With second quarter results in hand, Novadaq (NVDQ) continues to look like a rare med-tech story with both very strong growth and large addressable markets trading at something close to a reasonable valuation. "Reasonable" is a subjective assessment, of course, it will take many years of exceptional growth for Novadaq to earn its valuation, but I believe the company's strong portfolio of surgical imaging technologies can drive that growth.
Fine On Revenue, Light On Margins
It may be an exaggeration to say that the Street only cares about Novadaq's revenue growth today, but it wouldn't be much of an exaggeration. To that end, I expect management's somewhat cautious commentary about the capital equipment environment to give investors...
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