James Ricchiuti: And final question and maybe, Tim, if I could just clarify on the book-to-bill, was that similar in all your major regions? Or was it — did it vary a bit in certain regions being a little bit weaker? Obviously, a little stronger. And then the follow-up is just on the emerging business. Excluding e-mobility, are you seeing the sustainability in the medical, which picked up? And clearly on 3D printing you’re getting some momentum. And just in general, how we should think about emerging going forward?
Timothy Mammen: Yes. I mean I think book-to-bill qualitatively was probably — I’m not to saying it’s massively weaker, but it was — Europe has got some challenges around it. The cutting business is performing actually very well at the beginning of the year. That’s certainly softened even though Europe through Q3 in terms of revenue is quite reasonable. I’d say their bookings have slowed down. China has been a struggle. I’m not sure whether I believe that their PMIs have been at 50%. Some of the more positive stuff was in — again, in Japan, Korea actually had very good bookings. Some of that was actually a very large order for some medical esthetic product. North America, I’d say, it’s not got a huge amount of traction behind it, but it’s is probably a bit stronger than Europe is at the moment in terms of as expected, right, the North American economy continues to outperform Europe.
Yes. So qualitatively, that would be my feedback on that. On some of the emerging growth products, I think you highlighted a couple of things like the medical has rebounded. As we said it would do, LightWELD in total was up, so that was positive, particularly with some of the rollout on a more global basis. And we continue to work on new versions of LightWELD and actually looking to expand the distribution network that we’ve got for that product. Take cost out of the product as well, and [indiscernible] to it. Some of the — actually, some of the semiconductor advanced applications also performed well. Some of that revenues in Europe. Within high-power pulsed, some of the EV stuff was weaker, but cleaning was actually stronger. Cleaning grew quite well there.
So even the emerging growth products didn’t perform particularly well. They’re still above 40% of revenue. And there was still some nice product lines within that, that performed pretty well. I think I got them all that were positive.
Operator: [Operator Instructions]. Our next question comes from Michael Feniger with Bank of America.
Michael Feniger: Tim, the inventory side, you made some nice improvement. You took out sequentially. And I think you talked about you’re really focusing in the fourth quarter on that. Do you think you’ll step takes them out early 2024 if we stay at this demand level? Or do you think you’ll be able to get most of that done by the fourth quarter? Curious how you’re kind of thinking about that?
Timothy Mammen: No. I mean, it’s just going to take — continue to take several quarters to get it down to the level that we’d like to see it at, right? We’re still in terms of days running at a high level given the level of activity. So it’s — we’re going to continue working on it in Q4. It’s going to take several quarters, though, to continue to bring that down to the level we want it to be at. Some of that will come from — there’s a lot of purchase components in inventory related to electronic parts and those purchases have certainly started to slow down. They were commitments made when that supply chain was extremely tight. And as you run down that inventory, it’s not as though that’s an internally produced part. So running down the electronic components that are purchased from a third party as you consume them wouldn’t lead to like an immediate impact on absorption as you get that under control because it’s a third-party purchase rather than internally produced component.
But yes, inventory is going to — it’s a work in progress. several quarters to continue to do it. I’m pleased with the way we’ve so far managed to at least stabilize it and kind of moving in the right direction.
