August 2015

Imaging In The Operating Room

NASDAQ:NVDQ TSX:NDQ

The statements and discussions contained in this presentation that are not historical facts constitute forward-lookingstatements, 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 identifyforward-looking statements. These forward-looking statements and estimates as to future performance, estimates as tofuture valuations and other statements contained herein regarding matters that are not historical facts, are onlypredictions, and that actual events or results may differ materially. We cannot assure or guarantee you that any futureresults described in this presentation will be achieved, and actual results could vary materially from those reflected insuch forward-looking statements due to numerous known and unknown risks and uncertainties, including the “RiskFactors” described in our filings with the Ontario Securities Commission and the U.S. Securities and ExchangeCommission. Information contained in this presentation has been compiled from sources believed to be credible andreliable. However, we cannot guarantee such credibility and reliability. The forecasts and projections of eventscontained herein are based upon subjective valuations, analyses and personal opinions. All forward-looking statementsare qualified in their entirety by this cautionary statement, and Novadaq undertakes no obligation to revise or updatethis 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 orsolicitation, 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 aregistered trademark of LifeNet Health.

Forward-Looking Statements

SPY Fluorescence Imaging Blood Flow, Tissue Perfusion & More

SPY ELITEOpen Surgery

FIREFLYRobotic Surgery

PINPOINTEndoscopic Surgery

LUNAWound Healing

Launched 2006 Launched 2011 Launched 2013 Launched 2013

SPY Imaging Products

Startup Partnered Direct

Market Creation Market Penetration

SPY ELITEOpen Surgery

• Tissue perfusion, in real time in the operating room

• Q2 installed base ~ 400

• Most advanced application to-date is breast reconstruction surgery

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Plastic Reconstructive Colorectal & General

FIREFLY Robotic Surgery

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

• Q2 FireFly installed base ~ 1300

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PINPOINT Minimally Invasive Surgery Platform

• Designed for complex surgeries• Continuous surgery, on-demand SPY

Fluorescence imaging• HD best in class image quality

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LUNA Wound Healing

• Perfusion assessment system designed specifically for the wound clinic

• Drives clinical treatment decisions and enables serial follow-up

• Reimbursement coverage; generates clinic revenue through increased patient referrals and compliance

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Market Opportunity

Accountable Care Organizations: 2013 Program Analysis

• 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 $17 Billion

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

Significant Unmet NeedData From AHRQ

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

• Steven R. Jacobson, MD et al study presented in Q2-2015

• Based upon an analysis of 942 patients

• Patients whose breast(s) were reconstructed using SPY Elite had 83% lower necrosis rate

• Authors determined worth over $850,000 if used routinely over a five-year period

“The Clinical Efficacy and Financial Impact of Laser-Assisted Indo-Cyanine Green Angiography Implant Based Breast Reconstruction”

Answering the CallSPY Imaging Value Proposition

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

Breast Reconstruction 100,000 Open SPY

Abdominal Wall 50,000 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/FireflyMaxillofacial/Head & Neck 100,000 Open SPY

Other Reconstruction 250,000 Open SPY

Vascular 100,000 Open SPY

Wound Care 600,000 OutpatientOpen LUNA

A SPY In Every Operating RoomPrimary Imaging For Complex Surgery

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Significant Market Opportunity No Current Competition

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• Estimated Annualized Revenues @ 25% of Addressable U.S. Complex Surgery Market = $500 Million

• Potential Worldwide Revenues = 2X of U.S.

34%

37%

29%

Estimated U.S. Complex Surgery Volume Per Year By Device

PinpointSPYLUNA

Growth Strategy

Additional Clinical Studies: Level 1 Data

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

PILLAR III 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 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

Obtain Outcomes-Based FDA Label

Continuous Innovation

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Our development efforts fit into 3 general categories1. Performance improvements to existing technologies2. Innovation designed to address gaps in the continuum of care3. Functional innovation that delivers additional clinical benefit

Build On Strong Proprietary Position

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

Strategic Expansion of Product Offering

• NOVADAQ is now the exclusive worldwide distributor of LifeNetHealth’s DermACELL tissue products

• LifeNet is the world’s 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/year in U.S.

• 48 method and/or use patents

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Proven clinical and call point synergy between the use of tissue matrices and the ability to assess the quality of tissue perfusion

Continuum of Care Ecosystem

NOVADAQ Surgery

Today

• PINPOINTMinimally Invasive

• SPY Elite Open

• Firefly Robotic

NOVADAQ Diagnostics

Today

• LUNAWound Care

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Operating Room Primary Care Physician

Tomorrow

• Radiopharmaceutical

Tomorrow

• Laser Doppler

Outpatient ClinicOperating Room Primary Care PhysicianOutpatient Clinic

NOVADAQ is the only company that can provide a comprehensivefluorescent imaging solution to and across the entire hospital

Corporate Performance

Strong Growth

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Revenue

Installed Base Procedures

Q1-

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Q1-

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Q2-

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Q3-

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Q4-

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Q2-

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Q1-2015 Q2-2015 Change

REVENUES (millions)

Recurring $4.9 $5.7 +15%

Capital $3.6 $6.5* +82%

Total Direct $8.5 $12.2 +43%

Partnered/International $3.2 $2.9 -9%

Total $11.7 $15.1 +29%

Gross Margin 62% 71% +9 points

INSTALLED BASE

Direct Systems 575 611 +6%

Recurring Revenue/Direct System $8,566 $9,251 +8%

Quarterly Metrics

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• Sold 42 devices of all types (SPY Elite, PinPoint and LUNA) in the quarter; average ASP ≈ $154,800

In Conclusion

• Transition phase from partnered business to direct sales business is complete. 80% of revenues in 2015 are from direct sales

• Building and maintaining a clinical ecosystem – offers several embodiments of SPY technology for use within the operating room and outside of it

• Well defined, significant market opportunities both at home and abroad

• Strong IP position

• Combination of capital sales and recurring revenues; both revenue components will grow in tandem as SPY technology installed base expands, device utilization grows and tissue gains sales traction

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Moving Forward