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1、thopedicsQuarterlyPreviewJuly202010Q2:2010thopedicsSpineQuarterlyPreviewAnalystsDougSchenkel(617)9463918doug.schenkel@SaraMichelme(646)5621334sara.michelme@BrighamHydePh.D.(617)9463703brigham.hyde@MayankGhiM.D.(646)56213

2、04mayank.ghi@Pleaseseeaddendumofthisreptfimptantdisclosures.Conclusion:BiometkickedoffthopedicsearningsseasonwithanencouragingperfmancelastweekJNJSYKZMHreptQ2resultsthisweek.Whilewehavehadtomakesomeadjustmentstoourrepted

3、revenuefecastsduetothestrengtheningU.S.dollarwecontinuetobelievethatATECSYKNUVAZMHarepositionedtoreptconstantcurrencysalesgrowthEPSatleastinlinewithcurrentconsensusexpectations.■GoodStartByBiomet(Again).BiometreptedFQ4Hi

4、pFocusOnOutlook.AdjustedfFXATECNUVASYKZMHalllookwellpositionedheadingintoQ2earnings.Howeverwebelievethefocusisontheoutlookgiventhatthoprocedureshavealreadybeendemonstratedtobedeferrableinatoughenvironmentthehospitalspend

5、ingoutlookremainsmixed.CowenCompanythopedicsSpineCoverageUniversePriceDividendEnt.Val.Mkt.CapCash09120912CompanyTickerRating71910HighLowYield($MM)($MM)ShareRevCAGREPSCAGR20092010E2011E2012E20092010E2011E2012E20092010E201

6、1E2012EAlphatecSpineATECOutperfm$5$7.6$3.20.0%$352$379$0.3237%NM2.7x1.7x1.3x1.0x34.7x11.4x7.0x5.0xNM49.9x16.2x15.2xStrykerSYKNeutral$52$59.7$37.41.2%17644205817.357%10%2.6x2.5x2.3x2.2x8.9x8.2x7.6x7.0x17.5x15.8x14.4x13.0x

7、ZimmerHoldingsZMHOutperfm$5664.841.30.0%1178011344(2.15)4%8%2.9x2.8x2.7x2.5x7.8x7.4x6.8x6.3x14.2x13.3x12.1x11.2xNuVasiveNUVAOutperfm$3546.826.90.0%14571405(1.30)27%78%3.9x3.0x2.4x1.9x30.6x19.6x10.9x7.9xNM60.7x29.1x19.5xT

8、rans1TSONNeutral$26.82.40.0%$30483.77NMNMNMNMNMNA1.3x1.5x1.1xNANMNMNMNM12MonthCalendarPEEVEBITDAEVCalendarRevenueSource:CompanyreptsThomsonOneAnalyticsCowenCompanyestimates.395LifeScienceToolsJuly2020103Q2:2010thopedics&

9、SpineEarningsPreviewDePuy(Johnson&Johnson)StrykerZimmerreptQ2resultsduringtheweekofJuly19th.ResultsfromBiometlastweekwererelativelyencouragingsalesintheU.S.werebetterthanexpectedwhileOUSsalesactuallyrelativelyresilient.S

10、treetexpectationsappeartobeattainablefmostinthegroupasFXheadwindsnowlookadequatelyreflectedinconsensusfecasts.Atcurrentvaluationswebelievetheriskrewardremainsgenerallycompelling.Biomet(privatecompany)reptedsolidresultsou

11、rU.S.industrycheckssuggestthatHip&KneeprocedurevolumeshavecontinuedthepositivemomentumthatcontinuedtobuildthroughoutQ1:10.Surgeonssuggestthatwaitingtimesfprocedureshavelookedgoodthroughthefirsthalfof2010.Pricingcontinues

12、tobeanareaoffocusgiventhetoughhospitalbudgetaryenvironmentbutnotnotablymethanthroughout20082009.Mixvendionmaybebecomingmeofapointofemphasisfhospitals.OurearlychecksinEuropeindicatethatalthougheconomicheadwindsmayultimate

13、lyleadtoreducedhospitalspendingpricingpressurebudgetarycyclesaretypicallydecidedayearinadvanceneartermimpacthasbeenminimal.PricePerfmanceofLargeCapMedTech:YTDH209Q2:2010YTD:10Q2:10Last12MonthsSYK3%13%29%STJ4%14%10%ZMH8%8

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