Needham & Company Reiterates a 'Buy' on Novadaq Technologies (NVDQ); SPY Units and Kits Exceeding Expectations

Needham & Company reiterates a 'Buy' on Novadaq Technologies (NASDAQ: NVDQ) price target raised from $7 to $8.

Analyst, Dalton Chandler, said, "NDVQ’s SPY system and procedure kit shipments continue to exceed even our optimistic estimates, which provides significant financial benefits for future periods. Earlier than expected placement of capital equipment has a compounding effect on disposables revenue. This means there are more units in future periods than previously forecast, and those units reach maturity faster, which means their disposables use ramps sooner."

FY12 EPS estimate lowered from (0.09) to (0.15) and FY13 raised from $0.14 to $0.15.

For an analyst ratings summary and ratings history on Novadaq Technologies click here. For more ratings news on Novadaq Technologies click here.

Shares of Novadaq Technologies closed at $6.76 yesterday.

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