Novadaq Technologies (TSX:NDQ) shipped a total of 165 fluorescence imaging systems during the third quarter, compared with 92 shipments in the second quarter of 2011, and topping management’s earlier estimate of 80 systems discussed during the company’s second quarter conference call on Aug. 4.
“We are delighted with the continued momentum of SPY Imaging technology in U.S. hospitals,” CEO Dr. Arun Menawat said in a statement. “Both of our partners, LifeCell and Intuitive Surgical, are building on strong launches, which occurred earlier this year.
“Entering the third quarter, our shipment estimate of 80 SPY Elite and da Vinci Fluorescence Imaging Systems was based on orders and forecasts at the time, and we are proud that our manufacturing team was able to meet the sharply stepped-up requirement for systems that evolved during the quarter,” he added.
SPY Elite Systems are shipped by Novadaq directly to hospitals and are, in most cases, installed without an upfront capital charge, but with minimum usage expectations. Novadaq recognizes revenues when it ships consumable product kits, which are used on a recurring basis during each SPY imaging procedure.
da Vinci Fluorescence Imaging Systems are shipped first to Intuitive Surgical for integration, then by Intuitive Surgical to end-user customers when orders are placed. For this business, Novadaq receives capital revenues for system shipments, as well as recurring revenues for consumable kit sales.