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TORONTO, Ontario, March 29, 2024 (GLOBE NEWSWIRE) — Titan Medical Inc. (“Titan” or the “Firm”) (TSX: TMD; OTC: TMDIF), right now reported monetary outcomes for the fiscal yr ended December 31, 2023.
Current Actions:
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- 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.
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- 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”). Beneath the phrases of the Definitive Settlement, a newly included and wholly-owned subsidiary of the Firm and Conavi will amalgamate and the shareholders of Conavi will probably be issued Widespread Shares of the Firm (“Widespread Shares”) based mostly on an change ratio to be decided pursuant to the Definitive Settlement. Titan is targeted on the execution of the Transaction, however the Transaction stays topic to a variety 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 Widespread 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 lowered its excellent monetary obligations to distributors by $5.7 million from December 31, 2022.
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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 enable 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 beneath a Improvement and Pre-Scientific Provide Settlement.
Analysis and growth 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 lowered 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 parts of the Enos System to manufacturing.
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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 staff 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 lowered 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 included beneath 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 means of a single entry level, and is presently centered 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.
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Cautionary Assertion Concerning Ahead-Trying Data
This information launch accommodates “forward-looking statements” inside the which 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 steadily, however not all the time, recognized by phrases resembling “might”, “would”, “may”, “will”, “anticipate”, “consider”, “plan”, “anticipate”, “intend”, “estimate”, “potential for” and comparable expressions, though these phrases might not be current in all forward-looking statements. Ahead-looking statements that seem on this launch might embody, with out limitation, references to: Titan evaluating new alternatives to additional develop and license its mental property, the cost 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 based mostly on data presently accessible to administration that, whereas thought-about affordable by administration as of the date on which the statements are made, are inherently topic to important enterprise, financial and aggressive uncertainties and contingencies which may end in actions, occasions, situations, outcomes, efficiency or achievements to be materially completely different from these projected within the forward-looking statements. Ahead-looking statements contain important dangers, uncertainties and assumptions and lots of elements may trigger Titan’s precise outcomes, efficiency or achievements to be materially completely 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 aren’t 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 Elements” 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 might range materially from these expressed or implied by the forward-looking statements contained on this information launch. These elements must be thought-about fastidiously, and potential buyers shouldn’t place undue reliance on the forward-looking statements.
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Though the forward-looking statements contained within the information launch are based mostly upon what administration presently believes to be affordable assumptions and Titan has tried to determine necessary elements that would trigger precise actions, occasions, situations, outcomes, efficiency or achievements to vary materially from these described in forward-looking statements, Titan can’t guarantee potential buyers that precise outcomes, efficiency or achievements will probably be per 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 shouldn’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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