Titan Medical Inc (TMDIF)

[66Mustang]

RS shouldn't matter; it will be market cap divided by outstanding shares. I think one of the most critical aspects of ultimate share price will therefore be dilution, and dilution will be controlled by share prices at the times of fundraising. If it hovers eternally around $.10/share and they need to raise $50M, that's 535 million more shares (the extra 35M shares is the 7% feed for Burton). If we get to $.50/share before next fundraising, it's only 107M more shares of dilution, so our percentage of ownership will stay higher.

If RS in the meantime, the numbers all scale uniformly based on the ratio, and the end results will be the same percentage of market cap. I think my 350,000 shares worked out to be .0012 of outstanding shares, or 0.12% of the company. If market cap goes to (random number) $4B, I'll have about $5M before taxes with no further dilution. Assuming dilution will double the current outstanding shares, I'll have $2.5M before taxes. With you 300K shares, you would be about 14% below that. If market cap is $2B, cut those numbers in half. If $8B, double them. ISRG market cap is just shy of $35B right now.The assumption is that newcomers to the market (Titan. TRXC, etc.) will not so much cut into the total market as expand it; all the projections are for the robotic surgical market to grow (to around $20B/year by 2020 or something like that). There is room for several companies to have multi-billion dollar market caps.

Of course, it also depends upon program success, and upon your willingness to ride it out. I assume some folks are going to want out when they turn even a slight profit because the roller coaster ride has been just a bit too intense! But that's just when it should start getting fun again!