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Company Financials: Orthopaedics and Spine

Exactech

$51.3MM, +11% (U.S. $35.3MM, +12%; ex-U.S. $16.0MM, +7%)

  • Hips $9.2MM, +18%; Knees $18.2MM, +4%; Extremities $12.2MM, +26%; Biologics/Spine $5.9MM, +12%; Other $5.6MM, -6%
  • Knee sales offset by inventory reserve issue with distributor in Spain
  • Cruciate retaining element of Optetrak Logic system entering full launch 1H13
  • Cage glenoid in limited release; full launch to occur 1Q13, along with CTA humeral head and Silverbolt 2 MIS lumbar pedicle screw

Globus Medical

$94.8MM, +13% (U.S. $87.1MM, +11%; Ex-U.S. $7.6MM, +38%)

  • Ÿ Fusion $57.8MM, +4%; Disruptive Technologies $36.9MM, +30%
  • 3Q milestones: completed IPO, received Premarket Approval for Secure-C cervical disc in 1-level procedures
  • In 7/12, closed acquisition of Soteira for $6MM + potential revenue-sharing payments based on sales
  • Expects U.S. launch of Soteira’s Shield kyphoplasty system via Algea Therapies in 1H13

Greatbatch Medical

$27.1MM, -6%

  • Fewer customer product launches, development opportunities due to operational issues
  • Streamlining Swiss orthopaedic line: discontinuing non-core products
  • Implant business expanded nicely year to date
  • Ramp-up of delivery systems has somewhat mitigated effect of Swiss operating problems

Integra Orthopedics

$94.1MM, +9.9% (U.S. $82.0MM, +13%; ex-U.S. $12.1MM, -5%)

  • U.S. Extremities $32.9MM, +33%
  • U.S. Spine & Other $49.1MM, +2%
  • New biologics launches offset declines in spine hardware

Johnson & Johnson

$2,290MM, +69% (U.S. $1,242MM, +68.5%, ex-U.S. $1,048MM, +68.7%)*

Ÿ Hips +3%; Knees +3%; Trauma +4%; Spine -3%

*Includes Synthes. Excluding acquisition of Synthes, divestiture of neurosurgical instruments, overall growth +3% (U.S. and ex-U.S. +3%)

  • Hip and knee sales in Europe marked by lower-cost competitive pressure, soft market
  • U.S. joint recon volumes improved (around a mid-single-digit rate), too early to signal meaningful recovery

MAKO Surgical

$29.2MM, +46%

  • ŸImplants/disposables $12MM, +32%
  • RIO Systems/THA Applications $14.4MM, +55% (RIO $14MM, THA $0.4MM)
  • Service/Other $2.7MM, +71%
  • Launched RIO 2.5 software, designed to improve efficiency of partial knee application
  • Launched THA 2.0 software, enabling direct anterior approach
  • Released RESTORIS PST Cup/Tapered Stem

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