[Video Presentation] Hello, everyone, and thank you for joining us today. This morning, we reported Q3 results, delivering solid earnings growth in a challenging market. We felt the short-term impacts of Omicron in January, particularly in the U.S. causing our Q3 revenue to fall short of our expectations. The COVID resurgence affected not only procedure volumes, but also created acute periods of worker absenteeism with our customers, suppliers, and in our own operations and field teams. Now, that said, COVID infections in the U.S. are declining. Available hospital ICU capacity is increasing, and procedure volumes are picking up. While some of the impacts from the pandemic, like inflation, supply chain issues, and health care worker shortages will linger, we do expect that our markets, our customers, and our industry are on the path to recovery.
Over the last 18 months, we've made significant changes to our operating model, moving to 20 focused operating units, as well as making major enhancements to our culture and incentives. These changes have improved our pace of innovation and our competitiveness, as evidenced by recent product filings and approvals that came faster than expected. We're not finished driving change. We're accelerating improvements to our global supply chain and operations, leveraging our scale to further improve quality, increased product availability and reduced costs.
In addition, we've enhanced our portfolio management and capital allocation processes. Our new operating model is giving us line of sight into what is required to compete and win over the long term in each of our businesses. As a result, we're looking at our portfolio with a more critical eye, with a focus on growth and creating shareholder value. I'd be surprised if there weren't changes over the coming fiscal year. But I don't know yet if they will be smaller or more significant.
Now, let's look at our third quarter results, starting with our market share performance. Now, market share is an important metric, and a reflection of the culture and incentive changes that we're making in the company. About 60% of our businesses held or won share in the last calendar quarter. While that's down slightly from last quarter due to some supply constraints, and where certain businesses are in their product cycles, it is a significant improvement from where Medtronic was just 18 months ago.
So starting with our Cardiovascular portfolio in Cardiac Rhythm Management, one of our largest businesses, we continued to build on our category leadership, adding over 1.5 of share. We're winning share in both high and low power devices. And we recently launched our Micra AV leadless pacemaker in Japan, and Micra VR in China, resulting in international Micra growth of over 50% in Q3.
In Peripheral Vascular Health, we won about 1 point of share with strong growth in our Abre deep venous stents and VenaSeal Closure System. And in Cardiac Surgery, we gained over 1 point of share on the strength of our extracorporeal life support products. In our Medical Surgical Portfolio, we estimate we gained share in GI, driven by momentum from the recently launched Emprint HP Generator in our Beacon Endoscopic Ultrasound franchise.
In Respiratory Interventions, despite the year-over-year headwind as ventilator sales continued to return to pre-pandemic levels, we estimate we gained about 400 basis points of share. We won share in premium ventilation with our Puritan Bennett 980, in video laryngoscopes with our McGRATH MAC and in core airways with our TaperGuard endotracheal tubes.
In our Neuroscience Portfolio, we increased our market share in cranial and spinal technologies. We're launching new spine implants that enhance the overall value of our ecosystem of preoperative planning software, imaging, navigation and robotic systems, as well as powered surgical instruments, all of which are transforming care in spine surgery.
In Neuromodulation, we have great momentum from new products in both Pain Stim and Brain Modulation. In Pain Stim, despite the headwinds from Omicron, we estimate we gained over 1 point of share, driven by both our Intellis with DTM technology, and Vanta recharge-free systems. And in Brain Modulation, while we continue to face headwinds from replacement devices, our business grew 15% on strong adoption of our Percept neurostimulator with BrainSense technology, paired with our Sensight directional lead. Medtronic is the only company with sensing capabilities on our deep brain stimulators, which drove about 10 points of new implant share and over 1 point of overall DBS share in Q3, and we expect this momentum to continue.
Another business with momentum is our Neurovascular business, we are back to winning share, picking up about 2 points this quarter. We're seeing strength from our pipeline family of flow diverters for treating intracranial aneurysms. Our flow diversion launches in Japan, CE Mark countries, and the United States, coupled with broader portfolio growth in China, propelled neurovascular to 12% growth this quarter.
Now, while the majority of our businesses are winning share, we have some businesses that lost share in Q3 where we are focused on improving our performance. In Cardiac Diagnostics, despite year-over-year share loss, we gained share sequentially for the first time in many quarters. We've made good progress, increasing our manufacturing capacity for our LINQ II insertable cardiac monitor. And we began our rollout of our AccuRhythm artificial intelligence algorithms, which were just enabled for all LINQ II patients in the U.S. We expect ongoing supply improvement and additional AI detection algorithms, along with new indications to expand the market and drive growth.
In our Structural Heart & Aortic business, we lost share in Aortic due to supply constraints and continued pressure from our Valiant Navion recall and competitive launches. At the same time, though, we maintained our TAVR share in Q3, growing in the mid-teens. In our Surgical Innovations business, we lost a little over 0.5 point of share overall due to acute resin shortage that impacted our flagship LigaSure vessel sealing portfolio. This was partially offset by increased share in advanced stapling, given strong market adoption of our Tri-Staple reinforced reloads, as well as share gains in hernia and sutures. The good news here is that our teams have improved our resin supply, and we expect to be able to meet demand in Q4.
In Patient Monitoring, we estimate we lost a few points of share due to a difficult comparison from the strength we had last year in pulse oximetry and capnography monitor sales. However, our share has been relatively consistent for the past four quarters. In Pelvic Health, procedures slowed this past quarter, and we lost some share. We expect this market to recover, and we are well positioned to compete.
In ENT, we lost share for the first time in a long time, given some temporary supply chain disruptions that we expect to have resolved going forward. And in Diabetes, we continued to lose share predominantly in the U.S. Look, we are extremely focused on resolving our warning letter and bringing new products to the U.S. market, although timing is difficult to predict.
In December, CMS expanded coverage for our CGM sensors, including those integrated with our insulin pumps, and we're pleased that this will take effect for Medicare patients at the end of this month.
In international markets, we launched the 770G in Japan last month, making it the first hybrid closed-loop system available in that country. And in Europe, we continue to see success and strong adoption of our 780G with the Guardian 4 sensor.
Next, let's turn to our product pipeline. We've launched over 200 products in the U.S., Western Europe, Japan and China in the last 12 months. And these are having an impact across our businesses. At the same time, we continue to advance new technologies that are in development, with increased investments in R&D. We're expecting these investments to create new markets, disrupt existing ones, and accelerate the growth profile of Medtronic.
Now, starting with our Cardiovascular portfolio, we continue to make progress in Cardiac Rhythm Management on disrupting the ICD market with our AURORA Extravascular ICD. Our U.S. pivotal study is fully enrolled. We continue to expect CE Mark approval later this calendar year and U.S. approval next calendar year. Our EV ICD can both pace and shock without any leads inside the heart and veins. And it does this in a single device that is the same size as a traditional ICD. We believe AURORA will accelerate adoption of EV ICDs and make this a $1 billion market by 2030.
In Cardiac Ablation Solutions, we're advancing a number of technologies to become a leader in the $8 billion EP ablation market. We're rolling out our DiamondTemp RF ablation system as well as our exclusive first line paroxysmal AF treatment indication, using our cryoablation system. We also continue to make progress with our anatomical PulseSelect PFA system, which has breakthrough device designation from the FDA. Our global pivotal trial completed enrollment back in November, and we're very excited about how our PFA system could disrupt the EP ablation market.
Last month, we announced our intent to acquire Affera. Affera has several development programs underway, including a differentiated mapping and navigation system that closes a competitive gap in our product portfolio and a focal PFA system that is a separate and complementary platform to our anatomical PFA system. We're looking forward to welcoming the Affera team into Medtronic.
Moving to our Symplicity Renal Denervation procedure for hypertension, we continue to enroll our ON MED study and expect to complete the 6-month follow-up in the second half of this calendar year. We'll then submit the data to the FDA as ON MED is the final piece of our submission to seek approval for Symplicity. Adding to our body of evidence, 3-year data from our ON MED pilot study will be presented at the ACC Scientific Sessions in April.
In Structural Heart, we now expect to begin the limited U.S. market release of our Evolut FX valve in Q1, followed by full market release later in fiscal '23. Evolut FX enhances ease-of-use improvements in deliverability, implant visibility, and deployment stability. In China, we expect to launch our Evolut PRO valve this quarter, our first entry into this large and under-penetrated TAVR market.
We also continue to advance our transcatheter mitral and tricuspid development programs. In our APOLLO Pivotal Trial for TMVR, we just had the first implant using our Transfemoral Delivery System, and we expect this new system to meaningfully accelerate patient enrollment.
Moving to our Medical Surgical Portfolio in our surgical robotics program, we've made progress improving our supply chain and manufacturing and remain focused on scaling production. At the same time, we continue to add regulatory approvals and expand our limited market release, most recently in Canada, Australia and Israel. And we intend to start our U.S. urology clinical trial soon. In addition to uro and gyn cases, surgeons in Panama, Chile and India are now performing general surgery procedures with Hugo, including advanced cases like colorectal and lower anterior resection surgeries. And we announced earlier this month the first Hugo procedures in Europe.
In Diabetes, our MiniMed 780G insulin pump, combined with our Guardian 4 sensor, continue to be under active review with the FDA, with approval subject to our warning letter. When approved and launched in the U.S., we expect this system to be highly differentiated and accelerate growth in our diabetes business. We continue to expect submission of our next-generation sensor, SIMPLERA, to the FDA this quarter. SIMPLERA is fully disposable, easy to apply, and half the size of Guardian 4. Finally, we're making progress on multiple next-gen sensor and pump programs, including patch pumps, although we haven't disclosed details for competitive reasons. While it will take time, we expect the technology pipeline investments we're making will result in our Diabetes business being accretive to total company growth and eventually, grow with this important market.
Now, turning to our Neuroscience Portfolio, we were pleased to receive FDA approval for our diabetic peripheral neuropathy indication for our Intellis and Vanta spinal cord simulators last month. This came following the FDA's rigorous review of our clinical submission, and years earlier than we had previously communicated. The approval represents the beginning of a multi-year market development process, which we are uniquely suited to execute, given our presence in both the Pain Stim and the Diabetes markets. We believe the DPN market opportunity will reach $300 million by FY '26 and with an annual TAM of up to $1.8 billion, making DPN for SCS one of the biggest market opportunities in med-tech.
In addition to DPN, we also continue to make progress on expanding indications for SCS into non-surgical refractory back pain and upper limb and neck chronic pain. If that was not enough for Pain Stim, we're also excited about our Inceptiv ECAPS closed-loop spinal cord stimulator, which we submitted to the FDA late last year. We expect Inceptiv's closed-loop therapy that optimizes pain relief for patients to revolutionize the SCS market.
Finally, in Pelvic Health, we're expecting FDA approval for our next-gen InterStim recharge-free device in the first half of this calendar year. With its designed best-in-class battery, constant current, and full-body MRI compatibility at both 1.5 and 3 Tesla, we expect this device will extend our category leadership in Sacral Neuromodulation.
And with that, I'll turn it over to Karen to discuss our financial performance and our guidance. Karen?
