Prahlad Singh: Hey, Dan, good morning. Yeah, I mean, again, that has been a bright spot, as you pointed out, and we continue to expect that to do well. Look, as we’ve said about EUROIMMUN and Max pointed out today, you should assume that our EUROIMMUN business is going to continue to grow in the double-digits. And, I mean, there are 2, 3 reasons, our growth drivers that we’ve pointed out, one is obviously the awareness of autoimmune disease and the continued growth of that, especially as we see that in emerging markets, launch of new NPIs, more specifically in the United States, but also in other markets, they have come out with a few new assays and instruments that are starting to see traction and they have a very healthy pipeline, more importantly, as we look going forward, which is what gives us the confidence in the growth of that business.
Daniel Brennan: Great. Thanks. And then maybe just on the free cash flow. You talked about some of the one-off headwinds here with the divestiture and also some of the rebranding. How should we be thinking about today if we think about conversion into 2024 at this point on free cash flow?
Max Krakowiak: Yeah. Hey, Dan. Yeah, so I think starting with the free cash flow number, Brennan, we mentioned a little bit in the prepared remarks, if you were to sort of normalize for some of these AES outflows, et cetera, our year-to-date conversion is roughly about 160% on a free cash flow conversion basis. We would expect to finish this year above 100% once you adjust for those items. And, I think we do feel confident that our new portfolio as Revvity will enable us to do better cash flow performance than we have done historically. And so we remain encouraged that we’re going to continue that strong performance into 2024.
Daniel Brennan: All right. Thanks, Max.
Operator: Thank you. Our next question comes from Luke Sergott of Barclays. Your line is now open. Please go ahead.
Luke Sergott: Great. Thanks. Good morning. I have 2 quick cleanups and then I have better question on the quarter. So you talked earlier about the instruments being down double-digits in the quarter. Is that year-over-year or quarter-over-quarter? And then can you update us what EUROIMMUN did?
Max Krakowiak: Yeah. Hey, Luke. So from an instrument standpoint, that is a year-over-year stat. When you look at it again, quarter-over- quarter, as I think I just mentioned, it’s relatively flat volumes from a sequential standpoint versus the third quarter for the instrumentation. In terms of EUROIMMUN, I think that we don’t necessarily disclose individual business lines, but our overall immunodiagnostics business, as we mentioned, grew in the high teens in the third quarter and EUROIMMUN is the, by far, the largest piece of that business.
Luke Sergott: Got you. And then, so just trying to figure out here how the quarter sounded like it could continue to get worse. And so, is it safe to assume like the step-down in September was something like 25%, 30%? And then does your current guide contemplate the demand environment getting worse? Or is it just kind of steady state at these levels that you exited September in?
Max Krakowiak: Yeah. So, I think it depends on what piece of the portfolio you’re really talking about in terms of the September performance. I would say just though overall for our guidance and the way that we thought about the fourth quarter is contemplating those exit rates we saw in September and October, and that is what we have sort of baked into our guidance here to the fourth.
Luke Sergott: All right. That’s helpful. Thanks.
Operator: Thank you. Our next question comes from Dan Leonard of UBS. Your line is now open. Please go ahead.
Dan Leonard: Thank you very much. I just want to make sure I understand all the moving pieces in China. I think you said the expectation is mid-single-digit growth for the year. How would you break that down between Life Sciences and Diagnostics?
Max Krakowiak: Yeah. So for China, you’re right, mid-single-digits for the full year. Life Sciences will be roughly low-single-digits growth and Diagnostics will be high-single-digits growth.
Dan Leonard: Appreciate that. And then on Diagnostics in China specifically, I appreciate you had that high teens result, a growth result in immunodiagnostics, but that was off of a high teens’ decline. So in aggregate, it doesn’t seem like the business is growing a whole lot, but you’re not overly concerned about volume-based procurement. It sounds like there are several offsets and you’re bullish on the long-term. So I was hopeful that maybe you could help me reconcile some of those comments. Thank you.
Max Krakowiak: Yeah, I think that’s right. We do remain very bullish on our immunodiagnostics franchise, not only in China, but globally. To your point on the comp, that’s correct, those 2 KPIs were the right numbers. The thing I would mention though is we’ve been pretty consistent in saying that we were not expecting a huge jump from pent-up demand, right? There’s still only a certain amount of volume that can go through the hospitals from a testing perspective. And so what we have seen is that the third quarter does return to sort of normalized volumes from our testing business.
Dan Leonard: Thanks for the color.
Prahlad Singh: And even if you look at the full year, immunodiagnostics China will continue to grow double-digits.
Dan Leonard: Understood. Thank you.
Operator: Thank you. Our next question comes from Dan Arias of Stifel. Your line is now open. Please go ahead.
Daniel Arias: Good morning, guys. Thanks for get me in here. Max, just going back to applied genomics, the comp gets several points easier in the coming quarter. I think you were down year-over-year in 4Q last year. But, obviously, you are talking about these incremental pharma headwinds. So what sequentially are you expecting there? Does the low-double-digit decline this quarter moved to something lower? Or can you kind of be in that same neighborhood, just given the easier comp?
