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There is no Sport 2.0. It is Sport still on track as planned, which is going to be tested for expanded use.
I don't think it was pushed forward (to the extent that there is real "design freeze" to begin with). From what I gather, this is about building additional units for testing of advanced instrumentation for expanded use. The notion of additional units is interesting, which only makes sense from the point of view that they need the machines in different places over the country for the human case studies. Should create quite a bit of buzz at the hospitals and more info for us.
I think you are right in that this is an eye-opener, and the opportunity should be used to see a whole lot of things fall into place. Ximedica must have (and it is said so in the Sedar filing) have had considerible input into this decision. The recent capitalization of Ximedica by SV Life falls into place here as well. Titan got a lot bigger and promising.
And it is something I like to hear more about, if any engineers can chime in, which is what exactly is the difference between the feasibility prototype early next year and the prototypes that will be build later.
I think we may see a run-up in PPS this time ahead of time if they meet the next milestone. It will be huge to have the finished product despite the delay with building of prototypes for testing and advanced instrumentation. But if they do not meet that milestone, I am out, and a lot of people will I am sure.
Yes, I am personally very encouraged by the investment into the training program led by Fowler, and together with the computer technology, the board of advisers and expanded use of SPORT, it's looking to develop into a hell of a good one.
This offsets some other doubts, which is not really about management so much, but that that Titan does not appear to be much of a traditional company with everyone spread out and all the outsourcing. But I get my confidence from Fowler and the surgical board, which to me holds this thing together. It seems they are running the company anyways. This latest delay comes from them, not management, and they feel it's important.
Not at all that unlikely perhaps.
Today's price action was absolutely ridiculous with panicked retail investors getting chewed up alive by experienced investors and traders.
So anyone notice in the corporate presentation that Ximedica is going to manufacture SPORT (see last line of p.9)?
http://www.titanmedicalinc.com/investor-relations/corporate-presentation/
I did not know they did that sort of thing, but apparently they do:
http://www.ximedica.com/Solutions/ServicesCapabilities/ManufacturingServices.aspx
Anyways, a bit odd to see it in this presentation. It would have been worth a PR especially since Randall (the author) has avoided answering the question in the past. Maybe a slip-up.
But it seems like good news to me if this is the case. It tightens the relationship between Ximedica and Titan, and also with SV Life Sciences who stands to benefit from a successful SPORT.
It's sad, but probably very true. On days like this, if you can't take it, you're better off staying away from the computer and playing with the kids.
Yes, starting to look like an over-reaction. A nice bounce developing already.
Welcome to the boards.
Well, I would suggest not sending it to his private email address, or better yet, just give a company a call and speak to someone from management direct. It seems no-one had trouble with getting through doing that, although the information given out has been sub-par I agree.
Around 2.3 million shares changed hands this week. That's actually fairly low in comparison with the high volume bars where accumulation occurred. So that's a pretty good sign in that there were not that many sellers, just those that panicked and were willing to throw their shares away, and this should help a bounce. So I agree, hopefully a stronger base to build from now.
It would be nice to close at or higher than 1.55 this week for several technical reasons. We'll see if we make it.
An important aspect that should not be overlooked is that they should have the finished machine by early 2015 if I understand it correctly.I think that is huge and why I think this stock will bounce fairly rapidly over the next few months if they do not mess with that milestone. That should hopefully also lead to more openness in at least people being able to see it.
From then, if I understand the timeline correctly (and correct me if I'm wrong), it is all about testing this machine according to the specification required for expanded purpose, followed by several units being built for human clinical case studies.
In any case, there being an actual product very soon is a big plus here I think. I'll panic when that does not happen, but today is not the day.
If so, it would fairly late in the game I think with more milestones completed.
I don't think it will hurt too much at that point.
Thanks, This was my assessment as well..positive.
You were the writer of the Seeking alpha articles? A new one would very welcome.
Yes, that fear is probably part of what is driving this melt-down, but it's not that likely. The money supply looks pretty good.
I think it's very reasonable to expect well be back over 2 again early next year once this storm is over, and everyone gets used to the new timelines, as well it's enormous potential as a strategy.
The large amount of retail investor does not help either. They are generally not made to withstand these swings.
Bottom line is whether one still believes in one's general thesis on Titan. I personally do. Not even close to my stop yet.
Looks like a lot of panic selling to me, people throwing away their shares for nothing. You just have to ride this out.
Yes, and part of why they are confident in pursuing this strategy is because they are so well funded to begin I am sure. It's going to be very interesting how the market reacts. An article related to what this means for ISRG could have a lot of impact right now. Hope someone will be writing it soon.
I concur. And to add...it is very important that they are on track with the building of the feasibility prototype early next year. The timetable for testing and human trials makes sense.
They just became a lot bigger player, going after ISRG. Not sure if the market will recognize that. It's a lot to digest.
Thanks Flen. Refreshing to read some real information, and agree on the accessibility of management. Very encouraging.
I must say, I am getting a little fed up with the high level of neuroticism on these boards, but those little nuggets make it worthwhile digging through the otherwise mostly useless posts.
Credit goes to TOinvestor. Looking forward to tommorow.
That corresponds to TOInvestor's post a while ago.
I'll repost it here for convenience:
Titan visit
I stopped by Titans office on Thursday November 6. to inquire about when the 3rd quarter results will be out.
I had a casual talk with Stephen Randall. A brief following of what I can remember although he could not say too much:
1) 3rd quarter results to be out by November 14. They were making sure all final numbers were in.
2) Milestones are still on track
3) I inquired about Bertner and the fact nothing has been released from them. Titan is currently happy with what they are doing
4) Titan were aware of SV life sciences buying of Ximedica and we're pleased with it
5) I mentioned the job for a Accounting Manager needed with reference to having a manufacturing background. That is a definite requirement
6) Asked if the manufacturer would be in Canada or the U.S.
It would be somewhere in North America.
7) I talked about European sales team. He mentioned possible regional distributors.
8) It seems they are trying to keep a tight lid on expenditures since there is no revenue coming in. I mentioned that once they get CE mark, revenue should start coming in while they work on FDA approval.
He said they don't expect much of a gap between the CE and FDA approvals providing all goes as it should.
9) I mentioned that I saw them opening the TSX. They were happy with the uplisting in Canada. I asked about an uplisting in the U.S. He said when the time is right and it is warranted they would consider it.
I served with Long. I knew Long. Long is a friend of mine. Sir, you are no Long.
In May, Randall said in an article that tissue testing would probably be 8-9 months. That makes Dec/Jan.
I would expect that they will say tissue testing is still on track, and when they say it will actually be finished soon Jan 2014 that would be a bonus.
Any news on when product design and verification would be completed is even better, but I don't expect it.
What else did you ask, that they did answer? What makes you think they have trouble with product enhancements?
That would fit with the latest visit to the Titan's office by a member here (forgot the name).
As far as the latest action, and the little dip, I think the technical term is "shaking the trees" and getting rid of some weak hands. I have been buying today.
Well, let's find a rational explanation based in data.
The last time this stock tried to go over the highs was after a successful gal bladder removal was reported with the alpha commercial prototype. This led to buying, yet it it stalled right after the announcement that the vice-president of bushiness development resigned.
Since then, we're trailing down/sideways,.
So this tells me that confidence in the product is relatively intact and it would have gone over the highs were it not for lack of confidence where Titan is going as a company.
So to get more buying again, to go over these highs, we not need only need news that product development is still going, but some general confidence in the direction the company is developing.
Hope both of those things come soon.
But to add to this, they really seem dedicated to keep expenditures low, which could explain a lot for the time being. All we can do is keep an eye on the career/hiring page of Titan as we get further into 2015 as to their intent.
These are good questions. I can see Fowler continuing to do his thing in training and further development, but that leaves open a lot of questions about who will run things in the end. I think Hargrove is fine, but apart from the geographical distance, I have the feeling he has other plans, or at least I would if I were his age.
Yes, agree completely. Was editing my message as you were writing in that that the management team needs to be expanded and strengthened if they go commercial on their own. It would be a very good indicator if we see that happening over the next year. If not, then I would have some concerns and questions as to where they want to take this.
Yes, all this talk about no sale force has no bearing on the present situation.
I think a point could be made that the current size of the company (10 people or so?) does not seem well set-up for any huge expansion, but the same point could have been made years ago in terms of the development of SPORT.
They seem to be pretty good at outsourcing.
If I were to speculate and follow my gut, I think they want to take this all the way, perhaps not with the same management as it is now by Hargrove's own plan and volition, which definitely needs some more heavyweights over time, but all the way nonetheless.
Looking at the daily charts, it looks to be turning lately with a slight uptrend.
The tests of the low at 1.95 seem to be done, and we're now at a bit of short term resistance in TITXF up until 2.07-2.08, which we need to get to for it to breathe.
I think we might get there very soon. Some good news would blast us straight through it of course, but that's what the pure technical perspective looks like right now.
Bringing this webcast originally posted by Daktari ten days ago again, since something about that was bothering me, and it keeps popping back into my mind.
http://www.clevelandclinicmeded.com/online/webcasts/surginnovations/surgery-2014/present-future-of-robotic-surgery/webcast.asp
At 26:10, when presenting Titan, Dr. Anvari provides an empty slide describing Titan. It is a pretty nasty stab from an academic perspective. It may simply be an issue of sour grapes of not having been invited by Titan to be more strongly involved, especially because of the geographical vicinity of his center to Titan (http://www.csii.ca/about_csii/leadership/board_of_directors), or maybe there is more to it. Any thoughts?
What I did like was that Dennis Fowler addressed this stab later in the webcast. Again, very polite of course, as these things go in academia, but the feeling is that there is a lot of undercurrent there. I just can’t figure out what.
Anyone has any insights as to what extent Titan is vulnerable to lawsuits from Intuitive for patent infringements?
Recent essay I came across with SPORT coming out on top:
http://essay.utwente.nl/65837/
Thanks for the reply and insight.