Novadaq posts 52% jump in Q1 revenue

Novadaq Technologies (NASDAQ:NVDQ; TSX:NDQ) has reported first quarter revenue of $17.7-million, up 52%, from $11.7-million a year ago.

Total direct sales in the quarter rose by $6.1-million, or 71%, and total partnered/international sales declined by $100,000, compared with the year earlier period.

The company estimates that the number of procedures performed using SPY technology systems during the first quarter was approximately 12,300, representing an increase of 40% year-over-year and 8% sequentially from the previous quarter.

First quarter gross profits of $12.7-million (71% margin), compared with gross profits of $7.5-million (64%) in the same period last year.

“Not only did we achieve our growth expectations for Q1, but we also made meaningful progress with a number of strategic activities that we have underway, which are designed to further spur growth for the company over the medium- and long-term,” Arun Menawat, president and CEO, said in a statement.