“Turning to operating expenses, we are holding our guidance for performance operating expense growth to be between 11% and 15%.”

In context

“o assume there is no benefit of patient backlog in the year. At the high-end of the range, we assume bariatrics continues at flat to slightly positive growth rates, and factors in China don't have a significant impact on our business. In addition, we assume any backlog of patients would decline throughout the year. Turning to gross profit. We continue to expect our pro forma gross profit margin to be within 67% and 68% of net revenue. Pro forma gross profit margin in 2024 reflects the impact of growth in our newer products da Vinci 5, Ion and SP, and the impact of capital investments that will come on to support the growth of our business. Our actual gross profit margin will vary quarter-to-quarter depending largely on product, regional, and trade in mix and the impact of new product mix. Turning to operating expenses, we are holding our guidance for performance operating expense growth to be between 11% and 15%. We continue to expect our non-cash stock compensation expense to range between $680 million to $710 million in 2024. We are holding our guidance for other income, which is comprised mostly of interest income, to total between $290 million and $320 million in 2024. With regard to capital expenditures, we continue to estimate a range of $1 billion to $1.2 billion, primarily for plan facility construction activities. With regard to income tax, there is no change to our guidance of 2024 pro forma income tax rate to be between 22% and 24% of pre-tax income. That concludes our prepared comments. We will now open the call to your questions. Operator: Thank you. [Operator Instructions] We will go to the first question at this time and that's from Robbie Marcus, JP Morgan. Please go ahead. Robbie”