So with 80% of their revenues coming from large molecules, the growth is roughly 20%-ish on a three-year CAGR. Margins are accretive to our margins. And as I said before, this is not something that we see in the industry as much. 110 million in sales already. It will be accretive to our revenue growth and margin growth to our revenue and margins on day one. And to the 70 million, it comes across four dimensions. First, Wyatt is heavily concentrated in the United States, and to some extent, in Europe with less than 20% of their sales coming from APAC. And as you know, with Waters, geographically quite diversified, with APAC constituting 40% of our sales. We think there’s a significant opportunity to expand and serve many more customers in fast-growing areas across the globe.
Second, we want to provide customers with many more choices. If you look at light scattering instruments, especially MALS, it is sold with SEC columns, and Waters has leading SEC columns industry. The LC is used as a separator before you insert products, insert molecules into light scattering for characterization, not dissimilar to mass spec. We think the attachment rates could be significantly higher as we do the software integration across the two companies. Number 3, it starts us on the journey of building a bioanalytical platform with a suite of products that all eventually have one compliance software that can be used across to submit data to regulators. And then, finally, there is an immediate opportunity to serve our customers a really big pain point of taking MALS into QA/QC, and who better than Waters to usher that journey through.
So, that’s why we think, by year five, there’s a potential for in synergies and even higher if the bioanalytical platform starts getting established sooner than we do Empower integration faster. So that, I think, gives you a color across the synergies, Vijay.
Operator: The next question is coming from Matt Sykes of Goldman Sachs. Your line is open.
Matt Sykes: Hi, good morning. Thanks for taking my questions. Congrats on the acquisition and the quarter. Maybe just, if you could help us put a, kind of a finer point on services and chemistry growth in 2023. Udit, I heard your comment about think about it, sort of at the high-end of your guide, but just given the instrument growth that you’ve seen in 2022 and previous to that, how should we be thinking about services and chemistry growth in 2023?
Udit Batra: Yes. So, Matt, it’s a great question. Look, I mean, it’s a prudent guide at this stage on services in particular, right. I mean service definitely will benefit from the incredible growth that we’ve seen in instruments over the last two years. In addition, we’ve increased our attachment rates by 250 basis points since we started our transformation journey roughly to roughly two-ish years ago. But I think at this point in time, especially given the uncertainty we see in China, we think it’s a prudent starting point to assume what we’ve assumed for service. And for chemistry, I mean, it goes from strength-to-strength. We’ve seen our e-commerce platform do extremely well. We now have about 35% of our sales going through e-commerce.
