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If they're done with the design (which has all but been said) then there wouldn't be anything to do!
Another note from Mc's comments Monday on the install..he said we have yet to install a unit in both in Europe and US. That tells me it will not be a Canadian hospital.
According to this article, we have $8.9M cash on hand at the moment. At the end of Q2 we had $10M current assets (assuming 100% cash). If this is accurate it means Mc reduced the burn rate for the entirety of Q3 to $1.1M which is quite remarkable!
http://oracledispatch.com/2017/09/20/renewed-interest-builds-titan-medical-inc-com-npv-otcmktstitxf/
The way I see it were driving at our enormous potential with capable hands at the helm. Ahead on milestones, PPS up 45% over the last month, unit installed, Smallcap picked up, analyst rating a buy and price estimate set at $.31 last month...all these things add up to "things are shaping up." Deep breath, head down, and hang on for the next few years and this may just be a decent return!
Thanks for sharing, Jab. This is very exciting. The guy's right in that at current state it more durectly competes with laparoscipoc surgery - general, colorectal, gynecology, urology, sure but what he missed is this is snatching the smaller procedure market out from under davinci before they have penetration. But who knows it may also compete with the aforementioned procedures in which davinci is currently used! Depends on the surgeons.
All I have is the email address they provided : wsj.ltrs@wsj.com
Have not received one yet and I doubt I will. That's why I think we need a consistent, voluminous flow of messages to the editor. It may just make him pay attention. My guess is if the email address is even monitored, most emails are ignored or deleted.
I found the teton funds just checking morningstar. On the Bloomberg terminal now and found that Chris Lewis at Roth capital gave titxf a buy rating on 8/16/17 with a target price of $0.31 USD. But right now he's the only analyst rating us hah.
Here's an email I sent. Was trying not to be too obvious I was pushing a stock I own. I'm sure they get stock pitches all day long and trash 110% of them.
We should follow the WIIFM principle: what do they get out of it? Why would they want to publish us? they never publish Nanos caps and they risk looking like the hokey, un-credible news sites that chase Penny stocks in doing so. So what's our value proposition to them? ...
Good afternoon.
I'm a student subscriber and avid reader of the WSJ. I've noticed an opportunity for comprehensive coverage of the surgical robotics field. With competition entering the market from the US and Canada, there's great potential for wealth creation beyond ISRG. There's a lot of publication focused on this online, but they are not necessarily accurate or reputable sources. I would love to see your team's assessment of the field and I'm sure the rest of your readers would benefit as well.
Thanks for your time and consideration.
Respectfully,
QuidWilson
And one I sent today, much less subtle...
Hello - In line with my original message below, this news came out yesterday and it has big implications as a next step for the competition against Intuitive Surgical (ISRG). I believe this is noteworthy and should get some recognition (Titan medical installs first single port robot for preclinical trials at Nicholson Florida Hospital). Analysts have begun to take notice as has a US mutual fund (Teton funds Mighty mites micro cap)...
(Link to marketwired.com story)
QuidWilson
The warrants that are about to be in the money have years until expiration. Why would anyone exercise them now? And the ones that expire soon are a good ways from reaching the strike price...so I don't see any warrants coming into play soon. Unless I'm missing something?...
I sincerely hope we are able to get through trials and to the public design freeze by Q1 or Q2 of 2018. My eternal skepticism says that's an overly optimistic timeline...but what's word around the campfire? Does Mc see us clearing trials by bthen?
I've been emailing the editor at WSJ and have not heard anything back. Everyone please email the editor, once a week, and perhaps if enough of us bug them often enough they will take notice of Titan Medical...
wsj.ltrs@wsj.com
Flenderson - you mentioned the design freeze was in place in a recent post and it seems no one noticed. yet it's been identified ad nauseum on this board as a turning point. Can you confirm we have actually implemented the design freeze? Seems like it was slated for further down the road.
Yes, down for now but as long as the overall trend continues upward we should be good. The volume alone is remarkable I think we're in a good situation.
I agree if you mean "no, animal." But I don't agree if you mean "no animal" or yes human. Since we are filing for 510k on a class II device we are declaring we are substantially equivalent to predicate device (davinci) and from what I can tell that meams preclinical trials on animals are sufficient to establish assumptions. But the degree of differentiation may affect the requisite. Apparently only 10-15% of non PMA/IDE devices filed as class II require preclinical trials.
Yes I think before I post so no need to revisit that. I've written about our shortfall quite a bit I don't feel like repeating myself right now. A RS can be positive if it's for an uplist, most times dying companies do an RS on their nosedive as a last ditch. That's not the case here, it's for an uplist. Sure it's not ideal because it gives us more room to fall but it beats the hell out of taking on debt that we cannot pay for!
Note: I think it was flenderson who said the Longtai $2M was not converted to cash so that figure is not included in the $5M cash on hand estimate.
Thanks 123. To take quick a stab at current assets...in Q2 we burned $4M and current assets were $10M. So coming up on the end of Q3 I would speculate we're at ~$5M in current assets (assuming the bulk of this account is cash, too lazy err... busy to dig deeper into CA). The fact that our average burn rate in Q2 was $1.333M per month is encouraging. It seems McNally has brought efficiency to the company.
I don't have any inside knowledge but some simple linear algebra can give some insight. If we still need $60M to get to commercialization and we expect that mid 2019, let's say end of June, then $60/21 months = $2.857M per month. But who knows. Perhaps being ahead of schedule brings some cost savings, and the projected budget may have been conservative meaning well padded for design fixes which may not be necessary (fingers crossed).
It's a new day in titanland, where all its citizens hearts are filled with the hope for a day when the scotch flows like wine.
I think the only single malt peatier than Laphroaig is Lagavulin! Never had the later but I love the former. But then again, I've never met a blended I didn't like. Must be the Scottish roots.
According to morningstar, teton westwood mighty mites AAA fund owns some titxf. I don't know for how long they have but this is encouraging nonetheless. The fund seeks capital appreciation through undervalued micro caps. At least one institutional investor agrees with us!
http://tetonadv.com/funds.php?fund_id=4
Break evens don't get a big mac they get a mac jr.
Exciting day. First time in a while. According to americanbulls.com "Candlesticks warned us today to be on alert with a new bearish pattern. Market attention is now on the downside."
If you read it on the Internet, you know it's accurate
If this is correct, why sell when the patents are good as gold? We could hold them as titan and make bank.
That's an interesting thought. I hope this is the case. GOOOOOOOOO TITAN!!! We need some Titan cheerleaders to go on stage with Mc next time he does a presentation. Then we can recruit them for sales reps.
According to tdameritrade the bid is .155 and ask .158 at 2 minutes to opening bell. This is exciting!
Debt offering?
Thanks for that perspective, and agreed. Far from out.
Starting off today with the bid at $.121. I take that as a good sign of the continued upward momentum we've seen in the last month. Also going by the chart trends we seem overdue for a shock. The last time we were this flat for so long was mid 2013 immediately preceeding a dip and a subsequent sharp rise from $.50 to $2.50. I hope this trend means there's good things right around the corner!
At the AGM McNally addressed how issuing debt is ill advised for us now. You think we're fly by the seat of your pants now? Just wait until we have $600k+ interest to service each month...where does that cash come from...Equity offerings which we would turn around and decimate IF they fill? Not only is that a poor proposition to equity investors who we would need to attract, but we can't even complete an equity offering now without that huge liability. We would be taking a bad situation, making it markedly worse, and expecting to be rewarded for it. But who knows...the market isnt always rational. Maybe you are right despite being highly highly risky. I maintain issuing bonds at this point is a death wish. Once we have consistent reliable cashflows to service it, fine. I'd rather McNally wheel and deal the private investors or ratchet up the marketing for now.
I see your point but up until the last offering I think the offerings all completed neatly. So, hopefully this last one was a learning experience. I wouldn't have expected them to see the future that the last offering would suck. But going forward they should not be so surprised at anemic responses and should anticipate that in their funding plan.
Flanders on it sounds like you have a relationship with management. Any sense of their plan b? Can you reach out to them to shed some light? Were anxious as hell because it's clear were almost out of money and have not heard an action plan.
Every machine is flawed in some sense. I say, as long as the operations of the system are "good enough" for general surgeon buy in, and the system is demonstrated to be safe for the patient and staff, let's get that 510k submission jettisoned! As stated in the 2017 AGM, at some point we have to stop worrying about being perfect and implement a freeze. Let's get to market without safety encumbrances and release technical revisions down the road as necessary.
I don't know. Either we don't have it or people just don't realize it yet! One thing that bothers me when McNally always says it is "im encouraged that surgeons tell us we have the next revolution in robotic surgery." He sounds timid and un-convinced of his own technology. What I have yet to hear him say, and what should be said in place of that, is "we are the next revolution in surgical robotics."
To your one point about the third site: Yes he missed the anticipated window. But he said it's still being negotiated in the presentation monday. I work in contracts and can vouch it often takes longer than desired to work though T&C. It's a lot of back and forth both internally and externally and everyone is busy. I have faith he didn't drop the ball, it's probably just being ironed out.
It seems to me McNally is doubling down on the "if you build it, they will come" mindset of titan leadership. Based on his words I think he sees current and anticipates future surgeon interest spurring the company along. Logically, the testing at the 3 sites will broaden our exposure to surgeons and should drive interest. My pain point is, will that happen soon enough to save us from another hiatus because we are broke? When it happens, will it be enough? Can we just warp 5 years into the future and see what will come of this experiment? We're living paycheck to paycheck here! That's not my style!
That's exactly why I live in Atlanta. In Soviet new york, steak eats you!
Marketing budget. Hey...it started us out at .13 today...maybe it will help keep inching the channel up! Besides...What's a $100 steak dinner when there's only 4 people in attnedance.
I don't think he was intentionally trying to undermine the sell, I think he's just a dry guy. Nothing wrong with that (I prefer a stoic CEO to the Matthew Lesko type anyway). He did a good job hitting the points in a professional manner.
Great question. From a cautious/risk averse investor perpective, I think that type of speculative pitch would seem sensational and throw a lot of red flags, and potentially discredit McNally. Too good to be true etc... it's more powerful to let people connect the dots themselves.
Scalp - if you go to the link you should be able to listen to it. They've archived it.