And this is modest and manageable within our broader diversified surgical business. Now with diabetes, our customers are primarily Type I, with only 10% of our installed base in Type II insulin-dependent patients. We do expect growth in our Type II business going forward, but Type II pump penetration rates are so low that even using aggressive GLP-1 modeling assumptions, we don’t see any meaningful change in our diabetes growth outlook through 2030. Now we’d be happy to discuss this in more detail in Q&A, including our view on the select trial and its potential implications for medtech. Now Before we go to the analyst questions, I’d like to close with a few brief concluding thoughts on our progress. You’re seeing in our results that many of the challenges that have held back our growth have largely been mitigated, whether that’s diabetes, China, or the issues in our supply chain.
And we’ve established a track record of delivering durable mid-single-digit revenue growth, which we expect to continue in the back half of the fiscal year. We have some really compelling product approvals that drive our growth not only in the back half, but for years to come. There’s been a number of things that have happened recently, big things. In the last four weeks in particular, with our TAVR data that gives us just such an advantage in the marketplace, new product approvals like EV-ICD, geographic and indication expansions. And last Friday, we got Ardian approval. This opens up a multi-billion dollar market opportunity for us. And with over 1 billion people worldwide with hypertension, the opportunity is massive. In fact, just 1% penetration of the target market represents over $1 billion of revenue.
So we’re focused on executing to deliver the top line. And at the same time, we’re taking action to run our businesses more efficiently to counter the impacts that inflation and currency are having on our margins. And we’ve been implementing an extensive transformation to improve the durability of our growth. We’ve changed our operating model, brought in extensive new leadership, increased capital allocation to our highest growth opportunities, and are implementing a culture based on execution, speed and playing to win. And now we’re positioning the company to take advantage of our scale in areas of operations and supply chain, core technology, and how we go to market with large customers around the globe. You’re already seeing results from this today.
And as we go forward, our focus is on translating the durable revenue growth that we’ve established into durable earnings power. This is a winning formula for creating value for shareholders and we are laser focused on making that happen. Now with that let’s move to Q&A where we’re going to try to get to as many analysts as possible, so we ask that you limit yourself to just one question and only if needed, a related follow-up. If you have additional questions, you can reach out to Ryan and the Investor Relations team after the call. With that, Brad, can you please give the instructions for asking a question.
A – Brad Welnick: [Operator Instructions] Lastly, please be advised that this Q&A session is being recorded. For today’s session, Jeff, Karen and Ryan are joined by Que Dallara, EVP and President of the Diabetes; Mike Marinaro, EVP and President of the Surgical & Endoscopy businesses; Sean Salmon, EVP and President of the Cardiovascular portfolio; Brett Wall, EVP and President of the Neuroscience portfolio; and Bob White, EVP and President of the Medical Surgical portfolio. [Operator Instructions] We’ll take the first question from Robbie Marcus at JPMorgan. Robbie, please go ahead.
Robbie Marcus: Oh, great. Good morning, everyone, and thank you for taking the question. Maybe, I’ll ask, both of them upfront. The first, Geoff, you talked about how most of the headwinds are largely mitigated. I look at the guidance implied in the second-half of the year, it’s a point of growth or so below the first-half. So maybe just talk about how we should think about the lower growth in the second-half versus the first-half and the reasons for that? And then part b, if I look to 2025 or fiscal year ‘25, The Street has been pretty close to your long range plan of 5% plus on the top and 8% plus on the bottom. Is that the right way to think about next year? Are there any headwinds or tailwinds we should be thinking about here like potential dilution from the monitoring business? Just want to try and get Street numbers, correct as we head into year-end? Thanks so much.
Geoff Martha: Sure. Well, let me kick it off, and I’ll — thanks for the questions, Robbie, I’ll kick it off and then hand it over to Karen. In terms of the headwinds being mitigated, what I’d say is the markets are pretty stable, especially relative to what we’ve seen over the last couple of years, with procedures, I think, back to normal growth and the staff — in the staffing issues that are — that were hurting the procedural growth or I think more or less under control. Pricing has been stable, we’re – we can talk China later, we’re working through the China VBP, but that’s largely behind us. Still a little bit more to go, but largely behind us. So yes, and then our own internal, the changes to our global operations and supply chain, that was a big one for us and has been a big one.
