Bryan Hanson: Yes, so I would say that probably the biggest reason that you’re seeing that outsized growth overall, I wouldn’t define it as backlog consumption. I don’t believe we’ve started to consume the backlog. I would define it more as comps, we just had easier comps. I’d maybe call that procedure recovery versus the prior year, so that to me is not something that’s necessarily sustainable but it was just easier comps, being that we had more pressure last year. Pricing was better, though, across the board, whether it’s our company or other companies. We did a better job in pricing as a group and as a result of that, that buoyed us as well. Suke’s talked before about what our expectations are in pricing as we move into 2023, but I’m sure we’ll get another question around that, so those are probably the two biggest things that wouldn’t be as sustainable.
But make no mistake, I feel like the market is strong, and some of the things that we look to that can buoy sustainably the market growth is innovation, and innovation adoption right now in orthopedics is really promising, not just the typical innovation but technology innovation that absolutely can drive the share of wallet or mix benefit you get with that new innovation.
Mike Matson: Great, thank you.
Operator: We’ll take our next question from Larry Biegelsen with Wells Fargo.
Larry Biegelsen: Good morning, thanks for taking the question. Congrats on a nice finish to the year here. Suke, FX of negative 1.5%, can you tell us the rate you’re using – that seems a little high, and the EPS flow-through?
Suketu Upadhyay: Yes, sure Larry. Good to be with you today. You’re right – we pegged FX as a headwind year-over-year at 150 basis points. That’s an improvement from our original commentary back on our third quarter call. Originally, we were thinking 300 basis points, and so we did see some moderation of the dollar at the very back end of 2022 and early part of ’23, so that drove the improvement. The way to think about it is we use recent rates. We look at the full cadre of all of our currency exposures. One of the things to recall, remember that about 40% of our revenue is foreign currency exposed. Half of that is euro and yen, right, so the other half is a lot of other currencies that you have to take into consideration. When we aggregate all that, we’re at 150 basis points.
Hopefully we continue to see things improve throughout this year and things turn favorable, but for right now, that’s our latest estimate. The flow-through on that, we expect it to be about 20% to 30% down to earnings. That’s a little bit less than what we said last year, and as I said last year when we quoted 30%, there are a lot of variables that can affect that but it’s still a reasonable drop-through to historical norms. So again, 150 basis points based on recent rates, euro, yen making up about half of our foreign currency exposure, and the flow-through being about 20% to 30%.
Larry Biegelsen: That’s helpful, and then on SET, it was about 2% in 2022. Can you help us think about the growth that’s embedded in the 4% constant currency at the midpoint and how you’re thinking about the different sub-segments there? Thanks for taking the question.
Bryan Hanson: Yes, so if we think about overall SET, I think what you’re asking, Larry, is how we view that business in an undisturbed market going forward. Is that kind of what you’re asking?
Larry Biegelsen: Yes, and certainly for ’23, Bryan.
