There is just a lag while the shelf inventory comes down. So hopefully, that gives you some context on our guide this morning. But just to summarize, in addition to our assumptions on market growth, we assume incremental contribution from products that we’ve recently launched and supply that has recently improved. On your question on FY’24, it’s still early. We have two quarters to go, and we’re at the beginning of our planning process. So we’re not going to give FY’24 guidance on this call. But I will say a few things, including currency because that was your question. First, on the top line, you can see that we expect to exit the year with mid-single-digit growth, and that’s a great place to start the following year. Second, down the P&L, we’re still in a challenging operating environment with inflation, interest rates and currency, as you mentioned.
And on currency, we now estimate that to be a $0.36 headwind on the bottom line in FY’24. And that’s, obviously, worse than the $0.18 that I mentioned for FY’23. And third, we’re purposely driving significant expense reduction given these headwinds and given our focus on continuing to drive long-term investments for the company. So we’ve got several puts and takes for next fiscal year, and we plan on giving you more on FY’24 as we move through the back half.
Robbie Marcus: Great. Thanks for all the color.
Geoff Martha: Thank you, Robbie. We will take the next question please, Ryan.
Ryan Weispfenning: The next question comes from Travis Steed at Bank of America. Travis, please go ahead.
Travis Steed: Hi, good morning, everybody. A little bit more color on FY’24 as it relates to China VBP. I don’t know if there is any way to think about how much of the China VBP stuff hit in FY’23 versus FY’24, given some of the new ones like EP and even neuro? And then I did want a little bit more color on TAVR as well. given the strong U.S. result there. Curious if you could kind of comment a little bit on the TAVR market and also share €“ I don’t know if you can say how much share you think you took this quarter in U.S. TAVR?
Geoff Martha: Yes. So thanks for the question, Travis. On the €“ why don’t we start with the TAVR one because we €“ the market didn’t grow quite as much as we had hoped, but it still was a strong growth driver for us, and we did do well from a share perspective. And why don’t I Sean maybe comment on that, and then we will come back and help Karen talk about the VBP part of the question. Sean?
Sean Salmon: Yes. Travis, we think we took about a 0.5 point of share for that for the full quarter, and it was really driven by the late €“ the last month of the quarter where we picked up some of that momentum in October with the launch of the Evolut FX we’re in about 400 accounts of that so far. So we’ve got some room to run there for the back half of the year, but that is very strong. I think the underlying market is still in the kind of high singles area. And I think that, that’s really, as you know, just conspired against by the resource intensity that’s required. You get this whole chain of events where you have to have a patient go through imaging prior to their eventual procedure, and there is a lot of hand us along the way.
