Novadaq Technologies of Toronto reported higher sales for its second quarter (end-June 30), although the company's net loss grew as well.
For the period, Novadaq reported revenues of $3.75 million (U.S.), compared with revenues of $509,000 in the same period of 2006. The company said the main reason for the revenue growth was its March 2007 acquisition of the CO Heart Laser business for transmyocardial revascularization therapy from Edwards Lifesciences of Irvine, CA.
For the period, Novadaq posted a net loss of $3.4 million, compared with a net loss of $2.6 million in the second quarter of 2006. The company said the higher loss was primarily the result of higher sales and marketing expenses, as well as an increase in general and administrative expenses.
By AuntMinnie.com staff writers
August 8, 2007
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