no it only exports as TCX file which excel reads as a XML table.
I could probably make a macro which refomats it to be read as a CSV :S
example formatting of two track points but still not sure what speed its reading. I think the actual value is around 18mph
<Trackpoint>
<Time>2009-05-25T14:47:45Z</Time>
<DistanceMeters>1085.0000000</DistanceMeters>
<HeartRateBpm xsi:type="HeartRateInBeatsPerMinute_t">
<Value>183</Value>
</HeartRateBpm>
<Cadence>121</Cadence>
<SensorState>Present</SensorState>
<Extensions>
<TPX xmlns="
http://www.garmin.com/xmlschemas/ActivityExtension/v2" CadenceSensor="Bike">
<Speed>10.6250000</Speed>
</TPX>
</Extensions>
</Trackpoint>
<Trackpoint>
<Time>2009-05-25T14:47:50Z</Time>
<DistanceMeters>1137.0000000</DistanceMeters>
<HeartRateBpm xsi:type="HeartRateInBeatsPerMinute_t">
<Value>184</Value>
</HeartRateBpm>
<Cadence>121</Cadence>
<SensorState>Present</SensorState>
<Extensions>
<TPX xmlns="
http://www.garmin.com/xmlschemas/ActivityExtension/v2" CadenceSensor="Bike">
<Speed>10.9375000</Speed>
</TPX>
</Extensions>
</Trackpoint>