Novadaq Technologies Knocked Back, But A Large Opportunity Remains
Stephen Simpson, CFA • Fri, Sep. 5
- Underlying utilization of Novadaq's surgical imaging technology remains strong, with double-digit sequential growth.
- Confusion over kit pricing, the mix of sold-vs-placed systems, and an increasingly contentious relationship with marketing partner LifeCell add uncertainty and risk to a stock with rich multiples.
- Novadaq still looks meaningfully undervalued on its long-term potential, but the fate of the LifeCell relationship, timing of FDA approvals, and progress with direct sales all could create turbulence.