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Year in Review

More 2010 Results: Medtronic

MEDTRONIC (for 3Q11 ended 1/28/11)
$861MM, +2% (U.S. $646MM, flat; ex-U.S. $215MM, +8%)
* Core Spinal $626MM, -1% (U.S. $431MM, -3%; ex-U.S. $195MM, +6%)
* Biologics $235MM, +10% (U.S. $215MM, +9%; ex-U.S. $20MM, +36%)

*Kyphon -5% for year, flat sequentially, sequential improvement in procedure volume
* Infuse +1%
* Core metal constructs +2%
* Claims 30% of U.S. demineralized bone matrix market with acquisition of Osteotech
* In 1/11, nearly quadrupled number of Solera posterior fixation sets in field; receiving positive surgeon feedback
* 2011 product launches include Atlantis Vision Elite anterior cervical plate, T2 Altitude Expandable Corpectomy System, HA-coated TSRH 3DX Osteogrip Screw, new DLIF instrument sets (latter to launch in summer)
* On canceling contracts with Novation: following evaluation, did not see differences in market share in those hospitals (was actually a bit below national average)
* Received FDA non-approvable letter for Amplify; will work to provide further information to the agency
* Big players in spine (such as Medtronic) may face challenges in maintaining historic growth due to price pressure, number of small companies developing innovative products