Message to other longs - In my mind I've wrestled with our suppressed PPS. When I originally took a position in 2009 I planned on holding for several years, but I misjudged the PPS progress that I thought we would have accomplished by now (you want to see appreciation of your holdings even if you don't plan on selling).
Two main reasons for the PPS progress delay.
1) My original investment in Titan was with the Amadeus System, which was shelved just two years ago as it would have infringed on ISRG's patents.
2) The original CEO Craig Leon departed from Titan Medical a little over 1 year ago.
My conclusion - as a long term investor of over 5 years, I need to forget my first 3 years of investment in this company (although I still have the benefit of those shares).
This is not the same company/product that I originally invested in....it's better, no doubt in my mind. If we hadn't scrapped the Amadeus System and were sitting here today at this PPS, all longs should be legitimately upset. However, we really only have 2 years track record with SPORT. If I think about it in those terms, I sleep better at night, but more importantly give our team the benefit of the doubt which I think they deserve. Management has really accomplished a lot in a very short timeframe and has assembled a tremendous team and a remarkable product. I will give them my support. Moreover, the SPORT Surgical System holds much more promise and fulfills an unmet market need that the Amadeus platform never did.
I believe that Titan Management now completely understands how investors feel and while they will remain somewhat guarded of the technology, I know based on Point's observations at the annual meeting that they are confident that SPORT will be a success once completed and FDA cleared. I think communications will improve in time also.
I do, however, always reserve the right to point out areas of performance that I think management excels and areas that I think need improvement.
