So just so that we’re all on the same page on sort of the numbers historically on how we have sort of arrived at that mid-teens growth rate in discussion with our customers who say, Hey, look, if you look back over the last three, four years, my demand is about the same. My order pattern is going to be slightly different, but my end demand is about the same.
Vijay Kumar: That’s helpful color and perspective. And then one last question here for me, perhaps, Matt, this is you. The high single-digit guide for bioprocessing implies like the non-bioprocessing that’s nearly 75% of Danaher revenues. That’s also up high singles. That’s a strong number. Again, any confidence here? I think there’s been some concerns around capital order trends. So what’s the order book shaping up for instruments? And margins here, 31% that’s stepped down from Q4. Given that high single digits will resume and the pricing commentary, your volume leverage and pricing contribution should be pretty strong. So maybe if you could just comment on the non-bioprocessing high single-digit assumptions and margin assumptions?
Matthew McGrew: Let me take margins. And I think we sort of covered the high-single digits bit, but maybe Rainer can kind of wrap it up on bioprocessing.
Vijay Kumar: I’m sorry, non-bioprocessing, non-bioprocessing.
Matthew McGrew: Non-bioprocessing. I’m sorry. So COVID?
Vijay Kumar: No, no. Ex-bioprocessing, the other EAS diagnostics. I mean…
Matthew McGrew: I’m sorry. I’m sorry. Okay. Everything outside of bioprocessing. Got you. So let me start with the margin question first because I think that’s one that’s topical here, too. So if you think about margins for the full year, and then I can kind of touch on ’21 or Q1 as well. When you look at margins, we’re talking about kind of 31% adjusted margin. And that’s going to be a bit lower than we were in ’23 on the margin, if you will, with the biggest factor going to be the value of leverage, like you alluded to there. We’re going to lose, call it, $3.2 billion of COVID headwinds in the year, $700 million from the vaccines and therapeutics as we go from, call it, $800 million to a little over $150 million or a little under $150 million.
And then we’re going to have $2.5 billion of testing follow-up as we think we get to a more endemic state on Cepheid testing. So the margin profile on that stuff on the headwinds is basically the fleet average. I’d say that probably falls through at 40%. So kind of in line with our normal fall through, but that volume is pretty meaningful at $3.2 billion as you talked about. So we will offset some of that. High single-digit core and base business is going to be $1.7 billion in change, let’s call it, falling through 35% to 40%, but just not enough to fully compensate what’s happening with our COVID headwinds here. So I think you combine that the volume with sort of an overall macro backdrop, Vijay, that I still want to kind of be prudent here from a planning perspective as we head into the year.
I want to see how the inflation of the supply chain kind of progresses through the year. China is still a bit of an unknown on how that bounces back. And I kind of I like to start the year with cost structure that’s in the right place, and let’s see how some of these things sort of play out. And as the year goes on, we’ll obviously try to do better, but that’s sort of how I’m kind of thinking about the margin for the year. And really, the only difference between Q1 and Q2 from 31% for the full year — I’m sorry, in Q1, is FX in the first quarter. That’s it. We’ll have a $225 million FX headwind in Q1. And so, I would say that the same drivers, if you will, for the full year are for Q1.
Vijay Kumar: That’s helpful.
