Lea Daniels Knight: Yeah. So that’s a — it does not include the substitution impact.
Matthew O’Brien: Okay. So it’s just — it’s a gross impact. It’s not a net impact.
Lea Daniels Knight: Yeah. Correct. Correct. Not net of substitution. Correct.
Matthew O’Brien: Got it. Okay. That was it for me. Thank you.
Operator: And thank you. And one moment for our next question. And our next question comes from Jayson Bedford from Raymond James. Your line is now open.
Jayson Bedford: Thanks. And good morning. Just a couple of quickies. On the timelines, to return to market, Jan, you mentioned in line with previously communicated timelines. Just to be clear, the expectation is late second quarter 2024. Is that correct?
Jan De Witte: Mid-May to end second quarter. Okay. So that’s the timeline we project and plan for. And that’s also as we communicated three months ago.
Jayson Bedford: Yep. Just to be clear. Thank you. And then can you just remind me of the revenue breakout between private label and the rest of tissue tech from the Boston facility. And can we assume that the private label component is pretty sticky and the challenge will be more on the rest of the business?
Lea Daniels Knight: Yeah. So in terms of kind of dimensionalizing it, so our private label business is within the Boston portfolio. It’s about 20% of the Boston portfolio. And if you recall, Boston, we dimensionalize at about 5% of our total revenue base. And so, obviously, we are continuing to work with our private label partners during this time to help them understand our remediation plan, give them as much insight and collaboration throughout the process. Obviously, you know, they have to make the kind of their own determination at the end of the day in terms of the path that they will take. But we are being, very collaborative in terms of our interactions with them.
Jayson Bedford: And is it your expectation that you keep a 100% of that private label business?
Jan De Witte: I think Jayson, as you said, it is strictly in the sense that for a private label customer to develop a new supply, validate it, it takes significant time and effort. That said, I mean definitely at this point in time, our private label customers are, frustrated with us, we’re staying close to make sure information wise, they what to have and they can have their planning. I think as we get closer to commercial release, that’s where we’ll see, if and where we would have impact on our private label business forward.
Jayson Bedford: Okay. Thank you.
Operator: And thank you. One moment for our next question. And our next question comes from David Turkaly from JMP Securities. Your line is now open.
David Turkaly: Hey, good morning. Just a quick one on the guidance. It looks like you updated 2023. You’re able to offset some of the Boston impact with the lower tax and the lower share count. And I know it’s probably just high level 2024, but you reiterated the impact in the EPS of $0.30. Could we view that as possibly conservative given that some of those, the share count specifically and the tax may carry through?
Lea Daniels Knight: Yes. So, yes, so just to be clear, we do not provide guidance for 2024, but to your point, when we quantify the Boston impact, 424, that was only looking at Boston in isolation. So I think to your point, as we have tax benefit that will carry forward that is not reflected in that EPS number that I gave you because that was Boston only.
David Turkaly: And your share count as well. Right? I mean, imagine it’s fair.
Lea Daniels Knight: Okay. Correct.
David Turkaly: And then just one quick follow-up, please, the 10% to 15%. You guys have so many options there, synthetics and biologics. I’m curious if you think that that might be too low. I know you said that you’re in line with that now, but given the options you have, could that change?
Jan De Witte: The answer is yes. This is a learning process both for our sales force as for our customers. And definitely from a sales force perspective, we’ve seen them every month getting better at understanding what, where, how to bring that portfolio to. So we are driving to hopefully be at the higher end or above the higher end of the –
David Turkaly: Thank you.
Operator: And thank you. And I am showing no further questions. This concludes today’s conference call. Thank you for participating. You may now disconnect.
