Liam Kelly: Yes, Anthony, thank you. I hope you are keeping well as well. Thanks for the question. With regard to the Americas, the biggest impact there, Anthony, was the MSA. If you will recall, all of the MSA was booked in the Americas. So if you backed out the MSA from that, your growth would have been around 3.5% for the Americas, if you took the MSA out. There is a few underlying things I want to point out in the Americas as you go through the year, the Endurance recall mostly impacted, and that’s in vascular, that mostly impacted the Americas. So as you get through Q2 and into Q3, you will have anniversaried that. And then if you look into the Q4, we will also anniversary the MSA. So you will see an improving environment for the Americas as you go through the year.
But please do bear in mind that MSA, Anthony, it’s all booked in the Americas and it’s all coming out of the Americas on a year-over-year basis, and that’s really the drag on that one. And you had a follow-up, Anthony.
Anthony Petrone: Yes. One quick follow-up would just be a high-level revisit on the M&A strategy here at Teleflex and the company has been active over the years, and it’s done a number of different transactions. I remember the years of the distributor tuck-ins. There have been some R&D plays but not as prevalent as the sort of here and now revenue-generating growth accretive deals. And of course, the EBITDA level is now higher. And so maybe just to revisit on the strategy what is most prioritized and what are the size of transactions that you are contemplating these days? Thanks a lot.
Liam Kelly: So, I think that for Teleflex we are really focused on tuck-ins and scale transactions. We have done some late-stage technologies, and we have done some investments, early-stage investments into companies, and we will continue to do that. We have the most important thing you need, Anthony, for M&A, which is firepower. So as Tom said in his prepared remarks, we are 1.7 times levered. So we have lots of firepower. We are, at the moment, chasing lots of assets. I will tell you, and they do fit in the range from a tuck-in of revenue of, call it, in the tens of millions to scale transactions in the hundreds of millions. We are cognizant of dilution, especially in this year where the MSA going away the dilutive, you have Palette coming in that’s dilutive, the underlying earnings growth is in that 8% to 10%, as Tom outlined in his remarks.
But I think investors want to see that. So we are keeping that in mind. We are disciplined, Anthony, and we will remain disciplined. I think that finally, the multiples seem to have tempered somewhat at least. Some of the high-growth assets on the public markets are not carrying the value that they were 12 months ago. And obviously, that plays into the psyche of the seller as well. And it’s obviously, as a buyer, you can point to really great companies on the public markets, super companies, but not carrying the value that they held 12 or 18 months ago, and that should be reflected in private companies as well. So a healthy environment, lots of assets and a very, very disciplined Teleflex.
Operator: [Operator Instructions] And your next question comes from the line of Mike Polark from Wolfe Research. Please go ahead.
Mike Polark: Hey good morning. Thank you for the questions. I’m curious on this CLEAR trial that’s reading out at AUA over the weekend, UroLift versus Rezum what’s reasonable to expect there? Is there an impact in the field you anticipate as the data is disclosed?
Liam Kelly: Hey, Mike. Look, we have a lot of data coming out at the AUA. We have five different papers that are being read out and there are a number of other studies. One in particular that coming from the European group about early intervention on minimally invasive therapies and that’s much better than having individuals on pharma. With regard to the specific one that you are talking about, it’s really focused on more rapid symptom relief and quality of life improvement post treatment comparing UroLift to resume and outcomes that can aid health care providers and patients in getting a clearer understanding of the postoperative experience that a patient experiences with the product. I think there is a study on retreatment rates, which I am really looking forward to hearing.
I’m actually attending the conference myself. And also, there is a real-world study on complications of all BPH treatments, and I think that’s going to be enlightening as well. So I think we’ve got a full suite of podium presence at the AUA. And I think that for sure, any of these head-to-head either comparing UroLift to Resume, comparing it to other technologies, comparing it to drugs will be helpful for the sales force.
Mike Polark: I appreciate that, Liam. Thank you. If I may follow-up on Urology as well on the numbers, I just want to make sure I am understanding the performance in the quarter, the expectation for the year. So if I’m doing the math correct, I have net of pull at UroLift, maybe down high teens year-on-year. And I think if I do the guidance for the full year, perhaps UroLift down 10%. And so I just want to understand: one, for the first quarter, have I done the math correct? And you said that aligned with your internal plan, and I just want to make sure that, that’s all fair. And then two, kind of the path for UroLift to be better over the course of the year, it sounds like the sales force no longer being retrained and out in the field, double bag probably is a piece of that. But anything else you might be able to offer as to kind of why we get that product line trending back up the rest of the year would be helpful. Thank you.
Liam Kelly: Yes, absolutely, Mike. Look we’ve discussed this on previous calls, we’re not going to – we’re going to report on total Interventional Urology consistent with all of our global product categories and businesses. And we’re not going to provide product level revenue details for individual business lines or product categories within those. We have four reportable segments, we have six product segments. So there is ten ways to slice and dice Teleflex. But let me give you a little bit of color, having said that. Let me start with the full year, and then I will go back to the quarter. For the full year, we are expecting – and nothing has changed in our expectation for Interventional Urology. I am extremely confident of being able to deliver 7.5% growth in 2024 which was at the midpoint of our guidance.
