“And we think 2023 probably is the bottom.”

In context

“the more like 45%, 50% down. So as we sort of think about what we're thinking about for China going forward for the second half, we are kind of contemplating, if you will, for Q3 and Q4 both of those quarters to look like May and June, and call it, 50% plus down. With that, maybe, Rainer, you want to give some color on the commentary. Rainer Blair: Sure. Vijay, as it relates to '24, we have a lot to work through here still, I think, as an industry in the second half of 2023. We talked about the various puts and takes of the destocking that I think you correctly summarized with pharma and emerging biotech. You see the China piece that we're flagging here. And then, of course, actively managing those inventories with our customers here in order to get as much as possible behind us in 2023. And we think 2023 probably is the bottom. Having said all that, it is a little early to be talking about 2024. And as always, as we get closer here to the end of the year, we'll continue to update as we work through the second half here. Vijay Kumar: Understood, Rainer. And Matt, maybe one for you on margin share. I think if your second quarter came in slightly above guidance. But the sequential step down from Q1, that's 450 basis points, can you bridge us on what drove that 450 basis point step-down sequentially? I think some of this is cost actions Danaher undertook? And again, when I look at the annual guidance, I think you implied Q4 is perhaps 31%-ish. What drives the -- 31-ish. What drives that Q4 step-up? And does that assume your bioprocessing inventory levels to step up? Bioprocessing orders exiting Q4, is that assuming”