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

valents and short-term investments of approximately $14,775,000, a decrease of approximately $4,086,000 from December 31, 2007. Approximately $4,075,000 of the decrease relates to a net loss incurred during the period after deducting items not involving cash, a source of approximately $2,489,000 in net changes in non-cash working capital relating primarily to the collection of accounts receivable from Edwards, an investment in the TMR business of $2,089,000 relating to the payment to Edwards of earn-out purchase consideration, and an investment of approximately $436,000 in property, plant and equipment.

As at March 31, 2008 there were a total of 24,533,982 common shares (26,094,395 on a fully diluted basis) and no preferred shares outstanding. As at March 31, 2008 a total of 1,560,413 stock options were outstanding under the Company's employee stock option plan.

Conference call

Novadaq will host a conference call on Monday, May 12, 2008 at 10:00 a.m. EST to discuss the financial results for the first quarter ended March 31, 2008. To access the conference call by telephone, dial 416-644-3422 or 1-800-731-5319. Please connect approximately ten minutes prior to the beginning of the call to ensure participation. The conference call will be archived for replay until May 19, 2008 at midnight. To access the archived conference call, dial 416-640-1917 or 1-877-289-8525 and enter the reservation number 21270216 followed by the number sign.

A live audio webcast of the conference call will be available at http://www.novadaq.com. Please connect at least ten minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast. The webcast will be archived at the above website for 365 days.
For complete financial results, please see our filings at http://www.sedar.com.

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