BUZZ-Novadaq Technologies Inc: Posts smaller-than-expected loss

Thu Oct 29, 2015 12:08pm EDT
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** Medical imaging company's Toronto-listed shares up 18.1 pct at C$17.28; U.S.-listed stock up 17 pct at $13.03

** Reports smaller-than-expected loss, driven mainly by higher adoption of SPY imaging technology used in surgical procedures

** Revenue of $17 mln beats estimate of $16.5 mln

** Canaccord Genuity raises PT to $16 from $15.50; median PT $15.75

** Surge in revenue suggests that company's transition to direct-sales model from one based on partnership may be the right strategy, Wedbush Securities analyst Tao Levy writes

** Separately, New York-based fund Broadfin Capital LLC discloses passive stake in Novadaq on Thursday

** Up to Wednesday's close, Toronto-listed stock had risen about 5 pct over the last 12 months