Strong SpotFire placements in Q3 were driven by a strong contribution from McKesson, and the company remains committed to the EUR80m revenue target for FY24. We understand the company is gaining market share with SpotFire, with most placements representing competitive wins. On the other hand, the slightly softer BioFire placements were a result of the softer demand environment for instruments overall, rather than changes in the competitive environment. In Microbiology and Industrial, the company benefitted from strong price mix, with 4% and 5% price increases in Q3, respectively. Despite strong performance YTD, the FY24 guidance allows room for a potentially mild respiratory season compared to last year, given the strong comp base, with a range of -5% to -20% respiratory panel sales factored in for Q4. The company remains committed to the 7% revenue CAGR in the mid-term, however we understand FY25 could potentially fluctuate given the higher starting point on the back of strong FY24 performance. With that being said, management confirmed they are committed to delivering at least 10% organic growth to cEBIT per year, including FY25. Guidance Uncertainty around respiratory season in Q4 (4Q23 was a very strong season) -5% to -20% respiratory panel sales in Q4 factored into the guidance Confident in the rest of the business Committed to 7% CAGR in the mid-term, although it may fluctuate with some years higher than others Committed to at least 10% organic cEBIT growth each year Respiratory season No indication on strength of the respiratory season yet Not seeing evidence of stocking going into respiratory season More cases and patients resulting in more tests Confident they are not losing market share, but probably not increasing either Assuming the 4Q24 respiratory season will be lower than 4Q23 EUR240m respiratory sales 4Q23 Molecular biology BioFire Non-RP BioFire performing strongly in Q3 +16% despite high comps BioFire non-RP DD growth in...