Hi, I believe the answer to your question is, yes. You will need extra equipment (GSC 10) but it is possible. See this link. http://support.garmin.com/support/searchSupport/case.faces?caseId=%7B663fc9b0-5d1f-11df-c3d2-000000000000%7D
Hope this helps you out! Garmin 310XT might be more suitable though from my readings, if you use the bike more than running.