First, a few logistical comments. Earlier this morning, we issued a press release containing our financial statements and a revenue-by-business summary.Should also note that some of the statements made during this call may be considered forward-looking statements and that 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 filed with the SEC. Therefore, we do not undertake to update any forward-looking statement. In addition, the reconciliations of any non-GAAP financial measures are available on the Investors' portion of our website at medtronic.com. Finally, unless we say otherwise, references to quarterly results, increasing or decreasing, are in comparison to the first quarter of fiscal year 2012, and all year-over-year revenue growth rates are given on a constant currency basis. With that, I'm now pleased to turn the call over to Medtronic Chairman and Chief Executive Officer, Omar Ishrak. Omar S. Ishrak Good morning, and thank you, Jeff, and thank you to everyone for joining us today. This morning, we reported first quarter revenue of $4 billion, which represents growth of 5%. Q1 non-GAAP earnings of $883 million and diluted earnings per share of $0.85 increased 4% and 8%, respectively. It is worth pointing out that we delivered these results while covering $0.01 or $0.02 of negative EPS impact from bad debt of a Greek distributor and higher-than-expected tax expense. Gary will discuss these items later. Our Q1 results represent another positive step toward our goal of delivering consistent and dependable growth. Two of our larger end markets, U.S. ICD and U.S. Spine, which have been under pressure, continue to show signs of stabilization. At the same time, our results reflect the positive operational impact of our strategies and market-leading technologies, both in developed and emerging markets. There is still a lot of work to be done, and we're just at the beginning of our efforts. But we're encouraged that our actions and improving execution are beginning to yield some results.
Let me start with the U.S. ICDs. We estimate the market declined approximately 4%, the best it has been in 6 quarters. While the market did see the normal impact of our Q4 to Q1 seasonality, we were pleased to see relative sequential stability. Our U.S. ICD business was down 3% in Q1, slightly better than the market. Pricing was down around 4%, which was consistent with the previous quarter. Our implant volumes were up 4%, but this growth was offset by hospitals reducing their level of bulk purchases, which are now at the lowest level in nearly 5 years. This reduction in bulk purchases is a trend we have seen over the last 4 quarters. And looking ahead, we would expect the stabilization in the U.S. market to continue.Turning to U.S. Spine. We estimate that U.S. Core Spine market was flat and has now modestly improved over the past 3 quarters. Stabilization was also evident in our own results as our U.S. Core Spine business was flat this quarter. Our business seems to be turning the corner as our new products and procedures gain critical mass. Our continued focus on navigated spinal procedures and enabling technologies, such as POWEREASE, is attracting more surgeon interest and improving our Spine financial results. Strong capital equipment sales in our Surgical Technologies business further demonstrate the importance of these technologies. And as a result, our U.S. Core Spine share is stable year-over-year, and we estimate we gained modest share sequentially in Q1. Although we are pleased with the progress we are making, it is still very early, and we have to build on this momentum and deliver consistent results over time. The other part of our U.S. Spine business, BMP, declined 20% in Q1. As you know, questions were raised at -- last year about INFUSE, and to better understand the facts, we requested Yale University to perform an unprecedented systematic analysis of all the available data. While the timing is controlled by Yale, we are expecting the result to be published in the coming months.
The remainder of our business also performed well with some standout performances in areas where new products are making a difference. In Coronary, our Resolute Integrity drug-eluting stent picked up an additional 7 points of share in the U.S. this quarter, nearly tripling our share over the past 2 quarters.In Endovascular, the launch of our Endurant abdominal aortic stent graft in Japan and the release of Endurant II in the U.S. and in Europe are driving strong growth in our aortic business. Across the balance of our CVG portfolio, we continue to see double-digit growth in transcatheter valves, in AF ablation and our peripheral interventional product lines. Read the rest of this transcript for free on seekingalpha.com