NOVADAQ Technologies Inc (NASDAQ:NVDQ) (TSX:NDQ), the leading
provider of proven comprehensive fluorescence imaging solutions
that improve clinical outcomes and reduce healthcare costs in
minimally invasive and open surgeries, today announced preliminary
financial results for fourth quarter and full year 2016 and
provided 2017 financial guidance. The Company also announced that
it has entered into a credit facility with MidCap Financial
consisting of a term loan and a revolving line of credit that
provide NOVADAQ with financing of up to $60 million.
Preliminary and unaudited revenue for fourth
quarter 2016 is expected to be approximately $20.2 million,
reflecting growth of 1% over the fourth quarter of 2015. Based on
this preliminary estimate, recurring revenue is expected to be $9.5
million which includes sales of consumables, services and
components and reflects a 42% year-over-year increase.
Preliminary revenue for full year 2016 is
expected to be approximately $80.2 million, reflecting growth of
26% over full year 2015. Revenue for full year 2016 is expected to
include approximately $32.9 million in recurring revenue,
reflecting a 41% year-over-year increase.
“Our fourth quarter revenue results and
preliminary guidance for 2017 reflect strong demand for usage of
SPY Technology as well as the shift in our strategic direction
toward greater emphasis on procedure expansion and recurring
revenue. We believe this evolution of our business model will
provide greater sales leverage, broader market accessibility and
enhanced revenue visibility,” said Rick Mangat, NOVADAQ’s President
and Chief Executive Officer. “We are encouraged by the traction we
are gaining with hospitals and other surgical centers as recurring
revenues continue to contribute increasingly to total revenue.”
Mr. Mangat continued, “The financing announced
today strengthens our balance sheet and ensures adequate capital is
available to support our growth initiatives and working capital
needs.”
2017 Financial GuidanceNOVADAQ
anticipates revenue for full year 2017 to be in the range of $98
million to $102 million, representing growth in the range of 22% to
27% year-over-year. NOVADAQ anticipates recurring revenues for full
year 2017 to be in the range of $48 million to $50 million,
reflecting growth of 45% to 51% year-over-year.
Credit Facility NOVADAQ has
entered into a credit facility with MidCap Financial consisting of
a term loan and a revolving line of credit that provide NOVADAQ
with new financing of up to $60 million. Under the terms of the
agreement, up to $30 million will be available under a term loan
agreement in three equal tranches between closing and December 31,
2018. In addition, the Company has the option to borrow up to $30
million through a revolving line of credit for a term of up to 60
months, with an additional $15 million to be committed if certain
conditions are met. NOVADAQ plans to use these loan facilities to
strengthen its balance sheet and provide financial flexibility, at
a low cost of capital. Piper Jaffray & Co. acted as sole
and exclusive lead arranger and bookrunner in connection with the
financing and Morrison and Foerster acted as lead counsel for
NOVADAQ.
NOVADAQ management is scheduled to present an
update on the Company’s business at the J.P. Morgan Healthcare
Conference on Wednesday, January 11, 2017 at 10:30 a.m. Pacific
Time. The presentation will be webcast live and archived for 90
days on the Company’s website at http://www.novadaq.com under
the “Events” tab in the Investors section.
About NOVADAQ Technologies
Inc. NOVADAQ’s global mission is to enable physicians
with point-of-care imaging solutions that provide real-time
clinically significant and actionable information to improve care
quality and lower healthcare costs. Using NOVADAQ’s SPY
fluorescence imaging technology, physicians can personalize therapy
and achieve optimal results through the precise visualization of
blood flow in vessels, micro-vessels, tissue perfusion and critical
anatomical structures during the course of treatment. SPY
technology enables the delivery of personalized therapies and the
achievement of the optimal results for each individual patient.
More than 225 peer-reviewed publications demonstrate that the use
of SPY technology will reduce post-procedure complication rates and
the cost of care for a broad variety of surgical treatments for
cancer, cardiovascular diseases and other conditions, helping to
ensure that patients benefit from the very best possible treatment
and outcome.
SPY Imaging Systems are U.S. Food and Drug
Administration 510(k) cleared, Health Canada licensed, CE Marked
and registered worldwide for use in multiple surgical specialties
and medical applications. The endoscopic version of SPY technology,
known as PINPOINT, combines the fluorescence imaging capabilities
of SPY with the high definition visible light visualization to
establish a new standard in the quality and performance of
minimally invasive surgery. NOVADAQ’s LUNA System is used to
visualize blood flow and tissue perfusion while treating patients
with atherosclerotic cardiovascular disease that impairs blood flow
to the extremities and increases the risk for the development of
complications such as acute and chronic non-healing wounds and limb
loss. NOVADAQ is the exclusive worldwide distributor of LifeNet
Health’s DermACELL acellular tissue products for wound and breast
reconstruction surgery
About MidCap FinancialMidCap
Financial is a middle market-focused, specialty finance firm that
provides senior debt solutions to businesses across all industries.
The firm’s years of experience, strong balance sheet, and
flexibility make it a lender of choice for companies across all
stages of growth and complexity. MidCap Financial’s debt solutions
focus in five areas: (i) General and Healthcare Asset-Based working
capital loans collateralized by third-party accounts receivable and
other assets, (ii) Leveraged loans to companies backed by private
equity sponsors, (iii) Life Sciences loans to VC-backed and public
pharmaceutical, biotech, and medical device companies, (iv) Real
Estate loans on all types of commercial properties, medical office
buildings, various types of senior housing and skilled nursing
properties, and (v) Lender Finance term loans or revolvers provided
across the consumer and commercial finance sectors. Additional
information about MidCap Financial can be found
at www.midcapfinancial.com
Forward-Looking
StatementsCertain statements included in this press
release may be considered forward-looking. Such statements involve
known and unknown risks, uncertainties and other factors that may
cause actual results, performance or achievements to be materially
different from those implied by such statements, and therefore
these statements should not be read as guarantees of future
performance or results. All forward-looking statements are based on
NOVADAQ’s current beliefs as well as assumptions made by and
information currently available to NOVADAQ and relate to, among
other things, the Company’s strategy, strategic goals, research and
development activities, research and clinical testing outcomes,
taxes, capital expenditures, future operations, future financial
position, future revenues/results, projected costs, prospects and
plans and objectives of management.
Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date of this press release. Due to risks and uncertainties,
including the risks and uncertainties identified by NOVADAQ in its
public securities filings available at
www.sec.gov and www.sedar.com, actual events may differ
materially from current expectations. NOVADAQ disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
NOVADAQ, SPY, PINPOINT, LUNA and the
illumination square design are registered trademarks of NOVADAQ
Technologies, Inc. DermACELL is a registered trademark of
LifeNet Health, Inc.
For more information, please contact:
Lynn Pieper Lewis or Leigh Salvo
(415) 937-5404
investors@novadaq.com
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