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Novadaq Technologies gets thumbs up from Wedbush

Thursday, October 6, 2016 8:38
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Broker Wedbush rates medical technology group Novadaq Technologies (NVDQ) as ‘outperform’, saying it sees the firm’s growth in the near term to be driven by the breast reconstruction market.

“Novadaq’s SPY fluorescence imaging technology has rapidly emerged as a critical intraoperative diagnostic tool during breast reconstruction surgery, and our proprietary surgeon survey suggests the technology should gain greater adoption, potentially becoming standard of care within the next 5 years,” said the broker in a note.

The technology allows medics to see blood flow in vessels, micro-vessels, tissue perfusion and other structures in treatment.

It is currently used in around 20% of breast reconstruction surgeries.

The survey was conducted by the broker and gives it greater confidence that the group’s SPY fluorescence and DermACELL acellular dermal matrix (ADM) are well positioned to gain share in the US$500mln plus breast reconstruction market opportunity.

Wedbush puts a US$17 price target (12 months) on the shares, which is a  good distance from the current price of US$11.32.

Story by ProactiveInvestors


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