TORONTO, Jan. 12, 2015 (GLOBE NEWSWIRE) -- Novadaq Technologies Inc. ("NOVADAQ" or the "Company") (Nasdaq:NVDQ) (TSX:NDQ), the leading developer and provider of clinically relevant fluorescence imaging solutions for use in surgical and diagnostic procedures, announced today preliminary unaudited revenue for the fourth quarter of 2014 and provided 2015 revenue guidance ahead of its participation at the 33rd Annual J.P. Morgan Healthcare Conference in San Francisco, CA.
NOVADAQ anticipates total revenues for the fourth quarter of 2014 to be approximately $13 million, reflecting an increase of approximately 22% versus total revenues of $10.7 million in the 2013 fourth quarter. The Company had anticipated Q4-2014 total revenues to be approximately $15 million.
"The revenue shortfall in Q4-2014 was a result of significantly lower than expected capital sales of SPY Elite achieved by our former partner, LifeCell Corporation," said Dr. Arun Menawat, NOVADAQ's President and Chief Executive Officer. "The recently completed transfer of SPY Elite back to NOVADAQ bodes well for 2015 as our direct sales team had an outstanding quarter, with revenue growth from LUNA and PINPOINT surpassing our expectations."
For the full year 2014, the Company anticipates total revenues to be approximately $46.6 million, representing total year-over-year revenue growth of approximately 33%. These figures are preliminary and unaudited, and actual revenues may differ. The Company currently expects to report final 2014 financial results in February.
Based on the Company's business planning and budgeting activities, NOVADAQ anticipates its full year revenue for the fiscal year ending December 31, 2015 to be approximately $65 million, representing total year-over-year revenue growth of approximately 40%.
Dr. Menawat is scheduled to present an update on the Company's business at the J.P. Morgan Healthcare Conference on Tuesday, January 13, 2015 at 8:30 a.m. Pacific Time. Dr. Menawat's presentation will be webcast live and archived for 90 days on the Company's website at http://www.novadaq.com under the "Events" tab in the Investors section.
About Novadaq Technologies Inc.
Enabling medical professionals with clinically relevant, point-of-care imaging solutions to enhance the lives of patients and their caregivers, while reducing health care costs, is NOVADAQ's global mission. SPY fluorescence imaging technology provides surgeons with real-time visualization, leading to improved outcomes and reduced costs without exposing the patient to radiation. More than 110 peer-reviewed publications demonstrate that the use of SPY imaging technologies during complex surgery and diagnostic procedures, leads to lower rates of post-operative complications and lower hospital costs.
SPY Imaging Systems are United States Food and Drug Administration 510(k) cleared for use in seven surgical specialties. The endoscopic version of SPY called PINPOINT, combines the capabilities of SPY Imaging with high definition ("HD") visible light visualization offered by conventional endoscopes. LUNA is used to assess perfusion in patients being treated for non-healing wounds. In December 2014, NOVADAQ and LifeNet Health jointly announced the signing of a multi-year agreement appointing NOVADAQ the exclusive worldwide distributor of LifeNet Health's DermACELL acellular tissue products for wound and breast reconstruction surgery.
Forward-Looking Statements
Certain 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 and PINPOINT are registered trademarks of Novadaq Technologies Inc. LUNA is a trademark of Novadaq Technologies Inc. LifeCell is a trademark of LifeCell Corporation. DermACELL is a registered trademark of LifeNet Health.