Novadaq Technologies Inc.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
(Unaudited)(expressed in U.S. dollars) For the three month period ended ------------------------------------ March 31, 2013 March 31, 2012 ------------------------------------Product sales 6,300,243 $ 3,654,045Royalty revenue 440,678 608,083Partnership fee revenue 325,000 325,000Service revenue 212,522 180,247 ------------------------------------Total revenues 7,278,443 4,767,375Cost of sales 2,732,142 2,045,537 ------------------------------------Gross profit 4,546,301 2,721,838 ------------------------------------Selling and distribution costs 2,348,256 1,063,487Research and development expenses 1,487,198 1,161,731Administrative expenses 1,360,739 1,470,950 ------------------------------------Total operating expenses 5,196,193 3,696,168 ------------------------------------Loss from operations (649,892) (974,330)Finance costs (171,189) (172,731)Finance income 14,843 427Warrants revaluation adjustment (2,106,042) (3,598,249) ------------------------------------Loss from operations before income taxes (2,912,280) $ (4,744,883)Income tax expense (20,000) - ------------------------------------Net loss and comprehensive loss for the period (2,932,280) $ (4,744,883) ------------------------------------ ------------------------------------Basic and diluted loss and comprehensive loss per share for the period $ (0.07) $ (0.15) ------------------------------------ ------------------------------------
Novadaq Technologies Inc.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)(expressed in U.S. dollars) For the three month period ended March 31, 2013 March 31, 2012 ------------------------------------OPERATING ACTIVITIESLoss and comprehensive loss for the period $ (2,932,280) $ (4,744,883)Items not affecting cash Depreciation of property and equipment 720,935 418,182 Amortization of intangible assets 114,909 294,753 Stock-based compensation 399,838 253,488 Imputed interest on convertible debentures 166,983 104,376 Warrants revaluation adjustment 2,106,042 3,598,249 ------------------------------------ 576,427 (75,835) ------------------------------------Changes in non-cash working capital Increase in accounts receivable (988,581) (126,631) Increase in inventories (707,989) (391,280) Decrease (increase) in prepaid expenses and other assets 299,676 (652,635) Increase in accounts payable and accrued liabilities 356,825 1,845,432 (Decrease) increase in deferred revenue (1,781) 40,387 ------------------------------------Net change in non-cash working capital balances related to operations (1,041,850) 715,273 ------------------------------------ Decrease in long-term deferred revenue (291,844) (357,650) ------------------------------------Cash provided by (used in) operating activities (757,267) 281,788 ------------------------------------INVESTING ACTIVITIES Purchase of property and equipment (1,251,916) (2,015,722) Disposals of property and equipment 27,770 29,717 ------------------------------------Cash used in investing activities (1,224,146) (1,986,005) ------------------------------------FINANCING ACTIVITIES Repayment of government assistance (54,161) (40,431) Proceeds from exercise of options 49,201 - Proceeds from exercise of warrants 253,631 - ------------------------------------Cash (used in) provided by financing activities 248,671 (40,431) ------------------------------------Net decrease in cash and cash equivalents (1,732,742) (1,744,648)Impact of foreign exchange on cash and cash equivalents (1,572) 5,293Cash and cash equivalents at beginning of period 38,954,181 9,633,608 ------------------------------------Cash and cash equivalents at end of period $ 37,219,867 $ 7,894,253 ------------------------------------ ------------------------------------
Contacts:
Novadaq Technologies Inc.
David C. Martin
Vice President, Corporate Development and Investor Relations
905-629-3822 ext: 218
dmartin@novadaq.com
www.novadaq.com
