Novadaq Announces Restatement of Q1 2007 Financial Statements

Wednesday, August 15, 2007 General News
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TORONTO, Aug. 15 /PRNewswire-FirstCall/ - Novadaq(R) Technologies Inc.(TSX: NDQ), a developer of real-time medical imaging systems and image guidedtherapies for the operating room, announced today that it has filed restatedunaudited interim financial statements for the three months ended March 31,2007 with the Canadian securities regulatory authorities. The restatement hasno impact on previously reported net income, earnings per share, revenue,cash, total assets, or shareholder's equity and only relates to the accountingtreatment, in the Company's Consolidated Statement of Cash Flows of the assetsacquired from Edwards Lifesciences LLC relating to the exclusive distributionrights to PLC Medical System, Inc.'s Heart Laser System for transmyocardialrevascularization (the "Edwards TMR Business") in the United States.

Novadaq has restated the Consolidated Statement of Cash Flows for thethree months ended March 31, 2007 to reclassify the acquisition of inventoryand assumption of accounts payable related to the Edwards TMR Business asinvesting activities, rather than non-cash working capital changes relating tooperations. In addition, certain non cash financing and investing activitiesalso related to the acquisition of the Edwards TMR Business have been removedfrom the Consolidated Statement of Cash Flows for such period and disclosed asnon-cash financing and investing activities in Note 7 to the unaudited interimfinancial statements for the period.

Immediately upon recognition of this historical accounting error,Novadaq's audit committee and its board of directors, on the recommendation ofmanagement, concluded that it was appropriate to restate the Company'sunaudited interim financial statements for the three months ended March 31,2007. Accordingly, Novadaq's financial statements as previously published andfiled in respect of such period should no longer be relied upon. The pressrelease issued on August 7, 2007 relating to the financial results of theCompany for Q2 did not reflect the Q1 restatement and accordingly, should notbe relied upon. The Company's Q2 financial statements have been filed on SEDARconcurrently with this press release and reflect the restatement. Therestatement of Q1 has no impact on previously reported net income, earningsper share, revenue, cash, total assets, or shareholder's equity.

About Novadaq Technologies

Novadaq Technologies Inc. (TSX: NDQ) develops and commercializes medicalimaging systems and real-time image guided therapies for use in the operatingroom. Novadaq's proprietary imaging platform can be used to visualize bloodvessels, nerves and the lymphatic system during surgical procedures. Novadaq'sSPY(R) Imaging System, commercially available worldwide, enables cardiacsurgeons to visually assess coronary vasculature and bypass graftfunctionality during the course of open-heart surgery. Novadaq's OPTTX(R)System which received CE Mark approval in November 2006, is aimed at thediagnosis, evaluation and treatment of wet Age-related Macular Degeneration(AMD) by using the same core imaging technology that is used in the SPYImaging System. The HELIOS(TM) Imaging System, which received FDA clearance inJanuary 2007, is the first fluorescent imaging system available for use duringplastic reconstructive surgery allowing surgeons to evaluate pre- andintra-operative blood flow, as well as post-surgery perfusion. Novadaq'sLUNA(TM) Imaging System is designed to enable surgeons to visualize nervebundles during the course of urological and neurological procedures. LUNA hasbeen granted a license for use by Health Canada. Novadaq is also the exclusiveUnited States distributor of PLC Medical's CO(2) HEART LASER(TM) System forTMR (Trans-Myocardial Revascularization). Novadaq recently acquired acomprehensive portfolio of minimally invasive native tissue fluorescenceimaging technology with the vision to expand the applications for this

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