Novadaq Technologies of Toronto, developer of the Spy fluorescence-guided imaging system for cardiac studies, reported a sales uptick for its fiscal 2006 second quarter (end-June 30).
Revenue increased to $509,000 (U.S.) during the period, compared with sales of $64,000 in the same quarter last year, according to the firm.
However, the company's net loss increased to $2.6 million during the quarter, compared with a net loss of $2.3 million in the same period last year. In addition, the net loss for the quarter increased by approximately $237,000 from the net loss in the first quarter of fiscal 2006, the company said.
The firm attributed the rise in its net loss to an increase in sales and marketing costs, as well as research and development expenses.
By AuntMinnie.com staff writers
August 8, 2006
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