NASDAQ approves Novadaq listing
The common shares of Novadaq Technologies (TSX:NDQ) have been approved for listing on the NASDAQ Global Market under the ticker symbol NVDQ, and the shares will begin trading today.
“The United States represents the largest market opportunity for Novadaq’s products and as the awareness for SPY Imaging has grown, many in the U.S. have expressed interest in investing in our company,” CEO Dr. Arun Menawat said in a statement. “We are pleased to now be listed on the NASDAQ stock market, so we may better serve the U.S. investment community.”
Novadaq has retained its listing on the Toronto Stock Exchange under the ticker symbol NDQ. In connection with its NASDAQ listing, Novadaq’s Form 40-F is available at www.sec.gov.
In a new report, Bryon Capital Markets analyst Doug Loe endorses the U.S. listing because all three of Novadaq’s value-driving partnerships are with U.S. firms: robotic surgery leader Intuitive Surgical, wound care leader Kinetic Concepts and tissue regeneration leader LifeCell.
Mr. Loe maintained his “buy” rating on Novadaq, with a price target of $11, and his “Top Pick” status for the stock.
“Our model assumes Novadaq can achieve fiscal 2014 revenue of $61.4 million, EBITDA of $26.4 million and fully-diluted earnings per share of 68 cents,” he said, adding that the fiscal 2011 performance “gives us confidence that our projections are conservative and achievable.”