Novadaq Technologies' Q4 losses shrink
Novadaq Technologies (TSE:NDQ), a developer of real-time medical imaging systems, said Monday its fourth quarter losses narrowed, but they were still more than what analysts had expected.
For the fourth quarter ending December 31, the Ontario-based company reported a loss of US$3 million, or 11 cents per diluted share, compared with US$5 million, or 22 cents per diluted share, for the year-ago period. Revenues were US$2 million, up from US$1.5 million.
Analysts polled by Thomson Reuters expected the company to post a loss of 8 cents per share on revenues of US$4.29 million.
For the entire 2010, the company had a loss of US$14 million, or 51 cents per diluted share, compared with $15 million, or 61 cents per diluted share, for 2009. Revenues were US$8.6 million, up from US$6.8 million.
Looking forward, CEO Arun Menawat said the company's priorities in 2011 are to drive the wider adoption of its medical imaging technology among surgeons.
At year-end, the company had US$5.6 million of cash and cash equivalents.
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