“We think, our life science instrumentation business will, for the year, be down low single-digits.”

In context

“pact. But again, we're not planning for it. When we see it, we will obviously update and let people know. But for this guide, it is - you're trying to be transparent with everybody. That's what we're expecting, or what we're guys planning for. Rachel Vatnsdal: Great. Thank you. Operator: Our next question comes from Puneet Souda with Leerink Partners. Please go ahead. Rainer Blair: Good morning. Puneet Souda: Yes hi, yes thanks, Rainer. My first question - I'm tempted to ask about bioprocessing, but let me stick with instrumentation first. Could you tell us what you're expecting for growth in instrumentation in 2024? And maybe if you could provide some context on the instrumentation recovery, and when can we potentially start to see that at a normalized sort of growth level? Rainer Blair: We think, our life science instrumentation business will, for the year, be down low single-digits. And that's based really on a softer first half of the year and then slow, but persistent improvement here in the second half of the year. What are some of the drivers of that? Well, first of all, here in the first half, we are looking at some pretty significant comps. You will recall the China loan program in particular in the first half of last year, put us into mid to high-teens growth. And of course, at the current activity levels, that will result in a softer first half here. We also talked about the fact that pharma, biopharma, are constraining their investment a bit more along the lines of just recently having changed out, their installed base, taking advantage of additional dollars available during the pandemic and normalizing here as we get through the first half of the year. If w”