We note that this guidance refers to organic revenue growth. There is a very attractive pipeline of new devices in development and recent acquisitions that we would expect to add further to the growth it has already achieved. As it integrates these businesses it has been very successful at driving steady margin expansion and positive operating leverage. When you combine that, approaching double-digit revenue growth to margin expansion, it is a business that, pre-COVID has already shown a very nice track record at solid double-digit revenue growth, so that is what investors will be buying. Figure 2: Boston Scientific revenue, operating margin, and adjusted EPS, 2013-2024E Source: Boston Scientific With respect to recent share price performance, the latest news around COVID, and the fourth wave, Boston Scientific has come under pressure, leading to a decline in the multiple of earnings at which it trades.