Titan Medical Inc.(TMDI) stock continue its momentum in Tuesday’s after-hours session and gained 18.99% after it went up 3.47% in the morning session.
Let’s have a look at the recent news about the company
Participation in the upcoming investor conference
On April 5, 2021, Titan Medical Inc. said that it is going to participate in the Bloom Burton & Co. Healthcare Investor Conference on Wednesday, April 21, 2021, at 2:00 p.m. ET. The company will be presented by David McNally, President, CEO, and Chairman of Titan Medical.
The company recently participated in the 33rd Annual ROTH Conference which held on March 16, 2021, and Oppenheimer 31st Annual Healthcare Conference which held on March 17, 2021.
Corporate resources update
Titan Medical had had pro forma cash and cash equivalents of approximately $65.5 million as of January 31, 2021.
It generated $20 million in license revenue from its development and license agreements with Medtronic in 2020.
Recent Financial results
On February 22, 2021, Titan Medical announced its annual financial results for the years ended December 31, 2020, and 2019. During the year ended December 31, 2020,
- For Q4 2020, it had a net and comprehensive loss of $20.6 million, compared with a net and comprehensive gain of $2.4 million for Q4, 2019.
- The TMDI suffered a net loss of 24.2 million or $0.36 per share for FY 2020 compared to a net and comprehensive loss of $41.9 million, or $1.37 per share, for the year ended December 31, 2019
- It spent $7.7 million in research and development expenditures for 2020 compared with and $51.4 million for 2019
- As of December 31, 2020, the Company had cash and cash equivalents of approximately $25.5 million, compared to approximately $0.8 million on December 31, 2019.
- Titan Medical had a working capital of $20.4 million as of December 31, 2020, compared to a working capital deficit of $9.7 million on December 31, 2019.
Titan Living Labs
On February 16, 2021, Titan medical announced the launch of a new section on its website called Titan Living Labs. The new section will provide detailed information about how Titan’s engineering team design, engineering and innovative technologies for the Enos™ robotic single access surgical system.
Conclusion: there is no update to justify its recent gains except that company is going to present new data about its Enos system at the upcoming conference. so far Titan medical is performing well and its shares have risen by 741.96% over the last 12 months
About the company
Titan Medical is focused on developing robotic-assisted technologies for application in single access surgery. The company headquarters is in Toronto and its Enos system is being developed with dual 3D and 2D high-definition vision systems, multi-articulating instruments, and an ergonomic surgeon workstation. The company’s intention is to use it for gynecologic surgical indications.