“And lastly, I would say China, China remains as we have forecast at a low activity level and is not really contributing from a tail or headwind.”

In context

“customers who are increasingly returning to their normal ordering patterns. And that's encouraging because we're starting to get that regular order traffic. And those customers are clearly with that signaling that they have come into an inventory equilibrium. And that supports our hypothesis there. Now as we think about the Biotech segment, which represents about 10% to 15% of our business in bioprocessing. We have seen the improvement of the funding levels. And they're just above, I would say, the 2019 levels now after the peak between the two years here. And that's also an encouraging signal, but it's a little too early to see that have an effect right now in order rates. It typically takes two, three quarters before we start seeing that improved funding level play out in actual orders. And lastly, I would say China, China remains as we have forecast at a low activity level and is not really contributing from a tail or headwind. It is as we have projected and guided with a relatively low level of activity. Michael Ryskin: Okay. That's all really helpful context. I think one of the things we've noticed in the last couple quarters, last year, is that between yourselves and Sartorius and Merck KGaA and Avantor and Repligen and Thermo, everyone's got slightly different book to bills. Everyone got slightly different order trends, seasonality, pacing. How would you characterize high level, where your portfolio stacks up versus the others? And what should we keep in mind when we're making those read-throughs from company to company? Rainer Blair: So, there's a couple things to consider when comparing companies. First of all, everybody has slight differences in how they calculate a book-to-bill. So that's sort of one poi”