So $17.0M, with a 74% margin and ($0.07) loss per share. Capital sales up 18.5% sequentially. Sounds like a beat to me, so I'd like to say the shorts lose, but you know how this goes... What looks like a sure thing (short squeeze) rarely comes to fruition.
-15% of this year's growth is due to ending the LifeCell agreement, due to the fact there is no 50-50 splitting of revenue. The analyst asked why they felt confident growth will pick up in the second half of 2015 going forward and Arun said they think the LifeCell transition is over and the large number of new salespeople are just becoming productive (this last 1/2 sentence is my paraphrasing of Arun's statement).
-In 12 to 18 months utilization will be a bigger driver. This will be interesting to see how quickly revenue from kit sales starts to gain on capital sales as Novadaq will eventually be making more revenue off the "razor blades" than the "razors".
-This fall their introducing a generation of new products and upgrades.
-Arun mentioned something I've never heard before, that there are 3-4 other companies with approved products that may eventually be competitors. We all new about Stryker, but I'm not really aware about the other companies. He did seem to not be too concerned with them, as Novadaq has a lot of IP for the other companies to overcome here, but we need to get the growth up to keep the first-mover advantage.