Novadaq 'Positioned For A Strong Run'; Canaccord Reiterates Buy

Canaccord's Jason Mills reiterated Novadaq Technologies Inc. NVDQ's Buy rating with an unchanged price target of $15. The reiteration came after Canaccord met with Novadaq's CEO and CFO.

After meeting management, Mills "came away even more bullish on the company's growth prospects and upside potential" and was especially impressed with the company's portfolio. "Novadaq's broad, synergistic product portfolio, coupled with its large and growing direct sales force… [will lead] to profitability without the need for additional capital," said Mills.

Most notable of Novadaq's portfolio included:

• The company's proprietary fluorescent imaging platform, "which has yet to challenge by a viable competitor."
• DermAcell tissue matrix, which targets breast reconstruction and wound care.
• New imaging molecules which "are expected to be announced at the company's analyst meeting in November."

All three of these products could be at least a material near-term of long-term growth driver said the analyst.

At time of writing, Novadaq traded at $10.94.