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Etch A Sketch is your friend. Just Google your question.
Good luck to all. Regards,BK.
Work "that" well compared to what?
The only thing that appears to not work well is your ability to keep facts straight. Between your inane questions, and the other poser of inane questions, both continue to feign ignorance about the current state of affairs of ENOS, the actual condition that which MDT is licensing IP (does not own any IP), the actual number of patents (14-16) at the time of the agreement, why MDT hasn't taken a position or own any of TMDI, no other company would want to own TMDI, the MDT acquisition business model, or keep the written details of the agreements straight.
Isn't Dr. Ricardo Estape, renowned Surgical Oncologist's review up on Titan Living Labs? Isn't he one of the most experienced RAS Dr's with over 7,000 procedures? I'd say he knows more, much more than most about RAS.
https://titanmedicalinc.com/drylab/
Just a suggestion, perhaps keep a notebook if you can't recall or figure out the details of MDT/TMDI? Even Clueless Joe ("you know THE thing, the thing!) uses queue cards... If you keep asking the same questions each week, I'm going to get you an Etch A Sketch and tell you it's a laptop. If you try to Google your question(s) and don't get an answer - just hold it over your head to reboot it. (The Dilbert Principal 1996?). It fits.
Good luck to all. Regards,BK.
Medtronic can't get the milk with only 15-16 patents. Need the whole cow before milk can be produced. Unless you think they can build their own version, which would take +350M and another 4-5 years. B/C they'll have to develop their own R&D for the parts that aren't covered, then apply for the patents, and then see if they are awarded. 4-5 years minimum.
For every year TMDI can save MDT the agony of not being able to enter another new RAS market segment is worth $1B$.
The time value of buying IP. Especially TMDI's IP. It permits MDT to ROLL ahead 4-5 years of their ability to create defensible IP. A.K.A. the whole brown cow - now. No crying over spilt milk.
TMDI's worth more than $5B.
A) 20-40 year defensible IP, & applicability for multiple applications = $3-$5B
B) Time value (time saved) approx. $1B/yr = 3B-$5B
C) R&D (Titan Labs) approx. $350-$450M/yr
D) Total revenue projections over 20-30 years, only ENOS ~ $23B-$24B
$1.3M x 650 units/year = $845M x 25 years = $21B not including disposables and maintenance.
E) Mazor +$5B for how much projected revenue over 25 years?
F) 5% of current MC of ISRG = $5.7B. Using ISRG's MASSIVE 20x multiple. (That's the proper use of that word).
I'm in the ballpark ($5.7-$11B) of true market BO value. IDC what the current share price is. It's being artificially manipulated. The cost of those future calls is a nice example of a canary in a coal mine. It's worth watching, cause when ever this moves it's not going to crawl. Which is why it sits where it is until some form of solid confirmation. Don't ask.. no one knows.
There aren't many places to shop for a truly unique SP RAS device in this galaxy. And no NASA/Uber to get you to a different galaxy.
Good luck to all. Regards,BK.
Sport, Only 10%-15% of the cow is $41M. Giving you the benefit b/c IDK how many co-patents may be filed for the development agreement(s).
Good luck to all. Regards,BK.
So with expiring IP from ISRG, and a 20x multiple on the sp would create extreme pressure to seek an alternate avenue from which to compete going forward.
So long as TMDI has compete control of its IP, and they pay off the loan - where else it ISRG going to look for unique defensible SP IP?
It's the loan that keeps on giving. I guess we'll have to wait and see what MDT wants to do.
They could end this right now before milestone 4, or wait until after milestone 4.
They could wait to until TMDI pays off the loan and call their hand.
And possibly loose TMDI for ever. Big risk.
What if TMDI pays off the loan and ISRG makes their intentions known?
Good luck to all. Regards,BK.
Rocko, I completely agree with what you said about ISRG and their concerns about MDT, MDT/TITAN, and TMDI's IP.
Any other company building a different widget, while tangentially is relevant to the market space isn't germane to MDT/Titan and issues as perceived by ISRG. IMO.
Good luck to all. Regards,BK.
If I only had a $1 for every comment on this board as if anyone knew what this stock price would do tomorrow, I wouldn't be here. And neither would anyone else.
Good luck to all. Regards,BK.
If anyone owned ISRG from any price below $100 and still owned it at $500, and didn't sell some/most thinking it would go to $900, is being untruthful. Unless it wasn't an overly large sum of money (<$10K). I'd probably ROLL some of those profits into another investment. IMO.
Good luck to all. Regards,BK.
ENOS review. Dr. Estape likes it.
+7,000 robotic procedures.
Massively credible.
He would know the difference b/t
daVinci and ENOS? Yes! IMO.
https://titanmedicalinc.com/drylab/
Good luck to all. Regards,BK.
1, 25mm or 5, 20mm daVinci incisions.
That's massively invasive by comparison.
Less than 1, 1" vs 5, +.75"
Nearly a total of 4" of holes, or less than 1, 1".
Good luck to all. Regards,BK.
25mm - almost 1". Massive.
Good luck to all. Regards,BK.
$1.75? It's an artificial share price, based on a manipulated market. Anyone can see that if you look.
All anyone needs to do is watch the trading (and especially after hours) of the 100 share lots and smaller amounts - just to keep the share price down. Some of these trades are less than $20! Seriously? Who's buying 5-10, or 20 shares at a time? Is there a paperboy investment group that which I'm not aware? It happens nearly every trading day.
This share price is absolutely being suppressed artificially by shorters. Some of us clearly know the ROLL shorters play in the sp suppression. Some on this board would lead the uneducated/inexperienced to think these are all random trades and the market doesn't value TMDI at a higher sp. IMO, not true at all. B/C of the ROLL shorters play and their effect, we don't know the true sp. During a time this past November through January, Shorts tried in mid-December and early January to move it down, and then left the market b/c it was running to +$3.50ish. That's real evidence. Shorting is coordinated by the same trading houses daily-weekly. IMO.
If this were truly a sp represented by the demand side of the market, it could be $3-$4 right now. IMO. The past, while it may be duplicated is not indicative of the current TMDI business environment.
Then after milestone 4, $4-$5.
Then after the loan is paid $5-$6. Possibly.
Some viewers to this board may see an obvious few posters asking repetitive inane questions, as if they have not been answered repeatedly. They have.
And I offer what I think about the following, to include as many of the situational details as applicable.
Like, "Why hasn't MDT taken a position?" "Clearly it's b/c they must not want to own any of TMDI." Clearly no one this board really knows. However I think the following to be true (IMO).
A) Answer: They "MDT" most likely will not disclose any ownership until this is nearly a completed acquisition. Any proposed BO will be publicly disclosed b/c the TMDI BOD has to consider the offer(s). It's a material event and must be disclosed to the owners of the company as part of the fiduciary duties of the officers, as named within TMDI. IMO - Once any % of ownership of TMDI by MDT (or any other company) - or any significant number of shares becomes public knowledge, the sp situation WILL duplicate itself just like the MDT-MAZOR partnership. Also please keep in mind that the Fair-Market Value for the entire company's assets may not be correctly reflected in the current share price at that time, due to share price suppression/negative forces (as explained above).
"MDT licensed what they want and don't want anything else." This would appear to be just an opinion. No one really knows. Only in the past few days, have I seen any supporting analysis to take into consideration of further MDT partnership steps, based on the separate development agreement(s), or the possibility of licensing additional IP. Or consider the possibility of separate conversations with other major Medical Device mfr.'s. We have been informed from a poster on this board, that there have been TMDI BOD meetings without the presence of the MDT monitor. No one knows the subject or content of the meetings. However, the fact that they occurred means those meetings discussed subject matter that which would compromise Attorney-client privilege, or a competitor to the MDT/TMDI partnership relationship.
B) Answer: There's been an enormous amount of IP patents approved since the original license agreement in 2020, and it would be reasonable/prudent/intelligent/wise (IMO) not to pay for something that hasn't been awarded. They paid $10M to license about 10% of TMDI's current IP (14-15 patents at that time). And IMO they can't make a workable RAS device with that small amount of IP, unless they wish to waste another 3-4 years building it - pretty much from scratch, and spend another +$300-$400M. There's also a BIG question in my mind, as to whether or not the MDT BOD even considers that to be a reasonable decision. The value of buying IP is the ability to eliminate the cost of time. Doing R&D is time intensive. And is/are there technology building blocks from which to create something that is so unique that it is defensible against any other patents? And would would all that time, effort and money lead to a leap(s) ahead of the current market? Or they could BO TMDI, own ENOS and the lab that created 170 patents/applications (and counting). Additionally, it is public knowledge of the current MDT business model and recent declaration; "We intend to continue to accumulate through acquisition the necessary IP to grow our robotics market segment."
So how does MDT get around the inevitable disclosure and escape the market share price escalation? They can't to a degree. They can only limit the BO, which would need to be approved by TMDI/shareholders. Which begs the question - would Wall Street weigh in, and have any affect on the share price based on shares they've purchased OM?
C) Answer: Make a really good offer that which the majority of shareholders will approve, when it comes up for a vote. $8-$9 per share is an opinion, without any substantial basis from which it was formulated. Again, my argument is based on the previous MAZOR BO. And I'm comparing to the existing SP RAS market, the applications of the functionality of ENOS and applicability of the IP. I could be dead wrong. But what else is there to consider? I'm open to any additional information from which would lead to an alternate conclusion.
$8-$9 x5, or x6, is more likely IMO. Why? Again, if Mazor was over $5B, then TMDI has much broader applications when considering the unique characteristics of the present IP. And this path to a new RAS device has been established by ISRG.
I would speculate that TMDI is worth at least 5% of the net present value market cap of ISRG ($111B). This is clearly based on a valuation established and supported by Wall Street. Who thinks Wall Street will not jump on board once there is clear establishment of a major RAS mfr. pursuing the acquisition of TMDI?
In conclusion: TMDI is worth A LOT more than $1.75/share. Which the real market value vs artificially suppressed share price, and still to be determined. IMO.
Good luck to all. Regards,BK.
The current state of affairs: What MDT does based on both the development agreement and loan provisions time lines are indications of their intentions. MDT either does something before the end of Milestone 4 and before the loan payoff, or their inaction comes dangerously close to opening up TMDI to competitors.
All TMDI can do is continue to develop Titan Medical USA, and ROLL up the IP. The more IP they ROLL up and any additional proof of the lab's abilities to make RAS med devices from thought - the more valuable TMDI becomes. TMDI is way past the value of Mazor (IMO).
All it takes is for MDT to be stupid and let the development agreement lapse after the 4th milestone, AND.... TMDI pay off the loan. If TMDI doesn't pay off the loan, then we have our answer because it would be a blatant declaration by TMDI.
Raise hands. Who thinks MDT is stupid? There are no limiting factors to keep TMDI from considering another offer. It would be catastrophic for MDT, as they have licensed 14-16 of TMDI's patents, and don't have the know how to complete a product as far along as ENOS with a short development time line. IDT 14-16 patents is enough IP to develop a snake-arm SP RAS device with adequate protection (IMO). I really don't know if it can be done. Best guess - it would take at least another $300M-$400M and another 4-5 years WITHOUT TMDI'S KNOW HOW, and experienced 3rd party resources. So who wants to go before the BOD at MDT and say "I think we can do this with what we have AND another +$400M and another 4-5 years." Not a great career move. Let's face facts both MDT BOD's and Martha have reputations to build/uphold. No one wants to be included on the Strategic Blunders list in the Corporate Strategy classes at Tuck/Dartmouth, Harvard, Northwestern, Wharton, MIT, Chicago, Columbia, Stanford, etc. Which is why buying TMDI makes all the sense in the world for MDT and Martha's reputation. It's all in front of them if they'll just make it happen. ENOS - for what it can do, the creativity and how it's designed, and Titan Labs are ALL tangible products. IMO.
What if TMDI did get another offer, and accept? Then MDT would have to watch for the next 20-40 years as TMDI or the parent company ROLLS in the revenue. Which F-W-I-W is the exact opposite of what Martha proclaimed earlier this year. HE HATES COMPETITORS GETTING MARKET SHARE AND MARKET SEGMENT REVENUE. MDT's here b/c of the fact that ENOS is so unique IMO.
Best scenario: Have MDT extend the agreement, add $50M-$100M cash to TMDI coffers, have ISRG and Wall Street accumulate TMDI stock and watch the sp go up past what MDT estimates the value of a BO should be. Just like the Mazor deal. It went to 70 before settling the final BO sp. Does anyone think Wall Street will permit another major RAS BO and not participate? Those major funds, and BO firms will be communicating with TMDI eventually. There's nothing against the law to submit an unsolicited proposal. Does anyone think any of the funds, or major shareholders that have owned, or do own ISRG will ignore the chance to climb the RAS sp ladder again? I hear my Statistics Prof in my ear again. "Highly unlikely."
So the ONLY way to prevent the sp from going way beyond MDT's BO expectations, would be to execute the BO early b4 the sp gets out of hand. Regardless, I still think ISRG and Wall Street (and others) will try to drive the sp higher and make it very expensive to do the BO at MDT's more reasonable estimated value. Wall Street is greedy and I don't think ANYONE on this board would/could argue otherwise. Is spite of their best efforts to talk around sp escalation, greed is good. IMO.
Good luck to all. Regards, BK
Reply 129267, Honey - so now your a financial analyst, a professionally licensed financial advisor and professional tax advisor????
Didn't you read my previous email about the risks taken by pronouncing financial advice and tax advice on message boards?
Further, it would be nice to hear whether you are, or are not any of the above so we can decide if it's just opinion or truly a gift.
Good luck to all. Regards,BK.
Reply 129256 Liv, it's all about MDT's next move. What MDT does based on both the development agreement and loan provisions time lines are indications of their intentions. MDT either does something before the end of Milestone 4 and before the loan payoff, or their inaction comes dangerously close to opening up TMDI to competitors.
All TMDI can do is continue to develop Titan Medical USA, and ROLL up the IP. The more IP they ROLL up and any additional proof of the lab's abilities to make RAS med devices from thought - the more valuable TMDI becomes. TMDI is way past the value of Mazor (IMO).
All it takes is for MDT to be stupid and let the development agreement lapse after the 4th milestone, AND.... TMDI pay off the loan. If TMDI doesn't pay off the loan, then we have our answer because it would be a blatant declaration by TMDI.
Raise hands. Who thinks MDT is stupid? There are no limiting factors to keep TMDI from considering another offer. It would be catastrophic for MDT, as they have licensed 14-16 of TMDI's patents, and don't have the know how to complete a product as far along as ENOS with a short development time line. IDT 14-16 patents is enough IP to develop a snake-arm SP RAS device with adequate protection (IMO). I really don't know if it can be done. Best guess - it would take at least another $300M-$400M and another 4-5 years WITHOUT TMDI'S KNOW HOW, and experienced 3rd party resources. So who wants to go before the BOD at MDT and say "I think we can do this with what we have AND another +$400M and another 4-5 years." Not a great career move. Let's face facts both MDT BOD's and Martha have reputations to build/uphold. No one wants to be included on the Strategic Blunders list in the Corporate Strategy classes at Harvard, Northwestern, Wharton, MIT, Chicago, Columbia, Stanford, etc. Which is why buying TMDI makes all the sense in the world for MDT and Martha's reputation. It's all in front of them if they'll just make it happen. ENOS - for what it can do, the creativity and how it's designed, and Titan Labs are ALL tangible products. IMO.
What if TMDI did get another offer, and accept? Then MDT would have to watch for the next 20-40 years as TMDI or the parent company ROLLS in the revenue. Which F-W-I-W is the exact opposite of what Martha proclaimed earlier this year. HE HATES COMPETITORS GETTING MARKET SHARE AND MARKET SEGMENT REVENUE. MDT's here b/c of the fact that ENOS is so unique IMO.
Best scenario: Have MDT extend the agreement, add $50M-$100M cash to TMDI coffers, have ISRG and Wall Street accumulate TMDI stock and watch the sp go up past what MDT estimates the value of a BO should be. Just like the Mazor deal. It went to 70 before settling the final BO sp. Does anyone think Wall Street will permit another major RAS BO and not participate? Those major funds, and BO firms will be communicating with TMDI eventually. There's nothing against the law to submit an unsolicited proposal. Does anyone think any of the funds, or major shareholders that have owned, or do own ISRG will ignore the chance to climb the RAS sp ladder again? I hear my Statistics Prof in my ear again. "Highly unlikely."
So the ONLY way to prevent the sp from going way beyond MDT's BO expectations, would be to execute the BO early b4 the sp gets out of hand. Regardless, I still think ISRG and Wall Street (and others) will try to drive the sp higher and make it very expensive to do the BO at MDT's more reasonable estimated value. Wall Street is greedy and I don't think ANYONE on this board would/could argue otherwise. Is spite of their best efforts to talk around sp escalation, greed is good. IMO.
Good luck to all. Regards, BK
Honey, Come on... buy a vowel. Clearly, you can see the importance of the Dry Lab review by Dr. Estape. This review is a compelling testament of immense validation of both ENOS and creativity/abilities of the in-house development team. Which IMO, equates to more high-quality IP, and......a higher market value.
Debate the engineering design, and what ever level of elegance you wish to assign ENOS. It works. If Dr. Estape likes it, AND he does. I'll bet a lot of other surgeons will too.
His credibility is undeniable, and so is his measured response regarding how freely he expresses his opinion. ENOS, in its present condition is stunning.
Everyone that sees that video will weigh the validity of the source. And ENOS is being directly evaluated and compared to present-day RAS surgical devices. You heard the numbers. How many thousands of robotic surgical procedures HAS THIS MAN PERFORMED?
The floor is yours. Grab the mic. Please tell us the source(s) of your experience and wisdom with RAS surgical devices. And please tell us where this black hole is located where you're mining your nuggets.
TIA.
Good luck to all. Regards,BK.
Flenderson, any breadcrumbs that you can share from your grapevine? Just like to hear your prospective occasionally.
Thanks.
Good luck to all. Regards,BK.
Reply 128937 Honey, are you are aware that there's a BOD Compensation Committee? Just wondering which black-hole your mining to find these nuggets of gold?
Good luck to all. Regards,BK.
Reply 128933 Honey, has MDT hired any executives that are idiots? Why would they start now? Does MDT perform any due diligence before they sign confidential agreements, and pay millions of dollars to R&D medical device company's? History says yes. You say no?
Are you insinuating the CEO of actively suppressing the sp? Do you know it's against the law?
Asking for a friend.
IMO, you're going too far with your "Mc's and idiot" thesis.
Good luck to all. Regards,BK.
Rocko, every time I see your message all I can visualize is Dana Carvey as the Church Lady. Thanks for the laughs.
Good luck to all. Regards,BK.
Reply 128719. Honey - what dictionary do you use to define small tuck-in value?
I'd guess that the scale of the value of a BO would be based on the total market value (plus annual estimated growth rate) vs the size of the potential estimated market for the device, and any new applications that would create new growth factors. And ENOS has much higher revenue potential than Mazer ($1.7B), or J&J with Auris ($3.4 & possibly another $2.3B) for comparison purposes.
Small $100M-$1.5B
Medium $1.6B-$10B
Large +$10B
In the scale of numbers, small compared to large is based on the spectrum from which you use to compare. Since we've seen many different buyout amounts, for various medical device company's as they would apply to each market - yours is small by comparison. IMO.
I live in Texas. We have different "local" scales.
Helen called. I told her you were out.
Good luck to all. Regards,BK.
Reply 128714 Honey. And again, you specifically avoided the main point that I was addressing to your email. You're follow up email was just a deflection from your grossly under analyzed, narrow prospective regarding the BO. It's obvious you only talk about it just to be able to say it's going to create another RS. IMO, that's a red herring. Revisiting the distant past is no foundation from which to view the present situation since the establishment of the MDT partnership. That's the present business environment. IMO.
Competitive market analysis is a different mindset than jamming a calculator. I would speculate that MDT does not care if they have to hit 4 more keys on a calculator to get to a BO amount based on the number of outstanding shares. If you feel the share count needs to be "cleaner," I'd suggest wiping down your keyboard with Lysol first. Other poster's may have better suggestions.
And as for Mc's responsibilities - it's called the law. Every TMDI Officer has a fiduciary duty to the benefit of the owners of the company. Now, if you want to debate the definition of "benefit" that's a different conversation. How you care to "state" Mc's intentions is your opinion.
I offer the following in response to your comments regarding Mc's $$$ decisions. $$$ decisions require the BOD's participation. The Board is involved and has oversight responsibility for Compensation, Governance, and Audit. There's NO sweetheart deal. Again, the law.
The pressure of knowing how this all ends is getting higher the further we move down the road. I'm guessing there will be an extension of the development agreement. I can only hope that the terms and conditions are at least as good as those that exist now. I'd also guess that there will be more redactions.
I don't want to be responsible for anyone's decisions based on what I think. But I have no problem with telling you what I think, and about what you say.
Good luck to all. Regards,BK.
Photodynamic Therapy Market Research:
Thank you to 11Familyguy11 from Stockhouse 06.18.21
The future of PDT
Here are few articles with forecast growth and development of PDT. Theralase is in all of them.
https://www.verifiedmarketresearch.com/product/photodynamic-therapy-market/
https://www.prnewswire.com/news-releases/2020-insights-on-the-global-cancer-photodynamic-therapy--clinical-trial-market-to-2026-301021414.html
https://www.maximizemarketresearch.com/market-report/photodynamic-therapy-market/45186/
Good luck to all. Regards,BK
Reply 128715 Belize, voting or discussing the conditional clauses to qualify for additional options is not a confidentiality issue that would be in conflict with the partnership. A discussion about options would be made public in future SEC filings. Those meetings were intended to discuss "privileged" subject matter that would be in direct conflict with the partnership interest. Which was the EXACT purpose for including that provision in the loan agreement. Advanced warning.
Why would the Board add so many with BO experience if they weren't going to discuss all of their options before THE event? You could just hire them as consultants and ask for an analysis. Instead they were submitted for Board positions. They needed to better understand the nuances of the company and all of the inner workings to have a better understanding of the development process, how they make things out of thin air and the effects of those R&D patents on the competitive landscape. IMO.
That was easy to figure out.
Good luck to all. Regards,BK.
Reply 128687 Honey - your thesis, as it may be isn't wrong. The basis of your hypothesis regarding the BO is flawed. There will be competition for TMDI. Once the loan is payed it doesn't matter if MDT has licensed 14-16 patents. And that's the number for patents as the time of the agreement. So if MDT does extend the agreement, or license more IP - it's up to Mc to drive the $$$$ a lot higher. So long as TMDI owns all of its IP then a competitor can make a bid. That's the equalizer.
Mc is clearly responsible for the fiduciary duty that which his position requires. Now, so does the COB. He clearly was seeking cover for this decision. He's insulated himself and did all of us a great favor to surround himself with professional experience. And that doesn't include any independent valuation analysis.
Hey, this should be familiar. THINK. Any other competitor besides ISRG will make a bid b/c they won't care if MDT has 14-16 patents. Big deal. And I think ISRG will try to drive the share price for the BO higher b/c they can. Wouldn't you make life more difficult for a competitor? No? It's not hard. Buy a few share on the open market and be a full % shareholder, or ask some of the funds that hold ISRG stock to do it. So Wall Street will participate b/c that's why they exist. In fact I would speculate that they already are participating keeping the sp down. Which is THE main reason MDT didn't take a direct position in the $18M raise. If it became public the stock price would soar. B/C it already happened in a previous BO. But I suspect ISRG and Wall Street will make up the sp difference either way before or after the announcement. So the announcement MUST be a done deal prior to the public statement. Is that possible? It will be put to a vote, but the BOD will have the votes to approve. So it really depends on how much pain the competition wishes to inflict on MDT before the final agreement. Don't ask me why it hasn't happened yet. It's a future event based on the final features of ENOS that which are not public - yet.
You're great with numbers, but it would appear a little light on the objectivity to the possibilities of alternate competitive analysis and business strategy.
This will be a negotiation to own highly differentiated IP for the next 20-40 years. Which is exactly what Martha has been stating he and his company will do. And the competition will make it very expensive, but to MDT - affordable. IMO.
Good luck to all. Regards,BK.
GREAT NEWS. Theralase Launches 7th US-Based Clinical Study Site and Treats First Patient in the US
https://theralase.com/theralase-launches-seventh-us-based-clinical-study-site-and-treats-first-patient-in-the-us/
Thank you to several posters that alerted the group over on Stockhouse bull boards (TLTFF).
Good luck to all. Regards,BK.
OR Nurse, Yes.... the loan. Good point.
Good luck to all. Regards,BK.
To the group, Two further points from my recent shared texts addressed to SRC: 1) There's always the possibility that some unforeseen possible competitor could partner with another to make a competing bid. Thereby sharing/splitting Titan's IP, and permitting further competition sooner. 2) ISRG is big enough to take a large position in TMDI through the open market, and would not care if they had to declare a 10% ownership. That would really frost MDT b/c MDT didn't pull the trigger fast enough, or offer a strong enough initial offer. Which creates more delays with a decision from TMDI's BOD. And it would be pure profit for a competitor.
Once again a BO can be the shortest distance from where you are, to where you wish to be able to compete by purchasing IP.
Time is your enemy.
Good luck to all. Regards,BK.
Mike007, Need a little more context to clearly understand why you posted the 506. It's good information, but how does it relate to Titan or the agreements?
Good luck to all. Regards,BK.
SRC, I agree. I think there's a distinct possibility that ISRG makes a run for Titan if MDT doesn't make a strong offer. However, I don't think MDT will make any mistakes. This is Martha's beachhead. He get's to execute his plan(s) and set the stage for other possible acquisitions using TMDI as a blueprint. Which is why the BOD has the necessary experience needed to formulate a plan for substantive negotiations.
If MDT can pay $1.6B for Mazor, and J&J pays $3.4B for Auris, then +$5B is not out of the question for what TMDI has to offer in the targeted market space. Many keep forgetting TMDI is not just ENOS. With TitanLabs the value of TMDI increased by more than XX%, of whatever the previous speculative value was 18 months ago.
I say 18 months b/c I think MDT's been discussing general business topics with TMDI for that long or longer. Just under the "material event" threshold.
Good luck to all. Regards,BK.
JMGreeny, What's too high of a sp? $50 is about $7B market cap. MDT could afford that, but even I don't see us getting there if the BO is within the next 12 months. My guess has been, and still is... $38.00 a share. That's my story and I'm sticking with it.
I will refer anyone that cares to review another posters (Facetrain - is a CEO of a Med Device Company in EU? I think) research/experience/estimates from post 114191. He didn't predict a final BO sp. He did provide some compelling details and speculation as to the value of TMDI, our IP, and what MDT and JNJ have recently purchased as compared to the market potential of each purchase.
We all know it only takes one other competitor to make a competing bid, so long as there's an avenue for them to buy us. That's what I'm concerned about. Does Mc know what he's doing? Which supports this board's supposition that all the new BOD's are there to be sure there are as many options and opportunities to capitalize on this single event. There's only ONE buyout.
Good luck to all. Regards,BK.
SRC, If the time ever comes it may very well cost as much money as they accumulate to pay off any alleged infringement. I don't know where the functional limitations or intersections between ENOS and Vicarious would start or end.
And why would it be necessary to make repeated statements of declaration that you own shares? As if it gives one limitless permission to speak incessantly about the purported superiority of a competitor, while at the same time disparagingly about TMDI/ENOS.
I think I recall that someone in the past wrote in a message that Titan is aware of this board. Do I recall that correctly? Please correct me if I'm wrong.
Good luck to all. Regards,BK.
Reply 127826 Sport, the trouble with your "snake arms" comparison(s) will be how they are controlled. If Titan has the patents for camera vision, insertion tube with surgical extensions/flexible control arms and cameras included, ergonomic surgeon workstation, controller arms, and hand interface(s) with ergonomic feature controllers, then how will all your "favorite RAS alternatives" get around TMDI?
True story: I worked at one of THE greatest IP producers in the world for 24 years. Canon. They are an IP juggernaut. Usually in the top 3 every year in total U.S. patents approved. They finance a big chunk of the their global manufacturing expense through R&D licensing. I've lived this business model. I recognized it immediately at TMDI. I believe the R&D and IP protection is THE main reason MDT partnered with us. And I believe the Steering Committee members from MDT for these agreements are all over the IP.
I hope you find peace someday.
Good luck to all. Regards,BK.
MX77, Good points. So the most important next event Mc can orchestrate would be to pay off the loan, and get all of the IP back in-house. But.... what about the MDT IP license agreement.(?)
That seems to be a point that gets missed in all these details. While MDT's license is exclusive, TMDI still owns all of it - and another company can only own our IP if they buy all of Titan. So MDT has 3 distinct advantages. 1) Advanced knowledge of any competitor conversation in the boardroom. 2) While the $1.5M loan is still in place, Mc can't speak to another company. 3) The loan has an option to be paid no later than 06.04.2023. That's a loooong way off. Why so far out for a loan set up to pay off the consultant lawsuit? And a few small IP issues that would be created with the completion of the milestones.
So the next big play for Mc would be the disclosure of what Titan will do after the 4th agreement milestone.
I really think the development agreements were to integrate Digital Surgery's software into HUGO. For 2 reasons. 1, MDT owns it and it's already been disclosed that it was included into their units overseas, which generated revenue for MDT this past quarter. And 2, Mc saw it and that's easy to see how it would be attractive as an obvious step in ENOS 1.1 if that type of product were to present itself to TMDI. The development agreement already states that they both own the IP. And I also think, it would be difficult to integrate a med device hardware sub-assembly into HUGO in such a short timeframe. Full disclosure - part of this hypothesis and info was gleaned from a couple of statements as a distinct possibility by Rollgard.
My best guess would be a renegotiation. The subject of which is anyone's guess. But it must be for A LOT more money than the last license agreement and development milestones. It would be a big deal if some of the Mazor language could be included in the next phase too. That would definitely launch the sp, so I seriously don't see MDT including any of the details or permitting Mc to speak about much. So, I would conclude if it's another muzzle, then it's a very big issue.
Just more grist for the mill.
Good luck to all. Regards,BK.
Reply 127755 Sport, If I could answer all of your questions we would all be rich. But, unfortunately I can't. I know as much as you, if you've read all of the TMDI documents available. And other related MDT material. The correct question should be "Why hasn't it spiked yet?" My perspective is different than yours, and yet we're both invested.
I can only use my high level of reading comprehension and vast powers of deduction to postulate what would appear to be a likely outcome based on known facts and historical events related to MDT.
I do like where are currently, and hope for good near-future events or details.
The similarities and complete contrast in control between this project and Mazor are obvious and compelling. IMO
While I'm frustrated, I can't complain about the sp b/c it's permitted me to buy a little more and average down since the RS.
It would help if you would contribute to the positive aspects of your investment. I'm well aware of the history of this company. Would you say that the history of MDT's business model is more positive than Titan's mistakes? Considering how far along we are now?
As smart as I think I am, this journey has humbled me. I should have listened to the voices in my tackle box and just gone fishing for the past 8 years. After this has concluded to some degree, I will.
Good luck to all. Regards,BK.
Reply 127711 SPORT, so MDT made Titan get $18M of financing, when MDT could have given it to Titan? Help me understand what point you're trying to make.
IMO, MDT made Titan get the financing so they wouldn't create the Mazor share price debacle for themselves, all over again.(IMO) I think you missed ALL of my points entirely. MDT isn't going to create a problem for themselves. At least not the same way, through a series of events as the Mazor deal.
My message 127701 in response to yours, (with details) provided you with the reason(s) that MDT would never "give" the $18M.
Which was b/c MDT or Titan would need to publicly announce that they were buying part of Titan. And MDT would experience the same Mazor share price pain all over again with Titan. (Actually, I think Roll pointed this out earlier). And my support information also pointed out that during the MDT-Mazor partnership/BO, MDT had no control over any of public information and the share price for Mazor went from $10 to $70.
Which is why (IMO) the agreements with MDT are structured the way they are.
The structure for this "simple" development agreement contain ridiculous terms and conditions. The levels of secrecy I can understand. But not the boardroom oversight and a ludicrous $1.5M loan. There's already a special Steering Committee of combined resources from both companies doing full oversight.
I'm looking for ANY information that would lead me to a different conclusion. Please tell me what I'm missing.
Good luck to all. Regards,BK
Reply 127665 - SPORT. While you speculate that MDT could have "given" the $18M to Titan, you are also aware (or you are now) that (IMO) they wouldn't publicly disclose that they are taking an equity stake in TMDI b/c it would spike the SP. You may speculate that I'm guessing. Sure I am. But (I'll bet) everyone on this board would like to have more shares before MDT announces an equity stake in TMDI before it happens.
So my first question would be: "Why would MDT care about spiking TMDI's share price?" B/C it happened to MDT previously with Mazor and (IMO) it would not be viewed as a wise strategic business decision to increase the sp, with the possibility of a BO or as a possible future competitor. If the sp was $25 a share, and TMDI put out a prospectus of 10M shares, that would get them to where ever they wanted to go without MDT.
So, by inference of your point of reference, MDT clearly wants some future outcome to remain in their entire control. B/C the Mazor business arrangement was completely out of their control.
05.18.2016 Mazor announced 2 strategic agreements with MDT. The details of which disclosed both agreements, timelines, plans and partnership details.
https://www.businesswire.com/news/home/20160518005367/en/Mazor-Robotics-Signs-Strategic-Commercial-and-Investment-Agreements-With-Medtronic-a-Global-Leader-in-Spine-Technologies-and-Solutions
05.13.16 The stock was just above $10 per share. Before 05.31.16 the sp was nearly $17. Mazor just launched Mazor X in October 2016.
https://investors.mazorrobotics.com/stock-information
Then Mazor signed an EXCLUSIVE agreement with MDT to sell and distribute the Mazor X.
In May 2016 we entered into a strategic, two-phase Exclusive Lead Sharing and Distribution Agreement and a Purchase Agreement with Medtronic and certain of its affiliates. In August 2017, we entered the next phase of this agreement, in which Medtronic assumed global exclusive commercial rights to the Mazor X system for spine surgeries. We rely significantly on the results of Medtronic’s sales, as our exclusive global distributor of the Mazor X for spine surgeries. Failure by Medtronic to generate Mazor X system sales and support of the clinical installed base, could have substantial impact on our business.
I'll let those that analyze financial statements decide whether Mazor was in worse shape financially in 2017, as compared to TMDI now.
https://last10k.com/sec-filings/mzor
We have sustained net losses in every fiscal year since our inception in 2000, including a net loss of $12.4 million for the year ended December 31, 2017. As of December 31, 2017, we had total shareholders’ equity of $113.8 million and cash and cash equivalents, short term investments and long-term investments of approximately $108.3 million. Our accumulated deficit as of December 31, 2017 was $134.3 million. We anticipate that we will continue to incur substantial net losses for at least the next 12 months as we expand our research and development team to support the existing and new capabilities of the Mazor X system and Renaissance, or our Robotic Guidance Systems, and expand their adoption and clinical implementation. Our losses have had and will continue to have an adverse effect on our shareholders’ equity and working capital. Any failure to achieve and maintain profitability would continue to have an adverse effect on our shareholders’ equity and working capital and could result in a decline in our share price or cause us to cease operations.
Mazor was generating revenue. By end of 2017 a little over $100M, but with deficits of +$134M.
However...by 11.24.17 the share price was over $60.00. It did drop to the low $50's, but then shot back up to over $70 soon thereafter.
ANSWER: That's why MDT didn't make an announcement that they were "giving" Titan $18M.
So my thoughts would take me to question why such different executions? Why lock down a simple development agreement at all? Why the $1.5M loan? Why require that TMDI wait until after the 4th milestone to pay off the loan? Why include an extended period after the 4th milestone from which to payoff the loan?
When is a simple (secret) project NOT a simple (secret) development project?
Just a little food for thought.
Good luck to all. Regards,BK
mike0071, The subject of your question has to do with the fact that MDT had to provide technical details, and possibly software and sub-assemblies to Titan for them to work on whatever part/piece of HUGO was identified in the milestone. MDT's not developing ENOS, or any part of it. IMO.
Good luck to all. Regards,BK.
Hockey Team? Charlestown Chiefs. Nuff said.
Good luck to all. Regards,BK.
BelizeMe, No one knows if there's been any conversations about starting a negotiation for a BO. But Titan seems to be getting ready to have that conversation with someone. Whether it be M&A bankers, high-end large investment funds, or other manufacturers. Further, any conversation regarding a BO with anyone outside of TMDI is a material event and subject to disclosure to the employees and owners of the company. They can talk about it all they want among themselves. So, I just don't make any connection as to how you got from 2 million options tied to the value of a BO. Too much sun?
I'm surprised about your thoughts, as they are regarding Mc's options, and their estimated value. Those options that Mc was given are determined by the BOD Compensation Committee. They have nothing to do with anything else. How do you get the value of what Mc gets as part of his compensation from the supposed value of a BO? Bill Gates received 11,222,000 shares at the time of the Microsoft IPO. It went public at $21.00. 2 million options doesn't seem out of place if Titan's IP is truly a moat from which no competitor can breach.
I don't understand you point, except as something negative based on a speculative possible event.
If ISRG is worth +$90B (WallStreet multiple), then how can TMDI not be worth nearly 5%-10% of that value, once it's clearly established that ENOS is a viable competitive alternative? Also taking into consideration the total number of various procedures and global potential markets. Which has an estimated CAGR of 6%. Little, to nothing is factored into this sp except what is concrete. The IP, the current agreements (as they exist), the prior milestone achievements, and pending milestones/payments. Once it's known about the 4th milestone, there may be further value placed on TitanLabs based on their ability to make ideas come to life.
Vision and Potential are the optimal words that I use to describe this investment opportunity.
So why are you here? I don't understand why your invested here, if you really think this is a sub-$B company. I'm not asking for anyone but me. You should be talking about a BO value as high as you can estimate based on all of the greatness that this company can create. Nothing less.
Thanks. Good luck to all. Regards,BK.