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Quarterly Review

3Q12 Earnings: NuVasive

$148.4MM, +12% (International ~$14.8MM, +45%; Monitoring $9.6MM; U.S. Lumbar flat, U.S. Biologics flat, U.S. Cervical +12%

  • Starting to see implant and Neurovision revenue in Japan
  • Revenue shortfall attributed to account churn in certain U.S. regions, aggressive competition from small companies, encroaching physician-owned distributorships (estimates that PODs represent ~15% of U.S. market)
  • Ended quarter w/310 quota-carrying sales reps, -15 reps from 2Q (lost reps in 3 of 12 U.S. regions); plans to recruit 35 new reps
  • No updates on AttraX synthetic biologic
  • Received Premarket Approval of PCM in 4Q