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Novadaq Technologies Inc. Message Board

  • biotuesday biotuesday Nov 15, 2013 3:01 PM Flag

    BioTuesdays: William Blair starts Novadaq at outperform

    William Blair & Co. has initiated coverage of Novadaq Technologies (NASDAQ:NVDQ; TSX:NDQ) with an “outperform” rating and “aggressive growth” company profile, ahead of the company’s annual investor meeting in New York on Monday.

    “We believe this could be a positive catalyst for the stock and expect the company will discuss several of its developing opportunities with investors,” writes analyst Margaret Kaczor.

    These includes the opportunity for Luna, its newly launched wound care product, compelling usage and clinical results within surgery, specifically general surgery and gynaecology, and the financial impact of signing its recent international distributor agreement with Swissray Asia.

    Ms. Kaczor said Novadaq is the only company on the domestic market with a fluorescence imaging technology for use during surgery and diagnostic imaging. “We believe that the company is in only its first stage of growth as it works to penetrate the $2 billion-plus long-term market opportunity.”

    She said that supporting the market opportunity for its technology is a “winning formula of compelling clinical data as well as a decline in overall patient care costs through the reduction of surgical complications.”
    Shares of Novadaq closed at $16.20 on Thursday. She said that at eight times her 2015 sales target of $89-million, up 70% year-over-year, the stock trades above other fast-growing medical technology names. Her “outperform” rating is based on her belief that “adoption will remain strong, which should drive upside to estimates.”

10.72-0.02(-0.19%)3:16 PMEDT