Good day, ladies and gentlemen, and welcome to the fourth quarter 2010 Anika Therapeutics investor conference call. (Operator instructions) I would now like to turn the call over to Mr. Kevin Quinlan, Anika's Chief Financial Officer.

Good morning, everyone. If you have not received a copy of the Anika news release which was issued after the market closed yesterday or you would like to be added to our contact list, please contact Sharon Merril Associates at 617-542-5300. The news release is also posted in the investor relations section of Anika Therapeutics website, at anikatherapeutics.com. Also, I want to mention that we have slides posted on the Anika website that illustrate some of the points we'll be covering during today's call. These slides can be found on the Investor Relation section of the website under the events, webcast and presentations tab. We invite you to take a moment to open the file and follow the presentation along with us. Please turn the Slide 2. Before we begin, please remember that the statements made in this call which are not statements of historical fact are forward-looking statements as defined in the Securities Exchange Act of 1934. Words such as, will, believe, appear, plan, expect, anticipate, forward, seek, continue, target, goals, objectives, on track, intend, pursue, outlook, as well as other expressions which are predictions or indications of future events or trends and which do not constitute historical matters identify as forward-looking statements. These statements are based on the current beliefs and expectations of management and are subject to significant risks and uncertainties. The company's actual results could differ materially from any anticipated future results, performance or achievements described in the forward-looking statements as a result of a number of factors which include those set forth in last evening's press release and the company's SEC filings. Please turn to Slide 3, as I turn the call over to Anika's President and Chief Executive Officer, Dr. Charles Sherwood.

Thank you, Kevin. Good morning, everyone, and thanks for joining us today. Anika concluded 2010 with a quarter of strong topline growth and continued progress on our six key goals. Driven by accelerating demand for ORTHOVISC, the fourth quarter of 2010 was our 14th consecutive quarter of product revenue growth compared with the same quarter of the previous year. MONOVISC is selling well in Europe and nearing its U.S. launch. FAB's advanced wound care and orthopedic products are also driving growth. As the integration of the FAB business progresses, we believe FAB's operations can achieve breakeven in 2011. In addition, last month we launched our own branded ophthalmic product, ANIKAVISC. A product we hope will replace some of the Bausch & Lomb business as that activity warrants down. Later in the call, I will cover these topics in detail, after Kevin's financial review. And then we will both be happy to take your questions, Kevin.

Thanks Charles. Please turn to Slide 4 on the presentation. Anika's first full year of combined operations with FAB, concluded with the solid fourth quarter. Total revenue grew 39% from the fourth quarter of 2009 to $14.7 million. For the full year, total revenue increased 38% to $55.6 million. In terms of organic growth, excluding FAB, our product revenue for the fourth quarter increased 17% from the same period last year. And for full year 2010, our organic products revenue was up 18% from 2009. On a consolidated basis Anika's product revenue for the fourth quarter grew 43% from the same period last year. 12 months consolidated product revenue was up 41%. For both, the quarter and the year, this revenue growth was driven primarily by our joint health or by our Orthobiologics franchise, as you can see on the slide. Our surgical and dermal franchises fueled mainly by products from FAB, also performed well in the quarter. Turning to Slide 5, revenue in our Orthobiologics franchise increased 40% from the fourth quarter of 2009 to $8.4 million. The key driver was strong domestic sales of ORTHOVISC, international sales of MONOVISC and FAB orthopedic products also contributed to the growth this quarter. In terms of geography, Orthobiologics sales in U.S. domestic market grew 25%. International Orthobiologics sales including FAB increased 96%, and increased 41% excluding FAB, despite the impact of soft economic conditions on sales of ORTHOVISC in Greece, Italy, and Turkey. For the full year, Orthobiologics revenue was up 34% from 2009 to $30.7 million, again fueled mainly by domestic sales of ORTHOVISC, international sales of MONOVISC, and the addition of FAB Orthobiologics revenue including the tissue engineering products. Slide 6, takes you through the highlights of our income statements for the quarter and the year. Our fourth quarter…

Slide No. 10 outlines our six key goals for 2011. The first goal is to continue growing sales of ORTHOVISC, our flagship product in Orthobiologics domestically and internationally. There are clearly a significant number of physicians who prefer a multi injection regimen for treating osteoarthritis of the knee. And we are continuing to gain share in this segment of the market. Product revenue from domestic sales of ORTHOVISC grew 25% in the fourth quarter from the same period in 2009. In 2010 as a whole, product revenue from US sales of ORTHOVISC was up 32%. Market conditions in Europe improved in the fourth quarter, and international ORTHOVISC sales increased 21% as a result. For the full year however, ORTHOVISC international sales were down 8%. Looking ahead, working with Johnson & Johnson DePuy Miteck, we've completed the clinical trial of ORTHOVISC as a treatment for osteoarthritis of the shoulder. We are now working with Miteck to develop the regulatory strategy leading toward a PMA submission. We are very optimistic about the domestic market potential for ORTHOVISC going forward. Turning to MONOVISC, our sales in the fourth quarter reflected the more positive economic environment in Europe, as well as the progress we are making in expanding our EU distribution channel and generating greater market awareness. For full year 2010, MONOVISC product revenue in the EU market was up 126%. We are continuing to work on additional rest-of-world distribution opportunities for both ORTHOVISC and MONOVISC with the goal of continuing to build international sales momentum for both products. Let's now turn to our second goal for 2011, which is to receive FDA 510(k) clearance and launch 3 FAB orthopedic products in the United States. One of these products is Hyaloglide, a gel used in tenolysis treatment, but with the potential to reduce adhesions…

(Operator Instructions) And we do have a question from the line of James Lieberman with Wells Fargo.

Well, I think this is less of a question than a comment because you gave a thorough presentation, I was very impressed with the progress you've been making, and the way in which you've been addressing the challenges presented to the company. And on that basis, I just wanted to congratulate you for the tremendous work you're doing.

Thank you, Jim.

At this time, there are no further questions in the queue.

Okay. Well, I guess as a final remark I want to thank everyone for joining us today. And we look forward to reporting our progress as we go throughout 2011. Thanks.