NOVADAQ Technologies Inc (NASDAQ:NVDQ) (TSX:NDQ), the leading
provider of proven comprehensive fluorescence imaging solutions
that improve clinical outcomes and reduce healthcare costs in
minimally invasive and open surgeries today reported financial
results for the three months and full year ended December 31, 2016.
Unless otherwise indicated, all dollar amounts in this press
release are expressed in United States (“U.S.”) dollars.
Recent Highlights
- Full-year 2016 revenue of $80.1 million, a 25% increase over
full-year 2015 revenue of $63.8 million. Recurring revenues for the
full year were $32.9 million, representing a 41% year-over-year
increase.
- Fourth quarter revenue of $20.1 million, an increase of 1% from
the fourth quarter of 2015. Recurring revenues in the fourth
quarter were $9.6 million, representing a 43% year-over-year
increase.
- Procedures performed using SPY technology systems during the
fourth quarter were approximately 14,800 representing an increase
of 30% year-over-year.
- Entered into a credit facility with MidCap Financial that
provides new financing of up to $60 million to strengthen the
balance sheet and provide financial flexibility.
- Appointed Lisa Colleran, former CEO of LifeCell Corporation and
30-year medical device veteran, to the board of directors.
- Received United States Food and Drug Administration 510(k)
clearance for the Company’s SPY PHI Portable Handheld Fluorescence
Imaging System.
- Received a positive coverage decision from Cigna for DermACELL®
for breast reconstruction surgery and DermACELL AWM® for diabetic
foot ulcers. DermACELL is an advanced acellular dermal matrix
developed by LifeNet Health and distributed exclusively by
NOVADAQ.
- Rick Mangat, Ph.D., NOVADAQ's President and CEO, was appointed
to the Company's Board of Directors, effective immediately. Dr.
Mangat is a co-founder of NOVADAQ and co-inventor of the
Company’s SPY imaging technology.
The
following table sets out certain supplemental quarterly revenue and
installed base metrics: |
|
|
|
Q4-2016 |
|
Q4-2015 |
|
Change |
REVENUES
($M) |
|
|
|
|
|
|
Recurring |
|
$ |
9.6 |
|
$ |
6.7 |
|
43 |
% |
Capital |
|
|
4.8 |
|
|
10.3 |
|
(53 |
%) |
Total Direct |
|
|
14.4 |
|
|
17.0 |
|
(15 |
%) |
Indirect
(Partners/International Distributors) |
|
|
5.7 |
|
|
3.0 |
|
89 |
% |
Total |
|
$ |
20.1 |
|
$ |
20.0 |
|
1 |
% |
|
|
|
|
|
|
|
INSTALLED
BASE |
|
|
|
|
|
|
Direct Systems |
|
|
933 |
|
|
710 |
|
31 |
% |
Recurring
Revenue/Direct System |
|
$ |
10,296 |
|
$ |
9,465 |
|
9 |
% |
“In 2016 we enhanced our product portfolio,
broadened our sales reach, and moved toward greater revenue
predictability. Our fourth quarter results, consistent with our
pre-announcement, demonstrate the strong demand for our SPY
fluorescence imaging technology, as well as the shift in our
strategic direction toward driving procedure volumes and recurring
revenue versus one-time capital equipment sales,” said Rick Mangat,
NOVADAQ’s President and Chief Executive Officer. “We are confident
that these initiatives position the Company for growth not only in
2017, but for the long-term.”
Fourth Quarter Financial
Results
For the three months ended December 31, 2016,
NOVADAQ reported revenues of $20.1 million, compared to $20.0
million in the fourth quarter of 2015. Total direct sales
decreased by $2.6 million, or 15%, and total
Partnered/International sales increased by $2.7 million, or 89%,
compared to Q4-2015.
Fourth quarter 2016 gross profits declined to
$7.7 million (39% margin) compared to gross profits of $14.4
million (72%) in the same period last year. The decrease in
gross profit percentage was primarily the result of a $4.1 million
non-cash write-down of inventory in the fourth quarter of 2016 as a
result of recording inventory related to a development
project. The write-down was included in cost of sales.
Excluding this write-down, gross profit, as a percentage of revenue
was 59% in the fourth quarter of 2016. The decrease from the
fourth quarter of the prior year was primarily due to higher
recurring, Partnered/International sales and lower capital
sales.
Net loss for the fourth quarter of 2016 was
$18.5 million, or $0.32 basic loss per share, compared with net
loss of $9.8 million, or $0.17 basic loss per share, in the fourth
quarter of 2015. The increase in net loss was primarily a
result of a decrease in gross profit of $6.6 million, higher
operating expenses of $5.7 million, partially offset by the
non-cash warrant revaluation expense of $3.7 million recognized in
the fourth quarter of 2015.
Fourth quarter 2016 operating burn (cash
consumed by operating activities before changes in working capital)
was $11.4 million compared to $3.3 million in the fourth quarter of
2015. The difference to operating burn was mainly driven by
increased operating expenses associated with the continued
build-out of NOVADAQ’s direct sales and marketing infrastructure.
During the fourth quarter of 2016, non-cash working capital
increased by $5.3 million.
Full Year 2016 Financial
Results
For the year ended December 31, 2016, NOVADAQ
reported revenues of $80.1 million, an increase of 25% from $63.8
million for the full year 2015. Total recurring revenue for
the full year was $32.9 million compared to $23.3 million,
reflecting a 41% year-over-year increase. Total direct sales
increased by $12.4 million, or 24% over 2015, and total
Partnered/International sales increased by $3.9 million, or 32%,
compared to 2015.
Full year 2016 gross profits rose to $50.8
million (63% margin) compared to gross profits of $45.1 million
(71%) in 2015.
Net loss for 2016 was $52.9 million, or $0.93
basic loss per share, compared with net loss of $30.8 million, or
$0.63 basic loss per share, in 2015. The increase in net loss
was primarily a result of an increase in operating expenses of
$24.0 million and a decrease in non-cash warrant revaluation income
of $3.7 million. Operating expenses were higher as a result of the
continued build-out of NOVADAQ’s direct sales and marketing
infrastructure and approximately $4.0 million of expenses
associated with the departure of the Company’s former CEO in
2016. Partially offsetting these amounts was an increase in
gross profit of $5.7 million.
Operating burn (cash consumed by operating
activities before changes in working capital) in 2016 was $34.7
million compared to $23.8 million in 2015. During 2016, non-cash
working capital increased by $2.0 million.
Cash and cash equivalents were $62.4 million at
December 31, 2016, reflecting a decrease of $9.9 million compared
to the cash position as at September 30, 2016.
2017 Financial GuidanceNOVADAQ
affirmed its guidance for full year 2017 to be in the range of $98
million to $102 million, representing growth in the range of 22% to
27% year-over-year. NOVADAQ anticipates recurring revenues for full
year 2017 to be in the range of $48 million to $50 million,
reflecting growth of 45% to 51% year over year.
Webcast and Conference Call
InformationNOVADAQ’s management team will host a
conference call today beginning at 1:30 p.m. PT / 4:30 p.m. ET.
Investors interested in listening to the conference call may do so
by calling (877) 407-8031 (within Canada and the U.S.) or (201)
689-8031 (outside Canada and the U.S.) or from the webcast on the
“Investor Relations” section of the Company’s website at:
www.novadaq.com.
A replay of the call will be available for 48
hours by calling (877) 481-4010 (within Canada and the U.S.) or
(919) 882-2331, using Conference ID:10229. The call will also be
archived on the NOVADAQ website.
About NOVADAQ Technologies
Inc. NOVADAQ’s global mission is to enable physicians
with point-of-care imaging solutions that provide real-time
clinically significant and actionable information to improve care
quality and lower healthcare costs. Using NOVADAQ’s SPY
fluorescence imaging technology, physicians can personalize therapy
and achieve optimal results through the precise visualization of
blood flow in vessels, micro-vessels, tissue perfusion and critical
anatomical structures during the course of treatment. SPY
technology enables the delivery of personalized therapies and the
achievement of the optimal results for each individual patient.
More than 230 peer-reviewed publications demonstrate that the use
of SPY technology will reduce post-procedure complication rates and
the cost of care for a broad variety of surgical treatments for
cancer, cardiovascular diseases and other conditions, helping to
ensure that patients benefit from the very best possible treatment
and outcome.
SPY Imaging Systems are U.S. Food and Drug
Administration 510(k) cleared, Health Canada licensed, CE Marked
and registered worldwide for use in multiple surgical specialties
and medical applications. The endoscopic version of SPY technology,
known as PINPOINT, combines the fluorescence imaging capabilities
of SPY with the high definition visible light visualization to
establish a new standard in the quality and performance of
minimally invasive surgery. NOVADAQ’s LUNA System is used to
visualize blood flow and tissue perfusion while treating patients
with atherosclerotic cardiovascular disease that impairs blood flow
to the extremities and increases the risk for the development of
complications such as acute and chronic non-healing wounds and limb
loss. NOVADAQ is the exclusive worldwide distributor of LifeNet
Health’s DermACELL acellular tissue products for wound and breast
reconstruction surgery
Forward-Looking
StatementsCertain statements included in this press
release may be considered forward-looking. Such statements involve
known and unknown risks, uncertainties and other factors that may
cause actual results, performance or achievements to be materially
different from those implied by such statements, and therefore
these statements should not be read as guarantees of future
performance or results. All forward-looking statements are based on
NOVADAQ’s current beliefs as well as assumptions made by and
information currently available to NOVADAQ and relate to, among
other things, the Company’s strategy, strategic goals, research and
development activities, research and clinical testing outcomes,
taxes, capital expenditures, future operations, future financial
position, future revenues/results, projected costs, prospects and
plans and objectives of management.
Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date of this press release. Due to risks and uncertainties,
including the risks and uncertainties identified by NOVADAQ in its
public securities filings available at
www.sec.gov and www.sedar.com, actual events may differ
materially from current expectations. NOVADAQ disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
NOVADAQ, SPY, PINPOINT, LUNA and the
illumination square design are registered trademarks of NOVADAQ
Technologies, Inc. SPY PHI is a trademark of NOVADAQ
Technologies, Inc. DermACELL is a registered
trademark of LifeNet Health, Inc.
NOVADAQ Technologies Inc. |
|
CONSOLIDATED STATEMENTS OF FINANCIAL
POSITION |
|
(Unaudited) |
(expressed in U.S. dollars, except common shares
outstanding) |
|
|
|
|
As atDecember 31,
2016 |
|
|
As atDecember 31,
2015 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
|
62,382,649 |
|
$ |
|
106,790,202 |
|
Accounts
receivable |
|
|
|
27,596,718 |
|
|
|
21,767,746 |
|
Prepaid
expenses and other assets |
|
|
|
5,971,319 |
|
|
|
3,362,854 |
|
Inventories |
|
|
|
4,295,565 |
|
|
|
10,680,885 |
|
|
|
|
|
100,246,251 |
|
|
|
142,601,687 |
|
|
|
|
|
|
|
|
|
|
|
Non-current
assets |
|
|
|
|
|
|
|
|
|
Long-term
receivables |
|
|
|
298,073 |
|
|
|
- |
|
Property
and equipment, net |
|
|
|
19,508,471 |
|
|
|
14,830,114 |
|
Intangible assets, net |
|
|
|
16,847,287 |
|
|
|
18,539,790 |
|
|
|
|
|
|
|
|
|
|
|
Total
Assets |
|
$ |
|
136,900,082 |
|
$ |
|
175,971,591 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
|
|
|
Accounts
payable and accrued liabilities |
|
$ |
|
19,223,889 |
|
$ |
|
12,145,572 |
|
Provisions |
|
|
|
510,203 |
|
|
|
454,579 |
|
Deferred
revenue |
|
|
|
2,156,096 |
|
|
|
1,124,808 |
|
Income
taxes payable |
|
|
|
24,433 |
|
|
|
12,500 |
|
Distribution rights payable |
|
|
|
250,000 |
|
|
|
250,000 |
|
Other
liabilities |
|
|
|
445,252 |
|
|
|
- |
|
|
|
|
|
22,609,873 |
|
|
|
13,987,459 |
|
Non-current
liabilities |
|
|
|
|
|
|
|
|
|
Deferred
revenue |
|
|
|
729,209 |
|
|
|
849,299 |
|
Distribution rights payable |
|
|
|
1,581,127 |
|
|
|
1,735,012 |
|
Shareholder warrants |
|
|
|
- |
|
|
|
16,437,795 |
|
|
|
|
|
|
|
|
|
|
|
Total
Liabilities |
|
$ |
|
24,920,209 |
|
$ |
|
33,009,565 |
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
|
|
Share
capital |
|
$ |
|
337,974,247 |
|
$ |
|
322,687,011 |
|
Contributed surplus |
|
|
|
23,042,165 |
|
|
|
16,400,830 |
|
Deficit |
|
|
|
(249,036,539 |
) |
|
|
(196,125,815 |
) |
|
|
|
|
|
|
|
|
|
|
Total
Shareholders' Equity |
|
$ |
|
111,979,873 |
|
$ |
|
142,962,026 |
|
|
|
|
|
|
|
|
|
|
|
Total
Liabilities and Shareholders' Equity |
|
$ |
|
136,900,082 |
|
$ |
|
175,971,591 |
|
|
|
|
|
|
|
|
|
|
|
Total number of
common shares outstanding |
|
|
|
57,445,151 |
|
|
|
56,253,327 |
|
|
|
|
|
|
|
|
|
|
|
NOVADAQ Technologies Inc. |
|
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE
LOSS |
|
(Unaudited) |
(expressed
in U.S. dollars) |
|
|
|
|
For the three months ended |
|
|
For the twelve months ended |
|
|
|
|
December 31,2016 |
|
|
December 31,2015 |
|
|
December 31,2016 |
|
|
December 31,2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product sales |
|
$ |
|
18,247,313 |
|
$ |
|
19,103,608 |
|
$ |
|
74,811,305 |
|
$ |
|
60,798,575 |
|
|
Royalty revenue |
|
|
|
594,860 |
|
|
|
587,425 |
|
|
|
2,139,047 |
|
|
|
2,022,822 |
|
|
Service revenue |
|
|
|
1,227,277 |
|
|
|
327,444 |
|
|
|
3,120,261 |
|
|
|
990,815 |
|
|
Total
revenues |
|
|
|
20,069,450 |
|
|
|
20,018,477 |
|
|
|
80,070,613 |
|
|
|
63,812,212 |
|
|
Cost of
sales |
|
|
|
12,329,679 |
|
|
|
5,648,556 |
|
|
|
29,310,596 |
|
|
|
18,726,012 |
|
|
Gross
profit |
|
|
|
7,739,771 |
|
|
|
14,369,921 |
|
|
|
50,760,017 |
|
|
|
45,086,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and
distribution expenses |
|
|
|
18,254,512 |
|
|
|
13,157,236 |
|
|
|
71,919,040 |
|
|
|
54,517,823 |
|
|
Research and
development expenses |
|
|
|
4,749,702 |
|
|
|
4,816,727 |
|
|
|
17,393,302 |
|
|
|
17,549,388 |
|
|
Administrative
expenses |
|
|
|
3,249,679 |
|
|
|
2,587,381 |
|
|
|
15,850,196 |
|
|
|
9,051,435 |
|
|
Total operating
expenses |
|
|
|
26,253,893 |
|
|
|
20,561,344 |
|
|
|
105,162,538 |
|
|
|
81,118,646 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
|
|
|
(18,514,122 |
) |
|
|
(6,191,423 |
) |
|
|
(54,402,521 |
) |
|
|
(36,032,446 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance costs |
|
|
|
(24,029 |
) |
|
|
(26,049 |
) |
|
|
(96,115 |
) |
|
|
(104,193 |
) |
|
Finance income |
|
|
|
59,866 |
|
|
|
84,015 |
|
|
|
296,567 |
|
|
|
249,637 |
|
|
Warrants revaluation
adjustment |
|
|
|
— |
|
|
|
(3,660,924 |
) |
|
|
1,324,293 |
|
|
|
5,020,977 |
|
|
Loss before income
taxes |
|
|
|
(18,478,285 |
) |
|
|
(9,794,381 |
) |
|
|
(52,877,776 |
) |
|
|
(30,866,025 |
) |
|
Income tax recovery
(expense) |
|
|
|
(22,112 |
) |
|
|
(12,617 |
) |
|
|
(32,948 |
) |
|
|
35,546 |
|
|
Net loss and
comprehensive loss for the year |
|
$ |
|
(18,500,397 |
) |
$ |
|
(9,806,998 |
) |
$ |
|
(52,910,724 |
) |
$ |
|
(30,830,479 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic loss and
comprehensive loss per share for theyear |
|
$ |
|
(0.32 |
) |
$ |
|
(0.17 |
) |
$ |
|
(0.93 |
) |
$ |
|
(0.55 |
) |
|
Diluted loss and
comprehensive loss per share forthe year |
|
$ |
|
(0.32 |
) |
$ |
|
(0.17 |
) |
$ |
|
(0.93 |
) |
$ |
|
(0.63 |
) |
|
NOVADAQ Technologies Inc. |
|
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(Unaudited) |
(expressed
in U.S. dollars) |
|
|
|
|
For the three months ended |
|
|
For the twelve months ended |
|
|
|
|
December 31,2016 |
|
|
December 31,2015 |
|
|
December 31,2016 |
|
|
December 31,2015 |
|
OPERATING
ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss and
comprehensive loss for the year |
|
$ |
|
(18,500,397 |
) |
$ |
|
(9,806,998 |
) |
$ |
|
(52,910,724 |
) |
$ |
|
(30,830,479 |
) |
Items not
affecting cash |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Write-down of
inventory |
|
|
|
4,071,005 |
|
|
|
— |
|
|
|
4,071,005 |
|
|
|
585,369 |
|
Depreciation of
property and equipment |
|
|
|
1,973,011 |
|
|
|
1,305,147 |
|
|
|
6,390,255 |
|
|
|
5,134,692 |
|
Amortization of
intangible assets |
|
|
|
423,200 |
|
|
|
423,199 |
|
|
|
1,692,503 |
|
|
|
1,710,125 |
|
Stock-based
compensation |
|
|
|
562,639 |
|
|
|
1,100,425 |
|
|
|
7,315,582 |
|
|
|
5,073,548 |
|
Imputed interest
on distribution rights payable |
|
|
|
24,028 |
|
|
|
26,049 |
|
|
|
96,115 |
|
|
|
104,193 |
|
Shareholder
warrants revaluation adjustment |
|
|
|
— |
|
|
|
3,660,924 |
|
|
|
(1,324,293 |
) |
|
|
(5,020,977 |
) |
|
|
|
|
(11,446,514 |
) |
|
|
(3,291,254 |
) |
|
|
(34,669,557 |
) |
|
|
(23,243,529 |
) |
Changes
in non-cash working capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase in
accounts receivable |
|
|
|
(448,827 |
) |
|
|
(3,031,955 |
) |
|
|
(5,828,972 |
) |
|
|
(8,264,443 |
) |
Decrease
(increase) in inventories |
|
|
|
1,474,441 |
|
|
|
(1,284,707 |
) |
|
|
2,314,315 |
|
|
|
(4,468,056 |
) |
Increase in
accounts payable and accrued liabilities and provisions |
|
|
|
4,504,929 |
|
|
|
(878,738 |
) |
|
|
7,122,177 |
|
|
|
6,983,146 |
|
Increase in
income taxes payable |
|
|
|
24,433 |
|
|
|
12,500 |
|
|
|
11,933 |
|
|
|
41,841 |
|
Increase in
prepaid expenses and other assets |
|
|
|
(621,542 |
) |
|
|
57,674 |
|
|
|
(2,608,465 |
) |
|
|
(2,157,604 |
) |
Increase in
deferred revenue |
|
|
|
321,748 |
|
|
|
131,792 |
|
|
|
1,031,288 |
|
|
|
720,992 |
|
Net change in
non-cash working capitalbalances related to operations |
|
|
|
5,255,182 |
|
|
|
(4,993,434 |
) |
|
|
2,042,276 |
|
|
|
(7,144,124 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase in
long-term receivables |
|
|
|
(298,073 |
) |
|
|
— |
|
|
|
(298,073 |
) |
|
|
— |
|
(Decrease)
increase in non-current deferred revenue |
|
|
|
(27,934 |
) |
|
|
214,341 |
|
|
|
(120,090 |
) |
|
|
297,424 |
|
Cash used
in operating activities |
|
|
|
(6,517,339 |
) |
|
|
(8,070,347 |
) |
|
|
(33,045,444 |
) |
|
|
(30,090,229 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTING
ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Addition of
property and equipment |
|
|
|
(4,359,935 |
) |
|
|
(2,494,240 |
) |
|
|
(15,079,410 |
) |
|
|
(8,057,980 |
) |
Disposal of
property and equipment |
|
|
|
1,155,384 |
|
|
|
572,608 |
|
|
|
4,010,798 |
|
|
|
1,740,993 |
|
Cash used
in investing activities |
|
|
|
(3,204,551 |
) |
|
|
(1,921,632 |
) |
|
|
(11,068,612 |
) |
|
|
(6,316,987 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCING
ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from
exercise of options |
|
|
|
11,550 |
|
|
|
371,958 |
|
|
|
90,462 |
|
|
|
1,114,403 |
|
Proceeds from
exercise of warrants |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
699,209 |
|
Payment of other
liabilities |
|
|
|
(145,723 |
) |
|
|
— |
|
|
|
(145,723 |
) |
|
|
— |
|
Payment of
distribution rights payable |
|
|
|
— |
|
|
|
— |
|
|
|
(250,000 |
) |
|
|
— |
|
Cash
provided by (used in) financing activities |
|
|
|
(134,173 |
) |
|
|
371,958 |
|
|
|
(305,261 |
) |
|
|
1,813,612 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
decrease in cash and cash equivalents |
|
|
|
(9,856,063 |
) |
|
|
(9,620,021 |
) |
|
|
(44,419,317 |
) |
|
|
(34,593,604 |
) |
Net foreign
exchange difference |
|
|
|
(3,566 |
) |
|
|
(11,875 |
) |
|
|
11,764 |
|
|
|
(63,738 |
) |
Cash and cash
equivalents at beginning of year |
|
|
|
72,242,278 |
|
|
|
116,422,098 |
|
|
|
106,790,202 |
|
|
|
141,447,544 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents at end of year |
|
$ |
|
62,382,649 |
|
$ |
|
106,790,202 |
|
$ |
|
62,382,649 |
|
$ |
|
106,790,202 |
|
For more information, please contact:
Lynn Pieper Lewis or Leigh Salvo
(415) 937-5404
investors@novadaq.com
Novadaq Technologies (NASDAQ:NVDQ)
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