Liam Kelly: Yes. I think as I look at where we see an improvement in an improving environment, first of all, what you have to understand is in 2022 we had a lot of supply chain issues. We had shortages of Tyvek shortages of simple components and so on and so forth. So that’s going to drive some of the early improvements that you’re going to see. So you should see an improvement in our Vascular business. As you go through 2023 and beyond Vascular grew in the entire year about 1% constant currency. The normal growth for that business is in the mid single digits. I also believe that Interventional Access, we’ve got a lovely suite of new products coming through in Interventional Access and that’s the late blood of that business.
And Interventional Access, we would anticipate will continue to accelerate. One of our — I guess, more than the durable core one of our underappreciated assets is our OEM business. We bought this company called HPC a couple of years ago. It does thin-walled catheters. That on top of the rest of the OEM business has continued to grow in the high single low double digits from a business that historically used to grow around 3% or 4%. So I anticipate that OEM will continue to flourish will continue to accelerate its growth over the LRP and be a real contributor. And never forget it’s accretive to our operating margin and will drive that. And obviously, APAC is a key growth franchise for us. We have a lot of products that we are launching into the APAC region that we believe will be very successful there.
So those are some of the key areas that I believe will continue to grow. And as I said earlier as we go through the LRP, we would anticipate that Interventional Urology would also improve as we go through the LRP.
Operator: Our next question comes from George Sellers with Stephens. George, please go ahead.
George Sellers: Hi. Thanks for squeezing me in here. I’ll just ask one quick one. Could you give us a little color on what you’re seeing in terms of private market valuations and how those have trended here recently? And maybe how confident are you that you could potentially deploy some capital here in the near term? Thank you.
Liam Kelly : So George, as you know it takes two to get married. So we’re a willing groom or bride whichever way you want to put us. And it’s a question of finding the other party. I will tell you the valuations from the heady days of 2021 have moderated somewhat. And high-quality assets are still not €“ inexpensive, but that’s why they’re high-quality assets and those are the assets that we’re going after. But you can — we will remain disciplined George and investors can expect us to remain disciplined. We will look for assets that are accretive to our top line growth. We look for assets that are accretive to our gross margins. We look for assets that will become accretive to our op margins and earnings pretty quickly after we acquire them.
We will — we’re very disciplined on our return on capital and getting above our internal cost of capital by at least year five. We’ve always been able to do that in year four. But the hurdles will remain the same for Teleflex in finding good assets, bringing them into the family and integrating them into Teleflex and obviously, assets that are unique in the marketplace in segments that are growing faster than that core segments within Teleflex.
Operator: Our next question comes from Matt Mishan with KeyBanc. Please go ahead. Your line is open.
Matt Mishan: Great. Thanks for taking the questions. Just a quick clarification for Liam, and then I’ll have a follow-up for Tom. On the low end of the 6% to 7% from ’22 to ’25, does that include the inorganic contribution of Standard Bariatrics in 2023?
