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NuVasive Completes Acquisition of Osteocel Biologics Business
Date:7/24/2008

robust growth;

-- Provides opportunity for additional revenue per procedure of $2,000 to $3,000;

-- Complements current Formagraft(R) biologic product line;

-- Allows for participation in all segments of the $1.5 billion U.S. biologics market;

-- Leverages current market adoption of an established biologic used in over 15,000 procedures to date; and

-- Includes rights to acquire next generation cultured version of product.

Alex Lukianov, Chairman and Chief Executive Officer, said, "We are pleased to complete the acquisition of the Osteocel biologics business, which represents a significant milestone in our strategy to expand our product portfolio with synergistic and innovative technologies. For the remainder of 2008, we will continue to sell Osteocel through its prearranged distribution agreements and begin compiling additional data in support of the product. We believe there is substantial opportunity to create an aggressive marketing program to achieve this product's full potential and, combined with our Formagraft product, we look to create a $100 million biologics business over the next several years."

Financial Guidance

NuVasive expects that the Osteocel biologics business will add revenues of $15 million in 2008, based on the contractual terms of existing distribution agreements, and $25 million of revenue in 2009, when Osteocel will be transitioned to NuVasive's exclusive sales force. In 2008, the Company expects Osteocel gross margins of mid 30% based on the existing distribution agreements, and in 2009, expects Osteocel gross margins to approach 60%. The Company expects the transaction to be dilutive to GAAP earnings per share in 2008 because of an in-process R&D charge of approximately $15-$20 million. Excluding this charge, the Company expects the result to be neutral earnings in both 2008 and 2009.

Deal Structure

NuVasive is making a closing payment of $35 million in cash. Osiris wil
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SOURCE NuVasive, Inc.
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