Tony Hunt: Yes. I do think destocking is getting better. But it’s still there and I think it’s going to take the rest of the year to kind of get out of the hole that we’re all in on dealing with the high levels of inventory. I think your second comment is definitely accurate, which is there’s been conservatism on the pharma side and I know projects have been delayed. We talked about that in Q2, there was definitely project delays and I do think that that is something that kind of hurts the overall industry. What’s encouraging is that Q3 bounce back much stronger than we were anticipating, especially within pharma, and you would expect that that should flow across into CDMO over – CDMOs over the next couple of quarters as well. So we’ll see how it goes. I think we’re cautiously optimistic, Matt.
Matt Hewitt: That’s great. Thank you. And then I realize it’s very early days, but a month in or so, on the Metenova acquisition, how’s the integration going? What has the feedback been from your customers those types of things. Thank you.
Tony Hunt: Yes. On Metenova, it’s been very straightforward. They have a – the majority of their business is a stainless steel, they call it reuse business. That’s a different channel than we sell through. So we’ve been working very closely with the leadership team at Metenova meeting with their channel partners. We’ve got some meetings next week with a larger group of channel partners. So I expect that that business, it’s right on track to hit the numbers we’re expecting it to hit in Q4 on track for next year. I think the big part that we have to do over the next 12 months is take the technology that they’ve implemented and the stainless steel format and start to move that across into single use, marry it up with the bag technology that we have from FlexBiosys and really become a bigger player in the single use bag side of the market.
So that’s kind of our goal. We kind of have to keep two sides of the equation running and we’re really happy with what we have and what we can accomplish.
Matt Hewitt: That’s great. Thank you.
Operator: Thank you. The next question comes from Tim Daley with Wells Fargo.
Tim Daley: Great. Thanks. So Tony, two earlier questions on orders. You called out order strength has maintained itself through October, and then to another question, you called out CDMO integrator OEM customers orders haven’t moved. So just want to confirm those are both could be interpreted on an October basis as well as a quarterly basis.
Tony Hunt: Yes, I have not, Tim gone and looked at the October orders by kind of segments. I’m just talking about total orders in and October have remained strong, but I haven’t done an analysis to see is that exactly the same pharma versus CDMO that we saw in Q3.
Tim Daley: All right. That’s helpful, but – okay. And then just thinking about pricing, was there any use of promotions or discounting or anything in the quarter has that stepped up? What – I guess what was pricing in the quarter or easier way to guess ask this, was the apples-to-apples price increase in revenues higher than the apples-to-apples price increase in orders?
Tony Hunt: Yes. I would say that through especially at the end of Q3, we’ve typically run a promotion on some of our small bench top systems. We’ve done that in prior years. You’ll see that on our website. That’s a pretty standard kind of tactic that we’ve used in prior years. Nothing different in 2023 versus what we’ve done maybe two, three years ago. And I would say price, Jason, it’s maintaining towards that kind of 4% or 5% range per the year. So I think we’re on track for what we said we were going to do in price at the beginning of the year. And I don’t think any of the smaller promotions that we’re running really impact price per the year.
Tim Daley: All right. Great. Thank you.
Operator: Thank you. And the next question comes from Rachel Vatnsdal with J.P. Morgan.
Rachel Vatnsdal: Great. Good morning. Thank you for taking the questions. And so I wanted to follow-up on some of the earlier comments around gene therapy. Obviously, you saw some nice strength there this quarter. We’re getting a number of questions just on that Sarepta data that was released last night where EMBARK failed to meet its primary endpoint. So can you walk us through how meaningful the customer is Sarepta and how big of a contributor was that for 3Q for orders and revenues? And then going forward, how does the EMBARK data and that failure there change anything in your gene therapy expectations going forward?
Tony Hunt: Maybe I’ll start with the second part of your question. So I saw the same reports probably as you did, and I think it’s in really early. I’m sure the results are disappointing, but there’s still a submission that has to happen to the FDA. And I think we should all sort of wait to see how that all plays out over the next couple of months. We don’t comment on which drugs we’re in. I think what we said, and I’ll probably reiterate, we’re in the majority of the commercial approvals that happened this year. But we have 20, 25 accounts right now that are tracking well in terms of scale up and you’re going to see bumps in the road. And I think when we get to next year, I think it’ll be cure, where are some of the drugs that got approved this year, what their volumes might be in 2024.
Rachel Vatnsdal: Got it. And then just wanted to follow-up on some of the comments around order book trends. So nice to see that orders grew 13% sequentially this quarter. Can you just walk us through the monthly exit rates on that order strength? And then you mentioned that order strength has continued into October, so can you clarify what that means? Was that a continued step up in orders, meaning, growth beyond 13% sequential or is that really stable to the 13% that you saw this quarter?
