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Year in Review

More 2010 Results: Integra Orthopedics

INTEGRA ORTHOPEDICS
$290MM, +11%

4Q10 revenue: $74MM, +8%

* Extremity reconstruction posted double-digit growth
* Strong U.S. sales tempered by modest growth in Europe
* Austerity measures in Europe continue to pressure sales
* Hardware pricing down, biologics pricing up due to new products
* U.S. Integra Mozaik and Evo3 growth drivers in spine/biologics
* Received CE Mark approval for Mozaik in 4Q
* Opened new facility in Medina, Ohio for spine hardware business, including a prototype shop and planned expansion of training facilities
3-pronged approach in spine: expand U.S. distribution (currently ~65 agents, ~200 reps); grow ex-U.S.; add new products (6 new slated for 2011 introduction)
* Plans to introduce 2-piece (and eventually 3-piece) total ankle in U.S.; 2-piece at minimum 2 years out, and 3-piece would require multi-year PMA trial
* In 2011, will launch a national account group, company-wide, to offer to hospitals specific contracts to sell full line of products across various categories
* Seeks small acquisitions in developing markets ex-U.S.
* Number of U.S. direct extremities sales reps in the high 130s, will add 15-20 over 12 months (at 50 direct reps ex-U.S.)
* Will add “substantial number” of reps in Europe, Asia and Latin America
* >80% of hardware dealers carry biologic line