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

31,

2008 2007

$ $

--------------------------

OPERATING ACTIVITIES

Net loss for the period (4,838,932) (3,701,133)

Add items not involving cash

Depreciation and amortization 586,845 368,599

Stock option compensation 177,261 93,212

--------------------------

(4,074,826) (3,239,322)

Net change in non-cash working capital

balances related to operations 2,488,832 (217,612)

--------------------------

Cash provided by (used in) operating

activities (1,585,994) (3,456,934)

--------------------------

FINANCING ACTIVITIES

Issuance of common shares, net 25,000 -

--------------------------

Cash provided by financing activities 25,000 -

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INVESTING ACTIVITIES

Research and development costs - (37,892)

Purchase of plant, property and equipment (435,987) (515,766)

Purchase of TMR business (2,089,284) (2,386,117)

Sale of short-term investments, net 4,182,398 4,691,291

--------------------------

Cash provided by investing activities 1,657,127 1,751,516


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SOURCE Novadaq Technologies Inc.
Copyright©2008 PR Newswire.
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