“As I mentioned last quarter, we're expecting high single-digit EPS growth in fiscal year '27, driven by accelerating revenue growth, improved business mix from CAS and Diabetes as well as the other financial benefit of the Diabetes separation.”

In context

“eased R&D and sales and marketing spend. At the same time, we are confident in our ability to drive leverage with our G&A expenses. Accordingly, there's no change in our expectation for fiscal 2026 operating profit to grow materially faster than revenue. Given our Q1 results, we're raising our underlying fiscal 2026 EPS growth expectation, which excludes the impact of tariffs to 4.5% versus the prior 4%. FX is now a flat to 1% benefit to fiscal '26 EPS. Including the impact of tariffs, we're now guiding EPS in the range of $5.60 to $5.66, a raise from our prior range of $5.50 to $5.60. For Q2, we would expect EPS of $1.30 to $1.32, which includes an approximate 1% benefit from foreign currency based on recent rates as well as an approximate $18 million negative impact coming from tariffs. As I mentioned last quarter, we're expecting high single-digit EPS growth in fiscal year '27, driven by accelerating revenue growth, improved business mix from CAS and Diabetes as well as the other financial benefit of the Diabetes separation. To conclude, our confidence is building. We're advancing our growth drivers to accelerate revenue and growth. And we're executing on efficiencies in manufacturing and supply chain and operating expenses to drive earnings growth. At the same time, we're increasing our growth investments in R&D and sales and marketing, all with a deliberate focus on creating long-term shareholder value. Geoff, back to you. Geoffrey Martha: Okay. Thank you, Thierry. And before we go to Q&A, I want to make a few brief remarks on the shareholder value creation initiatives we announced this morning in partnership with Elliott Management and on the opportunity that we both see ahead for Medtronic. Today, we've announced a series of governance enhancements that will help capitalize on the enormous opportunities i”