Logotype for Titan Medical Inc

Titan Medical (TMDI) investor relations material

Titan Medical Q3 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Logotype for Titan Medical Inc
Q3 2024 earnings summary13 Nov, 2024

Executive summary

  • Completed a reverse takeover merger with Conavi Medical Inc. on October 11, 2024, shifting focus to commercializing Conavi's Novasight Hybrid System for coronary procedures.

  • Voluntarily delisted from the Toronto Stock Exchange and began trading on the TSX Venture Exchange as "CNVI" on October 16, 2024.

  • All outstanding share and warrant data are now on a post-consolidation basis (25:1 share consolidation).

Financial highlights

  • Revenue for the nine months ended September 30, 2024 was $450,000, down from $17.6 million year-over-year.

  • Net loss for Q3 2024 was $1.8 million, compared to net income of $68,000 in Q3 2023; nine-month net loss was $3.7 million versus net income of $10.8 million year-over-year.

  • Cash balance at September 30, 2024 was $3.0 million, down from $7.5 million at December 31, 2023.

  • Total shareholders' equity decreased to $1.4 million from $4.8 million at year-end 2023.

  • Basic and diluted loss per share for Q3 2024 was $(0.40), compared to $0.02 and $0.01, respectively, in Q3 2023.

Outlook and guidance

  • The combined company will focus on commercializing and developing the Novasight Hybrid System for minimally invasive coronary procedures.

  • Management and board changes reflect the new strategic direction post-merger.

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Frequently asked questions

Titan Medical Inc. is a medical device company focused on the development of robotic-assisted surgical technologies. The company’s flagship product, the Enos Surgical System, is designed to enhance precision and control in minimally invasive surgeries. Titan Medical's robotic system aims to provide surgeons with advanced tools to improve patient outcomes in a variety of surgical procedures. The company is headquartered in Toronto, Canada, and its shares are listed on the NASDAQ.

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