s a bit higher this year. But we still believe that in most of our business units, we’re growing faster than our peer group, which is what we’re paid to do. So it’s a healthy market. And whenever we have a very close pulse with our customers and the hospitals that have — the big hospital systems who have already announced earnings, they have very healthy demand, but we see an ongoing patient backlog for lack of a — patient wait time.
