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Novadaq Technologies Idea Proposal

Novadaq Technologies Idea Proposal

Research Question: Will Novadaq’s SPY Elite be widely adopted and drive the company’s growth in 2016?

Report Available: Nov. 24, 2015


Blueshift’s initial research shows NVDQ’s sales momentum increasing now that its technology is transitioning into the adoption phase. But its SPY fluorescence imaging systems could still be years away from achieving angiography gold standard status, and hospitals have been reluctant to put up the capital to purchase the expensive machines that some of their peers have neglected to use.



  1. NVDQ beat expectations when it posted sales of $17 million for its Q3, which equated to 40% year-to-year growth and 13% sequential growth. Increased adoption of the company’s SPY technology and system price hikes led to the strong quarter. NVDQ sold 47 systems and installed 36 systems in Q3, and has since installed over 20 systems in October alone.
  2. NVDQ’s total addressable market is two million procedures or surgeries per year, 40% of which are appropriate for the SPY system. NVDQ claims it sells hospitals on SPY’s net present value as it saves hospitals $850,000 over the lifespan of the system. It also reduces the surgery complication ratefrom 10%-15% to less than 4%. The SPY will now be sold by an in-house sales team comprised of 80 sales professionals and 45 clinical educators. Sales productivity is already improving, with each sales rep generating $700K in annualized revenue on average, an improvement from $600K in Q2 and $450K in Q1.
  3. According to NVDQ, SPY has no formidable competition. For now, older angiography technologies, including X-ray angiography, the industry’s gold standard, continue to dominate the market.Restricted hospital budgets and larger manufacturers’ stronghold over hospital equipment contracts may continue to slow NVDQ’s progress. Some current and former employees on a message board claimed the morale at NVDQ was poor and that a low percentage of the SPY installed base was actually being used.


Will surgeons begin using SPY more often now that NVDQ has moved its sales force in-house? Will hospitals see the value in SPY and invest the capital? To gain insight into NVDQ and the angiography visualization market, Blueshift will gather data and issue a market research report from independent sources in the following areas: Plastic surgeons using SPY, Plastic surgeons not using SPY, Hospital administrators, Sales professionals, and Industry specialists.


Companies: Novadaq (NVDQ), Hamamatsu Photonics (TYO:6965), Hologic (HOLX), Siemens AG (ERT:SIE) Carl Zeiss Meditech (ETR:AFX), Danaher Corporation (DHR), Stryker (SYK), Perkin Elmer (PK)