TORONTO, ONTARIO -- (Marketwired) -- 04/29/13 -- Novadaq® Technologies Inc. ("Novadaq" or the "Company") (TSX: NDQ)(NASDAQ: NVDQ), a developer of clinically-relevant fluorescence imaging solutions for use in surgical and outpatient wound care procedures, today announced financial results for its first quarter ended March 31, 2013. Unless otherwise indicated, all dollar amounts in this press release are expressed in United States (U.S.) dollars.
Novadaq reported total first quarter 2013 revenue of $7.3 million, representing an increase of 53% as compared to first quarter of 2012. Revenue growth was driven primarily by continued adoption of SPY Elite® procedures and higher FIREFLY system sales to end users.
First quarter of 2013 recurring revenue for Novadaq's SPY® businesses increased by 66% year-over-year to $3.5 million, and 16% sequentially from $3.0 million in the fourth quarter of 2012.
First quarter gross profit of $4.5 million (62% margin), represents an increase of 67% compared with $2.7 million (57% margin) in Q1-2012.
First quarter of 2013 operating contribution (cash contributed by operating activities before changes in working capital) was $0.6 million compared with an operating burn of $0.1 million in the first quarter of 2012. During the first quarter, working capital consumed $1.0 million including a $0.7 million increase in inventories, largely related to PINPOINT®, and $1.2 million was invested in fixed assets, including $1.1 million to build the SPY Elite installed base.
Net loss of $2.9 million for the first quarter of 2013 decreased by $1.8 million compared with the $4.7 million net loss in first quarter 2012. First quarter of 2013 loss per share was $0.07. Excluding the impact of non-cash $2.1 million warrants revaluation expense in first quarter 2013, loss per share was $0.02, compared with $0.03 in first quarter 2012.
Cash and cash equivalents were $37.2 million at March 31, 2013, reflecting a decrease of $1.7 million, compared to the cash position as of December 31, 2012.
During the first quarter of 2013, Novadaq shipped 200 SPY Elite and FIREFLY systems and the combined installed base of SPY technology grew by 130 to more than 850 systems. Novadaq estimates that SPY imaging was used in 14% of breast reconstruction surgeries in the United States exiting the quarter.
"The installed bases and recurring revenues for Novadaq's partnered products continued to grow in first quarter 2013, while at the same time, we also achieved additional early milestones for our new direct products, LUNA and PINPOINT", commented Dr. Arun Menawat, Novadaq's President and CEO. "In March, we commenced commercialization of LUNA at the 2013 Diabetic Foot Global Conference in Los Angeles where LUNA was featured in three educational workshops for wound care specialists. Then, subsequent to the quarter, positive interim results for the PINPOINT multi-center PILLARII study, Perfusion Assessment in Laparoscopic Left Anterior Resection, were reported at the Society of American Gastrointestinal and Endoscopic Surgeons meeting which was held in Baltimore".
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