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MDT Spinal & Navigation Business Update at NASS BY HUYEN NGUYEN, SEPTEMBER 29, 2006

Yesterday, Medtronic Spinal and Navigation business division hosted an analyst meeting during the North American Spine Society (NASS) meeting in Seattle to provide an update on its current operations. Given the recent FDA panel recommendation for approval of their cervical disc (Prestige® ST) and the fact that Medtronic is the #1 leader in the spine industry, we wanted to highlight their progress.

Even though we were unable to attend the analyst meeting, we listened in for the webcast. These are our takeaways:

Operational

  • In the past 6 years, Medtronic Spinal and Biologics worldwide revenues grew 27% CAGR.
  • Currently, Medtronic controls ~44% ($2.1 billion) of the estimated $5 billion global spine market, with FY:08 sales estimated to be ~3 billion.
  • This division has achieved ~20% growth in the past eight consecutive years.

    Product Update

  • Prestige® ST - Expected approval letter from the FDA in early 1Q:08.
  • Prestige® LP - Expected product launch in FY:09.
  • Bryan® - Expected PMA submission in 3Q:07 and product launch in 1H:08.
  • Maverick® - On schedule for a PMA submission in 3Q:07.
  • DIAM™ System - Has been around for 10 years with 25,000 devices implanted, 50 peer-review scientific publications and three major studies around the world.
  • MAST - To be combined with posterior dynamic therapies
  • INFUSE - FDA panel meeting anticipated on November 9th for its oralmaxillofacial indication (partnering with Wyeth). In Q1, its sales were $157 million with 30% growth over the prior period.

    New Business Unit

  • iSpine Therapy Solution - Division will focus on 2 diseases in the spine: (1) metabolic bone disease, particularly in vertebral body compression fracture (VCF) and (2) degenerative disc disease (DDD) of the lumbar spine.
    - Its mission is to engage patients earlier in their disease continuum.
    - Will bring to market a diagnostic and therapeutic solution for the spine by merging spine surgeons with interventionalists.
    - The Company has already established a dedicated sales force, which will work alongside the spine sales force.
    - ARCUATE™ XP and ARCUATE™ Systems - These systems give physicians a minimally invasive, controlled cement delivery method for orthopedic procedures that may help patients with vertebral body compression fractures.

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