Titan Medical Reports Financial Results for the First Quarter 2024
2024年5月13日 - 8:30PM
Titan Medical Inc. (“
Titan” or the
“
Company”) (TSX: TMD; OTC: TMDIF), today reported
financial results for the three months ended March 31, 2024.
Recent Activities:
- On March 18,
2024, the Company announced it has entered into a definitive
amalgamation agreement (the “Definitive
Agreement”) with Conavi Medical Inc.
(“Conavi”) to combine the companies in an
all-stock transaction (the “Transaction”). Under
the terms of the Definitive Agreement, a newly incorporated and
wholly-owned subsidiary of the Company and Conavi will amalgamate
and the shareholders of Conavi will be issued Common Shares of the
Company (“Common Shares”) based on an exchange
ratio to be determined pursuant to the Definitive Agreement. The
exchange ratio will be adjusted, if necessary, such that the
Company’s shareholders prior to closing of the Transaction will
hold at least 10% of the resulting shares following completion of
the Transaction, but may be higher depending on the Company’s cash
balance on the Transaction closing date. In connection with the
Transaction, Titan expects to delist its common shares from the
Toronto Stock Exchange and apply to have them listed instead on the
TSX Venture Exchange (the “TSXV”). Titan is
focused on the execution of the Transaction, which remains subject
to a number of conditions precedent set forth in the Definitive
Agreement, including the approval of the Company shareholders, the
Conavi shareholders, and the approval of the TSXV for the listing
of the Common Shares following closing of the Transaction.
- On March 20,
2024, the Company announced a Q&A session with registered
shareholders regarding the Transaction and in the session on March
27, 2024 management provided prepared remarks and responded to
questions that had been submitted.
- On March 29,
2024, the Company announced the release of its 2023 year end
financial results.
- On April 1,
2024, the Company announced that a contractual dispute with a
contract manufacturer was settled.
Financial Highlights:
As of March 31, 2024, Titan had cash of $5.7
million, compared to $7.5 million as at December 31, 2023. Working
capital was $4.4 million as of March 31, 2024, compared to $5.5
million as at December 31, 2023.
Research and development
(“R&D”) expenses were recovery of $0.1 million
for the three months ended March 31, 2024, compared to expense of
$0.5 million for the three months ended March 31, 2023. In the
three months ended March 31, 2024, the recovery is attributed to
cancellation of stock options and Restricted Share Units
(“RSUs”) related to R&D personnel.
General and administrative (“G&A”) expenses
were $0.9 million for the three months ended March 31, 2024,
compared to $2.3 million for the three months ended March 31,
2023.
The Company’s interim consolidated financial
statements and management discussions and analysis for the period
ended March 31, 2024 are available at www.sedarplus.ca. The
Company’s condensed interim consolidated financial statements have
been prepared by management and have not been reviewed by the
Company’s auditors.
About Titan Medical
Titan Medical Inc. (TSX: TMD; OTC: TMDIF) is a
medical technology company incorporated under the Business
Corporations Act (Ontario) and headquartered in Toronto, Ontario,
has developed an expansive patent portfolio related to the
enhancement of robotic assisted surgery (RAS), including through a
single access point, and is currently focused on evaluating new
opportunities to further develop and license its intellectual
property while pursuing the completion of its agreed upon
Transaction with Conavi Medical Inc.
Cautionary Statement Regarding Forward-Looking
Information
This news release contains “forward-looking
statements” within the meaning of applicable Canadian and U.S.
securities laws, which reflect the current expectations of
management of Titan’s future growth, results of operations,
performance and business prospects and opportunities.
Forward-looking statements are frequently, but not always,
identified by words such as “may”, “would”, “could”, “will”,
“anticipate”, “believe”, “plan”, “expect”, “intend”, “estimate”,
“potential for” and similar expressions, although these words may
not be present in all forward-looking statements. Forward-looking
statements that appear in this release may include, without
limitation, references to: Titan evaluating new opportunities to
further develop and license its intellectual property, the payment
of future settlement amounts, the delivery of materials to Titan,
and the completion of the merger with Conavi.
These forward-looking statements reflect
management’s current beliefs with respect to future events, and are
based on information currently available to management that, while
considered reasonable by management as of the date on which the
statements are made, are inherently subject to significant
business, economic and competitive uncertainties and contingencies
which could result in actions, events, conditions, results,
performance or achievements to be materially different from those
projected in the forward-looking statements. Forward-looking
statements involve significant risks, uncertainties and assumptions
and many factors could cause Titan’s actual results, performance or
achievements to be materially different from any future results,
performance or achievements that may be expressed or implied by
such forward-looking statements. Such factors and assumptions
include, but are not limited to, Titan’s ability to retain key
personnel; its ability to execute on its business plans and
strategies; its ability to continue to license some or all its
intellectual property to third parties and receive any material
consideration and other factors listed in the “Risk Factors”
section of Titan’s Annual Information Form for the fiscal year
ended December 31, 2023 (which may be viewed at www.sedarplus.com).
Should one or more of these risks or uncertainties materialize, or
should assumptions underlying the forward-looking statements prove
incorrect, actual results, performance, or achievements may vary
materially from those expressed or implied by the forward-looking
statements contained in this news release. These factors should be
considered carefully, and prospective investors should not place
undue reliance on the forward-looking statements.
Although the forward-looking statements
contained in the news release are based upon what management
currently believes to be reasonable assumptions and Titan has
attempted to identify important factors that could cause actual
actions, events, conditions, results, performance or achievements
to differ materially from those described in forward-looking
statements, Titan cannot assure prospective investors that actual
results, performance or achievements will be consistent with these
forward-looking statements. Except as required by law, Titan
expressly disclaims any intention or obligation to update or revise
any forward-looking statements whether as a result of new
information, future events or otherwise. Accordingly, investors
should not place undue reliance on forward-looking statements. All
the forward-looking statements are expressly qualified by the
foregoing cautionary statements.
ContactChien HuangChief Financial
Officerinvestors@titanmedicalinc.com
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Titan Medical (TSX:TMD)
過去 株価チャート
から 12 2024 まで 1 2025
Titan Medical (TSX:TMD)
過去 株価チャート
から 1 2024 まで 1 2025