We think Street numbers (sales $3,791mn, EBIT $523mn, EPS $0.60) make sense, and we're essentially in the same place (MSe +0.4%, +0.3%, and +1.9% ahead, respectively). None of this is that surprising given it's pretty much bang in the middle of BAX's guide range ($0.59-0.60), though we do see some small upside risk to margins given the c. -140% implied conversion margin on incremental volumes (despite cost inflation having moderated a touch). While there may also be some temptation to push for a larger topline beat given the procedure volume environment, quite a few of BAX's categories aren't really impacted here (e.g. Renal, etc), while we'd also point to recent management commentary that volumes were somewhat more normalized vs. Q1. So overall then, we expect a solid Q2, but not fireworks at this stage.