Jayson Bedford: And is there a right level or what is the right level of inventory here, either on an absolute or a ratio of sales, however you want to depict it?
Brian Bonnell: Jason, I think — we believe that the right level is probably somewhere between where we started 2022, which was less inventory than what we needed but not as much as we have today. And I think it’s kind of somewhere in the middle. And if you were to put a value on that, it’s probably could be somewhere — something that rounds to $100 million.
Jayson Bedford: Just maybe up the P&L here. On revenue, I think there was a lot of noise in the year-over-year comparison, which you identified, and I think you said sequential growth in the fourth quarter. But can you just comment on your ability to grow revenue on a year-over-year basis in the fourth quarter?
Vivek Jain: The fourth quarter starts to look better from a year-over-year perspective, right? I don’t think we expect these wide swings. They may not be wide positive but it’s a much more normal comparator in the fourth quarter. And demand is okay out there right now. Again, we’ve said a few things we’ve regretted here over the last number of quarters, we don’t want to put ourselves in that position again.
Jayson Bedford: And then, Vivek, maybe about — if you could talk about Plum Duo. You mentioned the limited market release. Are you taking orders now? And is that — I’m wondering is that impacting pump sales or has does it have the potential to pause pump sales in advance of kind of a full market release?
Vivek Jain: I mean I think it’s — it takes time — I can’t remember we talked about it. It takes time to get these new devices seasoned in the market implemented with and integrated with all the various IT vendors, et cetera. And we didn’t want to set the expectation that all of a sudden immediately, there’s going to be Plum Duo sales, that’s not going to be the case. Nothing happens fast in the pump business, but the product life cycles are incredibly long as evidenced by the market share leader. And what new innovation does and a vision around the different pumping modalities and how they come together, gives us a reason to have a lot of conversations and gives people a reason to listen. And hopefully, there’s been a couple of drivers of breaking through that inertia and I think people now have to make choices.
And we have a very credible choice that can be an anchor product offering for many years. And so I think we feel pretty good about it. But it does take time, you got to get it on patients,yu learn things along the way, regardless of approval and just make sure it’s rock solid and we’re in the process of doing that.
Jayson Bedford: And then maybe lastly for me, and I can jump back in queue. Vivek, you mentioned PLUM SOLO as well as a refreshed syringe pump. What’s the time line on those two?
Vivek Jain: I think it would be — the goal would be to talk about them like we did with the Duo when it’s approved. Obviously, we can’t be as — we can’t act exactly the same way now. I think if we could get them on file with our regulators in the next 12 to 18 months, we’d be happy with that time frame. It could be inside of that, could be outside of that, but that would be a safe window as fast as we can. But I think we feel pretty good that we cleared a lot of the regulatory hurdles in the base architecture of Duo here, which maybe makes some of those other things in the software side of it bit easier.
Jayson Bedford: And just to be clear, just on cash flow generation, it’s earmarked for debt pay down. Is that fair?
Brian Bonnell: Yes, that’s still priority number one for us, Jayson.
Vivek Jain: I think on your revenue question, Jayson, I mean, it’s a little bit of the previous commentary there too. There, it is very, very messy this quarter with what happened in 3Q catch up next year. And so the standard, we certainly are expecting ourselves is to be able to grow all three of our lines of business year-over-year, right? This requires way too much explanation, way too many words to describe what’s going on in the revenue. And so your direct question, just to have a very direct answer [indiscernible] that’s certain…
Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Vivek Jain for any closing remarks. Please go ahead.
Vivek Jain: Thanks, operator. I guess I’d make one comment on behalf of ICU Medical here. We did have one less participant on this Q&A portion of the call today. We wanted to acknowledge the passing of Matt Mishan, a tendered analyst we had from KeyBanc, we would offer our condolences to his family and his colleagues, and he was a critical thinker and a supportive partner and brought a smile to our face when we interacted with him. So just a moment to recognize that. Back to ICU, we understand the situation we’re in. We feel like we are finding some stability on the products that we’ve acquired, continue to get good growth on our legacy businesses, and we just sort of need to bring the pieces together here and show that with evidence of revenue growth, cash flow generation and ultimately, margins. So we appreciate folks’ interest, and we are — obviously, Brian and I are available for anybody who would like to discuss further. Thanks very much.
Operator: This conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
