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

related primarily to patent costs.

General and administration expenses increased by approximately $581,000 to approximately $1,459,000 in Q1-2008 from $878,000 in Q1-2007. Increases relate primarily to costs incurred to defend patents in Japan and general increases to support a direct sales team, and the acquired TMR business. General and administrative expenses in Q1-2008 decreased by $50,000 from Q4-2007 due to lower professional fees.

Depreciation expense increased to approximately $89,000 in Q1-2008 from approximately $52,000 in Q1-2007 primarily as a result of computer equipment purchased in 2007 for sales representatives hired during the period. Depreciation expense in Q1-2008 was generally consistent with Q4-2007.

Amortization increased by from $121,000 in Q1-2007 to $308,000 in Q1-2008 as a result of the acquisition of intangibles related to TMR and Xillix. Amortization in Q1-2008 was slightly higher than amortization in Q4-2007 because the final earn out amount associated with the TMR acquisition was calculated effective December 31, 2007.

The Company had interest expense in Q1-2007 of approximately $9,000 relating to a $3,000,000 note payable issued on March 20, 2007 in connection with the acquisition of TMR distribution rights. The note was repaid in 2007 and there was no interest expense in Q1-2008.

Interest income decreased by approximately $36,000 to $158,000 in Q1-2008 from $194,000 in Q1-2007. The primary reason was lower interest rates.

Net loss increased by approximately $1,138,000 to approximately $4,839,000 in Q1-2008 from approximately $3,701,000 in Q1-2007 primarily as a result of an increase in sales and marketing costs of approximately $567,000, an increase in R&D expenses of approximately $317,000, an increase in general and administrative expenses of approximately $581,000 which were partly offset by an increase in gross profit of $626,000.

As at March 31, 2008 the Company had cash, cash equi
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SOURCE Novadaq Technologies Inc.
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