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(http://www.novadaq.com/)

Novadaq@ Technologies Inc. ("Novadaq" or the "Company")

(TSX:NDQ)(NASDAQ:NVDQ), a developer of real-time medical imaging

systems for use in the operating room, will announce its first quarter

2012 financial results prior to the market opening on Friday, May 4,

2012.

Novadaq is pleased to invite all interested parties to participate in

a conference call, on May 4, 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) or

1-201-689-8031 (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 June 4, 2012 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 account number

286 and the conference identification number 393085 when prompted.

The call will be archived for 90 days on the Company's website at

http://www.novadaq.com(http://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.

Novadaq primarily develops, manufactures and markets real-time

fluorescence imaging products that are designed for use by surgeons in

the operating room and other clinical settings where open, minimally

invasive or interventional surgical procedures are performed. The

Company's SPY@ Imaging core technology enables surgeons to visualize

blood flow in vessels, co-joined vessels and micro-vessels, and to

assess the quality of blood perfusion in tissue, without exposing the

patient to radiation. More than 50 peer-reviewed publications

demonstrate that the use of SPY Imaging during complex surgery leads

to fewer post-operative complications and lower hospital costs. The

SPY Imaging System is United States Food and Drug Administration

("FDA") 510(k) cleared for use during a variety of open surgical

applications. The endoscopic version of SPY, which is branded

PINPOINT, combines the capabilities of SPY Imaging with high

definition ("HD") visible light visualization offered by conventional

endoscopes. The majority of Novadaq's current revenues come from

alliances formed with leading companies in relevant markets in which

SPY technology has been demonstrated to improve clinical outcomes in

open, minimally invasive and robotic surgery applications. Novadaq's

first alliance integrates SPY Imaging into the 3-D HD imaging

capabilities of the da Vinci@ Surgical Robotic System offered by

Intuitive Surgical@, Inc. The integrated system, FIREFLY, received FDA

510(k) clearance in February 2011. In September 2010, Novadaq entered

into an exclusive North American sales and marketing alliance with

LifeCell Corporation, for SPY in open plastic and reconstructive,

gastrointestinal and head and neck surgeries. In November 30, 2011,

Novadaq signed exclusive, multi-year sales and marketing agreements

with Kinetic Concepts, Inc., for wound care applications and extended

its agreement with LifeCell for the commercialization of the SPY

System into vascular surgery. In addition, the SPY Imaging System for

cardiac applications is marketed directly, whereas the CO2 Heart

Laser for TMR is distributed by MAQUET Cardiovascular. For more

information, please visit the Company's website at

http://www.novadaq.com(http://www.novadaq.com).

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.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.

Note: Intuitive Surgical and da Vinci are registered trademarks of

Intuitive Surgical.

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