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Quarterly Review

3Q11: A First Look at Financials: NuVasive

NUVASIVE
$132.9MM, +11% (Biologics $25.5MM, +10%; ex-U.S. ~$10MM)
* U.S. lumbar +6%, ~65% of overall business
* Cervical business +20%
* Strong growth continues in Asia, Latin America
* European “turbulence” impacting surgery volumes, European distributors reluctant to invest in growth
* Completed acquisition of Impulse Monitoring
* Team of >300 spine reps has little overlap with Impulse’s team of 150 neurophysiologists
* Of Impulse’s 200 hospitals, NuVasive has current business in 20
* Not seeing anticipated pull-through for Osteocel Plus
* Not seeing increase in business due to Infuse issues
* Launches of AttraX synthetic biologic and PCM cervical disc now expected in 1H12