“we've seen demand at these customers steadily improve throughout the year as they're moving past inventory destocking and anticipate this gradual recovery will continue over the coming quarters.”

In context

“we were encouraged with the continued positive momentum we saw in the quarter. Notably, orders increased high single-digits sequentially, which is the fifth consecutive quarter of sequential order improvement, and our book-to-bill ratio improved to approximately 1.0. Now geographically, we saw improving order trends in developed markets as large customers are returning to more normal ordering patterns. In China, orders and underlying activity levels remain weak, particularly for equipment, as customers continue to conserve their capital. Revenue growth in the quarter was driven by our larger pharma, biopharma and CDMO customers. Production volumes at these customers, who are primarily manufacturing monoclonal antibody therapies, has continued to grow in line with historical averages. Now we've seen demand at these customers steadily improve throughout the year as they're moving past inventory destocking and anticipate this gradual recovery will continue over the coming quarters. In contrast, we're not seeing the same level of improvement in underlying performance from our smaller customers. Despite a modest improvement in the funding environment, they continue to rationalize their therapeutic programs and remain cautious with their investments. Now, putting this all together, we continue to expect low single-digit core revenue decline in our bioprocessing business for the full year 2024 and this includes an assumption of high single-digit core revenue growth in the fourth quarter. Now, as destocking moves behind us, we're increasingly excited about the long term opportunities ahead for Cytiva's leading bioprocessing franchise. Monoclonal antibodies, which comprise the majority of our revenues, remain the largest investment area for our customers. We're also seein”