Tejas Savant: Got it. That’s helpful. And then a couple of follow-ups here. One on, just the hospital CapEx environment and any sort of change in either sort of decision timelines or perhaps cancellation rates here a month into the new calendar year? And China, I know it’s small for you guys. I think it’s less than 3% of sales. But is there anything going on there in terms of the COVID case surge that we should be factoring in at least in the fiscal second quarter here?
Stephen MacMillan: I think on the — first on CapEx, we continue to stay really close to our sales teams on it. And seeing very tiny, nothing outside of historical cancellation rates, which is de minimis. On China, I think what you will see is, probably most of the hospitals in China over the last 60-ish days and probably here for a little period four are probably cutting down on normal procedures as they’ve been treating the COVID patients. But I think for our business, again, pretty small, but I think that’s the kind of macro way I’d be thinking about China right now. And my hunch is, after the Chinese New Year and everything else, they’re going to largely come back online and that will start to pick back up probably later this actual calendar quarter. I think they’re going to get through it fine.
Operator: And moving on to Derik de Bruin with Bank of America.
Derik de Bruin: Hi, good afternoon.
Stephen MacMillan: Hey, Derek.
Derik de Bruin: Hey. A question, you’re talking about 30-ish percent adjusted operating margin for this year. I’m looking at the consensus for 2024, it’s about 30.5%. You’re talking about 200 basis point to 250 basis points of inflationary pressures that are sort of in there. So like can you walk us through how you’re thinking about operating margins as you sort of invest in the business and some of these inflationary pressures normalize, just sort of trying to get a sense of where we go from here?
Karleen Oberton: Yes, Derek, it’s Karleen. So I’ll take this one. So if you think about prior to the pandemic, what I would say is, our normal operating margin was roughly 30%, 31.5%, very rich margins for our industry. I see us probably over time getting back to that level. But what I would say is, think about our 5% to 7% top line long term growth rate. We will grow EPS faster than that, so likely low double digits and that EPS growth comes from more than just operating margin expansion. It comes from higher revenue growth, as well as some things that we can do below the line. So that’s how we think about our long term outlook for earnings growing faster than revenue and again anchored on that 5% to 7%.
Stephen MacMillan: And Derek, I’ll put a little point on it too. I’ve been around this business long enough to watch either divisions or big companies or companies themselves trying to push that operating margin so far that they cut into R&D and you don’t see it immediately, but over time your innovation falls. And so, we know a lot of folks want to just keep saying all — every number go up like that. We’re thinking very much as Karleen said about driving the EPS number, but continuing to invest in R&D and not try to drive the operating margin as high as humanly possible.
