May 2015

Enabling Physicians to Go Beyond the Visual Boundaries

of the Human Eye

NASDAQ:NVDQ; TSX:NDQ

The statements and discussions contained in this presentation that are not historical facts constitute forward-looking statements, which may be identified by the use of forward-looking words, including but not limited to, believes, expects, may, intends, anticipates, plans, estimates and analogous or similar expressions intended to identify forward-looking statements. These forward-looking statements and estimates as to future performance, estimates as to future valuations and other statements contained herein regarding matters that are not historical facts, are only predictions, and that actual events or results may differ materially. We cannot assure or guarantee you that any future results described in this presentation will be achieved, and actual results could vary materially from those reflected in such forward-looking statements due to numerous known and unknown risks and uncertainties, including the Risk Factors described in our filings with the Ontario Securities Commission and the U.S. Securities and Exchange Commission. Information contained in this presentation has been compiled from sources believed to be credible and reliable. However, we cannot guarantee such credibility and reliability. The forecasts and projections of events contained herein are based upon subjective valuations, analyses and personal opinions. All forward-looking statements are qualified in their entirety by this cautionary statement, and Novadaq undertakes no obligation to revise or update this presentation to reflect events or circumstances after the date hereof.

This presentation shall not constitute an offer to sell or the solicitation of an offer to buy any securities. Such an offer or solicitation, if made, will only be made pursuant to an offering memorandum and definitive subscription documents.

Forward-Looking Statements

Readmission following an acute care hospitalization is a costly and often preventable event.

Research shows that nearly one in five Medicare patients were

readmitted within 30 days and 90% of these were unplanned.

Cost of Medicare readmissions exceeded $17B

Affordable Care Act mandates readmission reductions - excessive readmissions reduces hospital payments.

Accountable Care Organizations: 2013 Program Analysis

Weiss, et al., AHRQ Pub. No. 10 (11)- EHC009-2-EF. Agency for Healthcare Research and Quality, Rockville, MD 2013

Unmet Need Data From AHRQ

Imaging

X-Ray

MRI

PET

CT

Sales channel Radiology, CIO, Cardiology

Large devices requiring significant infrastructure

Capital revenues >>$MM Service revenues Replacement cycles

Traditional Imaging Domain of the Diagnostician

Endoscopy

Rigid

Angled

Flexible

Video

Surgeons are limited to their Eyesight or Visible Light Endoscopes to See in the Operating Room

Imaging innovations in endoscopy have paralleled advances in commercial photography and delivery of visible light

Analog 2 M Pix Digital HD M Pix

Evolution of Endoscopy

SPY Fluorescence Imaging Blood Flow, Tissue Perfusion & More

SPY Elite Open Surgery

FIREFLY Robotic Surgery

PINPOINT Endoscopic Surgery

LUNA Wound Healing

Year introduced 2006 Updated Jan 2011

2011

2013 Updated Jan 2015

2013

SPY Imaging Products

PINPOINT System Overview Minimally Invasive Surgery

8

Versatile and easy to use in the OR On-demand SPY Fluorescence imaging HD images Real-time views of perfusion and anatomy not

visible to the human eye

PINPOINT System Key Laparoscopic Applications

Colorectal Surgery Cholecystectomy

Esophagectomy Lymphatics*

*The use of SPY imaging for lymph mapping has not yet been cleared or approved by the FDA

9

Enables surgeons to visualize blood flow and tissue perfusion, in real time in the operating room

Historically sold through LifeCell in the U.S.

Effective January 2015, all U.S. marketing and distribution rights transferred back to NOVADAQ

.

SPY Elite System Overview Open Surgery

10

SPY System Open Surgery Applications

11

Plastic Reconstructive Surgery Cardiac Surgery

Colorectal & General Surgery Vascular Intervention

Firefly System Overview Robotic Surgery

NOVADAQs SPY Fluorescence imaging technology is integrated into the Intuitive Surgical da Vinci Xi surgical robotic system as standard

12

LUNA is a perfusion assessment system designed specifically for the wound clinic

Drives clinical treatment decisions & enables serial follow-up

Generates revenue through increased patient referrals and compliance

Reimbursement coverage

13

LUNA System Overview Wound Healing

LUNA demonstrated an improvement in arterial perfusion and venous outflow from pre- to post-peripheral intervention

LUNA System Clinical Value

Building a Continuum of Care Ecosystem

NOVADAQ Surgery

Today

PINPOINT | Minimally Invasive Surgery

SPY Elite | Open Surgery

Firefly | Robotic Surgery

NOVADAQ Diagnostics

Today

LUNA | Wound Healing

Operating Room Primary Care Physician

Tomorrow

Radiopharmaceutical Imaging

Tomorrow

Laser Doppler Imaging

Outpatient Clinic Operating Room Primary Care Physician Outpatient Clinic

15

Application Patients/Year (U.S.) Surgery Type Device

Abdominal Wall 50,000 Open SPY

Breast Reconstruction 100,000 Open SPY

Cholecystectomy 100,000 MIS PINPOINT/Firefly

Gastrointestinal 200,000 Open or MIS SPY/PINPOINT/Firefly

Gynecological Oncology 100,000 MIS PINPOINT/Firefly

Lymphatic 400,000 MIS or open PINPOINT/Firefly

Maxillofacial/Head & Neck 100,000 Open SPY

Other Reconstruction 250,000 Open SPY

Vascular 100,000 Open SPY

Wound Care 600,000 Outpatient Open LUNA

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A SPY In Every Operating Room Primary Imaging For Complex Surgery

Growth Strategy

Adoption Drivers Existing Support

Clinical Data More than 140 peer reviewed publications

Key Opinion Leading Advocates Install base includes the top 50 hospitals*

Case Studies Over 75 different surgeries reported

Surgeon Education More than 3000 surgeons attending iSPIES

Economic Studies and Evidence Emory, Mayo, Dartmouth, Cleveland- have it

Multiple Specialties Participate More than 10+ specialties today

Mind Share Size of the sales team >100

Continuous Product Development Investments $10M/year

Marketing Message for Hospitals Dynamic evolving branding

18

The SPY Imaging Revolution

* U.S. News and World Report, Best Hospitals in the U.S.

Laser-assisted fluorescent-dye angiography has confirmed the critical relationship between good perfusion and anastomotic healing2

PILLAR II

8% of patients benefited from a change in operative plan due to PINPOINT, resulting in a 0% anastomotic leak rate3

Esophagectomy Colectomy

represents the anastomotic leak rate in resections performed in the PILLAR II trial3 (n=139)

1.4%

of low anterior resections performed in the BSLR study resulted in an anastomotic leak4

12.6%

1. Jewell et al., Gynecol. Oncol. 2014 2. Zehetner J, et al. Ann Surg. 2014;00:1-5 3. Jafari et al. JACS. Submitted 2014 4. Senagore A, et al. Dis Colon Rectum. 2014 Mar;57(3):32430

0%

10%

20%

30%

40%

50%

Good Perfusion

Poor Perfusion

2% 45%

(n=150)

*SPY imaging for lymph mapping has not yet been cleared or approved by the FDA

130 + Clinical Publications

19

Ana

stom

otic

leak

rate

Detection of Sentinel Lymph Node Using Indocyanine Green for Gynecological Malignancies

Median SLNs removed per patient: 3, (n= 227) ICG has significantly higher bilateral detection

rate for SLNs and will greatly reduce the need for hemi-pelvic lymphadenectomy

Sentinel Lymph Node Mapping*

78 80 82 84 86 88 90 92 94 96

Uni

late

ral D

etec

tion

Rat

e

Randomized multicenter trial (n=500-900)

Establish evidence to promote standard of care in assessing perfusion in anastomosis

Confirm a significant reduction in anastomotic leak rates

Reduce patient complications and health care costs

12.6%

FILM Trial Obtain FDA Indication for SLN Mapping

A Prospective, Open Label, Multicenter Study Investigating the use of PINPOINT in SLN Mapping (n=150)

Objectives: To determine the safety and efficacy of ICG

fluorescence imaging in lymphatic mapping

Long-term Goals: Adoption of ICG-fluorescence guided SLN

mapping for all surgical oncology applications

PILLAR III Obtain Outcomes-Based FDA Label

Clinical Studies: Level One Data

LifeNet Health is the worlds largest provider of organs, tissues and cells for transplantation

Committed to maximizing the gift of donation

Vertically integrated from Recovery through Distribution

Distribute 440,000+ Implants per year in US

48 method and/or use patents

Continued Expansion of Ecosystem

21

NOVADAQ Appointed Exclusive Worldwide Distributor of LifeNets DermACELL Tissue Products

50+ patent families including granted patents and applications Hardware, software, methods - vascular flow, perfusion, perforators,

ingress/egress, simultaneous display, quantification

Recent additions surgical scintigraphy imaging, fluorescent marker, lymph node and nerve localization, erythrocyte loading, Laser Doppler

Continued Innovation

Our Development efforts fit into 3 general categories

1. Performance improvements to existing technologies 2. Innovation designed to address gaps in the continuum of care 3. Functional innovation that delivers additional clinical benefit

22

Corporate Performance

Strong Growth

0 250 500 750

1,000 1,250 1,500 1,750 2,000 Installed Base

Tota

l Ins

talle

d D

evic

es

0

2,000

4,000

6,000

8,000

10,000

P

roce

dure

s

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

Rev

enue

(US

$ 0

00s)

Q1-

14

Q1-

15

Q1-

14

Q1-

15

Q1-

14

Q1-

15

Q2-

14

Q3-

14

Q2-

14

Q3-

14

Q2-

14

Q3-

14

Q4-

14

Q4-

14

Q4-

14

Estimated Procedures

Revenue

24

In Conclusion

PINPOINT Endoscopic Surgery

LUNA Wound Healing

April 2014

May 2013

2014 Direct Sales / Partnered Sales Ratio = 30/70

Direct Products: 2014 Selling Two Products

DermACELL Plastic Surgery

SPY Elite Open Surgery

PINPOINT Endoscopic Surgery

LUNA Wound Healing

DermACELL Wound Healing

Jan 2015

Returned to

Direct Jan 2015

Completely Upgraded System

Jan 2015

May 2013

Jan 2015

2015 Direct Sales / Partnered Sales Ratio = 80/20

Direct Products: 2015 Selling a Complete Ecosystem