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Year in Review

More 2010 Results: TranS1

$26.1MM, -12% (U.S. $23.8MM, -15%; ex-U.S. $2.4MM, +33%)

4Q10 revenue: $5.9MM, -6% (U.S. $5.2MM, -13%; ex-U.S. $0.7MM, +102%)

* 4Q revenue still affected by insurance denials for lumbar fusion based on medical necessity, ongoing AxiaLIF physician reimbursement pressures
* Recent positive coverage for AxiaLIF by Humana will drive strong market adoption (See BARE BONES, 2/11.), pursuing additional favorable coverage decisions with mid-sized regional payers
* 2,504 procedures performed in 2010; of those, 1,985 in U.S.
* Product mix stable for 4Q, average revenue per case remained consistent
* 2011 R&D will focus on AxiaLIF product improvements, ancillary product development including TLIF and MIS direct lateral systems (expect launch in 2012)
* 2011 product launch updates: bowel retractor (2Q), MIS bone graft harvesting system (3Q), AxiaLIF 1L+ (2H11)