Empowering Physicians with Imaging at the Point of Care May 2016

1

Forward Looking Statements 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.

NOVADAQ, SPY, PINPOINT and LUNA are registered trademarks of Novadaq Technologies Inc. DermACELL is a registered trademark of LifeNet Health.

2

3

Investment Thesis

§  Experts in fluorescence imaging -  Created market in surgery and wound healing -  ‘Point-of-Care’ imaging: vascular flow, perfusion, lymph nodes -  180 publications à Improved outcomes, reduced costs

§  Large market opportunity (annual procedures in U.S.) -  Complex surgeries: 1.4 Million -  Wound vascular assessment: 0.6 Million

§  Growth -  2016 expected revenue: $84-86 million, representing 32-35% YoY growth -  Pipeline of new products to sustain continued growth -  Expanding patent portfolio -  Two level 1 clinical studies recruiting

4

SPY Fluorescence Imaging

SPY ELITE Therapy Delivery in Complex High Risk Open Surgery

SPY Elite System

Colorectal Surgery

Breast Reconstruction

Assess tissue perfusion, segment healthy from abnormal tissue

Vascular Surgery

Assess blood inflow and outflow and tissue perfusion

Assess tissue perfusion, guide transection margins

Assess microvascular blood flow, anastomotic patency and perfusion

Head and Neck Surgery

Colorectal Surgery

5

PINPOINT Therapy Delivery in Complex, High Risk Minimally Invasive Surgeries

Colorectal Surgery

Assess tissue perfusion, healthy versus unhealthy tissue

Lap Cholecystectomy

Visualize critical anatomy, such as bile and cystic ducts

PINPOINT System

SLN

Visualize lymph nodes*, improve cancer staging

Gynecological Cancer* Bariatric Surgery

Visualize tissue perfusion and critical anatomy

*Not yet cleared of approved by the U.S. FDA 6

LUNA Transforms Outpatient Assessment of Wounds

Limb Salvage

Visualize hyperemia for better staging of wound disease

LUNA System

15 5

Serial Functional Imaging and Analysis

LUNA Score

7

Ecosystem – Fluorescence Imaging Continuum Of Care

NOVADAQ Surgery

•  SPY Elite Open

•  PINPOINT Minimally Invasive

•  Firefly Robotic

•  DermACELL PRS

NOVADAQ Diagnostics

•  LUNA Vascular assessment in clinics

•  DermACELL WH

Operating Room Outpatient Clinic

8

Opportunity > 2 Million Complex, High Risk Procedures / Year in U.S.

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

Breast Reconstruction 100,000 Open SPY

Other Reconstruction 250,000 Open SPY

Vascular 100,000 Open SPY

Abdominal Wall 50,000 Open SPY

Maxillofacial / Head & Neck 100,000 Open SPY

Gastrointestinal 200,000 Open or MIS SPY / PINPOINT (50:50)

Lymphatic 400,000 Open or MIS SPY / PINPOINT (25:75)

Gynecological Oncology 100,000 MIS PINPOINT

Cholecystectomy 100,000 MIS PINPOINT

Wound Healing 600,000 Outpatient LUNA

Opportunity Associated with Complex, High Risk Segment of Key Applications

ASPS and SAGES Procedure Statistics, 2015 Medtech Insight Report, U.S. Surgical Volumes 2014-2020

10

Procedure Opportunity per System 70% Surgery, 30% Wound Healing

40%

30% 30%

Wound Healing

MIS Surgery

Open Surgery

Additional commercial relationships: LifeNet Health, Arthrex, ISRG

11

180+!

200,000+!

760+!Standalone Systems!

1700+!FireFly Systems!

•  Includes SPY technology licenses to ISRG •  Data as of Dec 2015

SPY Imaging – Proven Across Multiple Specialties

Peer Reviewed Publications

SPY Technology Procedures SPY Hospitals

Documented Applications

75!

12

Top 50 Cancer Hospitals* Use SPY

University of Texas M.D. Anderson Cancer Center

Houston, TX

Memorial Sloan-Kettering Cancer Center New York, NY

Johns Hopkins Hospital Baltimore, MD

Mayo Clinic Rochester, MN

Dana-Farber/Brigham and Women's Cancer Center

Boston, MA

University of Washington Medical Center Seattle, WA

Massachusetts General Hospital Boston, MA

UCSF Medical Center San Francisco, CA

Cleveland Clinic Cleveland, OH

Ronald Reagan UCLA Medical Center Los Angeles, CA

Duke University Medical Center Durham, NC

Stanford Hospital and Clinics Palo Alto, CA

University of Michigan Hospitals and Health Centers Ann Arbor, MI

University of Chicago Medical Center Chicago, IL

Hospital of the University of Pennsylvania Philadelphia, PA

Barnes-Jewish Hospital/Washington University

Saint Louis, MO

City of Hope Duarte, CA

Moffitt Cancer Center Tampa, FL

New York-Presbyterian University Hospital of Columbia and Cornell

New York, NY

Ohio State University James Cancer Hospital

Columbus, OH

Northwestern Memorial Hospital Chicago, IL

University of Maryland Medical Center Baltimore, MD

University of Minnesota Medical Center Minneapolis, MN

Yale-New Haven Hospital New Haven, CT

NYU Langone Medical Center New York, NY

Vanderbilt University Medical Center Nashville, TN

Roswell Park Cancer Institute Buffalo, NY

University of Iowa Hospitals and Clinics Iowa City, IA

University of Wisconsin Hospital and Clinics

Madison, WI

UPMC-University of Pittsburgh Medical Center

Pittsburgh, PA

Thomas Jefferson University Hospital Philadelphia, PA

Cedars-Sinai Medical Center Los Angeles, CA

Beth Israel Deaconess Medical Center Boston, MA

University of Colorado Hospital Aurora, CO

Shands at the University of Florida Gainesville, FL

University Hospitals Case Medical Center Cleveland, OH

Emory University Hospital Atlanta, GA

Fox Chase Cancer Center Philadelphia, PA

University of California, Davis Medical Center

Sacramento, CA

Rush University Medical Center Chicago, IL

Mount Sinai Medical Center NYU New York, NY

Hackensack University Medical Center Hackensack, NJ

Wake Forest Baptist Medical Center Winston-Salem, NC

University of Kansas Hospital Kansas City, KS

Magee-Womens Hospital of UPMC Pittsburgh, PA

Mayo Clinic Jacksonville, FL

UC San Diego Medical Center San Diego, CA

University of Virginia Medical Center Charlottesville, VA

USC Norris Cancer Hospital Los Angeles, CA

University of California, Irvine Medical Center

Orange, CA *U.S. News and World Report Rankings 2015 13

$10.3 $11.2

$12.1 $13.0

$11.7

$15.1

$17.0

$20.0

$17.7

$6.0

$8.0

$10.0

$12.0

$14.0

$16.0

$18.0

$20.0

$22.0

Q1 2014

Q2 2014

Q3 2014

Q4 2014

Q1 2015

Q2 2015

Q3 2015

Q4 2015

Q1 2016

Mill

ions

$

Total Revenue

528 559

581 591 575

611

647

710

760

450

500

550

600

650

700

750

800

Q1 2014

Q2 2014

Q3 2014

Q4 2014

Q1 2015

Q2 2015

Q3 2015

Q4 2015

Q1 2016

Uni

ts

Installed Base

$3.7 $3.4

$4.3

$5.0 $4.9

$5.7 $6.1

$6.7 $7.0

$2.0

$3.0

$4.0

$5.0

$6.0

$7.0

$8.0

Q1 2014

Q2 2014

Q3 2014

Q4 2014

Q1 2015

Q2 2015

Q3 2015

Q4 2015

Q1 2016

Mill

ions

$

Recurring Revenue

$6.7 $6.9 $7.8

$9.1

$7.5

$10.7

$12.6

$14.4

$12.7

$4.0

$6.0

$8.0

$10.0

$12.0

$14.0

$16.0

Q1 2014

Q2 2014

Q3 2014

Q4 2014

Q1 2015

Q2 2015

Q3 2015

Q4 2015

Q1 2016

Mill

ions

$

Gross Margin

Financial and Corporate Performance

14

Growth Platform

16

0

2

4

6

8

10

12

14

PILLAR II BSLR Trial

Anastomotic Leak Rate

Pillar II – prospective multicenter study

SPY Enables Single Stage Reconstruction

Eliminates a second surgery and multiple post-operative follow-ups

Improving Clinical Outcomes & Enabling New Surgical Procedures

N=139

Delivering More Effective Lifesaving Surgeries

Plante et al., Gyn Onc, 2015 (n=50) Howe et al., Gyn Onc, 2015 (n=100)

Technique SLN identified Bilateral SLNs Identified

Technetium Only 83% 19%

Blue Dye Only 79% 50%

Blue Dye + Technetium 87% 54%

PINPOINT Imaging Only 96% 88%

Sentinel Lymph Node (SLN) Identified in Gynecological Cancers

5-year survival in stage II- IV in ovarian cancer at best case is 70% and the worse case is 17%. 85% of patients with these types of cancers are in stage II- IV.

17

Guaranteed By SPY

When SPY is used in the first surgery and a revision is still necessary, we’ll pay for the tissue.

18

Growth Drivers

1.  Expanded, Focused Sales Channels

2.  International Expansion

3.  New Product Introductions 2016

4.  Outcomes Based Level I Clinical Studies

(FILM Trial)

(PILLAR III)

5.  New Imaging Molecules

1. Expanded, Focused Sales Channels

%

10%

20%

30%

40%

50%

60%

70%

Surgery Wound Care

% Opportunity

20

2. International Expansion

§  Key Markets –  Europe: United Kingdom, Germany and the Nordics –  Asia: China, Japan, Korea

§  Sales Channel –  Regional distributors in place –  NOVADAQ direct management and subsidiary companies in place in

Europe and in Asia

21

3. New Product Introductions 2016

15 5

Color Segmented Fluorescence Imaging

LUNA Score Functional Imaging and Analysis Handheld SPY Imaging

5.0mm PINPOINT Endoscopes

22

4. Outcomes Based Level I Clinical Studies

Randomized multicenter trial of PINPOINT in Colorectal Surgery (n=500-900)

§  25 U.S. centers §  Recruitment on-going §  Interim results report expected at SAGES 2017

FILM Trial

PILLAR III

Obtain FDA Indication for SLN Mapping

A Prospective, Open Label, Multicenter Study of PINPOINT in Gynecological Oncology (n=150)

§  6-8 U.S. and Canadian Centers §  Recruitment on-going §  Results expected Q4-2016

Obtain Outcomes-Based FDA Label

Images Courtesy of Nadeem Abu-Rustum, M.D., NY,NY and Michael Stamos, M.D. Irvine, CA 23

5. New Imaging Molecules

Cancerous tumor fluorescing, the normal tissue is not

Image courtesy of Eben L. Rosenthal, MD, Stanford, CA

24

25

Long-Term Growth

§  First molecule (ICG) – blood flow in vessels, perfusion, lymph nodes -  Product upgrades, new clinical applications

§  Second molecule – on track for announcement in late 2016 -  Critical anatomy -  Enablement of certain new surgeries

§  License or acquire rights to cancer imaging molecules

Summary of Growth Drivers

Drivers 2016 2017 2018

1.  Expanded, Focused Sales Channels

2. International Expansion 3. New Product Introductions 4. Level I Clinical Studies

FILM PILLAR III

5. New Imaging Molecules

Add 40 Sales Pros

NVDQ Direct Team

Clinical Trial and Results Submission to FDA

Clinical Trial and Results Submission to FDA

Hardware/Software

Molecule Identified, Clinical Trial Phases I and II Phase III & NDA or PMA Submission

26