Okay, good afternoon, everyone. I'm Ryan Weispfenning, Vice President, Head of Medtronic Investor Relations. Thank you for joining us for our Diabetes Analyst and Investor Briefing here live from the American Diabetes Association 83rd Scientific Sessions. It's great to see all of you in the room and be here in person with all of you. Then also want to welcome those joining us around the world on the webcast today. Get to the next slide. There we go. During today's program, many of the statements we make may be considered forward-looking statements. Actual results might differ materially from those projected in any forward-looking statement. Additional information concerning factors that could cause actual results to differ is contained in our periodic reports and other filings that we make with the SEC. We do not undertake to update any forward-looking statement. I encourage you to go back and read this slide. The slides we're presenting today will be made available on our website at investorrelations.medtronic.com shortly after the conclusion of today's event. I did want to point out that at the end of the presentation that we're posting to the website, there'll be a clinical citation slide with sources for the information that we're using in today's presentation. Also, a replay of today's event will be available for viewing later today on our website at investorrelations.medtronic.com. We have a full program planned for you today. Joining me are Geoff Martha, Medtronic Chairman and CEO, Que Dallara, EVP and President of Diabetes, and Ali Dianaty, VP of R+D for Diabetes. Geoff will make some introductory remarks, and then Que and Ali will cover specific topics related to our diabetes business, including our strategic focus on the important high-growth smart dosing segment, an update on the early success that we're having with the US launch of our MiniMed 780G system, an in-depth look at our differentiated meal detection technology algorithm that's in the 780G, and a look at the products in our near- and midterm diabetes pipeline. Following the presentation, I'll moderate a Q&A session, where Geoff, Que, and Ali will answer questions from the sell-side analysts and institutional investors that are here today in the room with us in San Diego. With that, I'll turn it over to Geoff to make some opening remarks. Geoff? All right. Thanks, Ryan, and thanks, everybody, for tuning in and especially for those that are here live. It's great to be here at ADA in San Diego. It's beautiful. More importantly, really excited to talk about our diabetes business, you know, where it is today, which is really exciting, and where we're going, which is also really exciting. Before I turn it over to Q and Ali, who I'm guessing will be answering, fielding most of the questions here, I do have some, just some opening, you know, comments here, you know. Yeah, we're gonna talk about what we believe differentiates us here today. You know, first, it's our ecosystem, you know, of products that work together, but really, you know, as we sit here today, powered by our unique algorithm that we believe is really differentiated. This, and this is a line where, you know, you're gonna hear us. This is a line where we believe the market's going here, with this smart dosing among insulin-dependent Type 2s, as well as Type 1s. Then you're also gonna see, you know, a lot of excitement around 780G and then the Guardian Sensor 4, but that's not all we got in the tank. We've got a steady cadence of new product releases coming, you know, over the next couple of years, and it's a couple hockey references, you know, not a hockey stick. It's a steady flow. So, we're really excited about that. We really wanna position the business to have the best of the MedTech world, you know, with data and science, but also with the consumer world, you know, user experience, including physician experience, but, you know, patient experience, and a steady flow of new product launches. You know, I'm sure Q and Ali will talk about that. We are... I mentioned the smart dosing market. We are really excited about this, you know, this segment of the market that we think is, you know, we're confident is really gonna grow and outperform. It's a multibillion-dollar, like we like to call secular growth segment. You know, CGM, where you can hear a lot of smart dosing. CGM alone is still important, CGM alone is not enough to get the outcomes that patients want. That'll be even more apparent as 780G gets launched in the U.S., and you see the results. Like I said, we, you know, last hockey reference, we do believe we're skating where the puck is going here and are really well positioned. We also, we've also made some quite a bit of few changes to the organization and brought in new talent, starting here with Que, who joined us a little over 1 year ago. She got the software and a hardware background, involving complex systems and a very strong operator, that's having impact at the diabetes business, also just across Medtronic. you know, the way she runs her business is something we're all learning from with a really high, like we like to call it, a say-do ratio, and really delivering. You're seeing the impact that she and the team that she's brought in is having. The warning letter has been lifted, you know, 780G's out there. you know, we've got this pipeline going, and we delivered, you know, stronger results, not where we want them to be, but stronger results than we'd anticipated over the last year in this business. At the same time, you know, so we've brought in some new people to plug some, you know, holes, capability gaps we have and also shift the culture. At the same time, we've kept some continuity in critical areas, like in our R&D here, because look, we've had the technology for a while and the vision around what we could be here and the strategy, and we've had the continuity there. Ali, you know, is probably the best case in point there. It was really When I first came in as CEO, there was a lot of questions and still are around the diabetes business amongst some of you. I hope those questions are getting answered here as we speak. You know, you know, Ali Dianaty, and at the time, Sean Salmon, really got me comfortable, and our board, that we had the underpinnings, from a technology perspective, to be a leader, to be the leader, not just of size, but growth, and providing these outcomes and experiences for patients that we've sought. We've doubled down on this business. We've doubled down in a big way. One, just which you might underestimate, is a lot of management bandwidth on this, but also investments in R&D, you know, organic R&D. You know, you've heard about the partnership with Blackstone. As you know, now you've seen acquisitions, the latest being the EOFlow acquisition. We're doubled down on the business. Very excited about it, you know, it is at a real positive inflection point. You know, just taking a step back to the broader Medtronic, I know we're here to talk about diabetes, this is kind of the, you know, the approach we're taking is being decisive on our capital allocation to these big secular growth opportunities. This is one of the five that we've outlined. Don't blink, be decisive, then we're putting the people in place and the focus to execute. And where we need turning around, we're gonna turn it around. This is one of those areas, where we need continued strength, like cardiac rhythm or something like that, we're gonna continue that strength and make sure no businesses take a step back. You're starting to see that play out with the last couple of quarters. Our growth are coming back and, you know, going forward, we feel really positive. I want to get back to diabetes because this is a, just a really, you know, a special time, like I said, a real positive inflection point. You know, I'll turn it over to Que and Ali Dianaty at this point. Good afternoon. It looks like a much better ADA than it was last year. What we wanted to cover today with you are these topics, and we'll go into details, a little bit of detail on them. One of the... It's been a great ADA, and one of the key themes that we've had through the last few days is how important automation is in diabetes management and how good the 780G does with that from an outcome standpoint, but also in terms of burden reduction. Now, the 780G looks the same on the outside, but I can tell you that it is completely different and revolutionary on the inside. The data that we're presenting in terms of outcomes, as well as burden simplification, is really unmatched. You've seen the success that we've had in Europe in prior earnings discussions, and the early indication that we're seeing from the US is very positive, really positive, actually exceeding our own internal expectations. We'll go into a little bit of detail on what we're seeing, just to give you a bit more color commentary on the progress there. Importantly, it's worth noting that the reason why the outcomes are so good is because of our unique meal detection algorithm. Because we are the only player that has both the CGM as well as the pump, we have more data than anyone else, and that allows us to develop algorithms, you know, particularly well and quick. Ali will go into a little bit of detail about how we think about algorithmic development and the impact that has on outcomes. Everyone knows we have great outcomes. The outcomes are a result of how we develop algorithms in the total system and our ability to deliver the entire system. At the end of the day, our goal is to really get automated insulin delivery or Smart MDI into the hands of the insulin-dependent Type I and Type II population. That's a very large segment of the market. They deserve better outcomes. Our business model is one where by having both the CGM and the pump, we have a razor and a razor blade model. The business enjoys very high recurring revenues, and we believe that system will generate long-term very positive growth. 780G is a very important step in the turnaround of the U.S. business. It's gonna take us time to rebuild the install base. We have had attrition in prior years, of course. Europe, outside the U.S., is doing really well, but it's gonna take time for us to make You know, make patients and HCPs aware of the system, what it does, the benefits, and then rebuild our install base. We're gonna follow it up, as Jeff says, very quickly with our Simplera CGM, which has a completely new form factor, and we'll share with you how we're thinking about the pipeline. We are upgrading our hardware platforms as well as our software platforms in order to take advantage of the smart dosing market that we see is where the, where, as Jeff mentioned, where the puck is going. We'll cover those details with you. First, I thought we'd start with for those of you who were in our product theater yesterday, when we were talking about, you know, this theme of CGM. CGM is a net positive, it's good. It's better to have CGM than not have CGM, but in our view, it's not enough to just have a diagnostic. You have to be able to drive action and have those actions drive a benefit and outcome for patients. The product theater was standing room only. It was, you know, the crowd was moving, you know, flowing outside the room capacity. The reason is that, you know, we covered a lot of data about, you know, the benefits of 780G across all sorts of cohorts, whether you're in control or not in good control, all sorts of demographics, and the data is very compelling. What's interesting is in these three studies here, covering almost 36,000 patients, despite the fact that CGM penetration is around 70%, so extremely high, the percentage of these patients that achieve the ADA guidelines or the A1C target of less than 7% is less than 30%. Given, you know, how much healthcare systems spend on CGM and in diabetes in general, you would expect to have better outcomes, but we don't. In our view, having CGM alone with MDI is not sufficient to drive the outcomes that honestly, we should expect. When we look at our own data, so this is a study that was published last year in diabetes, obesity, and metabolism. We looked at our real-world data of 12,000 patients. The ones that used our recommended settings of 100 milligrams per deciliter and an active insulin time of 2 hours, achieved the A1C target of less than 7%, as well as time in range above the ADA guidelines, and 90% of that cohort reached that. We really believe that where the market is going is in the area of smart dosing because it delivers both benefits, outcomes, without sacrificing simplification of diabetes management. Why does it matter? We don't believe all AID systems are created equal. The reason that why it matters at an individual level is that the difference between someone experiencing 80% time in range versus someone experiencing 60% time in range, say, is 73 fewer days where they feel good. They could feel dizzy, have trouble concentrating, feel dehydrated, it makes a big difference from a patient standpoint. They can feel it. A lot of our early U.S. customers that are on the system, even after 24, 48 hours, say, "I can feel the difference that the system is making" on their physiology. It makes a big difference from an individual standpoint. We know that better glycemic control early on reduces complications later: eye disease, heart disease, kidney disease, and of course, hospitalizations and emergencies. There's downstream cost impacts and health impacts if you don't have good glycemic control. One of the things that we talked about in yesterday's product theater was how A lot of people spend time on hypoglycemia and fear of lows and managing that, and I think there's been a lot of progress from AID systems in that regard, but we don't have enough conversation around the impacts of hyperglycemia. We know the impacts of that on the growing brain of children as well as adults that have Type 1 diabetes. We're very pleased at what the data shows and the study shows, how well 780G does in managing hyperglycemia and being able to bring someone who are experiencing highs down to the target glucose levels as fast as possible without creating higher risk of hyperglycemia. What does this mean in terms of the market? This is a little bit of a complicated slide, so just bear with me a little bit while I just maybe break it down for you. The way we think about the market is we just took the top 25 countries in the world, and our focus is on Type 1 and Type 2 insulin-intensive population. We took 25 top countries, mainly because they have reimbursement systems. We're obviously in over 100 countries, so we're being conservative for a reason. It does cost money, and if the healthcare system is entirely out of pocket, it's gonna take time before those markets grow at the same rate as these top 25. The way to think about this is there's four segments. There's a self-managed BGM market, if you like, with MDI, with needles. There's CGM with MDI, which is the largest segment today. There's this category that we're calling smart dosing, which is smart MDI, so it's something like an InPen with a CGM, as well as having a CGM with a connected pump and a total system like the 780G system. Lastly, dumb pumps that are not connected to any CGM, and so it's a standalone pump system. Our view is that... this market will move, this smart dosing market will grow substantially because what 780G has demonstrated is that AID systems and Smart MDI delivers really outstanding outcomes, while simplifying diabetes management. We have study after study. We've never launched a product like this with so much data in the market. Why would, why wouldn't physicians and patients want better outcomes from the technology that they're spending money on? What we've also shown in the studies at ADA is that it doesn't matter whether you're technology naive or whether you're really savvy, you're young or older, you're good at carb counting or not good at carb counting. What is amazing about the 780G system is how democratizing it is. Anyone can use it, in fact, it simplifies the clinician's time and allows them, very busy endocrinologists, to spend time with patients on other issues without having to explain to them, you know, some of the, you know, fundamentals that they spend time on today. It does free up time, not just for patients, but also on the clinician side. We talked a lot about 780G and the outcomes that it produces. That's not at the sacrifice of having to do more work. I think people have long memories of 670G and how much work that required. It was the first AID of its kind; it had a lot of bells and whistles from an engagement standpoint and a safety standpoint. 780G is completely different. While the list of things that you got to do if you have diabetes is extremely long and endless, you could, just for the sake of simplification, you could bucketize them into these three things: there's physical burdens, there's mental burdens, and its administrative burdens. When you look at the 780G system, it reduces physical burdens because we've removed finger sticks. Finger sticks are no longer required in SmartGuard. Not only that, you have fewer set changes because we have the only 7-day wear infusion set in the marketplace. That's a huge benefit for customers physiologically. On the mental side, this is where the autocorrections and meal detection technology are important. I don't know about you, but I'm pretty sure pancreases don't bolus. The way that we think about autocorrection is, we want the algorithm to mimic as close to how a pancreas would work through these five-minute auto corrections as the body needs insulin. That's how it works. In addition to that, we have this meal detection technology, which the benefit of which is it allows users that sometimes forget that they forget to bolus or they undercount carbs, the system is extremely forgiving to be able to accommodate life when things like that happen. Lastly, because we are the only player that has CGM and the pump, there's one phone number to call. From a support standpoint, the feedback that we get from our customers, as well as the HCPs, is that our support and service is second to none. That's very important when you have to manage a complex chronic disease like diabetes. Let's look at our European experience. Now, let me caveat this by saying that we've had 780G in Europe for 2.5 years. Please don't accuse me of saying this is gonna be the U.S. number. It's gonna take us time to rebuild the U.S. install base, and its early days. We just launched it. But I wanted to give you a little bit of a picture of how we're doing in Europe. What we did was, this data is from the H2 of calendar year 2022. It's dQ&A data. We looked at 6 countries where we compete head-to-head with Tandem and Insulet. Our share of the new pump starts is 40%, which I believe is the leading share position in those competitive markets. We are competing head-to-head with, you know, one or other competitors in other countries, but these 6 countries represent 76% of the European market. You can see how well 780G has done. We're also up 8% versus prior year, according to the dQ&A data. You've also seen this in terms of our revenue performance. We're posting mid-teens organic growth, driven by 780G. That's the experience that we've seen from the European side of the house. On the U.S. side, again, early days, we're very encouraged. We are really happy with the reaction that we're seeing from accounts we haven't visited in a long time, from customers, early customers who are using the system. The feedback's been really good. A few data points to maybe share with you. We have approximately 10,000 unique HCPs already prescribing 780G in the first 30 days. Our CGM attachment, which historically in the U.S. has been very low because we've had fingersticks requirements in our sensor, is very high. That's what we've seen so far. We're winning new patients. We're yet winning new patients, not just from MDI, but also from competition. Some of those quotes there, you can see, these are the reactions of the early adopters that are coming onto the system. You know, people are pretty happy. It's doing what it's advertised to do. People have seen the data. They actually, you know, do test runs with it. They try it out, and you're actually doing pretty great. I think there's been a lot of openness by many accounts that, you know, have been maybe unwilling to, you know, spend time with us as much to really have many conversations, particularly deep diving on the algorithm, how it works, and why it is differentiating the market. With that, I'm gonna turn it over to Ali to maybe go into a bit more of our secret sauce and why we're so excited by the, you know, really as a competitive advantage, our data position, and then how we've turned it into outcomes through our algorithm. All right. Thank you, Q. As noted, hopefully, you're hearing a lot of buzz about the algorithm specifically. I have the privilege of sharing with you exactly what the secret sauce is. Starting with where Q initiated the conversation as it related to a healthy pancreas. A healthy pancreas just works off of seeing a demand and providing a supply. It doesn't have this notion of basal insulin and bolus insulin. It just sees what's happening within the body and tries to regulate it so that we see a consistent, as flat as possible, glucose curve. What we've had to do as a result of just the technology that was available to us is emulate that in the most, I would say, user-friendly way, with injections. Of course, people don't like taking injections every five minutes, nor do they like taking these boluses as often as they potentially need to. With that, we work through a combination and a series of things to make sure that, first and foremost, people stay safe. We knock down boluses and a lot of times, depending upon the food they eat, so that they don't go low later, within an hour or two as a result of that. More importantly, with the advent of now, auto basal insulin, that obviously most of the manufacturers now have, we've been able to at least modulate some of that insulin dosing to a point of where we felt was safe, with the exception of, for what is there for meals. A typical patient with diabetes would then have a meal, give themselves some insulin as that bolus that you see in dark gray, with an estimation of how many carbs are in the meal that they're having, usually knocking that number down so that they don't go low later, and then hoping for the best to come back and correct for it later. In that middle section, there, is probably the majority of folks, that are out there, either on basal insulin, with a bolus insulin as well, or on a existing hybrid closed loop system like our 670G, 770G, or even with an Omnipod 5. Now, with the advent of corrections, so autocorrections, what happens here is that we look at the CGM curve, and based off of that, try to get people back down into range with a certain amount of insulin that hopefully later in time, won't drop them lower. You know, our competition has this in an hour-to-hour basis. The problem with the hour-to-hour is, in case you're wrong, that mistake could be very costly. You have to knock down the insulin again in order to provide a safety net for them to be able to manage their diabetes. Though it's nice that there's a correction in there, it's still inadequate in order to emulate what we see in that healthy pancreas. That's where the secret sauce of the 780G comes from. We had a ton of data as a result of, the 670G and the 770G, hundreds of thousands of patients, and each one of those equated to a 5-minute to 5-minute interval of not only their CGM graph, but how much insulin that they were dosing and their meals, and then what happened thereafter. What that allowed us to do is create predictions of what could happen if we actually dose insulin sooner, and as a result of that, where they would land in terms of their sensor glucose and their effective time and range. So really, what we're trying to do with this 5 minutes to 5-minute interval, is essentially match the demand to the supply. It's the easiest way to do that is by increasing the increment and then making how much we're providing smaller. That's effectively what the 780G does. It's able to provide the total amount of insulin, but it won't do that in one shot. It'll do it over a period of time, and add into that as it sees the sensor glucose, and then modulate it accordingly so that we can actually bring down that glucose level faster because we can add insulin sooner with less of it, and then continue to add it as we see the curve come back down into our target. With it now, we can essentially avoid these hypoglycemic events, and then, more importantly, when meals come, we can look even further out because we have the data to do it and predict even beyond that and manage that even more accordingly. What we have done with the system is be able to detect meals even when a patient doesn't give us that data or that information, meaning that they forget the carb count, forget to announce a meal. We now know when that's happening, and as a result, we can get even more aggressive with the insulin dosing and bring them back down to that target. I'm happy to say that now with the launch in the U.S., and it warms my heart to say that, you know, our friends and family, and, you know, the broader population in the United States has access to this because of the great results that we saw in Europe and the rest of the world. This is an example, and I get these kinds of examples on the daily. Of Bill, who's on vacation, was sitting poolside, had a snack and forgot to bolus for it. What you see in these green lines are the autocorrections kicking in to take care of his diabetes for him. He was completely unaware that he forgot to bolus for it, as a result of it, the system took good care of him and maintained a very high time and range. This is not a special case. I get these all the time, and we see them, quite frankly, often, mainly because dealing with diabetes on a day-to-day basis is hard. Remembering to do all this work is hard. Carb counting is hard. By virtue of making sure that we can take care of this for people, we're really changing their lives and making that impact. I'm sure many of you are interested more in the, not only what we have today, but what's coming in the future. Bottom line is we're planning on differentiating on all vectors within the product portfolio. Many of you have asked about the Simplera sensor. I think we previously have mentioned that we have already submitted it. Our intent with that product is, of course, to merge it with our InPen, and then have an open loop system, as Q had mentioned before, to help people dose for insulin properly and get even more benefit, not only out of the CGM, but as a system, so that they can get better outcomes and actually deliver therapy to themselves in a good way. That Smart MDI system, as well, is very far along. It's obviously in front of the regulatory agencies. We're moving forward, of course, with that. The follow-on, once that sensor, as you see there, is our Simplera sensor with a new form factor, that only takes a couple of steps to get on the body. The intention is for it to not have any calibrations, just like our Guardian 4 sensor on the 780. That will get integrated into our 780 system. Of course, that combination, what we're hearing, not only from our clinical sites, but the early use of it, bottom line is that people are very, very happy with the form factor and actually, would definitely like to see it come to the market as soon as possible. Last but not least, we have a number of pumps coming forward. Part of the reason why we're making some changes here is the feedback from folks with Type 1, is that they want to keep things as discreet as possible with their diabetes and take more time living their own life. As a result of that, what you see on both of these pumps, they no longer have screens on them for that exact reason. The first one is our durable pump that we're working on right now. The durable pump is essentially a little less than half the size of our existing 7 series pump. Again, it does not have a user interface on it, the intention here is for it to use our existing consumables, so our reservoir and our infusion sets that we already have, fit into it directly so patients don't have to get a whole new set of consumables to deal with. They can use what they already have. Beyond that, I'm sure we're going to get questions on this as well, we're intending to integrate into the EOFlow patch pump as well. Intent there was, is to bring all of these algorithm advancements and sensor advancements into a system and have a patch pump for folks in the marketplace in the not-so-distant future. I think with that, I'll hand it over to Q very quickly, and we've talked about the software and the ecosystem. Just to piggyback on what Ali said, I mean, he showed you a lot of the hardware platforms that we're upgrading, but underneath all of it, of course, is what's inside, and what's inside is also an upgrade of our software. It's our algorithm, it's our apps, it's CareLink. We are doing a complete upgrade of our portfolio. We're pretty excited by that because we think we can push the envelope from an outcomes standpoint, as well as performance and also the user experience. We've heard all the feedback on the form factor, and we're taking it to another level. Let me wrap up, and then we can move to Q&A. I think we're really excited by the diabetes business. There's a tremendous runway. The trend that's driving smart dosing is very exciting for us because it really does fit where our product roadmap is going. You know, it remains one of the fastest-growing sectors in medtech. That's why we're. We are, in my view, very well positioned. As we mentioned previously, you know, we're going to be below the company average from a growth standpoint. We'll accelerate through FY24, and then long term, you know, we fully anticipate to be growing in double-digit territory. Our business model is pretty sticky. There's something special about the system that, you know, plugging into two pieces from two different companies just doesn't provide. You know, what 780G has proven is that a broader set of patients should have access to AID. They don't have to be good at carb counting, which is the sort of traditional barriers that on how diabetes or pump therapy is, you know, treated. It's expanding access. In fact, the pyramid is upside down now. There's no ideal patient. You can come from all walks of life, all socioeconomic, it doesn't matter what, race, sex, any part of the world, 780G and all the data we've accumulated has shown that it generates a benefit to, for all comers. Our business model, as I said, is razor blade. What's very important, of course, is CGM attachment to the system. We're really pleased with how 780G is performing in that regard as well. It's a very highly recurring revenue business. Lastly, we expect to be accretive to Medtronic's growth rate overall. You know, I'd like to also think that we'll contribute to Medtronic's capabilities from a consumer experience and connected product standpoint. With that, I'm going to hand it over to Ryan. Okay, thanks, Que. We are going to move to Q&A now, and we're going to take questions. For those of you that are online, we're taking questions only from the analysts and investors that are here in the room. As usual, we want to try to get to as many questions as possible. In order to make that happen, we ask that you limit yourself to one question and a related follow-up if you need that. We ask if you have more questions, just wait till we cycle through the analysts, and if there's time, we'll come back to you. Otherwise, you can follow up with me or Greg or anyone else on my team after the event. Finally, for the benefit of those listening, we've got microphones. We're going to come around. Please, state your name and firm when you ask your question. We'll get started. First question. Matt? Thanks so much. Matt Miksic from Barclays. I'm sure we're going to get a lot of questions on Simplera. Congrats on all the great progress, getting the pump out, getting those trials running and stuff. I wanted to ask about two things that, you know, occurred to me, listening to the presentation and also talking to other folks in the field. You know, the experience you have with CareLink, and, you know, remote monitoring and sort of what we're starting to see is kind of like a, an early curve, response curve from endocrinologists who are starting to build that into their practice. You know, to what degree or do you feel you'll be able to lever your experience helping other, you know, disease, you know, categories like cardio and so on, with your experience in that kind of remote monitoring software? You know, is that finally at a point with reimbursement where that's getting interesting? I know that's not the first thing we're looking at in return to growth, but it's certainly a competitive advantage we think of Medtronic. I'd love to hear your thoughts on that. Just 1 quick follow-up, if I may. I can start and then maybe. Look, I mean, we in some ways invented CareLink and made clinicians look at the data. It's a chronic disease. The trends are important. I think it set the standard, and it's integral today in practices that treat diabetes. It's sort of, you can't really do your job without looking at CareLink report. We do have CareLink in our cardiovascular business as well. Absolutely, I do think that it's a logical step that across Medtronic's portfolio therapies, that this data could be useful. It's not been a focus in diabetes. We had a lot on our plate, you know, I wouldn't rule it out. Look, I do think the remote monitoring is going to become a bigger deal, and there's a couple reasons. It's just, it's better now, right? I mean, the cardiology example, I know we're here to talk about diabetes, but this is a kind of a leading indicator. What we're seeing in, in cardiology with the, with the intersection of what we do with tech, you know, you're seeing, like, take our MyCareLink Monitor, right? You know, you want it to last. It's an insertable cardiac monitor. We want it to last, you know, on ours is four and a half, five years. You can't have an algorithm that's chewing up too much battery. We tune the device to be super sensitive, so it catches everything, but you don't want to give the docs too many false positives. Now that it goes into the cloud, we can have another algorithm that weeds out all the false positives, and we're providing docs with, you know, no false positives. Basically, through that new algorithm, and AI is helping us. You got the cloud computing, AI, you're going to, in that example, you know, too many false positives to none or virtually, or very few. I think the data is like 90 something, 99% or something. The high, you know, very few false positives. Now it's having an uptick, and it really works. We're seeing this in other areas as well. I do think because it's getting better like that, and you're going to see it go on to emergency response. We're automatically calling 911 and things like that down the road. It's, I think, you know, wearables that are not sensitive and specific enough or too sensitive but not specific, that's a problem. We have too much data in the world. We need insights that are actionable, and I think, you know, with what we do, you know, being under the skin or in, you know, in the epidermal space with AI and the way cloud computing, everything, it's, you know, it's an exciting time overall for MedTech monitoring. It's going to take some time for this to play out, but you're seeing the leading indicators of this. Then just one maybe thematic question, and to you, to get your response in your first year here is, you know, a big theme here over and over again is, like, there's no one-size-fits-all, and diabetes is becoming kind of like an increasing realization. You know, we all have heard the criticisms when we talk to endocrinologists about how disappointed they might have been that you were out of the market, and when are they coming back? So, there's plenty of sort of like... criticisms, but what, in your experience in the past year in working with endocrinologists, like, what are some of the things that they're looking, they really look to you as being, like, this is something that you do better, you know, this is a reason why we'd be more interested in working with Medtronic around, you know, pumps and sensors going forward? What do you think some of the strengths and the pull are for Medtronic? I think the obvious one is, at the end of the day, you know, endocrinologists are treating patients, they want their patients to do better. They want choice, and they want, you know, technology that works, that, you know, drives better outcomes, but at the same time reduces burden. The 780G does that. It's important. You know, I think we have a reputation for being very good with clinical outcomes. Historically, with the 670G, it's been at the expense of patients having to do a lot. That's completely different now with 780G. All the feedback that we've heard over the years is incorporated into how we've built 780G. While it looks very similar, it is a completely different system, which is why, you know, all our data, all the feedback has been, you know, honestly, super compelling. Let's go to Robbie. Thanks. Robbie Marcus, J.P. Morgan. Appreciate you hosting us today. Two quick questions from me. One, on the fiscal 2024 and 2025 commentary on diabetes sales growth. Given all the positive commentary on the 780G launch and the very easy comps the past several years, especially fiscal 2023 in the U.S., why wouldn't it be better than corporate average this year and materially better in future years? Second question, I didn't see any mention of a standalone CGM on the pipeline slide. Maybe just give us the update on where you stand as Simplera, a standalone CGM or, you know, eligible, and what's your thoughts there in the standalone CGM market? Thanks. Yeah. Thanks, Robbie. To answer your question, look, it's early days in the U.S. The U.S. market is different in dynamics from Europe. For example, Omnipod 5 has not been available in Europe, we need to take that into account. There's a lot of wood to chop when it comes to going out to all the endo offices and primary care and helping people to understand, you know, what the product does. That's gonna take a cycle. There's gonna be customers that are in warranty that will come out of warranty, so it's gonna take a cycle before we can work through the system. It's too early for us to forecast anything than what we have planned. We'd rather let the results speak for themselves once they happen. It's just too early at the moment to sort of say that. Obviously, you know, we're working very hard to make sure that, you know, we're getting, you know, the knowledge and education of 780G out there as fast as possible. The standalone CGM? Simplera is a standalone CGM. It's been submitted for CE mark as a standalone system. There will be a, you know, a number of different commercial options for us. You know, one, it would be available as a standalone, but also in combination with InPen, because we do believe that having smart dosing together drives better outcomes and is a better value proposition than standalone with MDI. U.S.? In U.S., it's submitted as a standalone. Just to be clear on Q's first answer, I mean, we feel confident against, you know, the competition, our outcomes, our patient experience versus them. But as she mentioned, in Europe, you know, we didn't miss a cycle. here, we kinda did in the US, and so we've got to, you know, win back physicians. We, you know, we've got to introduce to the patients, but I don't want people to misinterpret the comment vis-a-vis the slide she showed, that in Europe, when we're competing, we're winning. 40% new patient starts, so there's a difference there. here we've got to win back, you know, some physicians and introduce this technology to patients. Let's go to Larry. Thanks a lot. Larry Biegelsen, Wells Fargo. Just to follow up on Robbie's question, and Q, I appreciate what you said about taking time in the U.S. to replicate what you've seen in Europe. You know, we've heard that you have, you know, one of the best, if not the best, algorithms. On the CGM side, you know, Simplera should be, you know, a nice upgrade from Guardian 4. I guess my question is, you know, Simplera plus 780G, can you put a little more precision around the U.S. and international timelines of when those, you know, when you'll be filing, for example, in the U.S., or the study will be completed and the international timeline there? Then on Simplera versus Guardian 4, you know, do you need fingerstick tests outside of SmartGuard? You know, what are the differences between, you know, Simplera and Guardian 4? You know, Tylenol interaction, MARD, we saw data last year at ADA, 10% MARD. Are you going to improve upon that? ICGM, we haven't heard anything from you on that. Just lastly, sorry, we didn't see anything on the CGM pipeline, I don't think. beyond Simplera today. Thanks. Basically, all the CGM and Simplera questions. Seven questions. I know it's a lot. With a 2 question-. At the end of the day, Simplera plus 780G, U.S. or timeline? Yeah. Just Simplera versus Guardian 4. Yeah. On timelines, Gotcha. What I can say is, we have submitted the standalone CGM Simplera. Both in Europe last summer, and then in the U.S. in January to the FDA. It's just very hard, as you know, to comment specifically on timelines. We obviously want it to be as fast as possible, but I'd be lying if I know exactly, you know, when these things will drop. Hopefully, it's not in the too distant future, but that's a bit of a process. On the integrated system, we are doing the IDE at the moment with 780G and Simplera. That, you know, that we've just, I think, finished enrollment of adults, I think under a month, which is pretty fast. There's a huge interest there, and then we're starting on the pediatric enrollment. That's where that is at. I think you had a question on MARD? Just international segment, ADG plus Simplera, what do you do for that integrated? That's submitted, too. That's... maybe you can explain, Henry, the process there. Yeah. With the MDR, the new regulation, the way the chain of events goes, and it's typical for everybody in the marketplace, you do a standalone first. The standalone sets it up as like a platform, and then as a result of that, you can integrate it the way that you need it integrated. Because of that, they're staged, and they would be one would be a follow, one of the other. I think you had a question on MARD, Larry. This is Simplera versus G4. I mean, is it an improvement more than just form factor, Simplera? Yeah. Yes. Form factor improvement, is the CGM, the technology, an improvement as well? Yeah. Well, maybe you can- Yes, the performance is better. The data that we presented was at 10.2 MARD. I think the key thing to note is when you do look at the ICGM metrics on it, our hypo performance is quite good. It's better than the Libre. On the hyper side, we're all about the same. Our intent is not only to make sure that this is a good standalone product, but of course, with insulin dosing, gaining an advantage as a result of how we've designed the sensor. It is an improvement in that way. Larry, maybe I can just add something on MARD. I know a lot of people ask that question, but this is how we think about MARD in the context of smart dosing. If we're at a MARD of, say, 10, and Dexcom is at a MARD of seven, you're at 110 or 108 against the target. You're still gonna make the same decision. It makes zero difference. At the end of the day, you have to look at the performance of the system in totality and what it does to outcomes. A MARD of 10 or eight is meaningless. It's an example of a bar that's set, and it's important. We certainly wanna reach something less than ten, but we've tuned our algorithm to be extremely accurate on the hypo side and the hyper side, which is where you make the decisions around dosing. Just on the form factor question, can you guys get into beyond the size, like, the other form factor, improves, like, the tape and... Yeah. We've obviously tried to make sure that, given the feedback that we have gotten, not only for on ourselves, but, you know, the competition as well, we spent a lot of time on things like the tape, the sorting itself, the form factor, thinness, the edges of it even, so it doesn't get dragged onto clothing. I mean, you name it, we try to make sure that we put into the device. I think we'll see that we especially hear this from the clinical trial patients who are using Libres and G7s historically, but they're very comfortable and actually appreciate the form factor is quite good. We're bullish on the fact that it's going to do well. Larry, you had two more questions. One was on fingersticks. You need to fingerstick to get into SmartGuard. That's mostly a safety feature. Once you're in SmartGuard, which our data would say, our users are in SmartGuard 95% of the time, you don't exit SmartGuard, even through a sensor change. You don't really fingerstick. It's only to get into SmartGuard. Or if you know, if a person with diabetes feels like their blood glucose is different from the sensor glucose, they may take a calibration, but that's the only reason why you would need one. You had another question around the roadmap. On ICGM, I would say, look, we're giving you a bit of a peek into the roadmap we have. It is not the only thing we're working on, and it's not exhaustive. Let's go to Steve. Thanks. Steve Lichtman, Oppenheimer. I was struck by the chart where you showed 55% potential penetration of AID out in FY30. Can you talk to sort of what you see are some of the drivers or hurdles you need to get over in order to significantly increase penetration? I think there's probably two primary things. One is, it's a bit of, I would say, education of how diabetes has been traditionally or how pump therapy has been traditionally rolled out. You look for an ideal patient. Are they good at carb counting? Are they kinda in control? We think we should turn that paradigm on its head, but that takes time and education, updates of guidelines. There's work we've got to do to, you know, improve the standard of care across towards AID, but that shift is beginning to happen. We rarely see pump sales as a standalone. It's always part of a system because the system works better. So it's a bit of inertia in that standpoint that we're gonna have to work through. The second one is probably cost. There's, you know, these are more expensive than, say, doing MDI alone, and so we've got to work the reimbursement angle, you know, make the systems more affordable. I think that's where InPen with CGM is such a great option because it introduces automation at an affordable cost. If you segment the market in terms of affordability, there's always gonna be a segment of the market that can't afford the full AID, and then InPen is a very good option there. I guess the third one is probably, I don't know, I can think of other barriers, but those are two probably big things that we'll work through. The benefits are just so amazing that we think that's what will push it. Just, secondly, on your international business, you said, talked about 780G being your 100th country. You know, with some increased competition, Omnipod 5 coming OUS, what's your outlook for the international business and drivers, particularly outside of the U.S.? We think the value proposition of 780G with Guardian 4 sensor, no finger sticks, the outcomes it delivers, the simplification that we went through, is an extremely differentiating, compelling value proposition. We think it's very competitive. Now, because we're able to deliver outcomes without increasing burden, actually, we're reducing it, you don't have a conversation whether it's tube or tubeless. It's not really why people buy. Maybe some people do. Some segment of the market cares more about the form factor. I think if you went to your cardiologist, they're not saying: Hey, do you want blood pressure of this kind or this kind? I mean, they're gonna treat the disease, and you wanna feel better, and those things are meaningful. Let's go to Joanne. Joanne Wuensch from Citi. Two questions, sort of related. Could you give us a little bit more color on the initial response to 780G in the United States? You're changing some patients up from 770G, and you're getting new patients, just any incremental color you can give. Bigger picture, I've been sitting in meetings all weekend. Everyone has fabulous new technology. At what stage does this not become an, if someone should use a CGM or a pump, or everyone should use a CGM or a pump? Are we getting towards that? Thank you. Yeah, to answer your question, your second question first, I do think we don't really see standalone pump sales because it's still too much work for patients. It's sold as part of a system, and I think that's really the way to go. It should be AID for all, because as we've shown in our data, everyone benefits. Everyone benefits. Why wouldn't everyone do that? The sooner you can treat, particularly high glucose, longer term, that's a net benefit to the individual, their families, but also the health system, because you're not dealing with comorbidities later on, cardiovascular disease and so forth. That's definitely where we think the trend's going. In terms of color on 780G, I mean, I would break the segments into we have a core base of 770 users, whether they're in warranty or out of warranty, we upgrade them for free in the next 12 months. There's certainly demand there, and what we're excited about is we see very high CGM attachment to that cohort. While it's a free upgrade, it is generating, it's also generating revenue because we didn't have CGM attachment for a number of those customers before. We're also seeing other Medtronic pumps, the older generation, 670 users also upgrade. That would be incremental revenue. There's an existing non-770 base, if you like, that also will upgrade. There's new patients coming from MDI and competitive pumps. We have excellent offerings for customers. You know, we have a $499 trade-in offer if you're on a competitive pump and in warranty. We have, you know, if you're in warranty on an older Medtronic pump, it's a $399 offer, and we can switch people. We want to get as many people on 780G as possible because we think they're gonna have a great experience, and it's an extremely sticky product. Let's go to Chris. Thanks. Chris Pasquale, Nephron. Q, a lot of the data you guys cite with 780G is the 100 milligrams per deciliter to our AIT settings. If I remember from the pivotal trial, that was only a slice of the patients in the study. Curious, in the real world, what% of users manage to those settings? If not, like, what are some of the challenges around that? Maybe you can- Yeah. In the real world right now, the way that we're looking at it is a little strict, maybe too strict. We're looking at 95% of the patients so that they essentially meet that threshold of 102 hours, and that might be a little strict, so that we can show the outcomes accordingly. The reason why that was the case in the trial is because the agency wanted us to test the extents of the, of the system. We had 120 and 100 as the target, and then the variations in between, that's why it looked like a small cohort. Generally speaking, the numbers you're gonna see from us because of that, are gonna look small, but in reality, many people are at that number. It's because they decide, let's say, overnight, to switch it up or switch it down, or they're going to have exercise, and they change it because of that. We didn't want to muddy the water as a result of that. We wanted to show what it actually is. From the patient's responses, as a result of that, many of them are actually getting better performance than what we're showing as a result. As time progresses, we'll make sure to make that very clear to you. I think in our last cohort, and I'm doing this off of memory, which is always dangerous, I think we had about 1,400 people out of the 12,000 that were using the recommended settings, and they were hitting 80% time and range with very good hypoglycemic numbers. Maybe just to add to that, when we started in Europe, we didn't have the volume of data we have now, so a lot of clinicians were a little bit more conservative about the 2-hour active insulin time, the lever that really says how aggressive the auto correction is gonna kick in. So, you know, we started off more conservative. Now that we have more data, there's a lot more confidence to go to the recommended settings, which work. It shows that you get better results. I will also say that even if you don't use the recommended settings, our clinical data, in terms of outcomes, is excellent. You certainly clear the ADA guidelines from a time and range and A1C standpoint. Thanks. Then just one quick question on the 8 series pump. Is this something you see as a successor to 780G, or do you imagine this sitting in the marketplace alongside 780G, maybe serving a little bit of a different patient population? It is intended to be the successor, but it may still. There still is probably a case to be made for 780 that may get maintained because there are certain people that may not want to be on the phone as well. To the point of we gotta feed everybody that wants to get fed, and they want all kinds of different options. We may keep it alive for that reason alone, for somebody that would actually prefer a user interface on the pump itself. Our intention is for it to be the successor. Jayson? Thanks. Jayson Bedford from Raymond James. There was no mention of channel, which has been a factor here in adoption of these technologies. Is the intention to go through the pharmacy with Simplera? Just in general, can you let us know how the pharma channel factors into your thinking here? Yeah, I mean, yes, Simplera and InPen. InPen goes to the pharmacy channel today, so that's certainly the intention. The durable pump, the 800 series, 780G, is going through the DME channel. Okay, fair enough. You mentioned CGM attachment a few times. Just curious, what is the attachment rate of your install base today, meaning the number of Medtronic pumpers using a Medtronic CGM, both U.S., OUS, approximately? Can't comment on those specifics at the moment. We can assume it's higher internationally? It's higher internationally. Matt? Back to you. We'll come back to you. Jeff. Hi, thanks. Matt Taylor with Jefferies. You, you talked about a couple of times, the diabetes growth being accretive to the WAMGR. I think at 1 point, you mentioned, the hope for some double-digit growth at some stage. I guess I was just hoping you could put a little bit more meat on the bone there and maybe talk about when you think it could be accretive to the WAMGR, when this double-digit growth goal could be achievable? I think that's our long-term target, so hard to put a timeline. We'll see how this year does and how 780G does, but we're very confident with where the market's going, how fit for purpose our roadmap is. That we'll get to those targets. Danielle. Hi, good afternoon, Danielle Antalffy with UBS. Thanks so much for having us. Just a question for you on... You made the comment it's gonna take a while to sort of rebuild the installed base. Is it just a matter of it takes a while to train? Is there something more you guys have to do if something goes wrong here, you know, like 670G underperformed expectations ultimately? What would it be that could possibly go wrong? I think there's a natural cycle of upgrades that we have to go through. Let's just take this conference. We know we touched a lot of, you know, We've had over 4,000 physician meetings with our field team. They get excited about some energy. They may not see a patient for 90 days or a number of months. They've got to go then see the patient, and then it goes through a natural cycle, and that's what we just need to work through. There's nothing I'm concerned about. There's just work to be done to get out in the field and go through that natural cycle. Yeah, one big advantage we have this time around is it's been on the market outside the U.S. for quite some time. Some of the issues that you might normally encounter with a new product, you know, we've already worked through those. Go to Matt. We'll go back to Travis after Matt. Thank you. Matt O'Brien, Piper Sandler. I think you were kind of addressing this with Joanne's question, Q, you said, you know, you've done better than expected in certain metrics here, early days with 780G. Can you talk a little bit more about what those, what areas those are? Is it MDI? Is it the competitive conversions? Is it upgrading your existing 770G users? What is it specifically that you've really kind of outperformed what you were expecting? Actually, all segments. We've done better in all segments than we thought we would do. The process has been extremely smooth. People have been really happy with the ordering process. I mean, you have to think, we got approval on April 21st. We were taking orders on May 15th, less than 30 days after approval. We were shipping to early adopters late May, and we've opened the floodgates in terms of fulfilling orders already, shipping. Extremely fast ramp into market. The demand and the interest has been really, you know, excellent across the board. Okay. This is not a related follow-up, so sorry, Ryan. On EOFlow, can you be a little more specific on timing of that product here in the States? I know it's available OUS, but what are you expecting as far as getting that product here into the US, and then integration with Simplera, next generation sensor? Thanks. We have to close the acquisition first. We've got to go through that process. It's just unfortunately hard to comment on timelines. I will say, repeat what I said at, you know, our last earnings, which is we believe that the number one, EOFlow patch is already in the market in Europe, in a number of countries in Europe and Korea. It's already in the market, but we believe that we'll have the second patch AID system in the market with Simplera, as well as our meal detection algorithm. We second to market with, I think, a very differentiated offer. Just to build on the first question, you know, again, I don't know what. You know, this is my personal expectations that have been surpassed, have been talking to patients. Again, this wasn't some clinical study. It's just me talking to patients and physicians who were dealing with patients. The time and range of the system in the wild, and it's higher than I would have thought. I mean, it's very high, the anecdotes I'm hearing from patients, you know, and physicians that are, you know, telling me about the patients they're dealing with. Then, you know, we use these words like less burden. Okay, what does that mean? Well, you talk to patients and physicians, I mean, they're just putting diabetes in the background, where even going from an existing, you know, hybrid, advanced hybrid, closed loop pump, whether it's ours or Tandems or whatever, the difference is dramatic, not just in the time of range, but then what they have to do to get it. They're able to sleep better. They're just able to open up their mental bandwidth and on other things. Not being a type one diabetic, it's hard to, I think, you know, understand what they go through, and this changes that dramatically. You know, we're at these conferences, we look at all this data, it's hard to quantify that, but patients love it. That's why I think, you know, this is incredibly, like Que said, it's incredibly sticky. That's one of the reasons. That, those, again, these are anecdotes and, but from a lot of people, and that's what succeeded my expectations. Go to Travis. Hi, thanks for taking the question. Travis Steed, Bank of America. Maybe give a little more color on the $399 thing that you were talking about for people switching from a competitive pump. Is that a copay that you're discounting, or is it the cost of the pump? Is it open to just people switching from competitive pumps, and is that something you plan to keep rolling out longer term, or is it just a near-term promotional thing? We've always had pathway programs. It's $1,499 for a basically, it's a trade-in price, and they can trade in their in-warranty competitive pump, and then we give them a 780G system. That's the offer. We have a $399 similar trade-in concept for our existing in-warranty, non-770G Medtronic pump user. that's the copay, right? The patient out-of-pocket is $400? It's an out-of-pocket expense for those in-warranty customers. Whether you're in warranty or out of warranty for 770G, you get a free upgrade. Then we have a number of, you know, offerings for if you are on Guardian 3, we want them to have a great 780G experience, no finger sticks, we, you know, we'll exchange the Guardian 3 sensor unopened boxes for Guardian 4 sensors. We do a bunch of those things, and we've had a lot of really good takeup on those offers. Great. When you think through the gating factor on the EOFlow, and I don't know if you're planning on making changes to the form factor at all, building up. Is it manufacturing that's the gating factor or just regulatory? One of the reasons why we were very excited by EOFlow is their manufacturing and how much progress they've made on it. We don't intend to change the form factor or It's actually smaller than an Omnipod. The manufacturing is one of the, you know, biggest challenges with getting a patch out to market. You've got to make a device that's super accurate to dose insulin, but you're throwing away every 3 days. They bring a lot of assets in that regard. Go to Anthony. Thanks, Ryan. Anthony Missour. Maybe a recap on type 1, type 2 mix, 780G in Europe, how that's gonna play out in the U.S. as it rolls out here. The follow-up would be on the GIP GLP-1 products here, Mounjaro, Ozempic, Novo Nordisk. How does that influence just the timing of when patients go on insulin? You know, is there any expectation? Is it, is it neutral for insulin utilization? Is it a headwind? Is it a tailwind? How does that play out over time? Thanks. Do you mind just repeating your first question? I didn't quite. The mix of Type 1 and Type 2 insulin-intensive patients on 780G in Europe, then should that play out, that mix similar in the United States as it rolls out? I don't have the mixed number, but in the United States, 780 is approved for type 1 today. We're in the midst of a type 2 trial, that's where that's at. In terms of GLP-1, we do think it's complementary. It's early days, but maybe, Ali, you can add a bit more color on. I think that's right. I think we think it's complementary, and given the fact that even with those drugs, they still have to titrate, they still need CGM. All of that adds to what we think will be a good outcome for us. Jeff. Thank you. Good afternoon, Jeff Johnson from Baird. Wanted to go back and just ask a question, or reask a question on ICGM. I'm not sure I heard, if you would expect to get ICGM approval for Simplera, number one. Number two, does it matter, as a closed system? I guess I still am not clear. I can't imagine you guys ever opening up and wanting to jump one of your products interoperable with another product outside the Medtronic family. Just a little more clarity on ICGM, and then I have one more. Yeah, I think there has been a lot of hype about ICGM. It's great for Dexcom, for obvious reasons. For us, it's not as important. The non-adjunctive label is what's important. Being able to dose insulin is really the thing that we're most interested in, and clearly, that's what we're going to do with Simplera. I'd say that, yes, if we wanted to do switching and the like, great, you would go after that label. For right now, we're really more focused on making sure that it's non-adjunctive. Yeah. Thank you. Then just on the 800 series, would that be 2 years out? Just, I don't know if you if you gave any timing, and maybe you won't, and that's fine. Also with it half the size of a, I think you said a 780G at this point or a seven series pump, would you expect that to have a docking station, something you could actually wear it on the body, or would that still be a belt loop, kind of, tubed pump as you said? Yeah, it has a holster, basically. We have a bunch of other concepts so that it's just more amenable to wear on the body, of course. As an example, females like to wear it in their bra, making it much more comfortable for them to wear in the bra is one other example that we're working on. I don't think there was another question, but I just wanna make sure I answered it. Timing, just... again, I know you won't give it, but do we think of every 12 to 18 months as a normal product cadence for Medtronic from here in the diabetes space, or just any ballparks you can give us? Yeah, I'd say the cadence was from left to right of what we expect. It's probably the easiest way to say it. I think you can infer in between what that means. Yeah. Marie. Hi, thank you for taking the questions. Marie Thibault from BTIG. Just wanted to follow up on the competitive landscape in Europe. We're seeing Omnipod 5 just start to launch in the UK, Germany later this year. Curious what your team is doing to sort of get in front of that competitive launch. You've taken very nice share over the last couple of years. If your internal expectations, is that a slowing of share gains? What your expectations are there? I wanted to also clarify, on 780G, will insurance pay for type 2 scripts? Just wanna clarify on that. Thank you. On the first question, we're very confident about 780G in Europe. You know, obviously, it's, I'm sure, noise that will come from Omnipod 5 coming in. It's coming in in the U.K. It's a bit slow. We have a very strong commercial team in Europe, and 780G has been there for a while. People know what it does. They know the outcomes it generates. You know, we think it's gonna be very competitive. On insurance reimbursement, it's approved for type 1, I would say no. Rich. Thank you. Richard Newitter from Truist Securities. Thanks for hosting today. The first one, just on the meal detection, some of the feedback from or competitors will say that the auto, the autocorrection feature is something that's not that new. I just wanna make sure what you guys are doing with your meal detection algorithm is the existing auto, autocorrections that are largely prevalent out there on other systems. In addition to that, the 5 seconds is intervals is what's new, and that's very specific to what you're launching. Is that correct? Yeah. Yes. Think of it as, the basal is one algorithm, but we actually added three algorithms on top of it. One for correcting, one to make sure that we're detecting a meal, and then another to make sure that both of those are safe. It is not, very clearly I'll articulate, it is not the same algorithm by any sort of imagination, and the meal detection is definitely differentiated. We don't know of anybody else that's able to do that. Okay. Thank you for that clarification. Just last on the guidance, maybe this is obvious, but when you talked about fiscal 2024 and fiscal 2025 as far as you were talking about the full fiscal years, right, being above the company growth rate, and obviously, double digits is longer term. You were less specific there, but that was a full year? full fiscal year objective, not within it, right? I didn't say we're gonna be above the company guidance for the full fiscal year. I just said we're gonna ramp up our growth rate. We're gonna start below the company's average in FY24, and I'm not making any further comments on the guide, just that's what we said last- Sorry, not guidance. Your, your objective to be above the, the company average. Growth rate. The company's corporate average growth rate in fiscal 2025. Yes. That was full year 2025- Yes, full year. Objective. Thanks. Yes. Any other questions? Okay. All right. We'll go to Larry. Omnipod. One. I promise. Thank you for taking the follow-up. The 20% CAGR on that slide, you know, for the smart dosing, I know smart pens are in there, too, but is that how you see the pump, the AID market? That's a big number, 20% CAGR. Is that how you see kind of the AID market growing? Just one question on that, the 20%. Yeah, look, you know, look, there's a lot of things that go into, say, a market size number, which is why we focus on patients. There's different ASPs, there's just different dynamics going on to... We would have made it, the slide, much more complicated, so we just chose to start with patients. That's what the chart refers to, which is the growth in patients that will be on an AID or Smart MDI system. Okay. Thank you for your questions. If anybody has any follow-up questions, please feel free to follow up with me or any member of my IR team. A reminder that the slides, including the clinical citations and a replay of this event, will be available later today on our website at investorrelations.medtronic.com. Thanks to everyone for your continued support and interest in Medtronic and our diabetes business. That concludes today's event.