Daniel Leonard: Thank you. Rainer, you’ve mentioned a couple of times that the improvement in biotech funding hasn’t benefited the business yet. Can you elaborate a bit on your thinking there? How long of a lag do you think you’d see between improved funding and improved business activity and how does that differ across your different operating units?
Rainer Blair: Thanks, Dan, and good morning to you. So we have seen a stabilization perhaps even the slightest improvement in biotech funding. But for that to be operationalized here, will take some time, in fact, we believe so much time that we have not changed our perspective on our guide in any of the businesses as it relates to biotech funding, so it’s early days. It’s positive to see and helpful to see the biotech funding stabilize and even showing the slightest of growth. But it’s just too early and that will take several quarters here to make any discernible difference across the business.
Matthew McGrew: Just to give you a sense of color on it, we really haven’t contemplated anything from an order perspective until kind of next year in how we’ve thought about our good.
Daniel Leonard: Got it. Appreciate that. And just a quick follow-up on China. I know you framed the high-teens core decline as being in line with plan, but curious how different end markets within China progress versus plan? And also curious whether that comment you made on improving funnels in Life Sciences, whether that applies to China as well or are the trends in China different?
Rainer Blair: So back to the first quarter, in China, our Biotechnology segment was down nearly 40%, which is in line with what we’ve seen over the last quarters here. In Life Sciences, we were down high-teens that gives you a sense of not only what’s going on in the market, but the high comp of the prior first half in 2023. And then, in Diagnostics, we were down low-single digits to give you a sense of how that’s developing. As it relates to biotech funding, you are correct that we expect the biotech funding to be skewed more towards developed markets, than in China, and it remains to be seen when that returns. So while we’re seeing a stabilization there, that stabilization is at a very low level in contrast to what we see in the developed markets.
Daniel Leonard: Thanks for the color.
Rainer Blair: Thanks, Dan.
Operator: Thank you. Our last question will come from Rachel Vatnsdal with JPMorgan. Please go ahead.
Rachel Vatnsdal: Okay. Thank you, guys and congratulations on the quarter. So I just wanted to ask on BIOSECURE Act and how you’re thinking about the potential impact to bioprocessing. So we’ve already heard that some pharma and biotech companies are starting to look at their supply chains and working with some of these Chinese CDMOs given some of the headlines we’ve seen around BIOSECURE. So can you just walk us through what are you hearing from customer conversations on your end with the Chinese CDMOs, but also with pharma and biotech customers and their willingness to partner there? And then additionally, I guess, how should we think about this from a longer-term implication standpoint? Could this shift growth to other geographies? And if so, could there be some type of timing or air pocket dynamic as you shift manufacturing from China to other geographies?
Rainer Blair: Thanks, Rachel. Good morning. So the BIOSECURE Act, it is, as you can imagine, very difficult to say how this ultimately plays out if we look at potential passage or not, that sort of thing. And of course, there’s many details are not known yet. Having said that, and as you suggested, customers are starting to call this out as a risk factor to their business, and of course, are starting to take measures to derisk their business in terms of the molecules that they’ve developed and ultimately want to manufacture. So if manufacturing and clinical trials, should they shift to other locations, of course, our solutions follow the molecule. It’s really important to note that with our global business and our capability, perhaps more so than anybody, we can deliver our solutions anywhere around the globe with full support from a technology and service perspective.
So we have that ability to follow those solutions. In terms of timing, again, this is a business where pharmaceutical companies need to minimize and mitigate risk. So in terms of air pockets, that remains to be seen as pharmaceutical companies perhaps search for other partners for their clinical trials and their manufacturing. And of course, we’re going to do great work there and should it be necessary in terms of technology transfers and making sure that any transitions here from one service supplier to the next run as smoothly as possible.
Rachel Vatnsdal: Okay. Thank you. And then just as a follow-up on bioprocessing. You highlighted that equipment was weaker, consumables where kind of where the strength was in 1Q. Can you just walk us through on your assumptions for both of those trends for the rest of the year to get to the full year guide? And then specifically by year-end, you pointed towards high-single digits or above growth in bioprocessing on a core basis. What’s really assume from that from a recovery cycle standpoint on consumables versus equipment and then any geography trends as well? Thanks.
