Titan Medical Stories Fiscal 12 months 2023 Outcomes

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TORONTO, Ontario, March 29, 2024 (GLOBE NEWSWIRE) — Titan Medical Inc. (“Titan” or the “Firm”) (TSX: TMD; OTC: TMDIF), at the moment reported monetary outcomes for the fiscal 12 months 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”). Below 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 likely be issued Widespread Shares of the Firm (“Widespread Shares”) based mostly on an trade ratio to be decided pursuant to the Definitive Settlement. Titan is targeted on the execution of the Transaction, however the Transaction stays topic to quite a few circumstances 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 12 months ended December 31, 2023 in comparison with $nil for the 12 months 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-Medical Provide Settlement.

Analysis and growth bills had been $0.3 million for the 12 months ended December 31, 2023 in comparison with $33.0 million for the 12 months ended December 31, 2022. The lower in R&D bills is said to the Firm’s cost-cutting measures that considerably lowered R&D bills. Within the comparative interval, being the 12 months 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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Basic and administrative bills had been $8.4 million for the 12 months ended December 31, 2023 in comparison with $11.8 million for the 12 months 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 12 months ended December 31, 2023 and cost-cutting measures would have lowered the G&A by $5.4 million in comparison with the earlier 12 months.  

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 expertise firm integrated below the Enterprise Companies 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 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.

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Cautionary Assertion Concerning Ahead-Trying Info

This information launch accommodates “forward-looking statements” throughout the which means of relevant Canadian and U.S. securities legal guidelines, which replicate the present expectations of administration of Titan’s future progress, outcomes of operations, efficiency and enterprise prospects and alternatives. Ahead-looking statements are often, however not all the time, recognized by phrases equivalent to “could”, “would”, “may”, “will”, “anticipate”, “consider”, “plan”, “anticipate”, “intend”, “estimate”, “potential for” and related expressions, though these phrases might not be 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 based mostly on info presently accessible 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 lead to actions, occasions, circumstances, outcomes, efficiency or achievements to be materially completely different from these projected within the forward-looking statements. Ahead-looking statements contain vital dangers, uncertainties and assumptions and lots of components 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 components and assumptions embody, however usually are not restricted to, Titan’s means to retain key personnel; its means to execute on its enterprise plans and techniques; its means to proceed to license some or all its mental property to 3rd events and obtain any materials consideration and different components listed within the “Threat Components” part of Titan’s Annual Info Type for the fiscal 12 months 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 differ materially from these expressed or implied by the forward-looking statements contained on this information launch. These components ought to be thought of 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 cheap assumptions and Titan has tried to establish essential components that would trigger precise actions, occasions, circumstances, 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 likely be in keeping with these forward-looking statements. Besides as required by regulation, Titan expressly disclaims any intention or obligation to replace or revise any forward-looking statements whether or not because of new info, 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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