Geoff Martha: Sure. Thanks for the questions, Matt. Yes. I will start with the diabetes one. I am not incrementally more committed because I have been committed since day one. I mean there is no €“ have not blinked on diabetes, so committed to the business. Yes. Is there more confidence, yes. And that’s because we are continuing to see the impact of our technology. When we have our full suite of technology outside the U.S., we are seeing strong growth. But it’s not just the growth that’s encouraging, it’s the patient feedback, the clinical results that we are getting, time and range and other important metrics from a clinical standpoint. But it’s also the patient experience in terms of ease of use and things like that. And then on top of that, we have got this pipeline of technology that we have €“ that’s coming right behind it, new €“ pipeline of sensors.
We have submitted our Simplera sensor for approval. And we have got more behind that. And a lot of development programs that I have a view into. And then finally, the business is just executing better, and so all that together is giving me more confidence. So, I will ask Que to make a comment. Que, do you want to add to that?
Que Dallara: Yes. I mean as Geoff said, we continue to expand access for the 780G system and Guardian 4 sensor. It’s in over 90 markets. And wherever we see 780G launch, we also see higher CGM attachment rates because physicians and patients recognize the value of automation €“ automated insulin delivery in driving outcomes. And we expect to see a similar trajectory when 780G is available in the U.S. market. And just to put a finer point on what Geoff said about our next-generation products, we submitted our next-generation sensor CGM for CE Mark last year, and we have also done that on a standalone basis to the FDA. And we continue to be very optimistic about the progress we are seeing in the market. The U.S. market needs new products. We all know that. But I think we are making forward movement on all aspects of the business.
Geoff Martha: Thanks Que. And on the TAVR question, look, this is an area that we have been really focused on. Obviously, it’s a market where the therapy has a huge impact on patient outcomes, and then financially for us, it’s an important driver. And we have been really focused on this team and this new model, how they are really focused on this team, and they have done a great job on a number of fronts in terms of training physicians and adding new reps, training new reps and adding the field training physicians on the new techniques, but more recently here launching our Evolut effects and the results we are getting there. I have Sean, but I think the team has done a great job, and we are starting to make up some ground here with the competition globally, but in particular in the U.S. And Sean, maybe you can add some comments to this.
Sean Salmon: Yes. Thanks, Geoff. And we are seeing sort of mid-single digit growth underlying for the U.S. market. And obviously, we are moving faster than that 12% growth because of the launch of FX. And I think also this recognition that our valve hemodynamics is really playing out for better durability of that valve over time, which is becoming more and more important. And FX really levels the playing field on ease of use, which has been important, but also you can line the commerce up, which is great for coronary access. And as people are thinking about the lifetime of the valve, both durability and making sure that those corners are easy to get back into matters a lot. And that combination has played out well for us. We do still see spotty procedure volume challenges.
It’s all around the world. Most acutely this last quarter in Japan, as we said, there was a wave of COVID that impacted us. And also we are dependent on a particular faster access that was impacted by supply chain issues last quarter. That’s been resolved. So, the launch of FX in Japan, returning procedure volumes and no constraint from vascular sheets will help us to grow there. And of course, as Evolut FX rolls out around the world, we will still perform well. The fundamentals of that market are still very, very strong. It’s just all the multiple touch points of the healthcare system that are required to get a patient in for therapy and through that therapy. But we expect that’s going to start to abate and get better with time.
Geoff Martha: Whether it would be our structural heart business, TAVR or diabetes, and Joanne asked about spine, and you mentioned in the comment you mean by urgent. What I like about the new €“ the operating model we have is these businesses, we have got €“ we have segmented them in the right way where we have clarity, transparency into their end markets. We are measuring them on, are you growing above, we have clarity on market growth. We are measuring them on, are you growing above or below the market and comp is tied to that. So, it creates this sense of urgency that we think is having an impact. It was kind of overwhelmed for a while by supply chain challenges. But as those mitigate, you are starting to see the impact of some of the changes we made.
Matt Miksic: Thanks again.
Geoff Martha: Thanks Matt. Next question please, Brad.
Operator: The next question comes from Josh Jennings at Cowen and Company. Josh, please go ahead.
Josh Jennings: Good morning. Thanks for taking the questions. I was hoping to just ask about the JV. We don’t have JV in the patient monitoring and respiratory spin. Just how we should be thinking about the impact to, I guess standalone Medtronic earnings in €˜24, either from execution of those two moves or just any headwinds in terms of the earnings power in €˜24 to just the initial staging of getting to the finish line on both of those two?
Karen Parkhill: Yes. In terms of the impact on total Medtronic earnings power, the separations are going to have minimal impact. So €“ and in terms of staging the moves so that we have minimal impact or disruption across the company, we have been very focused on that and have strong teams in place that are managing these separations really well. And we purposely put those teams in place as part of our new operating model. As we make these portfolio moves, we are focused on being best-in-class in how we do it.
Josh Jennings: Thanks a lot. Just a follow-up on the patient monitoring and respiratory spin. Is it possible that an unsolicited €“ a suitor could come into play? And how should investors think about the kind of potential for a parallel path to open up where you are moving forward a spin, but there could be potential suiters coming into the €“ kicking the tires on those two businesses? Thanks for taking the question.
Karen Parkhill: Yes. Thanks Josh. We are focused on maximizing shareholder value with the separation. And we have announced the spin. We are moving forward with that. Should something come along that maximizes shareholder value, we will certainly listen to it.
Ryan Weispfenning: Thanks Josh. Next question please, Brad.
Operator: The next question comes from Cecilia Furlong at Morgan Stanley. Cecilia, please go ahead.
Cecilia Furlong: Great. Good morning and thank you for taking the questions. Just a two-part question for me. First on Hugo and the neuro IDE in the U.S. If you could provide an update on just what dud have seen early days in enrollment? And then separately, we have heard a lot about Italy impact. Just curious if you could frame how you are thinking about the potential impact to your business going forward and thank you?
Geoff Martha: Thanks Cecilia. Good to hear from you. On the first one, I will let Bob White answer the question on the Hugo neurourology IDE enrollment and just overall progress, what we are seeing in the U.S. And then turn it over to Karen for the question on Italy, so Bob?
