(Source: MARKETWIRE)Novadaq(R) Technologies Inc. (TSX: NDQ), a leading developer of real-time imaging systems for use in the operating room, today announced 2009 second quarter revenues of $1,700,000. In addition, during Q2 2009 the Company received international orders and shipped SPY Systems and consumable supplies for a value of $2,150,000. Because the Company does not have a sufficient collection history in the market in which the equipment was sold, the Company has decided in this instance to record the revenue when the cash is collected for these initial sales. In comparison, recognized revenues in Q2-2008 were $3,457,000. Unless otherwise indicated, all dollar amounts expressed in this press release are United States (U.S.) dollars.

As of June 30, 2009, the Company had cash, cash equivalents and short-term investments totaling $8,229,000. The Company's cash used in operating activities was $376,000 in Q2-2009 compared to $4,194,000 in Q2-2008. Based on the current cash utilization the Company believes it has sufficient cash resources to support operations through the end of year 2010. Novadaq's Q2-2009 net loss was $3,358,000, or $0.14 per share, compared to $4,371,000, or $0.18 per share, in Q2-2008.

The Company also announced that it met the first of three developmental milestones under its License and Development Agreement with Intuitive Surgical (NASDAQ: ISRG) in Q2-2009. Subsequent to the second quarter, Novadaq received 510(k) clearance for the SPY Endoscopic Imaging System from the U.S. Food and Drug Administration (FDA) for use in minimally invasive surgery. SPY scope is currently being trialed in hospitals in the United States and is expected to be commercially launched before the end of this year.

Commenting on the release, Novadaq's CEO and President, Dr. Arun Menawat said, "It is not a surprise that the US healthcare market for capital equipment is difficult, but I am pleased with the results of our international efforts to mitigate potential risks. We believe that the global opportunities will continue to grow, although we will be conservative in recognizing revenues at this early stage."

Conference Call

Novadaq is pleased to invite all interested parties to participate in a conference call on August 12 at 10:00 a.m. Eastern Time during which the results will be discussed.

Those wishing to access the live conference call by telephone should dial 1-877-407-0778 (within Canada and the United States) or 1-201-689-8565 (international callers) several minutes prior to the beginning of the call. A telephonic replay of the conference call will be made available until 08/19/09 at midnight and can be accessed by dialing 1-877-660-6853 (within Canada and the United States) or 1-201-612-7415 (international callers) and entering the account number 286 and the conference identification number 329261 when prompted.

The call will also be webcast live and archived for 365 days on the company's website at http://www.novadaq.com under the "Events" tab in the Investors section. In addition, a replay of the call will be available for download to a portable audio player or computer, as an MP3 or podcast file, at the same location on Novadaq's website.

About Novadaq Technologies Inc.

Novadaq develops and commercializes real-time imaging systems for use in the operating room. Novadaq's SPY(R) Imaging System uniquely enables surgeons to visualize blood vessels, tumors, tumor margins, blood flow and the lymphatic system in real-time during surgery. This core technology is now being applied across multiple surgical markets such as cardiac, plastic and reconstructive, urological, general, micro and transplant. The PINPOINT(TM) System for endoscopic autofluorescence imaging is Novadaq's first minimally invasive product. PINPOINT allows surgeons to differentiate between healthy and cancerous tissue in the lung and other hollow organs. To expand its portfolio of minimally invasive products, Novadaq developed SPY scope which combines the typical features of a standard endoscope with the capabilities of SPY Imaging. The ability to visualize tissue perfusion and flow through vessels, ducts and the lymphatic system adds another dimension to the images available to surgeons during endoscopic surgical procedures. Novadaq also leverages its core technology to offer the OPTTX(R) System, which is designed for the diagnosis, evaluation and treatment of wet Age-related Macular Degeneration (AMD). Novadaq is the exclusive United States distributor of PLC Medical's CO2 HEART LASER(TM) System, which is used in the same cardiac procedures as the SPY Imaging System. For more information, please visit the company's website at http://www.novadaq.com.

Forward-Looking Statements

Certain 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.