And we’re seeing our teams perform much better. And like I said, we’re turning that into a strength for us, a strategic long-term strength, and our supplies in a much better situation. So that’s — and then then, of course our pipeline is coming in, and I’m sure we’ll get into that in the call here with a lot of new approvals plus the prior approvals that we’re starting to launch, and they’re having meaningful uptake. So there’s where the optimism is. In terms of how to think about the back half versus the first-half and then getting into FY ‘25, I’ll turn that over to Karen.
Karen Parkhill: Yes. Thanks, Geoff and Robbie. So just on the back half, Robbie, our comps do get a little tougher as you know, but we’ve got a really strong innovation pipeline that we talked about. And that’s driving growth acceleration actually from the first-half to the second-half. We’ve got our diabetes business returning to growth in the second-half, we talked about our extensive pipeline, EV-ICD, PFA, Hugo, Evolut FX,. and now the Ardian approval. And so we’re confident in this growth acceleration, and we’re confident that, that’s going to continue beyond the back half of next year. We think about FY ‘25, you know, it’s still early. We have two quarters left in this fiscal year, and we’re laser focused on delivering the rest of this year.
We’re also at the beginning of our planning process, so we’re not ready to give specifics. But I do know that all of you are working on your calendar year models for our competitors. So happy to give you some perspective based on what we know today and what we’re thinking about. And I’ll start with revenue, because we’ve been focused on consistently delivering that mid-single-digit revenue growth, and you’ve seen us do that for four quarters now. Our new full-year guide for this fiscal year is 4.75%. And as I mentioned, we’ve got the strength of those numerous product approvals in big markets that are launching around the world to help drive our back half growth. And, obviously, we’re confident that strength will continue into next year and beyond.
On margins and down the P&L, there are some puts and takes. We’ve got inflation stabilizing a bit, but it’s still higher than historical, but again, it’s stabilizing. Currency is dynamic, and as you know, the U.S. dollar’s been strong. So we’re likely facing a headwind from FX, but we’ll see how that shakes out. Global Tax Reform will likely be a headwind. But as always, we’re focused on driving offsets everywhere that we can. Geoff talked about it, we’ve made progress on cost of goods sold and cost out, starting with centralizing our global ops team. We have work to do, but those teams now have tangible programs in place to drive that work. And we’ll continue to drive pricing as an important lever. We’ve built a new muscle on pricing, and our focus is to keep it strong.
We’ve been working hard on controlling expenses, and that includes maintaining discipline on our largest driver of our expense, which is our headcount. So I hope that gives you some color on just the puts and takes. But to summarize, I’ll remind you what hasn’t changed? And that’s our long range commitment of driving durable mid-single-digit top growth, of driving leverage down the P&L, of driving a strong free cash conversion and a growing dividend, which all combined ultimately, delivers a double-digit total shareholder return. What has changed though is our progress toward that commitment. You’ve already seen us at mid-single-digit top line. We’ve talked about the strong pipeline that gives us confidence in its durability. And, obviously, we’ve talked about the programs we have in place.
Whether it’s in headcount management, COGS, cost down, pricing discipline, and they’re all levers to help us offset the headwinds and over time, establish that same durability on the bottom line.
Robbie Marcus: Thank you.
Geoff Martha: Thanks, Robbie. We’ll take the next question please, Brad.
Brad Welnick: The next question comes from Travis Steed at Bank of America. Travis, please go ahead.
Travis Steed: Hey, everybody. Congrats on a good quarter. Karen, just to sum up all those comments on FY ’24. I heard the leverage down the P&L comment. It sounds like based on what we know today, unless there’s some kind of major surprise, there’s still a good ability for — there to be enough offsets to drive EPS growth faster than revenue growth. Just want to kind of make sure that’s a fair comment? And then and, Geoff, I did want to follow-up on your thoughts on GLP-1s, post the Select trial. First, if there’s any color you’d add on, on the Select trial and the cardio endpoints in diabetes prevention that maybe didn’t mention in the prepared remarks?
