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Yes, I called today and confirmed again that the OEM is not J & J or Stryker (the only two he mentioned). Did say we should know in a couple months. Not going to do a big PR, it will just come out in some sort of proxy, etc. The OEM specifically asked Titan not to divulge there name. The reason being they (OEM) don't want it to affect/hamper other future business prospects, or something.
No R/S any time soon. Not even on the radar at this time. Asked about getting on better exchange and they would eventually like to, but said they would get "killed" right now on the Nasdaq.
Did not give any comforting info on financing. Looking at all options, but i felt no sense of urgency from them. Don't get it. I don't know if i should be worried that they are clueless, or they already have some sort of plan worked out.
The delay was 100% result of new FDA guidelines. Still moving along as if there going it alone. No one wants to buy a company this far out from commercial release, his words. Said they could be selling units in Europe in 18 months after CE. Asked if they have any standard PO's sitting on there desk with all the hospitals, doctors, etc they work with. He said they could sell some right now (or have some immediate "deposits"), but of course they can't for legal/liability reasons.
Sail is definitely still on as the main training center.
Just to add to the speculation on here, I asked about the rumors about Verb, and Scott H. at Sages, etc. I got silence on the other line. Topic got changed, but never answered either way.
Confirmed AGM for 6/22 and open to all.
GLTA
No offense to anyone, but I need to start seeing actual PR's before believing any new rumors. However, Randall did tell me a month and a half ago that they are planning to do a PR campaign in a couple months (it would put us around June). This was to try and get the PPS up and moving. This would validate Hypocrates post.
Then again, Randall also told me a design freeze would be in a few months. He either lied, or there really was a last minute roadblock/change in direction, etc. I think the actual quote was, "just doing some final tweaks"
GLTA
It's odd that this has been a slow bleed, and not a couple days of major selling. Volume has been above average, but no million plus days. Makes me think there really is something to this MM garbage.
Well, this explains the anemic pps action/level. It is absolutely true that the pps always tells the story.
I read the report, but was not able to listen to the call. Can someone summarize any positives from today.
Are we good financially through 2016?
People seem 99.9% sure Verb is the partner?
That seems about it.
I think CPT hit it on the nose, if you have been working so close to the FDA how in the hell did you get blindsided. Maybe TRXC and new guidelines is very recent stuff, but give me a break.
I'm a glutton for punishment and probably won't sell. Anyone getting out after this?
My apologies Honeycomb. It seems clear now you've been the only sane one on this board.
Despite everything going (or not going) on with Titan, let's not forget one simple thing...JH, Reiza, Fowler, etc want to make money as much (if not more) than we do. This is there baby, not ours. Were investors. We have skin in the game, but they have blood, sweat, tears, etc. There just as "greedy" (Gekko's version of it) as we all are. After 10 plus years (for some) they want there payday.
It makes me feel a little better putting in this perspective, but doesn't mean I'm not frustrated sitting here at $.70
GLTA
My feelings exactly. Seems almost criminal from the MM side of things...
I hope your right CUIN. This is really getting old. 70 million market cap for a company with a completed robotic platform entering a multi billion dollar market.
It's very true what's been already said on here about the stock price telling the story. IMHO there is really nothing going on right now. You CAN'T keep a lid on inside action/strategic alliances, etc. Not to say it won't eventually happen (I think it will), but it's tumbleweeds in Titanville. Hoping Randall is right and they start with some sort of IR blitz in June to get warrants in play.
Going forward I wish Titan would issue corporate bonds instead of another shelf. The issuance of bonds and not shares would instill confidence that management has for the future of the company, because unlike shares, these bonds accrue interest. Down the road, Titan would have to redeem these bonds for a good amount more than the price at which they sold them.
The issuance of bonds would show the company is very confident that they will have big revenue and cash on hand at some point in the future.
JMHO
I wonder what new Robotic pile the schmucks over at the Motley Fool will start peddling now with Surgibot gone. It won't be Titan.
The last several months over there have proven what a bunch of clueless ass clowns they are with regards to Robotic Surgery.
Exactly...welcome to the Titan bizarro world.
Apparently getting denied FDA approval isn't that big of deal. At least for a certain competitor. They did initially get hammered, but green every day since.
Expecting a 40% rise in PPS after there first announcement of layoffs...
Good point ST. You are correct, Randall did highlight task based approvals recently...
Another good thing about the Medassets letter is you have other big players out there like Novation, Premier, etc wanting to get in on this eventually. It gives Titan more leverage working on agreements, contracts, etc.
Thank you Adrock and others for the real time updates this morning. The medassets "news" is VERY big imho (as others have stated). They are the biggest GPO out there and very encouraging to be on there radar. I use to work with them quite a bit
I also like the patent update (keep em coming), and that mgmt stressed IP awareness when designing along the way. Litigation is one thing that could kick us in the butt down the road. Nice to know they are being proactive here.
Only question is on the cost...$950?? I am probably being clueless here, but I thought we were looking more at $750-800 a unit? They will basically be selling SPORT for a million. Although much cheaper than Da Vinci, still a pretty hefty price tag...especially if some less expensive competitors jump in the game soon.
Also, someone mentioned they are looking at FDA approval on 12+ different procedures (something to that affect). My only concern here is it gives the FDA more to scrutinize and to be a pain in the ass about. I might be overthinking this one, but i am not fond of the FDA...at all.
Overall, sounds like we are still plugging away. Wasn't expecting much from PPS after this. We've been disappointed time and time again. Why should this be any different. Funny, but it has never occurred to me to ask mgmt (when I talk to them) directly why THEY think PPS is not moving. They would probably dance around it, but I'm curious now.
GLTA
Who says June warrants are dead? Were up 1.8 cents today...so your telling me there's a chance.
By the way, anyone who thinks were not going to get bought out look no further than todays M & A action. Abbott and Abbvie making huge plays. Healthcare has been consolidating big time. The big guys need growth. Cant't do it organically anymore. The timing couldn't be better for Titan, if you think getting bought is the right thing.
At some point you would think these guys would be falling over themselves to scoop up Titan. We CAN'T have anymore delays, or disappointments at this point. No room for error.
GLTA
It's mainly his brainchild and baby...from the early days.
One tidbit I forgot to mention from Randall's conversation is that they do NOT have a design freeze yet. I hoped since they were showing the device at Sages that it was done. He said they are doing some fine tuning, polishing, "tweaks", etc. He said nothing major. Didn't sound concerned at all, and should have a freeze in a couple months. It just occurred to me that timeframe would coincide with when he said they might start a PR campaign to raise pps for warrants. Could be part of the "announcements" to get this things moving.
Although frustrating at times, it's kind of reassuring that Titan has, and continues to be ultra conservative on all fronts. Maybe it's the recent news on TRXC highlighting this, but I'm mostly ok with the snail approach. TRXC was the hare and it cost them.
I am trying to keep the blinders off, but i really feel we are in a great position. Sorry, but transitioning to multiple applications cost us a couple years of appreciation, BUT it was absolutely the right thing to do. That is the main reason were still stuck in this abyss. It created this financing mess were in, but it was all based on input from the SAB and where the market is headed. I know many are frustrated on here, and so am I. I don't have as many shares as alot of you, but I still have a decent chunk invested here. I am more concerned that they do this thing right. If it takes longer than I would like so be it. As long as they continue to focus on the end game I'm ok. Let's not forget, mgmt stands to make tens of millions if/when this sucker succeeds. I don't know why they would play any "games", or get involved in any shady pps schemes.
Regarding our current position, let's put it this way (since this seems to be a popular theme on here). Titan is like the average looking girl in High School, but then you see her at the 20 year wondering who in the hell the hottie is.
At this point, I am looking for progress and any red flags. Can anyone on here point out a legitimate red flag for Titan...lack of PR's is not a red flag.
Don't get me wrong I want news as much as any of you. I also appreciate those expressing constructive frustration on here. It's healthy IMHO.
GLTA
Spoke with Randall today. Quickly went over several different topics with him. Of course you hang up and 5 more questions pop in your head.
Anyway, Longtai is still scheduled to close end of May. Seems pretty confident about the entire deal. After the May 2 show, they might attend a few others, however all without an actual unit. Very costly to disassemble, transport, assemble, etc. You also have to send a team to do all this.
Asked about financing. They should have enough funding to get them towards the end of the year. Asked about taking on debt at this stage of the game. Understand its not wise early on in a development company, but they are far along now. He is NOT averse to it, as long as the terms are reasonable. Open to all options, it even sounds like they are actively looking into alternatives.
I feared I would be banned from this site if i didn't ask about warrants. VERY aware of the potential here. He said, "heck we've already paid for them..." Asked if there was a strategy to get the pps up to get them in the money. They do have some plans to help with this. However, it sounds like a couple months, not weeks before we might see some "news".
I was curious about Apollo in India. They still have a general/basic agreement here, but it sounds very informal with no teeth to it. When they have units to sell they will reach out to them when the time is right. India is a big market according to him.
Brought up the FDA and it sounds like they are VERY comfortable with where they are. They have done everything possible to avoid any surprises, etc. Ask about cadaver studies and if the changes will affect them with the approval process. His response was unequivocally NO.
They are looking for CE approval at the end of 2016, or "maybe" early 2017. Can't sell a single unit before this. a little bummed to hear 2017, but it sounds like end of 2016 is still the goal. After CE, it is off to the races in Europe, etc. My opinion is that they want to start selling these things asap.
I know mgmt is not the favorite of some on here, but Randall has always been accessible and pleasant to deal with.
No game changers here, but its been so quiet lately I needed to call and make sure there doors were still open.
GLTA
I hope it's not applied. I worked five years over there. There CEO and other top mgmt are d- bags. They run there company by fear. However, they were early in the mis game with there Trocars. There not big enough to do any m&a. Maybe 400-500 in yearly sales. Hargrove is also buddies with these guys.
Randall did hint at the end of last year to me there frustration with bertner. He gave the impression they would address it in the new year. Now we have EVC. He's been fairly transparent so far
Yes, thank you Longmoney. I'm down here in Orange County and was hoping to go as well, but it didn't work out. Quick question, I assume it wasn't discussed, but any thoughts or suspicions from them regarding litigation, IP infringement issues, ISRG involvement, etc?
Many thanks...
I am concerned as well. I don't trust the FDA at all. However, I have to believe since they have been working so closely the past couple of years that Titan is very comfortable with taking this route.
I also forgot about BSI and CE approval. They have been working very closely on the European process as well. We have plenty to knock Titan on, but I love the fact that they have been extremely proactive on both of these fronts. Eliminates surprises, and minimizes the chances of any significant delays.
GLTA
All I can say, is that the several times I have talked to Titan it was made VERY clear how closely they were/are working with the FDA. This is going back at least a couple of years. I will be more than disappointed if the FDA ends up screwing Titan with a denial, or delay after all this. Although it would confirm my suspicions about what kind of group the FDA is.
I tend to agree with you here. I've learned over time to be a mild pessimist/realist with Titan. But your right, they are making a very real and concerted effort to attend these shows, conferences, meetings. Either they finally have there s**t together with the actual product (SPORT), or they are panicking and throwing a hail mary out there.
Not sure if they have something very "big" coming up, but it definitely appears they are taking this to a different level. They have been extremely tight lipped for so long, now all of sudden there doing the dog and pony show at every major show/conference. They were so quiet I couldn't help but imagine JH running a meeting and threatening everyone "If I hear so much as a mouse fart in here about SPORT I swear to God and sunny.... if i may steal a line from Shawshank.
Lastly, the pps settling where it has (at least for now) surprises me a little. I thought for sure we would be hitting mid to lower .50's based on the size. Not that it's great news, but it has me slightly curious.
GLTA
I'm going to be an old man by the time these guys actually sell something...
Agreed Bobby. I have always been under the suspicion that they have received numerous offers, but they know what they have and are not budging. I guess it's one of the rare times where a little pride isn't such a bad thing.
Agreed. Tomorrow will be interesting. Still may see some bleeding, but hope around .70 is where it settles. If so, not too bad for this round.
The silver lining here is with each offering it is providing funds to get us closer and closer to the finish line. Pretty simple logic, but every time they do this it chips away at the financing elephant in the room. An investor can look at this two ways, one, they can see it as a negative with dilution, more of the same, etc. Or two, they can look at it as a positive that they now have another X amount of $ that will allow them to get to commercialization. The closer we get, the less negative another financing will impact the stock. In other words, higher lows going forward.
No clue how much they will raise this time, but another 10, 15, 20 mil in the bank should get us smack dab in the heart of the "important" milestone season. At that point, do you really want to be out of the stock when any day they could get CE approval, human trial news, or if the stars align...early FDA approval.
It's late in the day, but I think there is some logic in there...
GLTA
Two points, one pro and one con:
Pro: The timing gets my attention. Right after a very successful unveiling. Could there have been a ton of big money interest/demand at the show that they decided last minute to jump on the oppty for $? Maybe EVC aren't liars and this literally came up last minute. Overwhelming demand "forced" there hand and they couldn't pass it up. We'll see how quickly and for how much if this is true.
Con: Who really wants to take a chance and invest in Titan right now. There is too much of a track record of pulling the rug out from investors. This stock is perfect for daytraders and battered wives like us. Until they get there financing situation under control I don't see it changing much (short term). Of course, having that sweet little machine called SPORT completed changes the dynamics some.
I see the rats on the "inside" were tipped off and able to get out the last couple of trading days before going public...shocker.
It's like the boy who cried wolf. This time were really taking off...
I guess I will have plenty of time now to find a new entry point with some of my tax return. Thank God SPORT is for real. The value in a completed robot alone is worth it...
Wake me up in about 3-6 months. Investing in Titan is like dating your crazy old girlfriend.
GLTA
Fingers crossed guys, but if we can have another extremely successful showing at AORN we can maybe hit .60 or below.
What a world we live in...
Fair enough. They still say the same to me when I call them...
Appreciate where your coming from ST. Thanks for addressing...
Thanks again ST for all your efforts the past few days. As for me (and I think many on here agree), the two biggest hurdles facing us are financing and potential legal (patent) battles. FDA concerns will eventually be worked out, whether early (as you gave us that great bit of info) or in the normal timeframe.
I don't believe you got a definitive answer on either, but what are your thoughts, or concerns on both of these potential roadblocks? Did you get any sense, or hear anything at the show addressing either?
Thanks...
If this is as bad as "sell the news" is going to be I will take it. Still expecting another leg up in the next few trading days. Thank you Belize and SurgTech for all the updates, info, etc.
Thanks guys, maybe I will ask Randall next time. More important things to discuss this week then that. Regarding the weak close, who in there right mind would sell Titan two days before the unveiling? Maybe Thursday for some PT, but man I can't help but laugh at that...
This might be a stupid question, but will Titan be able to sell the 7 completed units they currently have to the open market? Or are these just considered "demo" units or training units? I'm just wondering from an expenditure point of view. It sure would be nice to have 7 units already completed and in inventory. I guess they might place them in strategic hospitals/partners as well.
Just curious...thanks
Also wondering if we get a little "buy the rumor sell the news" here with the unveiling. Hoping SPORT is as great as advertised, with even a few surprises Wednesday. There will be some profit taking at some point, but hoping buying pressure will overwhelm them and keep it to a minimum.
The recent price action is good for the Longtai deal as well IMO. Was getting worried the piss poor PPS and lack of anything exciting or material would spook the Longtai folks. I think last week and especially this week has affirmed there business decision. Although I'm quite sure they already had there private unveiling a while back.
GLTA and thank you all for your time, DD, and continued analysis. Were not there yet, but we can finally see the finish line...IMO
Neither one of us have bragging rights. Both our performances suck. Just waiting for Sages at this point...
Exactly BKT! It's a race against time. Should get my refund in a few weeks.