Geoff Martha: Well, first, before I turn it over — before I turn it over to Sean, we are — if you go back the last couple of quarters, we are pleased with how our TAVR business is performing relative to competition and how the new valve is performing and also the pipeline for the future. But Sean, why don’t you give the specifics on that question?
Sean Salmon: Sure. Hey, Travis, the new valve is certainly being well received where we’ve launched it. It’s been launched in the United States and a number of other geographies and Japan notably. The other thing that drove Japan growth was that we got a new indication for end-stage renal disease, which is something we’ve been lacking in Japan. So it’s a large consideration for that population that really helps drive the performance. But yes, our long-term data have been really the signature of that device, and we’ll see more of that this coming weekend as well as the 10-year NOTION data. This is the first 10-year data being reported out for TAVR will be on display. And then of course, we have four-year data coming up on our low-risk study as well to look forward to this fall.
So we stand behind the valve performance all the way around. And whether it’s the acute ease of use or the long-term durability of the valve, it’s really shining and we’re getting a lot of traction from all of that.
Travis Steed: That’s helpful. And then the PMRI spend, I assume the time change is more because spends take longer than sells. But maybe some other comments on when we could see the Form 10, can you confirm the operating margin profile of that business is still kind of slightly higher than overall Medtronic? And then do we need to wait for this to get through to see more on the portfolio management side of things? Thank you.
Karen Parkhill: Yeah. Thanks, Travis. I think there’s nothing to read into this other than we’re focused on maximizing shareholder value, and we’ve been taking our time to evaluate the alternatives. And we’ve said all along that the spin sets a high bar and that remains a likely way that we’ll separate. And so we’ll — we’re expecting to close it first half of next fiscal year, if not sooner. In terms of Form 10, we’ll — you’ll see it when you see it. And in terms of the margins of the business, yes, they are good margins and slightly higher than the company. Hopefully, that helps.
Geoff Martha: And the business continues to perform well. Like Karen said, the margin profile has remained strong. And actually, the competitive dynamics, particularly in the patient monitoring side of it, have probably improved a bit in our favor. So it’s a good business, and I think with more focus, I think these numbers can even improve.
Travis Steed: Great. Thanks a lot.
Ryan Weispfenning: Thanks, Travis. Next question please, Brad.
Brad Welnick: The next question comes from Matt Miksic at Barclays. Matt, please go ahead.
Matt Miksic: Hi, thanks so much [Technical Difficulty] question and congrats on a really strong quarter across the board. There’s a lot to talk about, but maybe one question on diabetes for Que and then one follow-up. So just would love to hear how things are progressing with some of the programs that you talked about at ADA, the next-gen sensor and integrated testing and the patch pump that you’re in the process of acquiring here? And then if I could on that, Geoff mentioned something about the next-gen AID pump and I know it’s way early to even ask the question, but just curious if you are ready to share any hints about that? And then one quick follow-up, if I could.
Que Dallara: Yeah. Thanks for your questions. As you know, [indiscernible] CGM, our next generation CGM is under review with the marketing FDA. We’re in the process of doing that, and it’s very difficult to put a precise time line on when we expect to have approval, but that is progressing. In terms of the integration with 780G, we have completed adult enrollment for the clinical trial in Q1. We expect to complete the peds enrollment in. But that’s at the clinical trial stage. We’re also — in terms of the patch, we’re making progress there as well in terms of completing that transaction, and we expect that we would close out the EOFlow acquisition at the end of at the end of this calendar year. And again, very sorry to disappoint you, but difficult to comment on our further programs. They’re progressing as we expect in our internal time lines. But at this stage, it’s a bit too early to put details on specific timing.
Matt Miksic: That’s helpful and understandable. Just one — the follow-up is on sort of seasonality. You’ve seen July year and I know there’s been a number of questions across the sector, given what we’ve seen over the last [Technical Difficulty] year-to-date in surgeries and procedure volumes and so on. Just any sense of what kind of summer quarter we should expect, which for you [Technical Difficulty] August, but softer than usual, seasonally normal. How would you describe what you’ve seen in July and what your expectations are built into your fiscal Q2 here? Thanks.
Karen Parkhill: So I would just say, Travis, that the first few weeks of the quarter and what we’ve seen in July are tracking well. We continue to have strength in the underlying performance and it’s tracking of the expectations we set in our guidance.
Matt Miksic: That’s fair. All right, thanks so much.
Ryan Weispfenning: Thanks, Matt. We’ll take the next question please, Brad.
Brad Welnick: The next question comes from Chris Pasquale at Nephron. Chris, please go ahead.
Chris Pasquale: Hey. Geoff, one for you and then a quick follow-up for Karen. You mentioned artificial intelligence as one of the areas Medtronic is investing in. It’s obviously a hot topic in the market more broadly. Could you provide any examples of the work you guys are doing there? Maybe talk about which businesses you see AI as being most relevant for in the near future?
Geoff Martha: Sure. Well, first of all, I think for the medical device industry, the kind of the intersection of traditional biomedical engineering with these digital technologies, whether it be connectivity or data analytics techniques like AI and deep learning, robotics, these are all just a huge opportunity for the industry. This is — and these are areas that we intend to lead in. AI specifically, we’ve got a number of businesses that have first-of-their-kind, AI-powered solutions that have received regulatory approval by the FDA and other regulatory bodies around the world. And what we’re seeing here is just improved — from the AI is just improved outcomes and access. And it’s the — when you combine the AI with good data, not just quantity, but the quality of data and that data is labeled properly, we’re seeing the ability to even personal — like evolve and improve the efficacy over time through the AI and even personalize it.
The FDA has approved a couple of products for us in the Cardiac Rhythm space, in Spine, in GI, where you have like what they call a predetermined change control plan where you’re allowed to kind of improve that efficacy over time. And some of the businesses that are impacted, like I mentioned, our GI are now calling Endoscopy space, where we have AI in the colonoscopy, you’re kind of redefining traditional colonoscopies where the AI is finding polyps that physicians were missing. And this is a significant amount of polyps and it’s obviously good for patient outcomes because there’s a high correlation to cancer — colon cancer from these polyps and it’s also economically aligned with the hospital’s interest as you find more polyps and remove them.
