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CUIN - QUESTION? Titan is currently considered a "passive foreign investment company" because it has no sales or income. Wouldn't this designation change once they start selling SPORT and generate income? Would it then be considered a LT capital gain for any shares sold that were held longer then one year?
HC, I have had you on ignore for the last several months, the problem is iHub only filters out your posts, not your replies to other members posts.
If you think your posts add any value to this board, you are truly delusional, it is beyond obvious you have no concept of how business operates and as ORep pointed out, no understanding of the medical device industry, yet you keep posting the same ridiculous themes and theories over and over again. And before you go on and on about how many followers you have, they all came before my time on ihub when MAYBE you had something of value to say. Now you are just an annoyance, and if you can't see that from the over whelming majority of the responses to your posts, then you are socially unaware.
If you had any pride, you would stop posting and quit embarrassing yourself with your ridiculous theories and rants that has everyone on this board questioning your emotional stability and mental health.
Please honor any of the 3 promises you have made over the last 8 months to stop posting and leave this board.
Have a nice day, and TIA
elcaribes, we get it, you are not happy. With your constant, whining and negativity, some of us are starting to lose the respect we once had for you. Please stop.
Part 3 - From the Company's Nov 2014 MD&A
There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Other than as specifically required by law, the Company undertakes no obligation to update any forward looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results or otherwise. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward looking statements.
Accordingly, investors should not place undue reliance on forward looking statements.
Read that last sentence again, and good luck with any lawsuit.
Part 2 - From the Company's Nov 2014 MD&A
Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward looking statements. Forward looking statements are statements about the future and are inherently uncertain, and actual results of the Company or other future events or conditions may differ materially from those reflected in the forward looking statements due to a variety of risks, uncertainties and other factors, such as current global financial conditions, dependence on key personnel, conflicts of interest, obtaining of or cost of additional financing, strategic alliances, uncertainty as to product development and commercialization milestones.
Part 1 - From the Company's Nov 2014 MD&A:
Forward Looking Statements
This discussion includes certain statements that may be deemed “forward looking statements”. All statements in this discussion other than statements of historical facts,that address future events, developments or transactions that the Company expects, are forward looking statements. These forward looking statements are made as of the date of this MD&A Forward looking statements are frequently, but not always, identified by words such as “expects”, “expectation”, “anticipates”, “believes”, “intends”, “estimates”, “predicts”, “potential”, “targeted”, “plans”, “possible”, “milestones”, “objectives” and similar expressions, or statements that events, conditions or results “will”, “may”, “could”, or “should” occur or be achieved. Forward looking statements that appear in this MD&A include: the Company continues to actively explore in licensing opportunities for technologies that may be used in conjunction with the Company’s
robotic surgical system; over the course of the next twelve months, Titan’s objectives include significantly advancing the development of its robotic surgical system including the completion of design and test of feasibility prototype, the build of units ready for engineering verification plus completion of an early human feasibility report, Titan remains on track to attain the next 2 major milestone in Q1 2015, product design completion and design verification.
hopefully, you will be correct
I think Ximedica does volume manufacturing of medical devices based upon the following article by Joe Arruda, Ximedica Manufacturing Manager.
http://www.ximedica.com/People/LivingInnovationBlog/TabId/108/PostId/283/realizing-the-value-of-a-medical-device-design-through-manufacturing.aspx
I thought so too. I went back and looked at the Nov MD&A presentation and it stated that Titan has contracted Ximedica to bring the SPORT™ Surgical System to market, including all technical, regulatory and manufacturing efforts. This is the NRE effort for product development and regulatory approval. No mention, that I saw, of who would perform the recurring production effort. It would make sense for that to be Ximedica, as they have ready access to the design and test engineers along with the software developers should any snafus occur during production.
I generally agree with much of what you said, with the exception of the need for additional financing. The Nov 2014 MD&A stated Titan had just under $38M of cash or cash equivalents. Based upon their current burn rate there should be sufficient funds to get thru 2nd quarter of 2017.
I would expect the PPS to rise significantly throughout the second half of 2016 as human clinical trails complete, FDA 501(k) submittal occurs, CE Mark approval is received, and initiating outside US sales. These milestone accomplishments will drive significant PPS appreciation - well above what is required for the exercise of warrants.
I don't believe Titan's PPS will double or triple in the next few months, and I hope you don't either, or you are setting yourself up for a huge disappointment. The best we can hope for is a TRXC type bounce on positive 1Q updates, then expect to give most of that back during the next several quarters, My crystal ball is in the shop being repaired, so I will not hazard a guess as to where PPS is at 2015 year-end.
Randell is the only insider selling (so I wouldn't place much emphasis on it) and we don't know his personal situation - he could have a child going off to college, buying a new home, going thru a divorce - we just don't know his motivation.
I do believe the current management team is capable of navigating thru a M/A with the help of investment bankers and lawyers.
But, in all honestly, I don't believe that is the path they will pursue, at least not initially. Part of that belief is based upon Titan's employment advertisement for an accounting manager. Look at the skill set they are seeking - preparing financial and sales forecasts, developing a performance measurement system for their outsourced manufacturer, building an A/P and A/R, costing, budgeting and general accounting team, having a good understanding of foreign currency transactions - primarily U.S. To me, this sounds like they plan on commercializing SPORT themselves.
The second reason I doubt an early M/A is that it would be unwise to do so until they have 4-6 quarters of sales history to better derive a fair valuation for the company. To do so any earlier would leave too much money on the table.
Several months ago when CUIN2 sold the bulk of his shares, some on this board criticized him, most, including myself, held the position that it was his money, thus his decision. Everyone has the right to decide how to manage their personal finances - including Randell. No one on this board knows his personal situation, and in my opinion, to call him and ask him to justify his decision to sell some shares is beyond arrogant - it is rude.
Titan management made themselves very available to retail investors the first 2 weeks after the November MD&A. I don’t know of any other company where executive management would have answered phone calls and e-mails from individual investors. At some point it is time to get back to work, I prefer management to roll up their sleeves and work towards product development and eventual roll-out, then spend all day answering e-mail and phone calls from the same people and answering the same questions over and over every time a nervous shareholder needs reassurance.
Also, to clear up a point, unless you bought one of the public offerings, you have not helped fund Titan. If you purchased your shares on the open market, like 99% of the folks on this board did, Titan did not benefit from your purchase.
I know you are offended that Hargrove has stopped taking your calls and e-mails. Maybe their frequency had something to do with that, or maybe he felt he could tell you nothing more than he already has, but this post sounds like sour grapes because your feelings are hurt.
Remember, the market's job is to confuse, bore, or scare you out of good trades. That's why patience and discipline are the two most important principles to master, if you want to be a successful investor.
If I'm Hargrove and I have 100 people calling me everyday.... I STOP taking calls
elcaribes, the death cross was arrived at using the simple MA. For longer MAs, I prefer the EMA, and there the death cross has not yet occurred - still about 3 cents apart. But I think it will be just a matter of time. More worrisome to me is that TITXF smashed thru the Fibonacci 62% retracement from it's Dec 2013 low to the Jul 2014 high.
Currently, there is support at $1.2 and the closing low of the Nov sell-off is $1.21 so there should be some buying at that level. If support does not hold at $1.20, then there is nothing until the PPS gets to .85 - .90 cents.
Where do you think PPS bottoms?
Well said. I totally agree.
After having made themselves available to the retail investors (I know you don’t like that term, but that is what we are) on this board for the week after the Nov 14 MD&A, maybe Randall and Hargrove think it’s time to get back to running the company. Or maybe Hargrove is taking a few days vacation to return to Columbus, GA to spend time with his family for Thanksgiving. I don’t know his itinerary, but I do know the leadership at Titan has made themselves available to answer investors questions and concerns more than most publicly traded companies would have.
While no one likes the new timeline, it is the new reality. The sooner everyone adjusts their expectations accordingly, the sooner your frustrations and anger will be mitigated.
I posted my assessment of the timeline change on Nov 16, post # 16939, you might want to read it.
The Nov 14 MD&A got peoples attention
I'm not sure about how IHub suspends someone, but alot of sites will block the IP Address from which the account was created.
Thanks .....no great loss
I missed the deleted messages - what happened?
a better scenario would be for TITXF to base in the 1.6 - 1.8 range for a couple of months, then a positive breakout 1Q 2015 on good news.
yesterday had the look and feel of a selling climax, if so, there should be some buying today. I guess we'll find out soon enough.
That would be my answer as well. Also, I would build a spare unit so that if a prototype malfunctions during tests /trials it can quickly be replaced. Maintaining schedule is more important at this time then the cost of an additional prototype.
As i stated in my original post, the only rationale for this change in direction would be that Titan was told by their prospective customers that a single indication SPORT was not a viable product and they could not justify the expense for the limited benefit received.
Here is my take on the announcement concerning the additional indications and new timeline.
I think this was forced upon Titan by the market, as they showed their product to their SAB, GPOs and prospective customers, the feedback they received was that a single indication robot was not a viable product and it’s purchase could not be justified with a cost / benefit analysis, I think they were told that SPORT had to be more robust and capable of multiple indications to be well received in the market place. This was a BUSINESS decision.
I think Titan came to this decision over time. The timing of the release is irrelevant in my opinion as the stock markets reaction would have been the same, whether the new approach and time line was announced last week, last month, or 3 months ago. We know that Titan uses the quarterly MD&A as the forum to make updates concerning their progress, and in my opinion, this was the proper forum to make such a huge announcement.
I personally do not see this as a breach of trust on management’s part, but a realization that in order to have a viable product that would be well received in the market place, they had to go down a different path than originally planned.
Of course, I am as disappointed as anyone that the anticipated rewards of having made an investment in Titan has been delayed by 18-24 months. I believe this is a worst case scenario, as I would expect Titan to have built plenty of schedule margin into their time line to ensure the progress milestones are met.
I do not expect further shareholder dilution, as additional financing should not be required. With cash of $37.6M on hand and a monthly burn rate of $1.3M, Titan as enough funds to take them thru 1Q 2017.
As anyone who has read any of my prior posts knows, I am not a fan of fluffy PR, but with this delay, I would hope that Titan puts out a more detailed time line and report status, as it occurs, as opposed to only giving status at quarterly MD&As.
If the financial advisers you are talking to think this is a pump and dump stock, why do you own it? If you don't own any shares, what are you doing on this board?
The main interpretation to take away from the charts is that Titan is building a solid base. The longer the basing pattern for a stock, the more explosive the breakout.
As for the lack of a current sales force, there is a simple rule in business: People = Cost. Titan will not hire a marketing & sales team until the last possible moment. It is expensive to hire people before they are needed and have them standing around waiting to work. Also, the FDA has strict rules concerning marketing a medical device prior to receiving FDA authorization for sale or distribution for their intended use. BelizeMe had an excellent post about how a company can roll-out a product with a limited sales force focused on key markets then build up the sales force over time as you expand your roll-out.
IMO Titan would be crazy to agree to any MA before, or just after FDA approval. If they choose not to go it alone, and there is no reason to think they won’t, Titan will wait until they have 4-6 quarters of sales to get a fairer valuation of the company. Why sell the company on the cheap, when if you wait 12-18 months you can get a much higher price.
IITF - Thank you for cleaning up the Ihub home page for Titan. Although the page looks much more professional, I have 2 suggestions that you can choose to incorporate or not. The Surgical Advisory Board has no context for new members, I suggest a purpose statement be included, something like the following:
Purpose: The Surgical Advisory Board will assist Titan's executive management team during the development, pre-clinical testing, and clinical testing of the Single Port Orifice Robotic Technology (SPORT™) Surgical System. Additionally, these surgeons will participate in the development and implementation of a formal training program for the surgical teams who will use SPORT™.
All of the Board members are leaders in minimally invasive surgery with a clear understanding of patient benefits and needs. Their profound knowledge and expertise in this space will be invaluable in guiding Titan through the developmental and testing processes, as well as in positioning SPORT™ in the global market.
Surgical Advisory Board Members:
<Member profiles that are already shown>
Also, under the "Benefits" section, bullitize the sentences and left align them. It looks a little disjointed and reads awkwardly to have the only word in the second sentence centered on the page.
Your lack of even a basic understanding of how financial markets operate, unrealistic expectations, sense of entitlement, low risk tolerance, physiological and emotional immaturity makes Titan the wrong investment for you. Other than that, I have no issue with you
People = Cost. Titan will not hire a marketing & sales team until the last possible moment. It is expensive to hire people before they are needed and have them standing around waiting to work. Titan has not even locked down the SPORT design. Also, the FDA has strict rules concerning marketing a medical device prior to receiving FDA authorization for sale or distribution for their intended use.
Don’t forget that Titan hired a consultant "related to a Senior Executive" to begin and coordinate the European marketing effort to support SPORT's European launch. Many believe this person to be Paige Hargrove, John Hargrove’s daughter. I doubt John would hire his daughter, then pull the rug from under her, with a M&A prior to product launch.
I will give credit where credit is due, Honey, CUIN, and Geo lead an active, inquisitive and informative discussion of the MD&A disclosure. I know a lot of other people also contributed to the discussion and all your comments were appreciated as well. This type of information sharing is why I joined this board. Everyone comes from a different background - experiences / work history, and I found the different perspectives, in most cases, enlightening.
I hope we can keep the posts both positive and informative.
I cannot post during the day, due our company's firewall, and am limited to late evening or early morning posts (except today - vacation), but I did enjoy reading the MD&A discussion during lunch.
Both the Mar 6 and the May 21 MD&As project the Validation Tissue Study completing in Q4, 2014. No pull-ahead, just maintaining schedule.
if TITXF was above $4/share i doubt we would be seeing the type of posts we have now, that CUIN would have sold any of his shares, or if he did, anyone would care. CUIN himself has stated he has sold some of his shares because of unmet expectations regarding PPS, frequency of PR releases and executive departures.
I do agree that how people invest their money, is their business and no one else's. But i also think, when you put your investment decisions in a public forum and frame that decision with critical comments about the company, you invite a public response.
CUIN should have sold his shares and said nothing about the sale, then we would not be having all this insanity.
Respectfully, IMHO
Frustration occurs when reality does not meet our expectations, and based upon the recent posts I see on this board, a lot of people are frustrated. Since you cannot change reality by posting to this board, the course of least résistance is to change your expectations. I started buying TITXF in Mar/Apr 2014 with an average cost of $2.07/share (a much higher average cost, I’m sure, than most of the long term investors on this board) but I am content with the current PPS because my expectation was that I would not see much of a return until mid to late 2105 when Titan began to complete their progress milestones regarding human tissue testing, obtaining CE / FDA approval, and began to market and sell SPORT units.
Since I expect the PPS of TITXF to be driven by milestone completion I’m willing to wait until then to see much price movement. I also think once this stock gets it’s legs, we will all be pleasantly surprised by it’s rapid assent
We all know the company plays it close to the chest and does not reveal much info concerning their progress until it has occurred. Therefore, I do not expect a steady release of fluffy PR, to sooth my soul. We know Titan prefers to status milestones at earning releases, so we should expect quarterly PR releases and not much more, for the rest of this year. Next year, when the above stated milestones or a significant event complete, I would expect an announcement as it occurs.
Too many people are currently using this board as a form of personal therapy to vent their frustrations. If this type of investing is not for you, do yourself a favor by selling your shares and move on to another investment that better suits your personality, risk profile, and expectations.
One last thought, I assume we are all adults and professionals, can we please act the part and stop with the name calling and personal attacks – it has grown tiresome. Out of the 81 posts today, as of when I write this, maybe 3 or 4 contributed anything of value. The rest unfortunately, consisted of name calling, accusations and rebuttals. It is becoming WORK to shift thru all the BS to find the increasingly rare posts that inform and educate – many thanks to the surgeons and device reps who provide insight based upon their experience and industry knowledge.
CUIN, stop defending your decision to reduce the number of shares of Titan you hold.
Your money, your decision - end of story. The more you try to justify your decision, the less credibility you have, and the more pathetic you look and sound in trying to win people's approval. (this is not an attack, just an observation) Personally, I am fine with your decision and how you choose to invest your money is none of my business.
You and I don't always agree regarding Titan, but I have found you to be straight forward and respectful in your posts. I hope you continue to be an active participant on this board.