A solid Q3 financial statement
demonstrating substantial sales growth has seen shares in $925m market cap biomed company Novadaq Technologies (TSX:T.NDQ
, Stock Forum
) climb 13.8% in early trading, shifting up $2.31 to a near 52-week high of $19.00.
From the company news release Wednesday, “Novadaq reported total third quarter 2013 revenues of $8.9 million, representing an increase of 49% as compared to third quarter of 2012.”
The company says revenue growth was “driven primarily by continued adoption of SPY technology procedures and higher capital system sales.”
“Third quarter of 2013 recurring revenues for Novadaq's SPY businesses increased by 23% year-over-year to $3.5 million, and sales of SPY technology capital equipment, including PINPOINT, LUNA SPY Elite
, and Firefly, increased to $4.5 million representing an increase of 119% compared with the year ago quarter.”
Third quarter gross profit of $5.7 million represented an increase of 49% compared with $3.9 million in Q3 a year earlier, with margins unchanged at 65%.
That said, the company did incur a Q3 net loss of $6.9 million, which was down $2.4 million from the same quarter year earlier. The loss per share was $0.02, compared to $0.03 a year prior.
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