TORONTO, Ontario, March 29, 2024 (GLOBE NEWSWIRE) — Titan Medical Inc. (“Titan” or the “Firm”) (TSX: TMD; OTC: TMDIF), as we speak reported monetary outcomes for the fiscal yr ended December 31, 2023.
Latest Actions:
- On August 14, 2023, the Firm introduced the appointment of Dr. Daniel O’Brien, MD, MBA, Ph.D to its Board of Administrators.
- On August 21, 2023, the Firm introduced a licensing settlement with Auris Well being, Inc., a Johnson & Johnson MedTech Firm.
- On October 18, 2023, the Firm introduced it had modified its auditor from BDO Canada LLP to MNP LLP.
- On March 18, 2024, the Firm introduced it has entered right into a definitive amalgamation settlement (the “Definitive Settlement”) with Conavi Medical Inc. (“Conavi”) to mix the businesses in an all-stock transaction (the “Transaction”). Underneath the phrases of the Definitive Settlement, a newly integrated and wholly-owned subsidiary of the Firm and Conavi will amalgamate and the shareholders of Conavi will probably be issued Frequent Shares of the Firm (“Frequent Shares”) primarily based on an trade ratio to be decided pursuant to the Definitive Settlement. Titan is concentrated on the execution of the Transaction, however the Transaction stays topic to plenty of situations precedent set forth within the Definitive Settlement, together with the approval of the Firm shareholders, the Conavi shareholders, and the approval of the TSX Enterprise Change for the itemizing of the Frequent Shares following closing of the Transaction.
Monetary Highlights:
As of December 31, 2023, Titan had money of $7.5 million, in comparison with $3.3 million on December 31, 2022. Working capital improved to $5.5 million as at December 31, 2023 in comparison with a deficit of $3.9 million as at December 31, 2022. As well as, the Firm has decreased its excellent monetary obligations to distributors by $5.7 million from December 31, 2022.
Income was $17.6 million for the yr ended December 31, 2023 in comparison with $nil for the yr ended December 31, 2022. Within the present interval, the Firm acknowledged $15.5 million in income from the asset buy and non-exclusive license settlement with Medtronic and the Intuitive License Settlement, because the agreements permit each Medtronic and Intuitive to make use of sure of the Firm’s IP because it exists when the license is granted. The Firm additionally acknowledged $1.7 million of income for the completion of the ultimate deliverables on the acquisition order for Medtronic below a Improvement and Pre-Scientific Provide Settlement.
Analysis and improvement bills had been $0.3 million for the yr ended December 31, 2023 in comparison with $33.0 million for the yr ended December 31, 2022. The lower in R&D bills is expounded to the Firm’s cost-cutting measures that considerably decreased R&D bills. Within the comparative interval, being the yr ended December 31, 2022, R&D bills had been associated to the event of the Enos System and transferring key elements of the Enos System to manufacturing.
Normal and administrative bills had been $8.4 million for the yr ended December 31, 2023 in comparison with $11.8 million for the yr ended December 31, 2022. However for severance funds of $1.1 million incurred in reference to the termination of workers as a part of the Firm’s enterprise discount plan and $0.9 million of transactional bonus associated to the licensing settlement, G&A would have been $6.4 million for the yr ended December 31, 2023 and cost-cutting measures would have decreased the G&A by $5.4 million in comparison with the earlier yr.
The corporate’s 2023 audited consolidated monetary statements and administration discussions and evaluation can be found at www.sedarplus.ca.
About Titan Medical
Titan Medical Inc. (TSX: TMD; OTC: TMDIF), a medical know-how firm integrated below the Enterprise Firms Act (Ontario) and headquartered in Toronto, Ontario, has developed an expansive patent portfolio associated to the enhancement of robotic assisted surgical procedure (RAS), together with by a single entry level, and is at present targeted on evaluating new alternatives to additional develop and license its mental property whereas pursuing the completion of its agreed upon merger with Conavi Medical Inc.
Cautionary Assertion Relating to Ahead-Trying Data
This information launch accommodates “forward-looking statements” inside the that means of relevant Canadian and U.S. securities legal guidelines, which replicate the present expectations of administration of Titan’s future development, outcomes of operations, efficiency and enterprise prospects and alternatives. Ahead-looking statements are ceaselessly, however not at all times, recognized by phrases corresponding to “could”, “would”, “may”, “will”, “anticipate”, “consider”, “plan”, “anticipate”, “intend”, “estimate”, “potential for” and related expressions, though these phrases is probably not current in all forward-looking statements. Ahead-looking statements that seem on this launch could embody, with out limitation, references to: Titan evaluating new alternatives to additional develop and license its mental property, the fee of future settlement quantities, the supply of supplies to Titan, and the completion of the merger with Conavi.
These forward-looking statements replicate administration’s present beliefs with respect to future occasions, and are primarily based on data at present out there to administration that, whereas thought of cheap by administration as of the date on which the statements are made, are inherently topic to vital enterprise, financial and aggressive uncertainties and contingencies which may end in actions, occasions, situations, outcomes, efficiency or achievements to be materially totally different from these projected within the forward-looking statements. Ahead-looking statements contain vital dangers, uncertainties and assumptions and lots of elements may trigger Titan’s precise outcomes, efficiency or achievements to be materially totally different from any future outcomes, efficiency or achievements which may be expressed or implied by such forward-looking statements. Such elements and assumptions embody, however should not restricted to, Titan’s means to retain key personnel; its means to execute on its enterprise plans and methods; its means to proceed to license some or all its mental property to 3rd events and obtain any materials consideration and different elements listed within the “Threat Components” part of Titan’s Annual Data Kind for the fiscal yr ended December 31, 2023 (which can be considered at www.sedarplus.com). Ought to a number of of those dangers or uncertainties materialize, or ought to assumptions underlying the forward-looking statements show incorrect, precise outcomes, efficiency, or achievements could range materially from these expressed or implied by the forward-looking statements contained on this information launch. These elements needs to be thought of fastidiously, and potential buyers mustn’t place undue reliance on the forward-looking statements.
Though the forward-looking statements contained within the information launch are primarily based upon what administration at present believes to be cheap assumptions and Titan has tried to determine necessary elements that might trigger precise actions, occasions, situations, outcomes, efficiency or achievements to vary materially from these described in forward-looking statements, Titan can not guarantee potential buyers that precise outcomes, efficiency or achievements will probably be according to these forward-looking statements. Besides as required by legislation, Titan expressly disclaims any intention or obligation to replace or revise any forward-looking statements whether or not because of new data, future occasions or in any other case. Accordingly, buyers mustn’t place undue reliance on forward-looking statements. All of the forward-looking statements are expressly certified by the foregoing cautionary statements.
Contact
Chien Huang
Chief Monetary Officer
buyers@titanmedicalinc.com
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