Novadaq (NVDQ) 6-K NOVADAQ Reports 2013 Fourth Quarter and Full Year Financial Results

Exhibit 99.1

For Immediate Release

NOVADAQ Reports 2013 Fourth Quarter and Full Year Financial Results

Toronto, Ontario—February 6, 2014 –Novadaq^® Technologies Inc. (“NOVADAQ” or the “Company”) (NASDAQ: NVDQ, TSX: NDQ), the leading developer and provider of clinically relevant imaging solutions for use in surgical and diagnostic procedures, today announced fourth quarter and full-year 2013 financial results. Unless otherwise indicated, all dollar amounts in this press release are expressed in United States (U.S.) dollars.

NOVADAQ reported total revenues for the fourth quarter and full year 2013 of $10.7 million and $35.0 million, respectively, representing increases of 57% and 52% as compared to the same periods in 2012. Growth was driven by increases in the number of patients treated using NOVADAQ’s fluorescence imaging technologies, and increases in capital sales of our devices.

Fourth quarter and full year 2013 SPY technology revenues were $10.0 million and $31.6 million, respectively, representing increases of 71% and 64% compared to the same periods in 2012. Fourth quarter SPY technology recurring revenues increased by 37% to $4.1 million compared to $3.0 million reported in Q4-2012.

Fourth quarter gross profit of $6.7 million (63% margin), represents an increase of 48% compared with $4.6 million (67% margin), in Q4-2012, and an increase of 17% compared with $5.7 million (65% margin) in Q3-2013.

Fourth quarter of 2013 operating burn (cash burn by operating activities before changes in working capital) was $1.4 million compared with an operating contribution of $1.1 million in the fourth quarter of 2012. During the fourth quarter, working capital consumed $0.7 million, and $1.8 million was invested in fixed assets, the majority of which related to building the SPY technology systems installed bases.

Net loss of $2.7 million for the fourth quarter of 2013 increased by $5.8 million compared with the $3.1 million net profit in fourth quarter 2012. Fourth quarter 2013 loss per share was $0.05. Excluding the impact of non-cash $0.4 million warrants revaluation gain in fourth quarter 2013, loss per share was $0.06.

Cash and cash equivalents were $182.3 million at December 31, 2013, reflecting an increase of $95.4 million, compared to the cash position as of September 30, 2013. On October 29, 2013, NOVADAQ closed the sale of 6,250,000 common shares on a bought deal basis, at a price to the public of $16.75 per common share. After the underwriting commissions and other offering expenses, NOVADAQ received net proceeds of approximately US$99.6 million.

NOVADAQ shipped 143 SPY Fluorescence technology imaging systems during the fourth quarter of 2013. The combined installed base of SPY Fluorescence technology increased by 157 systems and now exceeds 1,200 systems. NOVADAQ estimates that its imaging systems were used in more than 6,400 procedures during the quarter.

“Key accomplishments for NOVADAQ in 2013 included the launch of two new imaging systems, PINPOINT and LUNA, the building of our direct U.S. sales team, and the appointment of a highly capable network of distributors in the Asian markets”, said Dr. Arun Menawat, NOVADAQ’s President and CEO. “Additionally, several clinical studies were presented during the year which confirmed that the use of NOVADAQ’s imaging technologies results in significant clinical benefit in our two lead applications, breast reconstruction and colorectal surgery. We also identified new applications for our imaging systems including lymph node mapping, bile duct imaging during cholecystectomy, and visualization of endometriotic lesions during gynecological surgery. Clinical validation studies are currently underway and we expect initial findings to become available later this year.”

Conference Call

NOVADAQ is pleased to invite all interested parties to participate in a conference call today, Thursday, February 6, 2014, at 8:30 a.m. Eastern Time during which the results will be discussed.

Those wishing to access the live conference call by telephone should dial 1-877-407-8031 (within Canada and the United States) or1-201-689-8031 (international callers) several minutes prior to the beginning of the call. A telephonic replay of the conference call will be made available until midnight on March 6, 2014 and can be accessed by dialing 1-877-660-6853 (within Canada and the United States) or 1-201-612-7415 (international callers) and entering the conference identification number 13575239 when prompted.

The call will be archived for 90 days on the Company’s website at www.novadaq.com under the “Events” tab in the Investors section. In addition, a replay of the call will be available for download to a portable audio player or computer, as an MP3 or podcast file, at the same location on NOVADAQ’s website.

About Novadaq Technologies Inc.

Enabling medical professionals with clinically relevant, point-of-care imaging solutions to enhance the lives of patients and their caregivers, while reducing health care costs, is NOVADAQ’s global mission. SPY^® fluorescence imaging technology provides surgeons with real-time visualization, leading to improved outcomes and reduced costs without exposing the patient to radiation. More than 80 peer-reviewed publications demonstrate that the use of SPY imaging technologies during complex surgery and diagnostic procedures, leads to lower rates of post-operative complications and lower hospital costs.

SPY Imaging Systems are United States Food and Drug Administration 510(k) cleared for use in seven surgical specialties. The endoscopic version of SPY called PINPOINT^®, combines the capabilities of SPY Imaging with high definition (“HD”) visible light visualization offered by conventional endoscopes. LUNA™ is used to assess perfusion in patients being treated for non-healing wounds. In August 2013, NOVADAQ acquired the surgical scintigraphy imaging technology, which is being developed for perioperative imaging of sentinel lymph nodes and tumor margins. NOVADAQ’s unique business model of partnering with market-leading companies to drive adoption of our imaging technology, while building our own commercial infrastructure, is the cornerstone of our corporate strategy for growth.

Forward Looking Statements

Certain statements included in this press release may be considered forward-looking. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements, and therefore these statements should not be read as guarantees of future

performance or results. All forward-looking statements are based on NOVADAQ’s current beliefs as well as assumptions made by and information currently available to NOVADAQ and relate to, among other things, the Company’s strategy, strategic goals, research and development activities, research and clinical testing outcomes, taxes, capital expenditures, future operations, future financial position, future revenues/results, projected costs, prospects and plans and objectives of management.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Due to risks and uncertainties, including the risks and uncertainties identified by NOVADAQ in its public securities filings available at www.sec.gov and www.sedar.com, actual events may differ materially from current expectations. NOVADAQ disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:

David C. Martin

Vice President, Corporate Development and Investor Relations

Novadaq Technologies Inc.

1-905-629-3822 ext: 218

dmartin@novadaq.com

Novadaq Technologies Inc.

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(expressed in U.S. dollars, except common shares outstanding)

	As at December 31, 2013			As at December 31, 2012
ASSETS
Current assets
Cash and cash equivalents	$	182,329,782		$	38,954,181
Accounts receivable		8,502,095			4,056,954
Prepaid expenses and other assets		1,032,431			852,674
Inventories		3,845,695			1,713,577
Non-current assets
Property and equipment, net		13,360,833			10,717,661
Deferred tax assets		—			170,442
Intangible assets, net		3,303,647			1,121,808
Total Assets	$	212,374,483		$	57,587,297
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable and accrued liabilities	$	7,123,563		$	3,407,329
Provisions		187,080			85,260	��
Deferred revenue		380,325			637,864
Deferred partnership fee revenue		1,300,000			1,300,000
Repayable government assistance		17,587			203,148
Non-current liabilities
Deferred tax liabilities		—			170,442
Convertible debentures		—			4,656,746
Deferred revenue		193,626			144,204
Deferred partnership fee revenue		1,991,666			3,291,666
Repayable government assistance		—			17,946
Shareholder warrants		26,065,994			13,002,930
Total Liabilities	$	37,259,841		$	26,917,535
Shareholders’ Equity
Share capital	$	307,103,074		$	139,946,563
Contributed surplus		8,953,041			7,908,224
Equity component of convertible debentures		—			1,454,353
Deficit		(140,941,473	)		(118,639,378	)
Total Shareholders’ Equity	$	175,114,642		$	30,669,762
Total Liabilities and Shareholders’ Equity	$	212,374,483		$	57,587,297
Total number of common shares outstanding		54,894,038			40,226,243

Novadaq Technologies Inc.

CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS

FOR THE YEARS ENDED

(expressed in U.S. dollars, except per share amounts)

	For the three months ended						For the twelve months ended
	December 31, 2013			December 31, 2012			December 31, 2013			December 31, 2012
Product sales	$	9,643,337		$	5,770,240		$	31,019,451		$	19,037,096
Royalty revenue		616,460			545,523			1,889,404			1,849,668
Partnership fee revenue		325,000			325,000			1,300,000			1,300,000
Service revenue		163,555			204,918			811,683			802,296
Total revenues		10,748,352			6,845,681			35,020,538			22,989,060
Cost of sales		4,003,560			2,281,116			12,932,695			8,537,408
Gross profit		6,744,792			4,564,565			22,087,843			14,451,652
Selling and distribution expenses		4,863,437			1,357,015			14,060,861			4,926,376
Research and development expenses		2,281,978			1,640,963			7,974,455			5,958,499
Administrative expenses		2,865,881			1,601,586			7,233,570			6,573,484
Write-down of equipment		—			—			25,488			—
Write-down of inventory		—			—			31,285			57,540
Total operating expenses		10,011,296			4,599,564			29,325,659			17,515,899
Loss from operations		(3,266,504	)		(34,999	)		(7,237,816	)		(3,064,247	)
Finance costs		(3,189	)		(180,405	)		(182,896	)		(707,500	)
Finance income		42,262			20,969			109,089			61,798
Warrants revaluation adjustment		444,995			3,389,066			(15,015,472	)		(8,558,323	)
Gain on investment		—			—			25,000			25,000
Loss from operations before income taxes		(2,782,436	)		3,194,631			(22,302,095	)		(12,243,272	)
Income tax recovery (expense)		67,500			(100,861	)		—			(100,861	)
Net loss and comprehensive loss for the year		(2,714,936	)	$	3,093,770			(22,302,095	)	($	12,344,133	)
Basic income (loss) and comprehensive income (loss) per share for the period		(0.05	)		0.08		($	0.47	)	($	0.32	)
Diluted loss and comprehensive loss per share for the period		(0.05	)		—		($	0.47	)	($	0.32	)

Novadaq Technologies Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED

(expressed in U.S. dollars)

	For the three months ended						For the twelve months ended
	December 31, 2013			December 31, 2012			December 31, 2013			December 31, 2012
OPERATING ACTIVITIES
Loss and comprehensive loss for the year	($	2,714,936	)	$	3,093,770		($	22,302,095	)	($	12,344,133	)
Items not affecting cash
Depreciation of property and equipment		971,446			640,432			3,368,165			2,142,633
Amortization of intangible assets		88,745			284,191			335,428			1,150,626
Stock-based compensation		686,187			395,306			2,543,984			1,316,683
Imputed interest on convertible debentures		—			112,335			169,056			433,292
Warrants revaluation adjustment		(444,995	)		(3,389,066	)		15,015,472			8,558,323
Write-down of equipment		—			—			25,488			—
Write-down of inventory		—			—			31,285			57,540
Gain on investment		—			—			(25,000	)		(25,000	)
		(1,413,553	)		1,136,968			(838,217	)		1,289,964
Changes in non-cash working capital
Increase in accounts receivable		(2,632,136	)		(1,160,376	)		(4,445,141	)		(2,038,172	)
(Increase) decrease in inventories		(165,104	)		161,195			(2,163,403	)		(604,700	)
Decrease (increase) in prepaid expenses and other assets		109,296			3,658			(9,315	)		55,149
Increase (decrease) in accounts payable		2,465,369			(1,059,141	)		3,670,558			839,696
(Decrease) increase in deferred revenue		(439,956	)		262,083			(216,240	)		263,336
Net change in non-cash working capital balances related to operations		(662,531	)		(1,792,581	)		(3,163,541	)		(1,484,691	)
Decrease in long-term deferred revenue		(342,228	)		(316,902	)		(1,300,000	)		(1,325,602	)
Cash used in operating activities		(2,418,312	)		(972,515	)		(5,301,758	)		(1,520,329	)
INVESTING ACTIVITIES
Purchase of property and equipment		(1,958,312	)		(1,592,361	)		(6,424,498	)		(6,511,829	)
Purchase of intangible assets		(39,853	)		—			(2,517,267	)		—
Disposal of property and equipment		161,403			185,666			387,673			275,521
Redemption of long-term investment		—			—			25,000			25,000
Cash used in investing activities		(1,836,762	)		(1,406,695	)		(8,529,092	)		(6,211,308	)
FINANCING ACTIVITIES
Proceeds from issuance of common shares		104,687,500			—			162,544,000			40,336,250
Transaction costs paid relating to issuance of common shares		(5,044,103	)		—			(8,225,673	)		(3,389,352	)
Repayable government assistance		(49,389	)		(53,726	)		(203,507	)		(191,068	)
Proceeds from exercise of options		85,677			10,209			2,484,553			87,492
Proceeds from exercise of warrants		—			202,895			621,912			202,895
												��
Cash provided by financing activities		99,679,685			159,378			157,221,285			37,046,217
Net increase in cash and cash equivalents		95,424,611			(2,219,832	)		143,390,435			29,314,580
Net foreign exchange difference		(8,437	)		(4,011	)		(14,834	)		5,993
Cash and cash equivalents at beginning of year		86,913,608			41,178,024			38,954,181			9,633,608
Cash and cash equivalents at end of year	$	182,329,782		$	38,954,181		$	182,329,782		$	38,954,181