Combined third quarter shipments of fluorescence imaging systems by Novadaq Technologies (TSX:NDQ) exceeded expectations by reaching a total of 165, CEO Dr. Arun Menawat said in the third quarter report.
“Since the launch of SPY Elite in February and the da Vinci fluorescence imaging system in July, the primary sales focus for our two partners, LifeCell and Intuitive Surgical, has been on growing the end-user installed base. While we believe it is still too early to accurately predict longer-term system shipment trends, we are delighted by this initial surge in demand,” he added.
For the third quarter, revenue rose 20% increase to $4.2 million, compared with $3.5 million in the previous quarter. Combined SPY fluorescence imaging product revenue grew by 29% to $3.1 million, compared with $2.4 million in the second quarter of 2011, and soared 96%, compared with $1.6 million in the year earlier third quarter.
The company said it reduced its operating cash burn by more than 50% to less than $450,000, compared with just under $1 million in the second quarter. Cash at Sept. 30, 2011 was $10.3 million, representing a decrease of $1.2 million from $11.5 at June 30, 2011. Novadaq also said it established a $2.5 million revolving line of credit with the Royal Bank of Canada in the latest quarter to serve as an additional source of working capital. The credit line remains unused.
In September, the FDA issued 510(k) clearance for the use of the SPY System to provide fluorescence images for the visual assessment of blood flow in vessels and related tissue perfusion during gastrointestinal surgical procedures.
