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

performance or results. All forward-looking statements are based on Novadaq's current beliefs as well as assumptions made by and information currently available to Novadaq and relate to, among other things, results of future clinical tests of PINPOINT and the SPY System, anticipated financial performance, business prospects, strategies, regulatory developments, market acceptance and future commitments. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Due to risks and uncertainties, including the risks and uncertainties identified by Novadaq in its public securities filings actual events may differ materially from current expectations. Novadaq disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

CONSOLIDATED BALANCE SHEET

(expressed in U.S. $)

Unaudited

March 31, December 31,

2008 2007

$ $

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

ASSETS

Current

Cash and cash equivalents 7,514,062 7,417,929

Short-term investments 7,261,108 11,443,506

Accounts receivable 2,259,637 4,743,994

Current portion of prepaid expenses and

other receivables 1,119,484 1,185,707

Inventory 1,744,899 2,031,932

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

Total current assets 19,899,190
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SOURCE Novadaq Technologies Inc.
Copyright©2008 PR Newswire.
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