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Novadaq Reports Financial Results for the First Quarter of 2008
Date:5/12/2008

TORONTO, May 12 /PRNewswire-FirstCall/ - Novadaq(R) Technologies Inc. (TSX: NDQ), a developer of real-time imaging and image guidance systems for use in the operating room, today announced financial results for the first quarter ended March 31, 2008. In this press release, unless otherwise indicated, all dollar amounts are expressed in US dollars.

Q1 2008 Highlights

- SPY gaining traction with 14 new SPY systems installed, 22% increase

in SPY consumable sales and 20% increase in SPY capital revenue from

Q4 2007.

- Sentara Hospital System, Virginia's largest cardiac surgery program

completes multiple SPY System capital purchase and adopts SPY as

standard of care.

- SPY adopted in 9 leading plastic and reconstructive surgery centers

(including Cleveland Clinic, Duke University, and University of

Southern California) since Q4 2007 launch.

- SPY Scope testing in large animal model continues to demonstrate

efficacy of SPY imaging in minimally invasive surgery applications

and is on-track for human trials in Q4 2008.

Events Subsequent to Q1 2008

- Positive results from two European centers using OPTTX presented at

the Association for Research in Vision and Ophthalmology annual

meeting support OPTTX partnership opportunities.

"I am pleased with the developing fundamentals of the SPY business as we had our best quarter for SPY placements, and showed strong growth in consumable and capital sales." said Dr. Arun Menawat, President and Chief Executive Officer of Novadaq Technologies Inc. "Plastic surgery has been a catalyst in accelerating SPY adoption, and continued growth in SPY will be supported by the launch of quantification software in the second half of 2008 and by our continued support in getting surgeons paid for SPY procedures."

Financial Results

Quarter Ended March 31,
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SOURCE Novadaq Technologies Inc.
Copyright©2008 PR Newswire.
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