Titan Pharmaceuticals Inc (TTNP)

[Doctor Detroit]

It's actually worse than that.

I've assumed they make around $600 per implant (for discussion purposes, $5,200 price, less 20% withholding from Braeburn = $4,160; 15% royalty=$624).

So $40,000 = roughly 66 implants.

But remember, in the first quarter they had $44,000 in royalty revenue, and a majority of those patients decided to have a second treatment in the 3Q (let's say 40 out of 70 or so, but possibly higher).

That means of the 66 implants, on 26 were first time users.

Compare that to last quarter ($77,000) with roughly 128 first time users.

Something is not right, and I feel this decline is intentional on Braeburn's part.