Robbie Marcus: Great, and you touched on inorganic, you did Embody in the business line. How should we think about overall inorganic and your view at Zimmer Biomet in ’23 and beyond, and how should we think about the size of deals you’re looking to do and how fast you’re looking to move to take the inorganic and help expand the WAMGR higher? Thanks a lot.
Bryan Hanson: Yes, we’re ready now. Again, the balance sheet is moving in a place that allows us to have even more strategic flexibility than we’ve had in the past, which is a good thing. As I’ve said, it’s probably more of those smaller to midsized deals that would be a bit closer to the vest for now, in other words closer to the orthopedic space that we are already in, but we’re ready. We’re definitely ready. Now it comes down to opportunistically finding the right target at the right price and the right returns, but we are ready to move into Phase 3 of the transformation for sure.
Keri Mattox: Robbie, thanks so much for the questions. Katie, can we go to the next question in the queue?
Operator: We’ll go next to Jayson Bedford with Raymond James.
Jayson Bedford: Good morning and thanks for taking the questions. Just a couple. A clarification on the growth cadence in ’23, I think you said that organic growth would be the highest in the first and fourth quarters, but I think those are your toughest comp quarters, so I’m just wondering why 2Q and 3Q are a bit softer from a relative growth perspective. Is it simply the day rate dynamic?
Suketu Upadhyay: Yes, let me take that one. You heard us correctly. First half will be stronger than the second half from a growth rate perspective, top line ex-FX. First quarter will be the strongest followed by the fourth quarter, and then the second and third quarter. Let me go into a little bit more detail. On the first quarter, that will be our strongest one primarily due to procedural recovery. Remember, we’re comparing against the first quarter of 2022, which had omicron in it, and therefore you’ve got a nice comp benefit. In the fourth quarter, that’s generally from a seasonality perspective from growth, usually one of our strongest quarters, and we’re assuming a nice benefit from the innovation, the momentum of innovation build throughout the year from new products and execution, so that’s why we characterize that as our second-largest quarter.
Then inside of that, the second and third quarter will actually have tougher comps because that’s when we began to see some recovery last year relative to omicron. The day rate impact, you’re right – we said 100 basis points for each of Q1 and Q4, that’s a tailwind which will be offset by headwinds in Q2 and Q3, so you’ve got it largely right there.
Jayson Bedford: Okay. Maybe just on M&A, the $0.05 to $0.10 dilution tied to the Embody deal is a bit heavier than we expected. Can you just talk about the return profile there and when can this be additive, or at least neutral to earnings?
Suketu Upadhyay: Yes, we would see this as breakeven to positive in the first 24 months, so it’s very attractive from a margin profile, from an earnings accretion profile. As Bryan said, it’s more or less like a product launch right now, but as that begins to ramp up from a revenue standpoint and begins to cover some of the investments we’re making in a very important sector in sports and extremities, we feel good about the return profile. It meets all of our hurdles from an NPV, IRR, ROIC metric perspective, and so again it’s early days but neutral within the first 24 months.
Jayson Bedford: Okay, thank you.
