Todd Garner: Well, that’s what’s interesting, right? I mean, if you really think about 400 basis points of inflation digested over the last three years and our margins have stayed flat, right? So that means if inflation just stayed flat and didn’t even get better, we were on a pretty good mix tailwind to grow at that rate. And by the way, 2.5 of those three years did not have the benefit of the new acquisitions, which both come in at 80% gross margins. And of course, those are going to grow in size and contribution of mix, right? And so our mix story is powerful. I’ll tell you, I feel good about this 60%, because I haven’t assumed that we get that 400 basis points of inflation back. I mean, I think in reality, there will be — there should be some recovery.
But I’m assuming the labor stays where it is. I’m assuming that a lot of the material costs, some of those spot buys and things where you’ve paid exorbitant prices during this period, those will come down. But we’re not — I don’t think the index cost of 2019 on the material side is ever coming back, right? You’re not ever getting back to those same levels. And so I’m not banking on a lot of improvement or reversal from inflation to get to those numbers. The mix part of our business by growing Airseal and Buffalo like we’ve talked about, these new acquisitions getting better operationally, which we’re focused on we’ve got the ability to get there. And I think we’ve demonstrated oddly enough in these three years; I think we’ve demonstrated that to be able to offset the crazy inflation like we have.
Curt Hartman: And I would just add to Todd’s comment. He talked about offsetting costs; we have the most comprehensive cost reduction program today than we’ve ever had in my tenure at CONMED. And you put that with the right mix of products, good things happen. So you guys know us well Todd wouldn’t put those numbers out here if we didn’t have confidence.
Matt O’Brien: Got it. Okay, thanks so much.
Operator: And thank you. And one moment for our next question. And our next question comes from Young Li from Jefferies. Your line is now open.
Young Li: Great. Thanks for taking our questions. So I heard the comments on AirSeal and Buffalo growing less than 20% in Q4, because of the disruption. I was wondering, if you can provide a little bit more color on the growth in Q4? I assume maybe some of those orders were higher prioritized if possible. Is it fair to assume that without the disruptions that business would have grown 20%-plus in Q4?
Todd Garner: Yes, we certainly would assume that. We were set up to have a really good quarter there. So I think without the disruption, it would have been there, but we’re not going to give the specific growth rates there Young, but we continue to believe that, that’s going to be a big growth driver for us. Especially, AirSeal if you think about it, we are now seven years post acquisition and that thing is growing as good as it ever has. I mean, there’s no slowing down. And then of course, Buffalo is a lot younger in his tenure and a lot. A lot more penetration ahead of it. So we feel very good about that being a big contributor to growth for the coming years.
Curt Hartman: And just on the Buffalo filter aspect, there’s legislation in some very large geographies coming into play in 2023. And we know now from history that legislation after it’s in play at some period of time does help. Those growth rates. They’re big markets. I think it doubles the amount of the population in the U.S., that’s covered. So that’s another benefit to that market.
