Todd Garner: Yeah. Thanks, Robbie. Yeah, I think, if we just raise our view a little bit other than just Q4, right, in Q2 and Q3, the last two quarters we reported on, the business was growing in the low double-digits organically. So, this is not an aspiration or a hope to us. We know this portfolio can do it. We’ve identified the causes for this kind of slower Q4 than we expected. We do believe those are temporary. We think we’re doing all the right things. And so, it’s not — really the aberration is the hiccup, right? The business is built to grow, as we’ve guided, and I think we feel very comfortable with the guidance we’ve provided today.
Robbie Marcus: Got it. And as you think about just the M&A you’ve done and where the leverage is right now, how do you feel about your ability to continue to do M&A and your thoughts on the need for additional assets in the P&L? Thanks a lot.
Curt Hartman: We finished leverage ratio of 4.1, which was better than we had expected based on some fine work on asset management through the second half of the year. We’ve said publicly, we didn’t give our business development teams time off. If a great asset came along, we would take a very hard look at it and we candidly continue to look at items. The bar is obviously much higher and with a little bit higher end-market interest rates, the bar becomes just that much higher. I’m not sitting here today feeling we need to do anything. I really like the portfolio, as I said in my scripted comments both in General Surgery and Orthopedics, there are some new products coming that are additive to the overall effort and I think our teams on a global basis have plenty to say grace over in terms of talking to their customers about clinically differentiated offerings.
But again, med-tech 101, if a great asset came on the market and we thought it was a great fit and going to contribute to the long-term growth story, we take a really hard look at it. But not sitting here saying, we need to do it, not sitting here saying we have to do anything to change our outlook and change or deliver — do something to deliver on the guidance. The guidance we put out we feel very good about and that’s based on the portfolio that we have with us today.
Robbie Marcus: Great. Thanks for taking the questions.
Operator: Thank you. One moment for our next question. And our next question comes from the line of Matthew O’Brien from Piper Sandler. Your question, please.
Matthew O’Brien: Good afternoon. Thanks so much for taking my questions. Todd, when you were at our conference to the end of last year, you were talking about a double-digit grower at CONMED in ’24. You’re backing off that a little bit here today for a product that I don’t think it’s supposed to be out until the end of the year, and most likely, will come earlier than that. But is the lowering of 100 basis points, maybe 150 basis points versus what you’re expecting entirely because of this hypothetical launch, or are there other things in there specifically that look like your Capital business was a little bit slower than we were kind of anticipating down sequentially versus in normal years being up? Is there something else going on too that’s impacting the business just beyond your conservatism on AirSeal?
Todd Garner: No, I mean, there’s only — there’s a few moving pieces here. But let me just clarify the record. You’re right. Like we said, Q2 and Q3, which were the quarters we reported on going into your conference, we had delivered between 11% and 12% organic growth in both of those quarters. And those quarters had no odd comp — those were not easy comps. Those were kind of normal comps. And so that was very representative of what the engine is doing. We still obviously we’re guiding 8% to 10% with, as you put, some conservative assumptions behind that. We feel very good about the strength of this portfolio. Success here has always been defined as grow faster than your markets, right? So, double digits is kind of a milestone that we’d all be very happy about.
But it was — we’re growing faster than our markets, we’re winning. And I think 8% to 10% is clearly faster than our markets, even with those kind of assumptions, which I think you’ve got them right, there’s nothing more than what we’ve said, Matt, and I think you captured. And the Ortho business is in a little bit of a slow point, we’ve got to get that back to normal. And so that’s affecting the start of the year. And we’ve been very generous. I think we’ve tried to lean into this scenario that’s out there on our company and the valuation, and we’ve tried to make this really a worst-case scenario in relation to this competitive launch that the market is worked up about. So you’re saying end-of-the year, our assumptions are that it comes way before that.
And I think through — again I am not sharing the details of our model, but we’ve been as generous as we could to be conservative in those assumptions and to build that in. So having said all that, I don’t think any of that is inconsistent, right? We were growing double-digits. Q4 was disappointing for the reasons we told you. But the rest of the portfolio continues to be strong. We’re going strengthen up that Ortho side of the business and get all cylinders humming.
