“I think we'll be down modestly in the second half.”

In context

“ear, we think that our orders will be down modestly. That's a combination of various factors. One being that our large customers, CDMOs, continue to work through inventories. We also see that China continues to deteriorate here from what we saw in the first quarter and certainly saw that deterioration in the second half of the second quarter, and we see that continuing. And then we are actively managing inventories down. While that is not new, we've intensified our efforts there really in order to get as much as possible of the stocking topic behind us here in 2023. Matt McGrew: Mike, maybe just - let me give you a little color on some numbers here, too. I think if you think about the first half, like Rainer said, we were sort of down 20% from an order perspective. And like you also said, I think we'll be down modestly in the second half. But I think it's important to remember, too, this is largely driven by the comps that we've got. So if you think last year, the first half, we had kind of a low double-digit comp, in the second half was more like 20%. So step up, get a little easier here in the second half. I think the important thing that Rainer just said is we have not seen in the order book enough to call an inflection in the market, but I think we will see a step up to a more modestly down number here in the second half. But I would really characterize that as very much comp driven, not some sort of market inflection that we're seeing. Michael Ryskin: Great. Thanks. Appreciate that. And if I could squeeze in a follow-up on China specifically. You talked a lot about China and 2Q deteriorated, particularly as it touched”