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Totally agree. IMO anyone coming in now would want to know who is coming behind them or they have to have deep enough pockets. I don’t see how you could do DD on Titan and feel confident that 100mm will get us to approval. It is certainly possible that Titan gets money though.
If titan gets money and goes it alone. Say you get to 250mm shares outstanding and titan sells. A Corindus price is $4 per share and an Auris price is $24 per share. The big issues obviously are will they get money, and can they execute. I need more visibility before I decide to buy sell or hold.
Why would we want to merge with Trxc? Their robot is never going to sell and they have money problems. I don’t see TRXC bringing anything of value to Titan.
True, but I would not count on MAXD winning.
I have been listening to him for almost 2 yrs and no, nothing he ever says comes true. I don’t expect things to change.
Unfortunately I don’t think that there is anything that he can say. The new prospectus pretty much tells you how bad things are, and even if DM said something, why would you believe him?
The perceived value changes with the amt of money needed and the timing of approval. The value at its peak was predicated on a given timeline and amt of money needed to get it to approval. Today the value is based on, we need at least 100mm and no known timeline. Now we are at .50 and need a ton of money, the dilution will also kill the perceived value. People keep saying just sell it, that is much easier said then done. Big companies do not act like venture capital, they don’t really respond to blood in the water. The hope is that some big companies have looked into this and did some DD, I am not holding my breath on that. Too many unknowns to invest more into this now. From what we know today, a fire sale is definitely in the cards, but that could change. Make no mistake, Titan is in a big hole and I don’t know that they can dig out of it.
HC, if mdt jnj or isrg we’re interested in Titan, more likely than not, they would have taken an equity position. I will say however Corindus was purchased by Siemens and did not have an equity position, but Phillips and Boston Scienfific did. DD would take 3 or so months I would estimate.
You are assuming isrg has done due diligence. If they have I guess it is possible, if they have not, that would take awhile. Big companies are not VC firms that react to blood in the water.
If this gets to market, you will be diluted to oblivion. This still might work, but Titan is in trouble. Titan can not get money, need 100mm, which means we don’t know what we need. No big med device company has taken a piece of Titan. I am holding, but the now known risk out weighs the reward.
I understand completely. The big med device players have not taken a stake in Titan, which means to me that the big boys don’t see much value, that was one thing that always bothered me. There is no guarantee what Titan can sell their patents for, and I don’t think anyone does know. I am just saying be careful.
I have seen this movie before and Titan is not like an airline. The blood in the water here is due to no one wants to invest in it and failed execution. The company needs 100mm to get it to market and that is certainly not a solid number. It will be very tough to get financing now, without knowing if/who is coming behind you. The only way to get money IMO, is if someone has the pockets deep enough to get it to approval. The problem with the fire sale is ISRG is the only company who to my knowledge is involved in SP. I certainly hope MDT JNJ would want the patents, but I see that as a long shot. I hope that this ends well, but where we sit now, it does not look like it will. Doubling down here IMO is not a good idea, you are better off buying at a higher price and having visibility.
Then state that it is an opinion upfront, don’t put News!!!!!!!!!!!!!! And then put the disclaimer at the very end of a bunch of disclaimers.
Who reads all the legal cya crap at the end, it always says the same thing, never got that far.
That would get you blocked on Twitter. Not cool.
Not a chance, pretty standard to vest over 5 yrs. Every option I ever had vested over 5. They will vest at acquisition would be my bet as well.
If JNJ or MDT had their sights on titan they would have taken an equity piece or right of first refusal. We are all speculating on this technology. Time will tell if we have the goods or not, but the JNJ MDT stuff is also speculation.
Robotics is a hot space, while I am concerned due to lack of information from the company, I do believe that they will be able to get more money. The dilution is the issue, I don’t see this gong tits up.
I know all about the Covidian acquisition. I have several friends who worked for them and now MDT. What ever robotics were going on at Covidian was not the reason for acquiring Covidian. Large med device companies have been buying stakes in speculative med dev companies for years. This is not something that they keep quiet. A great deal of that happened in structural heart. The fact that we don’t know who the mystery partner is at Titan is a little interesting. Why would the silent partner not have to announce this partnership? I find it material and as a share holder, I would want to know. I think the only way the partner can be kept secret is if it is just a supplier. Let’s hope this works out,
I know some people who know Zaring. I don’t think he went to Titan and did not do all the due diligence wrt financing etc. It is certainly possible that he got swindled, but Zaring going there, does bring me some comfort,
You are considering Longtai a big investor? Is that correct?
MDT did not buy Covidian for a robot. I am talking stand alone company. There are usually announcements about big companies making investments into companies like Titan. So far it has not happened, or if most likely would have been announced.
Pre rev robotics companies have not been purchased yet. While I agree, Titan does not want to go it alone, to date no big company has bought in. Phillips and Boston owned Corindus shares. Boston MDT etc own pieces of med dev companies. Titan, other than the mystery partners, to my knowledge, have not bought a piece of the company. While I am long and have been for 10 yrs, that is concerning to me.
I am hoping that they sell. The amount of funds needed to commercialize this would most likely be very dilutive and add several years to the eventual buyout. My fear is, that due to lack of commercialization, overall buyout could be a lower number. If they have the goods, there will be a bidding war IMO, if they don’t have the goods, this will be a more painful road. I am not aware of any robotics company being acquired with zero sales and that is a big concern for me.
That is yet to be determined, and the multiples in robotics are quite high. I have been in this for roughly 10 years and although this is frustrating, I am still in a good position if this works. Execution risk is still very high and this is no sure bet. Time will tell, but I feel pretty good about at least breaking even.
So you have Titan being acquired for ~7billion? I think that is possible but not likely.
Meant a billion sorry, but the first gen was approved in 2012, second gen was approved in 2017.
You cant bring out a gen 1 robot that can not compete with ISRG. Corindus brought the Corpath 200 and it was a bust. Second generation and IP got Siemens to buy the company for a Mil. I don’t believe Titan is going to try and bring this to market, so in that regard they lose leverage. What they bring needs to create a bidding war, if not you have seen nothing yet WRT dilution. The longer term play has been painful, but to bring a POS to market would have killed everybody even worse.
No return email, no return phone call.
As someone who has been in med device for 30 years, I do have a big concern as to why no big company has taken a stake in Titan. Med Device companies often take a stake in development companies and to date no one publicly has done this. I am still long and believe Titan has the goods, but it is apparent the big device companies are not so sure.
Plus 21mm outstanding warrants, plus new offering that prices oct 8th, plus warrants.
Because Intuitive has a single port robot and a multi port robot. The single port is much newer.
Hugo robot from another message board. Who knows how accurate any of this is.
https://www.medtechy.com/message-boards/boards/companies/medtronic/6488/hugo-robotic-surgery-system
HC, I thought TMDI would have gone up into the Sept 24 meeting and if MDT was not the suitor it would have dropped. I really don’t understand the price action at this point. Funny how titan mgmt is no longer returning calls, it just adds more fuel to the fire, but I still think MDT buying titan tomorrow is a long shot.
Titan is high risk high reward, but I am sure Zaring did his DD and likes titans chances.
I agree, but not sure that MDT could have stopped him. Currently MDT and Titan don’t sell a da Vinci type robot, so it appears Zaring’s noncompete did not prevent him or Zaring went over there to oversee things and oversee the integration. The MDT timeline has been almost identical to Titan and I don’t see how mdt could keep a robot this quiet, but who knows. We will all know soon, but based on TMDI pps, the market is not even speculating on a tmdi buyout.
Zaring went to Titan because he wanted to, nothing I uncovered found that he was forced out of Mdt. Zaring is at Titan to cash in. Yes I know Titan needs more money etc etc.
Clearly mr market does not believe MDT is buying TMDI. But none of my MDT buddies know anything about a MDT robot. I can’t find any MDT patents and the whole Zaring thing. MDT, said they are going to do a case on Tuesday, how are they doing that?
Auris from what I am hearing was purchased more for the IP than the current robot.
Per a conversation that I had with Randall, a year ago, he told me that ISRG was not violating any of the Single Port Patents. Maybe things have changed since then.