Novadaq Technologies (NVDQ): Notes From Analyst Day - Wedbush
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Wedbush analyst, Tao Levy, reiterated his Outperform rating on shares of Novadaq Technologies (NASDAQ: NVDQ) after attending the company's Annual Analyst Meeting in NYC. Management used the event as a forum to discuss the company’s numerous growth opportunities, highlight the latest clinical evidence in support of broader adoption of SPY fluorescence technology, and introduce investors to some potential business model adjustments designed to ensure that it can grow revenues at 30% or greater y/y and reach cash flow breakeven in 1Q18.
The analyst found the in depth discussion on the lymphatics opportunity very interesting and believes that an easier way to identify lymph nodes is of significant interest to the minimally invasive surgeon community. In order to obtain FDA approval for the use of Pinpoint + ICG to help identify lymph nodes in women with uterine and cervical malignancies, Novadaq is enrolling patients in its FILM clinical trial. Approximately 70 women have been enrolled in the study (out of 150), which is expected to be completed in 1Q17. Thus far, management has not provided many details on the regulatory pathway, as it deems this information a competitive advantage.
No change to the price target of $17.
Shares of Novadaq Technologies closed at $8.88 yesterday.
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