Increased revenues from its Spy intraoperative imaging system helped surgical imaging developer Novadaq Technologies to a revenue gain and lower net loss in its fourth quarter.
For the period (end-December 31), Novadaq had revenue of $2.3 million, up 27.2% from the $1.8 million turned in during the fourth quarter of 2009. Novadaq had a net loss of $3.1 million, compared with a net loss of $5.3 million a year ago.
For 2010, Novadaq had revenue of $14.9 million, up 81.3% from the $8.2 million reported in 2009. The company had a net loss for 2010 of $13.9 million, compared with a net loss of $15 million for 2009.
In 2010 highlights, Novadaq said that recurring revenues for its Spy system increased by 44% for 2010 and by 9% in its fourth quarter. Fourth-quarter revenues were shared with new sales and marketing partner LifeCell.
Novadaq attributed the majority of the revenue gains to increasing adoption of Spy in plastic reconstructive surgery.
