Udit Batra: This is a fantastic question. So, the orders are growing very nicely, Luke. And we’ve been saying that for a while, and they continue to do so. Now, moving on to Wyatt, look, it’s a perfect strategic fit. We’ve been talking about bioanalytical characterization, a 1.8 billion market, growing 10% to 12%. And Wyatt a 110 million, I mean, there are hardly many companies that are accretive to us in the industry on margins, 40% margins and growing at a 20%-ish CAGR, right? So, terrific, terrific financial profile. When you look at the bioanalytical space, and you talk about LC-UV and LC-mass spec, LC-UV and mass spec are used to characterize the sequence of the proteins, the configuration of the proteins, the chemical composition, right.
There are exquisite techniques to characterize the composition of the molecules and the composition of raw materials, upstream, downstream process development, and of course, in QA/QC. Light scattering, on the other hand, gives you biophysical characterization, the size of the molecule, the level of aggregation of the molecule, think about monoclonal antibodies and proteins. And even more exciting these days is what it does for us in viral vector therapies, empty versus full , right. Light scattering allows you to get at that lipid nanoparticles, how aggregated they are, how well characterized, how full they are with mRNA molecules. Super exciting applications. And our customers, and Geof and Cliff tell me, have been asking us €“ or their customers have been asking us to integrate it with a compliant software platform so they can use it in QA/QC applications.
It’s already used by a significant number of large pharma players as an at-line testing tool. So, super excited, highly complementary. It gives you even a better footprint of biologics. And our dream is €“ and our ambition is to make large molecule characterization similar to small molecule characterization as we’ve done in the past.
Operator: The next question is coming from Vijay Kumar of Evercore. Your line is open.
Vijay Kumar: Hey guys. Congrats on the transaction. And I had two questions. Udit, first maybe on the guidance here. The 5% to 6.5% guide for the year, what is that resuming for pricing and China outlook? And I thought FX headwinds came down. Why is FX a margin headwind?
Udit Batra: So, I’ll comment a bit on China first and what we expect there, and I’ll pass it on to Amol to take it up from there. Look, Q4 in China, I mean, has been especially tough with 50% to 75% of our colleagues, at any point in time, being infected due to the reopening. And despite that, if you take from November last year, we had a shipment delay from third quarter to fourth quarter. And if you take that into account, China grew roughly 4%-ish, despite that headwind. We expect our colleagues to, of course, enjoy the Chinese New Year, reconnect with their families after several years and we see the same with the customers. So, step-by-step, I think China will open up. We expect better growth in the second half of the year than the first half.
But Vijay, as you can imagine, it’s anyone’s guess how fast this comes back. We currently assume a high single-digit-ish, sort of growth for the full-year with the second half of the year being stronger than the first half. Amol, do you want to talk about the guide in FX?
