Mike Tokich: Yes. So, for the full year of 2024, our total consolidated, total company price was 270 basis points favorable. And what we are assuming in our FY 2025 guidance is around 200 basis points of favorable price.
Mike Matson: Okay, got it. And then just in terms of M&A, with the dental divestiture, reducing your debt to some degree, should we expect near-term deals just given that additional capacity you’re going to have?
Dan Carestio: Yes, Mike, this is Dan. What I would say is we have the capacity both financially and internally from a people perspective. As you know, we’ve been in the acquisition business for a number of years. We’re good at it. We’re good at integrating companies, but those opportunities have to present themselves and when they do, and when it’s imminent, we’ll be sure to talk about it.
Mike Matson: Okay, got it. Thanks.
Operator: Your next question will come from Jacob Johnson with Stephens. Please go ahead.
Unidentified Analyst: This is Matt [ph] on for Jacob. I just want to follow-up on the guidance question asked earlier. Do you mind clarifying your first half, second half remarks, it seems like you may be guiding to like roughly 2% organic growth for the first half and maybe 10% plus for the second half, is that correct?
Julie Winter: The earnings split we provided was earnings, not revenue. And certainly based on that, we would expect growth to ramp up in the second half of the year. We don’t — to clarify, we don’t guide to revenue split.
Unidentified Analyst: I appreciate that. And then on gamma radiation, I know you caught up on some gamma loading last quarter, but in the medium term, I believe a few years ago, there was some concern in the bioprocessing industry about the shortage of capacity. Do you have any thoughts on the current state of gamma supply versus demand as bioprocessing demand comes back? And what could this mean for your X-ray capacity as well?
Dan Carestio: Well, that’s the basis of our X-ray expansion, and we have a number of sites that have come online and will come online over the next year — two years, actually, in particular. So, we think we’re well positioned to take advantage of the gap that does exist and will grow in terms of short-term supply of isotope versus the demand that they have for radiation processing.
Unidentified Analyst: Great. Thank you for taking my questions.
Dan Carestio: Yes, thank you.
Operator: [Operator Instructions] Our next question will come from Jason Bednar with Piper Sandler. Please go ahead.
Jason Bednar: Hey good morning. Congrats on a nice finish to fiscal 2024, guys. I’ll take maybe a little bit of a different swing here on the revenue pacing. I think you said AST acceleration over the course of the year. But is it right to think the — for kind of company-wide level, first half of the year, maybe a tick or two below the full year organic guide second half, a little bit above, I think we’re all just trying to dial in and make sure we’re not too back-end loaded with your — with our models based on what you’re guiding to today?
Mike Tokich: Yes, our comparisons are tough in both Q1 and obviously now with the strong finish in Q4, but I would agree that the first half would be a little bit lighter, both from a revenue standpoint and from a margin standpoint.
Jason Bednar: All right. Perfect, thanks Mike. And I’ll ask a question here to follow up on Patrick’s question earlier. So, if you could help us out, if backlog is back to normal levels, I guess, why wouldn’t healthcare equipment revenue moderate unless you’re expecting meaningful order growth to compensate for what was an above-normal level of backlog reductions last year? I’m just really trying to reconcile those points.
Dan Carestio: Yes. At a high level, I would say, although we pushed out a lot of product last year because we had built up a huge backlog. The demand for our products remains high. And if you look at what our annual order intake looks like today versus four years ago, it’s significantly higher. I think we had a bit of an anomaly last year, but we don’t expect our general order rates to really slow down. We believe that we’re well positioned with our portfolio. We’re winning more than our share I believe, in terms of capital projects, in particular, on the IPT side of the business, and we would expect that to continue.
Jason Bednar: All right. But I guess, Dan, just as a quick follow-up there, sorry to monopolize here, but if your lead times are back to pre-normal levels, I mean, unless you’re turning that backlog quicker doesn’t that necessarily imply that you’re not going to be growing healthcare equipment at the same pace? I’m just — something is still missing, maybe we can follow-up offline, I’m still having a hard time piecing that together.
Julie Winter: Jason, just to clarify, clearly, we’re not saying we’re going to grow at the same pace, but we are expecting to grow, right? So, down from the double-digit growth we’ve been doing to low single-digit growth is our expectation.
Jason Bednar: Okay. All right. Thanks Julie.
Operator: And this concludes our question-and-answer session. I would like to turn the conference back over to Ms. Julie Winter for any closing remarks.
Julie Winter: Thank you, everyone for taking the time to join us this morning. I look forward to speaking with many of you in the coming days.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
