“we've talked about this business being a 35% to 40% kind of incremental fall through. I don't see any reason why that would not be the case, especially as we sort of return to growth in bioprocessing.”

In context

“still the plan. Plenty of work left to do here in the quarter from a top-line perspective, but clearly we are seeing the improvements. We thought clearly, this is playing out, at least in bioprocessing, like we thought on the top line. And so, maybe what we should do is let's just get through Q3 here, and then we can kind of revisit the fourth quarter and 2025 as we get there. From a margin perspective, I think we have sort of historically talked, both -- like I talked on the last call, Q4 and Q1 will typically be better margin quarters for us, given like you said, the operating leverage that we get out of bioprocessing and respiratory, I don't think that, that will be any different here in this year. But as far as over the long term, as I think about next year from a margin perspective, we've talked about this business being a 35% to 40% kind of incremental fall through. I don't see any reason why that would not be the case, especially as we sort of return to growth in bioprocessing. I think we've been close to those levels here as we've been shrinking, frankly. So I think we've done a lot on the cost structure to be able to make sure that we can continue to do that. But I think over time, 35%, 40% fall through, and this is a business in a normal time that our adjusted operating margin should be in the low 30s. Operator: Thank you. Our next question will come from Scott Davis with Melius Research. Please go ahead. Rainer M. Blair: Good morning Scott. Scott Davis: Hey, good morning Rainer and Matt and John. The buyback, I don't recall seeing one at least one of this size in the past. What's -- just a little color, is it maybe a statement that M&A is a little slow or is it -- should you guys think about it as a little bit more like housekeeping, what slow color on how y”