Novadaq Technologies (NVDQ): Positive Growth Dynamics Highlighted At iSPIES - Wedbush
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Wedbush analyst, Tao Levy, reiterated his Outperform rating on shares of Novadaq Technologies (NASDAQ: NVDQ) along with the price target of $17 after attending one of Novadaq’s iSPIES Summits. iSPIES summits are company-sponsored medical educational symposiums held three times a year designed to bring together healthcare professionals to present and discuss the use of SPY Fluorescence Imaging Technology across the company’s three surgical specialties (i.e., plastic and reconstructive surgery, endoscopic surgery, and wound care).
The analyst noted that critics point out that using SPY on all patients is unnecessary but KOLs at the meeting noted that there is not a good way to know which patient may develop an adverse event. The only technology that has shown to reduce the risk of an adverse event is SPY fluorescence.
No change to the $17 PT which is based on applying a 6x EV to 2018 sales of $176 million and adding back $2/share in cash.
Shares of Novadaq Technologies closed at $11.72 yesterday.
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