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  2004 Annual Meeting Presentation
TABLE OF CONTENTS

Welcome

Looking Forward Statements

Investment Highlights

All the Pieces are in Place

Products and Services

What is PainBuster?

Market Drivers

Compelling Value Proposition

Market Opportunity

Clear Path to Growth

Our Strategy for Growth

Growing Surgical Sales Force

Demonstrated Clinical Evidence

Building Brand Awareness

New ON-Q Programs
  Physician Reimbursement
  Ambulatory Surgery Centers

Manufacturing in Place

Competitive Landscape

Seasoned Management Team

Financial Overview
  Secondary Offering Summary
  Strong Balance Sheet
   Financial Drivers and Highlights
   Sizable and Growing Revenue
   ON-Q - Key Growth Catalyst

First Quarter '04 at a Glance

Driving Toward Profitability

Driving for Growth

IFLO Stock Performance

FDA Clearance 1
FDA Clearance 2

Investment Highlights
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