Novadaq Reports Third Quarter 2012 Financial Results
Press Release: Novadaq Technologies Inc.
TORONTO, ONTARIO--(Marketwire - Nov 2, 2012) - Novadaq® Technologies Inc. ("Novadaq" or the "Company") (NDQ.TO)(NVDQ), a developer of clinically-relevant fluorescence imaging solutions for use in surgical procedures, today announced financial results for its third quarter ended September 30, 2012. Unless otherwise indicated, all dollar amounts in this press release are expressed in United States (U.S.) dollars.
Novadaq reported total third quarter 2012 revenue of $6.0 million, representing an increase of 39% as compared to third quarter of 2011. Revenue growth was driven by continued adoption of SPY Elite® and FIREFLY™ procedures and higher SPY Elite and FIREFLY system sales to end users.
Third quarter of 2012 recurring revenue for Novadaq''s SPY businesses increased by 99% year-over-year to $2.9 million, and increased 16% sequentially from $2.5 million in the second quarter of 2012.
Third quarter of 2012 operating contribution (cash contributed by operating activities before changes in working capital) was $0.1 million compared with an operating burn of $0.4 million in the third quarter of 2011. During the third quarter, working capital contributed $0.2 million, and $0.8 million was invested in fixed assets, including $0.7 million to build the SPY Elite installed base.
Net loss of $9.3 million for the third quarter of 2012 increased by $8.0 million compared with the $1.3 million net loss in third quarter 2011. Third quarter of 2012 loss per share was $0.23. Excluding the impact of a non-cash $8.0 million warrants revaluation expense in third quarter 2012, loss per share was $0.03, compared with $0.05 in third quarter 2011.
Cash and cash equivalents were $41.2 million at September 30, 2012, reflecting a decrease of $0.5 million, compared to the cash position as of June 30, 2012.
Novadaq shipped 108 imaging systems and approximately 4,600 SPY Elite and FIREFLY procedures kits during the third quarter of 2012. The combined installed base of SPY technology in the United States now exceeds 600 systems.
"We continue to see evidence that SPY technology is being embraced by surgeons across multiple specialties", commented Dr. Arun Menawat, Novadaq''s President and CEO. "Recruitment into the PILLAR™ multi-center clinical study in patients undergoing low anterior colon resection surgery using our new product, PINPOINT®, is progressing at seven participating sites."
Conference Call
Novadaq is pleased to invite all interested parties to participate in a conference call today, Friday, November 2, 2012, at 8:30 a.m. Eastern Time during which the results will be discussed.
Those wishing to access the live conference call by telephone should dial 1-877-407-8031 (within Canada and the United States) or 1-201-689-8031 (international callers) several minutes prior to the beginning of the call. A telephonic replay of the conference call will be made available until midnight on December 2, 2012 and can be accessed by dialing 1-877-660-6853 (within Canada and the United States) or 1-201-612-7415 (international callers) and entering the conference identification number 402238 when prompted.
The call will be archived for 90 days on the Company''s website at www.novadaq.com under the "Events" tab in the Investors section. In addition, a replay of the call will be available for download to a portable audio player or computer, as an MP3 or podcast file, at the same location on Novadaq''s website.
