Titan Medical (TMDI) Q3 2024 earnings summary

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.