Increased revenue from its Spy intraoperative imaging system helped surgical imaging developer Novadaq Technologies to a revenue gain and lower net loss in its first quarter.
For the period (end-March 31), Novadaq had revenue of $2.9 million, up 7% from $2.7 million during the first quarter of 2010. Novadaq had a net loss of $2.4 million, compared with a net loss of $2.7 million for the same period last year.
The company attributed its revenue boost to the launch of its Spy Elite product with partner LifeCell. Spy Elite integrates Novadaq's Spy quantification technology into operating software that allows surgeons to more easily visualize and quantitatively compare perfusion in real-time while in the operating room, according to the firm.
Also contributing to Novadaq's revenue was Intuitive Surgical's February U.S. Food and Drug Administration (FDA) clearance of the company's Spy integrated visualization system, which allows surgeons to perform robotic surgery with fluorescence imaging during a variety of surgeries.
