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3Q10 Company Financials: Orthopaedic and Spine

Following is a first look at select company financials for 3Q10. Our estimates place year over year market growth at 4%, as indicated in Exhibit 1, which displays growth by product segment. Performance highlights relate to 3Q10, unless otherwise noted.

Exhibit 1: Orthopaedic Sales1 Increases by Product Segment: 3Q10 vs. 3Q09

vetalice-exh-21

Notes to Exhibit 1:

1Orthopaedic products only; constant currency, pro forma growth
2For the quarter ended 8/31/10; excludes dental; trauma includes stimulators; spine includes stimulators and orthobiologics.
3Includes biologics
4Spine
5Endoscopy (most of which is orthopaedic)
6ORTHOWORLD estimates
7Excludes “Other” (Aerospace)

aap Implantate

  • €7.2MM (~US $10.2MM), +20%
  • Launched Genius anatomic knee
  • Concluded distribution negotiations for antibiotic-impregnated Jason G® collagen fleece in 11/10; product will hit market in 1Q11
  • 1st cannulated screws will ship to U.S. in 4Q
  • Initial EU sales of cement product will occur in 4Q
  • Commenced regulatory procedure on new arthroplasty cement plus antibiotic; clearance anticipated in 1Q11
  • Planning 2011 launch of WSG system, to compete with Synthes’ LCP

ArthroCare

  • $61.3MM, +11%
  • Sports Medicine $56.9MM, +13% (ex-U.S. +12%)
  • Spine $4.3MM, -4%
  • Sports Med growth attributable to $6.4MM increase in contract manufacturing pursuant to existing supply/distribution contract with Smith & Nephew
  • Expects 4Q contract manufacturing sales to be much lower than 3Q
  • U.S. Sports Med experiencing lower ASPs and procedures, delays in new product proprietary launches
  • Base of active U.S. Sports Med customers stable, but revenue per customer declined
  • De-emphasized certain low-margin arthroscopic accessories
  • Eliminated remaining U.S. direct spine salesforce; will sell through network of agents
  • Launched all 4 Ambient wands, seeing traction with new and existing customers, at modest price premium
  • Of 6 new anticipated soft tissue fixation products:
  • Launched FirstPass suture passing device, early feedback very positive
  • Received FDA clearance for Spartan PEEK Suture Implant system in 4Q; will launch by year-end
  • Titan titanium corkscrew implant for rotator cuff will launch 4Q
  • SpeedLock knotless PEEK labrum implant and SpeedFix preloaded labrum anchor will launch 1Q11

Artimplant

  • SEK 5.1MM (~US $0.75MM), -7%
  • Own sales of product increased to 65% of 3Q sales (own sales tripled again in U.S.)
  • Artelon MTP Spacer in launch phase in Europe
  • Artelon Tissue Reinforcement in market introduction in Europe and U.S.
  • Sales of Sportmesh by Biomet Sports Medicine to end-users (from BMET’s own inventory) remain stable
  • Sales of Artelon Spacer by Small Bone Innovations continued to fall, due to reports of unsatisfactory surgical outcomes during initial post-launch—surgical instructions not followed, SBi working on corrective communication to market
  • Product sales to end-users in Europe stable, though assigned lower priority while concentrating resources on U.S.

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