Novadaq notches strong Q2 revenues

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Real-time medical imaging systems and image guided therapy developer Novadaq reported triple-digit increases in sales revenue for its fiscal 2007 second quarter (end-June 30), but also saw a rise in its net losses.

The Toronto-based company said that its total revenue increased to approximately $3.75 million (U.S.) for the period, an impressive gain compared with the $509,000 in revenues from its second quarter of fiscal 2006. Net loss for the period was $3.4 million, an increase compared with the $2.6 million in losses posted for the same period last year.

The firm attributed the increase in net losses to a combination of increased expenses for sales and marketing as well as a temporary interruption in its supply of indocyanine green (ICG), which did not allow for the use of its SPY imaging systems during that time.