Good morning, and welcome to our fiscal 2027 first quarter earnings webcast. I am Ingrid Goldberg, Head of Medtronic Investor Relations. I am joined by Geoff Martha, Chairman and Chief Executive Officer, and Thierry Piéton, Chief Financial Officer. Geoff and Thierry will provide comments on the results of our first quarter, which ended on July 31st, 2026, and our outlook for the remainder of the fiscal year 2027. After our prepared remarks, we will take questions from the sell-side analysts that cover the company. Earlier this morning, we issued a press release discussing our quarterly results and several financial schedules. We also posted an earnings presentation that provides additional details on our performance. The presentation can be accessed in our earnings press release or on our website at investorrelations.medtronic.com. During today's program, many of our statements will be forward-looking, and actual results may differ materially as explained in our SEC filings. We undertake no obligation to update any forward-looking statements. Unless otherwise stated, all comparisons are on a year-over-year basis, and revenue comparisons are made on an organic basis, which excludes the impact of foreign currency, first quarter revenue in the current and prior year reported as other, as well as significant acquisitions, divestitures, or other significant discrete items. As a reminder, fiscal 2027 is a 53-week fiscal year, with the extra week occurring in the first fiscal month of the first quarter and is included in our Q1 results. References to sequential revenue changes compare the fourth quarter of fiscal 2026 and are made on an as-reported basis. Unless otherwise stated, all references to share gains or losses are on a revenue and year-over-year 52-week basis, comparing our most recently completed fiscal quarter to our competitor's most recently completed calendar quarter. Reconciliations of all non-GAAP financial measures can be found in our earnings press release or on our website at investorrelations.medtronic.com. Finally, our EPS guidance does not include any charges or gains that would be reported as non-GAAP adjustments to the earnings during the fiscal year. With that, I am now pleased to hand it over to you, Geoff. Okay, thanks, Ingrid, and good morning, everyone. Thank you for joining us. Q1 represents a strong start to fiscal 2027. With revenue of $9.8 billion and adjusted EPS of $1.45, both well ahead of expectations. Organic revenue growth was 13.7%, reflecting strong underlying market demand and excellent execution across our businesses. Importantly, these results reinforce our confidence in the durability of our growth. Our three largest businesses, CRM, CST, and Surgical, all delivered strong results this quarter. Cardiac Ablation Solutions continues to perform exceptionally well, and we are making progress in Symplicity, Altaviva, and robotics with Hugo. At the same time, our recent acquisitions are contributing to reported growth and strengthening our portfolio for the long term. We are executing, and this quarter's results are a clear proof point. Our strategic and operational focus is translating into stronger commercial performance and greater consistency. With healthy underlying markets, relentless execution, and multiple growth platforms all gaining scale, Medtronic is increasingly well-positioned to deliver on our fiscal 2027 targets and our long-term revenue and earnings trajectory. Let's get into the details of what drove the quarter. Starting with Cardiac Rhythm Management, which delivered an outstanding quarter with global growth of 15%. Performance reflected strength across both high-power and low-power therapies, with contributions from EV-ICD, Micra, and conduction system pacing, including OmniaSecure. At more than $5.5 billion in annual revenue, CRM is one of our largest businesses and has been a long-standing source of strength for the company. As an example, Micra, which launched more than a decade ago, continues to grow at a healthy double-digit rate, which underscores the lasting impact of meaningful innovation within CRM. We are not standing still. We are further advancing innovation across pacing, defibrillation, and diagnostics, supported by a strong pipeline and excellent execution from our teams. CRM is a flagship business for Medtronic, and we continue to view this business as a key source of innovation, one that will drive durable growth for years to come. Cranial & Spinal Technologies was another Q1 highlight, delivering 13% growth, including 14% in the U.S. and 10% internationally. Our AiBLE ecosystem continues to resonate with customers as it connects technologies that have traditionally operated in silos. By bringing together AI-driven planning, imaging, navigation, robotics, implants, and outcomes data across the surgical journey, AiBLE helps surgeons make more informed decisions, operate with greater precision, and learn from each and every case. Our recently launched Stealth AXiS platform also meaningfully outperformed this quarter. While we are still early in the launch, adoption is building, and customer feedback has been very positive. With U.S. spine robotics penetration still in the single digits, we see a significant opportunity to drive ecosystem pull-through and extend our leadership position in spine and cranial technologies for years to come. Moving to surgical, which delivered another strong quarter with 9% global growth. Surgical is our largest operating unit with over $6 billion in annual revenue. Here we are leveraging our decades of innovation and operating room partnerships to build a connected surgical ecosystem. We are going to dive deeper on this in just a few minutes. In addition to these businesses, our next cycle of large growth opportunities are playing a more significant role in our performance. Cardiac Ablation Solutions delivered another quarter of excellent performance, further strengthening our position in one of the most attractive markets in med tech. In Q1, CAS delivered 88% worldwide growth, reflecting the team's execution and the strength of our platform. Sphere-9 momentum continued with a nine-point increase in U.S. share during the quarter. I am pleased to share that we achieved an important commitment this quarter, ahead of the timeframe we promised, surpassing the $2 billion mark in trailing 12-month revenue. The broader EP space remains healthy, growing in the mid-teens, and we continue to expect CAS to grow at more than 2.5 x the market rate this fiscal year. Our U.S. Affera installed base again grew more than 35% sequentially in Q1, demonstrating that we remain in the early innings of this opportunity. As we look ahead, our runway extends well beyond today's share gains as we build out a comprehensive EP platform, one that spans mapping, ice catheters, focal ablation software, and single shot innovation, positioning ourselves to serve electrophysiologists with more complete solutions and expand the number of patients who can benefit from advanced EP therapies. This quarter, we expanded our offering with CE mark for Sphere-9 for the treatment of ventricular arrhythmias, including ventricular tachycardia, opening the door to a patient population that is notoriously difficult to treat. Enrollment in our U.S. VT pivotal trial is also underway. We are only at the beginning for CAS. With a differentiated platform, a growing installed base, expanding indications, and a strong innovation pipeline, we are well-positioned to treat more patients, to continue to gain share, and further extend our leadership in this large and growing market. Now turning to Symplicity. Q1 was another strong quarter, and we are increasingly encouraged by this market's evolution. Real-world outcomes, well, they just keep getting better, as evidenced by the three-year data we recently presented. We are pleased to share that the SPYRAL AFFIRM clinical trial was accepted for a late breaker at TCT this fall. The conversations with clinicians is increasingly shifting from awareness to access, and more hospitals are approaching us about establishing Ardian programs. Here, our key focus areas are on expanding coverage and integrating Ardian into the care pathway. Looking ahead for Ardian, our transradial catheter remains on track to launch in the second half of this fiscal year. This is an important step forward as many interventional cardiology procedures are performed via radial access today, making the therapy easier to integrate into existing workflows and potentially improving patient outcomes. These positive signals further reinforce our conviction that Symplicity is one of the most compelling long-term growth opportunities in med tech. Now turning to pelvic health. The business delivered strong growth this quarter, increasing 15%, driven by significant progress from Altaviva, where procedures doubled sequentially. Demand for Altaviva is building, and while we are still early in our launch, Altaviva is gaining traction with physicians, as well as the 16 million U.S. patients who still suffer from urge urinary incontinence. As we continue to expand training, reimbursement support, and patient awareness, we are really encouraged by the progress we are already seeing. We are confident in Altaviva's ability to become a meaningful contributor to growth for years to come. Okay, back to surgical. We have a strong leadership position in surgery built on decades of innovation, trusted technologies, and a long-standing partnerships with surgeons worldwide. As robotic-assisted surgery continues to expand, we believe our portfolio breadth, our global reach, and our operating room presence uniquely position us to help shape the future of surgery and extend the benefits of these technologies to more patients around the world. Robotic-assisted surgery, or RAS, is one of the most compelling growth opportunities in healthcare, with global penetration still in the single digits and only 1% in emerging markets. At the same time, RAS is in high demand, with procedure volumes up approximately 16% per year over the last decade. There is a significant runway here, and we expect robust expansion for many years to come. Now we have established our foundation in soft tissue robotics with Hugo, where we continue to make meaningful progress. By the end of the fiscal year, we expect Hugo to surpass 50,000 completed procedures with procedure growth continuing at more than twice the market rate. We are also advancing our platform through new capabilities and new indications, including the expected U.S. expansions into general surgery and gynecology. We are investing in building out a broader surgical ecosystem, just like in CST. An ecosystem that integrates robotics, advanced visualization, navigation, instrumentation, and digital technologies, including AI-enabled capabilities like Touch Surgery. Today, Touch Surgery is used in more than 1,500 operating rooms globally, supporting AI-powered insights, collaboration, and workflows. With Touch Surgery Aide unveiled at SRS, we are bringing 300 x more computing power into the operating room and creating a foundation for increasingly advanced AI capabilities over time. Now that brings us to Cornerstone Robotics. As announced this morning, we are further enhancing and expanding our robotic portfolio through a strategic investment and distribution agreement for Cornerstone's Sentire surgical system in select markets outside the U.S. Sentire complements Hugo by extending our reach into select international markets and broadening the range of customer needs that we can address as robotic surgery continues to expand globally. Taken together, the platforms, Hugo, Touch Surgery Aide, Sentire, and our enhanced surgical instrumentation, position Medtronic to build a differentiated global robotics portfolio. Combining advanced robotics, AI, visualization, and instrumentation to push the field forward, improving surgical precision and workflow, and serve a broader range of customers and patients around the world. Look, Q1 performance is further evidence that our strategy is translating into stronger results. We are accelerating growth, advancing innovation, and focusing the portfolio and deploying capital with discipline. Overall, our progress this quarter reinforces our confidence in fiscal 2027 and in our long-term revenue and earnings growth potential. With that, I am going to turn it over to Thierry to walk through more detailed business results, our financials, and our updated guidance. Over to you, Thierry. Hey, thanks, Geoff, and hello, everyone. I appreciate you joining today. Before we begin, I would like to remind everyone that this quarter benefited from the extra selling week, which we estimate contributed approximately $570 million or 670 basis points to total organic enterprise revenue growth. Excluding the impact of the extra week, we delivered our strongest quarterly performance in nearly eight years, excluding COVID comps. Revenue this quarter was $9.8 billion, up 13.7% on both a reported and organic basis. Geographically, we saw nearly 16% growth in the U.S. and 12% internationally. Cardiovascular delivered 19% revenue growth this quarter, excluding 25% in the U.S. and 14% internationally. Electrophysiology therapies, or EPT, which includes our CRM and CAS businesses, grew 29%, including 41% in the U.S. and 18% internationally. Within EPT, Cardiac Ablation Solutions was again a significant contributor, delivering 88% growth, up 139% in the U.S. As Geoff outlined, while we are gaining share rapidly in CAS, this business is still in the early stages of its trajectory. In Q2, we expect to outpace the market by more than 3x, with growth rates moderating over the remainder of the fiscal year as we lap increasingly strong comps. Cardiac Rhythm Management was up 15% worldwide, including balanced performance between the U.S. and international markets, gaining 80 basis points of global share. Conduction system pacing continues to gain momentum, adding over 200 basis points to CRM in the first quarter. As CSP adoption expands across a growing patient population, Medtronic remains the leader with CSP-capable leads in both high and low power segments. Our broad portfolio and innovation pipeline position us to extend our leadership in this large franchise. Pivoting to interventional cardiology therapies, which includes structural heart and coronary and renal denervation. ICT grew 7% globally, driven mainly by 11% international growth. Structural heart grew low single digits. Similarly to Q4, U.S. procedure volume trends remain stable. Our internal programs in mitral and tricuspid replacement are on track, and we are taking steps to broaden our opportunity over time through targeted external investments, as evidenced by our strategic investment earlier this year in Anteris, as well as Pi-Cardia announced this morning. Pi-Cardia is the first FDA-cleared leaflet modification technology for TAVR procedures for patients at risk for coronary obstruction, one of the fastest-growing segments in structural heart. Coronary and renal denervation grew 13% globally. Our coronary business was up low double digits with CathWorks, our AI and advanced computational science platform for angio-based FFR, contributing nearly 300 basis points of organic growth. In Ardian, we continue to make progress in the first quarter. Positive trends across access, market development, and adoption reinforce our confidence in this very large opportunity. Cardiovascular surgery, which includes our cardiac surgery and aortic businesses, grew 8% globally, and peripheral vascular health was up 11%. Now moving to neuroscience. The portfolio grew 9% worldwide, driven by 11% in the U.S. and 7% internationally. Cranial & Spinal Technologies delivered 13% growth worldwide. Performance was driven by continued strength in core spine, up 14%, and neurosurgery, up 15%, along with strong contribution from Stealth AXiS following its first full quarter since commercial launch. Specialty therapies was up 7%, including 10% in the U.S. and 4% internationally. Within specialty, neurovascular grew 4% globally, driven by 9% in hemorrhagic and continued strength across flow diversion, intrasaccular embolization, carotid stenting, and access devices. In August, Onyx 12 received U.S. FDA approval for MMA embolization to treat subdural hematomas. All three Onyx viscosities are now approved for a one-minute shake time versus the conventional 20 minutes. This quarter, we completed our acquisition of Scientia, which represents an important advancement in navigation, enabling neurointerventionalists to reach areas of the brain that have historically been extremely difficult to access. Pelvic health delivered 15% growth globally. In SNM, Medtronic continues to outpace peers, and Altaviva's performance is now more than offsetting SNM market softness. We are pleased with the continued progress in Altaviva as physician training expands, reimbursement progresses, and physician experience builds. We expect pelvic health to become a stronger and stronger contributor to neuroscience in fiscal year 2027 and beyond. ENT grew 7% worldwide, driven by low double-digit growth in the U.S. Neuromodulation was up 3% globally, driven by ongoing SCS market softness and replacement headwinds in DBS. Our neuromodulation position has been strengthened by the acquisition of SPR Therapeutics in peripheral nerve stimulation and through our distribution agreement with Merit Medical, which expands our presence in BVNA. Both segments are growing over 20% annually. Together, these strategic actions increase our exposure to attractive high-growth markets and reinforce our broadened broader pain portfolio. Now turning to medical surgical, which had a strong quarter and delivered 10% growth globally with balanced performance in the U.S. and internationally. Surgical revenue increased 9%, with similar performance across the U.S. and international markets. We saw strength in advanced energy and wound management, driven by share gains from our LigaSure vessel sealing and V-Loc barbed sutures. As Geoff mentioned, we're pleased with our launch of Hugo, which had an increase in contribution in the quarter. Endoscopy grew high single digits, driven by further momentum of EndoFLip 300 system and of PillCam. Acute care and monitoring was up 14% globally, including high teens growth in the U.S. Results were driven by mid-40s growth in McGRATH video laryngoscopy, high 30s in Microstream capnography, and high single digits in Nellcor pulse oximetry. This performance was a positive tailwind in the quarter. However, we expect ACM to normalize as we move through 2027. Finally, the diabetes business delivered 15% growth, driven by U.S. acceleration and robust growth internationally. Our strategic intent for the separation of MiniMed is unchanged. Create two focused companies that will allow both MiniMed and Medtronic to execute more effectively, pursue their distinct capital allocation strategies, and align with the investor bases that best match their respective financial profiles. Before we shift to the P&L and guidance, I wanted to spend a moment on what we're seeing in terms of procedure volumes. Q1 was a very strong quarter for Medtronic, underpinned by healthy underlying procedure volumes across nearly all of our end markets and geographies. Importantly, this strength was broad-based and not concentrated in any one therapy or region. We continue to see resilient demand across chronic disease, high acuity conditions, and life-saving interventions. Areas where Medtronic is particularly well-positioned given our differentiated innovation and strong clinical evidence. While we continue to monitor the broader environment closely as usual, the underlying demand backdrop remains constructive and reinforces our confidence in the durability of our growth. Overall, we're pleased with Q1 performance as well as the widespread contribution to revenue from many operating units. Now moving down the P&L. Our adjusted gross margin was 65.2%, up 10 basis points year-over-year. Now let me walk you through the elements that shaped gross margin this quarter. We've maintained our discipline on pricing, which provided 30 basis point benefits to the quarter. Net of inflation, cost down contributed 50 basis points this quarter, driven primarily by COGS efficiency programs and strong execution across our portfolios, global operations, and supply chain teams. In Q1, we rationalized more than 9,000 SKUs, further streamlining our product portfolio to focus on the areas with the greatest customer impact while enhancing supply chain performance and delivering cost efficiencies across the enterprise. Mix was unfavorable by 50 basis points, largely reflective of the diabetes and CAS businesses. Consistent with prior quarters, while the near-term CAS capital mix continues to impact our gross margin, it's reflective of our strong commercial performance and growing install base, which is expanding our foundation for future pull-through of higher margin catheter sales over the long term. The tariff-related impact was a slight headwind, as tariffs paid were largely offset by related refunds. Finally, the impact from foreign exchange was roughly neutral. Adjusted SG&A was 32.4% of revenue and increased 14% year- over- year. We continue to make investments to accelerate the commercialization of our growth opportunities while also integrating several recent acquisitions. Adjusted R&D was 7.9% of revenue in Q1 and increased 6% year- over- year. Here, we are focused on driving sustainable growth through investment in innovation, complemented by targeted inorganic opportunities. This discipline is reflected in acquisitions like SPR Therapeutics and Scientia, both of which operate in markets with CAGRs exceeding 20%. These businesses are demonstrating strong early traction, and while not reflected in our organic growth today, they're expected to contribute over $150 million to inorganic growth in fiscal year 2027. Our adjusted operating profit was $2.3 billion and increased 15% year- over- year. This resulted in an adjusted operating margin of 23.7%, up 10 basis points from the prior year, while we continued to invest behind our highest priority growth opportunities. Our adjusted tax rate was 17.2%, slightly better than expected. The benefit was mostly timing, and we expect this to be offset later in the year. All in, our adjusted EPS was $1.45, $0.06 above the midpoint of our guidance range and of street expectations. Now turning to our guidance. As a reminder, our full year guidance includes the diabetes business through fiscal year-end. On the top line, we're pleased with the strong performance in the first quarter and are raising our fiscal year 2027 organic revenue growth guidance to 7.25%-7.75%, which represents a 50 basis points increase from our prior guidance. In the second quarter, we're expecting roughly 6% organic revenue growth. Based on recent FX rates, we expect foreign exchange to be a roughly $50 million-$150 million headwind for the full year, with approximate $25 million-$75 million headwinds in 2Q. Moving down the P&L and starting with gross margin, we continue to expect pricing and COGS efficiency programs to offset the current impact of business mix, which is primarily from diabetes and CAS. This headwind is expected to reduce following the completion of the MiniMed separation, which we intend to close prior to fiscal year-end. We continue to make targeted investments that are focused on our highest priority growth opportunities and are intended to strengthen the durability of our long-term revenue profile. Taken together, we expect fiscal year 2027 operating profit to grow approximately 10%, with operating margin expanding approximately 50 basis points year- over- year. Moving to EPS. Given the strength in the first quarter, we're also raising our fiscal 2027 guidance range to $5.94-$6. For the second quarter, we expect EPS in the range of $1.32-$1.34, which includes a roughly neutral impact from foreign exchange at recent rates. Look to close, we are well positioned for a strong year. I'm encouraged by the strength of our first quarter performance and the continued progress we made against our strategic priorities. At the same time, our operational focus has begun translating into our financial results. Portfolio simplification, SKU rationalization, cost out, and broader supply chain initiatives are beginning to deliver structural efficiencies down the P&L, and we see further opportunity ahead. We're pairing that discipline with targeted organic and inorganic investment to accelerate innovation and support commercialization and expand our growth platforms. Look, we are laser-focused on translating stronger growth and enhanced efficiency into durable earnings leverage. With that, back to you, Geoff. Okay. Thanks, Thierry. Q1 was a strong start to fiscal 2027, and another proof point that our strategy is translating into results. What gives us confidence is not simply the strength of the quarter, but also the breadth of our performance this quarter. Growth is being driven by several businesses, multiple innovation platforms, and teams who are executing at a high level across Medtronic. We look forward to sharing a deeper look at our portfolio and our pipeline and our capital allocation strategy, as well as our long-term growth opportunities at our upcoming Investor Day, scheduled for December 10th and 11th. With that, I'd like to thank our Medtronic colleagues around the world. The progress we are making reflects the discipline, focus, and execution of our teams. I want to thank you for your hard work and continued commitment to reaching more patients. Together, we bring our mission to life for the people who are counting on us the most. Okay. Let's turn to Q&A now. Ingrid, please provide the instructions and queue up the analysts. For the sell-side analysts that would like to ask a question, please select the Participants button and click Raise Hand. If you're using the mobile app, press the More button and select Raise Hand. Your lines are currently on mute, and when called upon, you'll receive a request to unmute your line, which you must respond to before asking your question. Finally, please be advised that the Q&A session is being recorded. We'll now pause for a few seconds to assemble the queue. Our first question comes from Travis Steed at Bank of America. Go ahead, Travis. Hey, everybody. Congrats on a great quarter. I guess CAS is doing really well, but I want to spend a second on the Medtronic business ex-CAS and just the ability to accelerate and improve the base business ex-CAS at Medtronic going forward. We saw Altaviva having an impact. So maybe just spend some time on that. Also the investments this morning with the Cornerstone deal. When does that show up in the base surgery revenue, and how is that contract structured with Cornerstone? Thierry, wanted to also follow up. The margin guide, I think, ticked down 10 basis points from 50 basis points, from 60 to 50 basis points. Just wanted to clarify that if that's because of some of the investments you've done this year. Okay. A couple other questions there. Thanks for the questions, Travis. I'll start on the first one, just on the business performance and get it ex-CAS. I'd say, first of all, what we like about the quarter is the breadth and the depth of the performance, right? You had a number of businesses, including our big three, perform really well. Cardiac Rhythm, CST, and improving performance in Surgical. On that breadth note, a lot of different countries around the world contributed to the growth. As you point out, we had a number of growth drivers on top of this to give you the depth, right? The CAS being the biggest one, but also some good progress in Altaviva, Ardian, Hugo. So we've got these growth drivers all moving forward. So look, from our perspective, the performance was broad-based and we had strong execution. It's really, as we talked about this last quarter, the compounding impact of a lot of strategic, operational, and cultural changes that we've made. So beyond CAS, like you said, you're getting to your question. Like I said, we have these other growth drivers that we're feeling really good about. We can talk about the announcement we made this morning in structural heart with Pi-Cardia, as well as in soft tissue robotics with Cornerstone Robotics. There's a lot to talk about, and Ardian is making good progress as well. Altaviva is starting to inflect. On top of that, you've got Stealth AXiS really doing well in CST. So we feel good about these other growth drivers. But if I go around the horn, just talk about Neuroscience for a second. Lots going on there. I mentioned Stealth AXiS in CST. We talked about Altaviva. We can get more into that. In Neurovascular, we see an acceleration here in the back half of the year, getting that business to mid-single digit. It's partly the acquisition of Scientia. That's not in our organic growth. On top of that, we'll get to this mid-single digit. But it is getting us into more cases, and we've got a lot of new products there. More indications for Onyx. We've got carotid stenting, and we've got RT. So we've got a number of new products there that are driving. Then, of course, in Pain Stim, in our Neuromod business, we got the new BVNA partnership that's accelerating, as well as SPR, which is moving us upstream. So that business will benefit from that. So you're going to see a nice acceleration in Neuroscience, continued performance in Cardiovascular, and you're seeing the acceleration in Surgery. I don't know, Thierry, if you want to add to that and get to the guide question. I would say, one thing that I'd mention, you mentioned the different investments that we made. In aggregate, we should expect around $150 million worth of revenue in the full year from these acquisitions with a partial year impact. It's inorganic for now, but it will turn into organic. All of these investments and acquisitions are in areas where the CAGR is significantly higher than the rest of the business. We're talking segments where the growth is typically north of 20%. So that's further good news down the road. I think one that I would mention, you talked about neuroscience. In neuroscience, in every single segment, we have meaningful innovation happening. We have Stealth AXiS in CST. You talked about Scientia, Onyx, Neuroguard, Artisse in neurovascular. We've got Stealth AXiS ENT version for the ENT business and ApexCut that's coming out. Every franchise there has good news going forward. Look, I think we've got a lot of good news ahead of us. There was a question on Cornerstone, but maybe to talk about the margin question, Travis. Yeah, it's really the result of the investments that we're making. Just to talk about the guidance for a moment. We're raising the revenue guidance by 50 basis points and slightly raising the EPS. The way to think about the EPS raise is we took the upside of the first quarter. A couple things I would say, part of it about Ascent is driven by tax, which is timing, which we assume is going to come back the other way for the rest of the year. We've embedded now in the guidance the foregone interest that is going to come from the investment that we just made in Cornerstone. So it's a $700 million investment, and we're going to have some foregone interest on that. To your point, what we're doing is we're taking a portion of the upside from a revenue perspective, and a portion only, and reinvesting that to accelerate our commercial performance. The last thing I would say is this is only the first quarter. We want to set the business up for success in the remainder of the year. Yeah. I am sure we are going to get more questions on Cornerstone and Pi-Cardia, but just high level, I would say, first on Pi-Cardia, excited about the investment, and it is part of a broader theme in structural heart where we are just doubling down on that space. We made the Anteris investment a few months ago in the TAVR space. We are investing heavily in tricuspid and mitral. We have got an ecosystem that we are building with DASI on the sizing as well, and now Pi-Cardia here is just another investment in the space, and we are bullish on it, and we are going to keep going there. In terms of Cornerstone, look, we are just really excited about our progress in soft tissue. We have made a lot of progress. We talked about it in the commentary on Hugo. That is our play in the U.S. Cornerstone is really about access and choice. It is a global play for us. It is one of a number of investments we are making in soft tissue, but this one in particular, it is a global play. It gives customers choice around the world, and we are really excited about it. It just goes with a bunch of other investments we are making. Our Touch Surgery platform, our digital platform, we believe we are leading, and we have got a nice lead in Touch Surgery. We are at 1,500 installed base. We just rolled out our newest version of that Aide, which is like 300x more computing power in the surgical suite. We are investing in some visualization, robotic instrumentation. So there is a lot going on in soft tissue, and we are real excited about our progress there. Great. Thanks a lot. All right. Great. Thanks, Travis. Our next question comes from Larry Biegelsen at Wells Fargo. Go ahead, Larry. Good morning. Thanks for taking the question. I will keep it at one, Geoff, and follow up on Cornerstone. Just maybe expand on the deal rationale. I am going to just ask it head-on. Some investors may think this is a signal you are not confident in Hugo. Address that, and maybe a little bit more on the financial implications and which markets you are going to launch this in and whether it includes the U.S. And just lastly, is there an option to acquire the company? Thanks for taking the question. Well, look, we have Mike Marinaro on the line here, too, from our Medical Surgical portfolio. I am going to turn it to him for a second, and then maybe Thierry can hit some of the financial questions. But on the Hugo question, it is just the opposite. We are very excited about the progress that we are making in Hugo. We talked about it in the commentary. We will be, by the end of the fiscal year, over 50,000 cases, 250 units installed. We are continuing to roll out new. We are getting new clinical indications. We expect multiple new indications in the fall here. We are investing. I was just in our North Haven, Connecticut facility where we do a lot of the instrumentation last week, and we have got a host of new instruments coming out. So we are really bullish about Hugo. That is our U.S. play and other countries as well. But Cornerstone, like I said, it is more of a global play. It gives our customers. It helps us drive up access to robotic surgery, which is very under-penetrated, particularly in emerging markets. And it gives our customers choice. And maybe I will call on Mike to provide a little bit more detail and answer some of the other questions, and we will go back to Thierry on the financial side. Yeah. Thanks, Geoff, and Larry, thanks for the question. I think Geoff covered it very well. This is a distribution and partnership deal that we are very excited about. As Geoff mentioned, this is a global play. It is an opportunity for us to build out a full portfolio of robotics, a full portfolio offering, and an ecosystem, and it builds on the progress that we have made with Hugo. I think Geoff just spoke to it, but this quarter we have spoken about now our expectations around installs. Really pleased to see with Hugo that our procedure volume continues to grow at 2 x the market rate, and that our digital ecosystem, of course, is now expanding. I think as you have seen at Society of Robotic Surgery, I know you have a prominent presence there. There is a growing suite of capabilities globally, and it is becoming clear to us that there are going to be two or three platforms that will win in the market. This is an opportunity for us to build out a portfolio of offerings that really meets the customer need, and the specifics of the customer situation very well where they sit. This is an opportunity for us to take that strategy and expand access in one of the largest markets in med tech that is still highly under-penetrated, and we see it as complementary and really just an expression of our confidence in the progress that we continue to make here with Hugo. Lastly, I would say, we are in this to win. This is a critical area for us. We are leaders in surgery, and this investment is an investment to build out that portfolio of offerings because we are here to win, and we are excited about this platform and portfolio that we will build together between Hugo, Cornerstone, and our Touch Surgery ecosystem. On the financials. Hi, Larry. So for this year, other than the impact of the foregone interest that I mentioned in the previous question, the impact should be minimal. Starting in 2028, though, we should start seeing the impact of the distribution agreement. This will contribute to the growth that we are experiencing coming from robotics, generally speaking, first with Hugo and now with Sentire, making that stronger and stronger. So we do expect to see a lift in volume and in margins coming into 2028 through the distribution agreement. The question on the acquisition. Look, on the potential acquisition, we just made a large investment. The investment that we made does provide us some strategic optionality going forward, I would say. But the way we are approaching it is similar to what we do in a lot of these investments. We like to take a position, have a seat on the board, understand how the company is being run, start developing the collaboration, and then, once we understand what is under the hood, so to speak, consider our options. So some optionality there. Just. Thank you. Larry, just to reemphasize, I just want to make sure we're not mincing any words here, and there's no earning speak. We are doubling down here. We have a lot of confidence and conviction about our position in soft tissue right now. As Mike said, that's the key. We're in it. We're building a winning strategy here. We feel good about our position, feel good about Hugo. We got confidence and conviction, but there's no arrogance. As my college hockey coach used to say, "Head on a swivel, panther-like stance." There's lots going on here, and we've got to continue to invest and continue to execute here. We want to become that meaningful number two and gain on the market leader, and we really like what we believe is a multi-year head start over the next scaled competitor, which is important. Thank you very much. Thanks, everyone. Vijay Kumar, you are next. Vijay at Evercore, please go ahead. Hi, Geoff. Thank you for taking my question. Congrats on a nice print this morning. I had a two-parter for you, Geoff. One on diabetes split off timing. When you look at Medtronic versus stock prices and MiniMed stock, obviously, it has come off the bottom. What is the hesitancy in announcing the split off? One on CAS. I want to make sure I heard this correctly. I think your prior comment was about twice the rate of market growth, and I think today you have said 2.5x the rate of market growth. Did underlying CAS assumptions improve? What is driving this confidence? Thank you. Well, thanks, Vijay, for the question. Maybe I will start with the CAS question, and then Thierry can take the diabetes question. Yeah, we did say for the balance of the fiscal year that we would grow 2.5 x the market. We think the market is mid-teens. In Q3 or Q2 rather, it might even be higher than that. Look, there is a lot going on in CAS. I would say, first of all, there is still room to run on Sphere-9. We are still relatively early in that launch, as evidenced by the 35% sequential growth over the prior quarter. It tells you we are still early. Sphere-9 remains kind of one of a kind in that dual energy point-to-point space, with a lot of different features and benefits that physicians like, and it continues to grow, and we are getting more clinical indications there. We took out a CE mark for VT. Geographic expansion, we are just launching in Japan. It is just a lot of room to run on that one. We are starting to see progress at Sphere-360 in Europe. We are going to keep going here. We are building out an ecosystem. That is a trend here at Medtronic. You saw it in CST, this procedural or surgical ecosystem. We are doing that in soft tissue, and we are now doing it in various areas of cardiology, CAS being one. We talked about two investments in ice technology last quarter, and we are going to keep going. Again, not too dissimilar from soft tissue. We like our position on this one, we are further ahead, and marching towards that market leadership. You have got to keep investing here, not just in the therapy itself, but also the ecosystem around it. I forgot about mapping too, the integrated mapping continued to kind of drive mapping upgrades every year. There is a lot going on in CAS, and that is driving our. Plus you have a great market, right? The market is growing fast. All that is giving us the confidence and conviction. Then I will turn over to you on diabetes. Yeah. Just on CAS, you are right, Vijay, it is 2.5 x the market on the full year. We expect it to be north of 3 x the market in the second quarter. So expect another good quarter in Q2 despite comps that are getting tougher and tougher. On diabetes, look, first, as you mentioned, it is great to see that the stock has come back up, and we are encouraged to see that. I think it is a testament to the fact that the business is performing, right? So they had a good fourth quarter last year. As you can see in the print here, and Chad and Q will give you more details a bit later, they had a good first quarter. So growth is accelerating, in particular in the U.S. They have a ton of favorability from an innovation perspective. Every single launch is happening ahead of schedule, which is great news. So it is super encouraging going forward. There is no hesitation on our side, so no change in schedule or anything like that. We had mentioned that we would do the separation when we think the economics are optimal for our shareholders and for our stakeholders, generally speaking. We stick to that position. So no hesitation going forward with the separation, just when the time is right. Thank you. All right. Great. Next question comes from Mike Kratky at Leerink. Mike, go ahead. Awesome. Can you hear me all right? Yep. Yep. Great. So, congrats on the strong quarter. Thanks very much for taking our question. Really encouraging to see the 35% sequential growth for your U.S. Affera install base after 40% last quarter. Can you provide any additional color on utilization trends in centers after they've added an Affera system? How quickly are you seeing your PFA market share shift in those centers, and where are you seeing your share kind of stabilize over time there? Well, we're seeing. Let me see here. I'll go by my notes here. First of all, 75% of our U.S. installed base are at high volume centers, right? So right now, we're still concentrated in these high volume centers, which is not a bad thing, but it also tells us we got room to run in the lower volume centers across the U.S. 30% of our accounts are doing 70% of the ablations, right? These are high volume centers. That's the 300+ ablations a year. That's what we define as a high volume center. And then, many of these large accounts have only one or two systems, and they're asking for more. So we're seeing, once Affera goes in there, most of our experience, Mike, is in these high volume accounts, right? And once our system gets in there, the utilization is high. We're seeing them add systems, so that's all good sign. That utilization number is something we're watching every quarter. Like I said, we're focused on those high volume centers, and we've got a lot of room to run in centers outside of these high volume centers. Do you have anything to add there? No. I think I'm glad you picked up on the 35%, because it's 35% in Q1 after 40% in Q4. If you think of just the mathematical, mechanical impact of what that means from a pull-through perspective, it's just super encouraging. For just a variety of reasons, I won't go through all the list of benefits. Affera's becoming the workhorse in these centers. That bodes well. We've got Sphere-360 coming, which, as I mentioned earlier, goes right at the heart of our largest PFA competitor. So feeling bullish on CAS right now. Understood. Thanks very much. All right. Great. Next question comes from Anthony Petrone at Mizuho. Please go ahead, Anthony. Thanks, and congratulations here on a solid quarter. I will stick to one and maybe go back to Vijay, which is maybe capital allocation and diabetes. It will be a pretty significant hole in the portfolio. It is also growth accretive based on the quarterly numbers for this fiscal quarter, diabetes growing 15%, excluding the week, you are at roughly 7%. So maybe how the capital allocation will change post-diabetes being completely separated. Will the cadence of tuck-in deals accelerate? Will you consider scale deals? Is a buyback in the cards here as well, considering that Medtronic valuations are off the bottom, but are still certainly not at multi-year highs. Just looking ahead to what the capital allocation program looks like post-diabetes. Thanks again. Well, thanks, Anthony, for the question. Thierry can comment on the financial impact here, but on the growth side, at the Medtronic level, it is about 20 basis points, right? With our growth accelerating, we are very comfortable, and as we project forward, we are comfortable with losing that 20 basis points, and from a profitability standpoint, from a gross margin standpoint, it is a big step up. Thierry can walk through that. The diabetes business is fundamentally different from the rest of Medtronic. That is why we made this decision. It is more consumer-based. There are a number of other reasons, but financially, also that industry is a lower margin business on its best day, materially lower than the rest of Medtronic. So getting to that capital allocation question, I would not say anything has changed. We have already made that switch, and you are seeing it in our performance. We have made that switch to allocating our capital to the highest growth opportunities in medtech. The highest growth, but also where we have confidence that they are going to be big. So high growth, large patient pools, and the third thing is where we feel like we have a right to win. We have got strong commercial presence, a good reputation, we understand the clinical nature of it, we understand the technologies, et cetera. That is where our capital allocation is focused. We are much more prioritized in these high growth areas, much more of a top-down at our leadership team level, allocating that capital. And you are seeing the uptick in M&A already. That is broad based, organic and inorganic. On the M&A, you have seen over the last 18 months, we have been working on this for probably three years to get that pipeline of M&A going, and it is not the scale deals, it is the tuck-in deals. It is an uptick in venture investing, an uptick in structured deals, where you make an investment and then you have strategic optionality later, and then just flat out acquisitions. You are seeing it across the board prioritizing those high growth areas and we announced two more investments today. So you are going to see that continue in those areas of cardiology, neuroscience, and our medical surgical area. I do not know what to add, Geoff. That was a pretty complete answer. Just a couple of numbers. Geoff said it is about 20 basis points of growth. It is lower margin, so when we deconsolidate diabetes, our gross margin will go up about 50 basis points. Our operating margin will go up about 100 basis points. Typically, the R&D as a percentage of revenue is about double in diabetes what the rest of the business is. So it does give us an opportunity to reallocate capital to the other segments of the company where we typically get better returns. As Geoff said, this is not a going forward when we deconsolidate. It is something that we have already started doing. So if you look at the last 12 months or so, we went from doing about $2.8 billion of R&D and $500 million of acquisitions to almost $3 billion in R&D and $2 billion in acquisitions, or investments. So we more than doubled the investment in innovation, and that is something that we intend to continue doing going forward. That is the recipe and again, diabetes, the separation gives us some flexibility to do more of that. From a buyback perspective, no specific plans in that area, but never close to if the conditions are right, doing it for tactical reasons. Just to further emphasize the point and get into our mindset, just go back and look at some of our actions, right? In terms of prioritizing these high growth areas. We had to take CAS, which we just talked about, AFib ablation. We have an organic program, PulseSelect, and at the same time, we thought the space was so important we decided to go out and invest $1 billion in an inorganic platform. So multiple shots on goal, and here we are today announcing these type of results. We picked up another 9 points a share in one of the highest growth segments in med tech. We want to put together these decisive winning strategies. We talked about soft tissue surgery. Again, a lot of investments organically in Hugo and that ecosystem around it, like the digital platform with Touch Surgery. Here we go today announcing an inorganic investment. Again, doubling down on these high growth spaces where we believe we have a right to win and putting together winning strategies. Just one thing I want to add because it is important. You might have seen in the numbers this morning, our free cash flow performance for the first quarter was very strong. Cash conversion is improving. We were at 70% in the first quarter, which is good, but we think we have a strong path to getting to 80%. We have got a strong balance sheet. So independently of the diabetes deal, we have got a lot of firepower to go do this investment. So we look forward to continuing to deploy capital. Thank you. Excellent quarter. Thank you. Okay, great. Matt O'Brien at Piper Sandler, you are up next. Go ahead, Matt. Great. Thanks. Can you hear me okay? Yep. Yep. Okay. Just real quick, I know we're running along. On renal denervation, I just want to be sure I'm clear on the message here, because obviously CAS is doing really well. How are you thinking about the trajectory of that business now, the market opportunity, any updates on what you're thinking in terms of the market? Do you really need transradial to accelerate that franchise over the next several years? Is it a reimbursement thing? What's really the clear message on renal denervation here as we. Yeah. Get this update here in Q1? Thanks so much. Well, thanks for the question, Matt, on RDN. We have a confidence and conviction that this is going to be one of the biggest things in med tech. There are three things driving it. You touched on some of them. One is the improving clinical evidence, which I will touch upon. The other is broader reimbursement coverage, and the third is market development. In terms of the evidence, the real world outcomes just keep getting better. I do not know what else to say. We had great three-year data at CRT where you saw over 18-point reduction in the office, over a 13-point reduction in the ambulatory setting. These are materially higher, like 2x, 3x, 4x higher than the clinical trial. Then we put in the commentary today, SPYRAL AFFIRM was accepted as a late breaker TCT, so more data coming out. I think that is full six-month data coming out in a very visible conference. What you are seeing is the difference from the trial is material in terms of the improved results. We are also seeing really strong durability of these results, especially versus ultrasound. This is driving. The conversation is shifting, right? The KOLs and hospitals are coming to us to really get some of these programs going as they see this continued improvement in clinical evidence. Also driving that would be more improvement in reimbursement coverage, right? Beyond the national coverage decision for CMS, we are seeing these commercial payers continue to jump on board. This quarter, we had a number of them, particularly we had some bigger ones like Highmark. We are seeing that reimbursement coverage improve. Then the market development. That is where a lot of the focus is now. Look, I know, Matt, you get out there, you talk to a lot of the KOLs, and we are out there talking to them as well as the hospital C-suite. The conversation, like I said, is shifting. The enthusiasm is there, and we are really partnering with them to build out these programs on the back of the clinical evidence, on the back of more insurance coverage, building out those referral pathways and driving consumer/patient awareness on these. Again, we thought we made good progress on a number of those leading indicators, and it bodes well for the ramp here over the next quarters and years to come. All right. I think we have time for two more. The next question comes from Robbie Marcus at JPMorgan. Oh, great. Congrats on the nice quarter. Thierry, wanted to ask on margins. This quarter, it came in just a bit above the street on operating margin. How are you thinking about reinvesting this top-line upside versus driving margin expansion, both in the first quarter and for the rest of the year? Then a quick follow-up, you talked about tariffs, rebates offsetting tariffs paid. Do you have the tariff rebate number so we can all keep track of that as some of the one-time benefits in the quarter? Thanks a lot. Yeah. Thanks, Robbie. I will start with the rebates, with the tariffs, sorry. The refunds in the first quarter were such that we were slight net negative on the impact from tariffs. They almost compensated the full tariffs. Going forward for the year, just to be clear, we have not embedded future refunds. I wanted to remain prudent going forward. We have a construction for the remainder of the year that doesn't bank on any refunds happening. We are continuing to submit for refunds. There's a potential upside coming from that. From a margin expansion perspective, look, we're in growth mode, so we're taking a portion of the upside that we're seeing from a revenue perspective and reinvesting in the growth areas, and a portion only. The construction that we've got on a four-year basis today still calls for an operating margin that should be up about 50 basis points on a four-year basis, which should put us with a nonprofit up 10%. Significantly higher than our revenue growth. Look, we're going through all the different parts of the company, right? Cost of goods sold, the manufacturing efficiency, the relationships with the suppliers. We're looking at logistics cost, and we're looking at overhead, and we're really looking at how we can drive efficiency at every level. It's starting to pay off. You've seen some of it in the first quarter. On the full year, we're going to deliver a leveraged P&L. Appreciate it. Thanks a lot. All right. I'm waiting for my queue up here on our last question, which should come from Perfect. Rick Wise at Stifel. All right. Thanks, Rick. Please go ahead. Rick, you there? He might be on mute, Rick. You want to do the next one? Yeah. All right, Rick, we'll get you on the next one, please. The next question's going to come from Joanne, then. Joanne at Citi. Good morning. Thank you so much for taking the question, and really nice quarter. To wrap it up, I think I'll ask about Charlotte, North Carolina, and why are we going there, and what can we expect from the analyst meeting? My second question probably ties to that one. For a while, I used to think of Medtronic, or we used to think of Medtronic as a mid-single-digit revenue grower, high single-digit EPS. Has that formula shifted? Thank you. Well, look, I'll start with your last, the back half of the question and let Thierry pile on there. Thierry mentioned between the strong cash flow that we're generating, our cash flow is improving here, continues to improve. It's always been good, but it's improving. Had a really strong quarter. We're going to continue focus on that. Our focus on gross margin and operating margins are going to allow us to invest more, both organically and inorganically. In ramping up our inorganic tuck-in acquisitions, combining that with our organic, you're seeing effectively a doubling of our investment in innovation, and we've been doing this for a while. Now you're seeing that growth tick up. Clearly, we have aspirations for higher growth than we've done historically. You've seen over the last couple of years we've gotten the growth to mid-single digits, but we're not satisfied with that. That's why the more investments and the focus on execution. I can't describe in words the sense of urgency on the investments and the execution to continue. You've seen in the last two quarters a bit of an inflection of growth and we want to continue with that. Before I get to Charlotte, Thierry, any other comments on that? No, look, I think you said it all. We're clearly at an inflection from a growth perspective, and we're working the P&L. As I just said, we're continuing to make progress in pricing. We're continuing to make progress in cost out. We're reinvesting in innovation, but we're getting leverage from an overhead perspective. Right. We're really focused on driving the leverage on the income statement as well, and it's one of the things that we'll talk about in Charlotte. Yep. So Charlotte, why are we going there? Look, the IRCAD facility there in Charlotte is an impressive facility. IRCAD is mainly historically does physician training outside of the U.S. This is their first North American site, and we have a big presence in that site. And it's a good way, Joanne, to actually see, especially a lot of our technology now, or more and more of it is capital. So you got our AiBLE platform and Stealth AXiS. You have all of our soft tissue technology, which we keep adding to. You have the digital piece. It really helps to see it in action, and IRCAD is set up so that you can actually see it. We'll have physicians there walking you through it and describing how they're using it. And these are physicians that also use our competition. We all have our weak moments. They will be able to provide, I think, a good balance of how we stand up versus the competition, and we will talk about where we are going with these technologies as well. The other thing, look, on these earnings calls, and some of our other events that we do, the different banking meetings, we do not get a chance to go in depth with some of the other parts of our growth pipeline. There is a lot that we have not talked about that we are going to talk about. In addition to that, you are going to go down a layer into the org below my leadership team to some of the business unit leaders and the experts in these specific areas, and you are going to hear it from them as well. Physicians, plus the business unit leaders themselves, new growth investments that we have not talked about, and then going way deeper into some of these big areas, like these surgical ecosystems. In a showcase of a space that is built for this. December 10th and 11th, please mark your calendar. We are really excited to share, and I know the team is as well. Thanks for the question, Joanne. All right, great. That wraps up the call. Thank you everyone very much for joining. I appreciate your support and continued interest in Medtronic. Geoff, if you have any other additional prepared remarks, please go ahead. I mean look, thanks as always. Thanks for joining today. Really appreciate the engagement, appreciate the support, and the continued interest in Medtronic. With that, have a great rest of your day, and thank you very much.