Rainer Blair: So our perspective on M&A remains unchanged here. First of all, our funnels continue to be very active. As you know, our balance sheet, which is now at 1.5 turns is in great shape. We’re starting to see in the marketplace some recognition and I’ll even say some acceptance of the lower valuation levels that we have now seen for a good period of time. And I would say it is early days, but the environment for M&A continues to improve. And as you know, in the past, when there have been these kind of situations, Danaher has been able to deploy capital in a really value-creating way. And of course, it’s our intention to do that here in the future as well.
Dan Brennan: Great. Thanks, Rainer, thanks, Matt.
Operator: Our next question — I’m sorry, our last question will come from Patrick Donnelly with Citi.
Rainer Blair: Good morning, Patrick.
Patrick Donnelly: Good morning, Rainer. Thanks for taking my question. Maybe one on — back to the Diagnostics business. On Cepheid, can you just talk about the non-COVID piece, what you’re hearing customers in terms of utilization, usage, particularly those who bought instruments during COVID? Obviously, you saw the installed base double over a couple of years there. Would love just some perspective in terms of what you’re seeing as COVID comes down a bit, respiratory comes down here shortly, what the expectations there are?
Rainer Blair: I mean, Patrick, we’re very encouraged by what we’re seeing. As you mentioned, over 50,000 instruments placed, more than double than we’ve had; well into the mid-20s in the number of tests. Now as you can imagine here in the fourth quarter and sort of the beginning of the first quarter, our customers have been busy with respiratory testing. No question about that. But we’re very encouraged by the fact that even in the fourth quarter, we saw that non-COVID testing growing at over 20%. And I think that’s indicative of a couple of things. First of all, we were very strategic in how we thought about placing our instrument in the sense that we really stayed at the point of care with customers that would be able to standardize their larger IDNs around the GeneXpert architecture as well as leverage subsequent to the pandemic, the broad testing menu that we offer, and we continue to see that.
Not only do we continue to see that, but we see continued consolidation of point-of-care molecular testing onto the GeneXpert platform, which is likely also another driver for us seeing the continued adoption of the non-respiratory menu. So very positive outlook here. We’re encouraged and its still kind of early days.
Patrick Donnelly: Okay. That’s helpful. And then maybe just a follow-up on Dan’s capital deployment one there. Can you just refresh us on kind of how you think about leverage ratios and if the current rate environment changes your perspective at all in terms of what size deal you guys would look at?
Matthew McGrew: Yes, Patrick. Yes, I mean from a leverage perspective, we’ve been, I think, a couple of times in our history, we got to a little bit over four. So — I mean, I think we’ve always said we don’t have much of an appetite to be rated any lower than we are, for sure. So I think that’s sort of the outer boundaries of what kind of think about. But we kind of — we’ve been all over the place historically. We don’t really have a target of two or three. It just sort of moves around with the deal activity, and we sort of take our time to it. And as far as the current rate environment, I don’t think it changes it for us. I think we still think about sort of returns in the same way that we did. We’ve been doing this a long time.
