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Text to Date Calculation?

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Level 4

Hi There - Does anyone have a good suggestion on translating text to date w. a calculated field? We currently have an integration that pulls over our development iterations and it laid out as, LTI\Iter\20.19-May08, which = 5/8/20. My only idea is populating my calc w. all Iterations w. an IF statement as shown below, but would prefer not to if there's an easier way?

IF(ADO Iteration = "LTI\Iter\20.19-May08", "5/8/20")

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