“Based on current rates, we would expect exchange to have an unfavorable impact of a little more than 1% on our reported full year sales, which includes an unfavorable impact of approximately 2% on our first quarter reported sales.”

In context

“Excluding COVID testing sales, underlying base business organic sales growth was 11% in the quarter. Foreign exchange had an unfavorable year-over-year impact of 0.8% on fourth quarter sales. Regarding other aspects of the P&L, the adjusted gross margin ratio was 55.9% of sales. Adjusted R&D was 6.1% of sales, and adjusted SG&A was 26.3% of sales in the quarter. Lastly, our fourth quarter adjusted tax rate was 14%. Turning to our outlook for 2024. Today, we issued guidance for full year adjusted earnings per share of $4.50 to $4.70, which includes an adjusted earnings per share forecast of $0.93 to $0.97 for the first quarter of 2024. For the year, we forecast total underlying base business organic sales growth, which excludes COVID testing sales to be in the range of 8% to 10%. Based on current rates, we would expect exchange to have an unfavorable impact of a little more than 1% on our reported full year sales, which includes an unfavorable impact of approximately 2% on our first quarter reported sales. We forecast nonoperating income of approximately $130 million and an adjusted tax rate of 15%. With that, we'll now open the call for questions. Operator: [Operator Instructions] And our first question will come from Larry Biegelsen from Wells Fargo. Larry Biegelsen: Congrats on a nice end to the year here. So Robert, pre-COVID, Abbott was growing 7% to 8% organically as you mentioned, you're guiding to 8% to 10% today for 2024 off of a higher revenue base. What has changed? And what is giving you the confidence to guide that high to start the year? Maybe talk about the key assumptions, and I'll leave it there for my one question. Robert Ford: Thanks, Larry. I mean, as I said in my prepared remarks and quite frankly, as we talked about throughout most of 2023, the impact of the stra”