April 19, 2013 by Jennifer Poland · Leave a Comment
In a new research report, analyst Jason Mills of Canaccord Genuity discussed initial data presented at the SAGES conference Thursday evening by Dr. Michael Stamos of the University of California at Irvine from the PILLAR II study, which is evaluating the ability of Novadaq Technologies’ (NASDAQ:NVDQ; TSX:NDQ) PINPOINT endoscopic fluorescence imaging system to assess colon perfusion during laparoscopic left colectomies.
PILLAR II has so far delivered “outstanding results,” Mr. Mills writes. Out of 66 patients imaged to date, nearly 10% of patients had revisions to their procedure and there were an amazing 0% leaks. These results exceeded our “very good outcome” scenario, he said.
The zero leak rate compares to the historical 9% to 16% leak rate seen in lower colon anastomoses.
Mr. Mills reiterated his “buy” rating and $15 price target for Novadaq and recommended investors “add to positions. We believe Novadaq possesses one of the most attractive, emerging technologies in med-tech, that we think has the potential to be standard of care across a multitude of surgical procedures.” Shares of Novadaq closed at $10.22 on Thursday.
Stifel Nicolas analyst Rick Wise also reiterated his “buy” rating and $13 price target. “We believe the PILLAR results strongly demonstrate the clinical utility of PINPOINT and continue to believe that it will ultimately become the standard of care in this 50,000+ annual procedure market.”...see BioTuesdays site for rest of article.