This is where we stand...IMO
There is only one roadblock remaining for Titan and that is FDA approval. Yes we can argue more dilution and new delays as potential issues, but I don't see either dramatically affecting the end game. We may get more dilution at some point, but if there are no significant delays and we get regulatory approval across the board who cares. SPORT made it to market (or got bought out) and we get a great payday (varying on your pps avg). Yes we all want 10+, but I'm not going to cry if this thing hits 5 or 6 because we had to dilute some more.
I've always said that if we have another major delay I'm out. This to me would indicate there's something else going on behind the scenes and it's out of Mc's hands. He wants SPORT done and out there. Fowler wanted a perfect system (which is impossible) and seemed to treat SPORT as a science project. Mc is a business and results oriented guy. Two totally different mindsets. An extra few weeks will not concern me, but an extra 6, 9, 12+ months is different story. Barring another curve ball from the FDA, I don't see this happening.
The 3 installments accompanied by validation from world renown surgeons was the tipping point for SPORT's success. These events all but take any major delay out of play, and confirm SPORT as a legitimate clinical solution. I don't see any way they make anymore major changes after this internal design freeze. Not after all these surgeons have test driven it and given there stamp of approval. It's a waste of time and resources to change things up again.
So that leaves the FDA. How much confidence do we all have? I would hope with predicates and the path all but paved it should be a no brainer, but we all know there a weird bunch. I hope we hear more about us working hand and hand with them again. Genova appears to be the real deal and has had previous success. IMO this is the only thing keeping us from the finish line, and I'm about 85/15 we sale through.
Lastly, I can't for the life of me understand why a big fish won't throw down a couple bil to buy Titan at this point. Maybe not a year or two ago, but now as close as we are to the end. Long term I'm glad they haven't, but it's pocket change for a system that is more than likely headed to market. If we don't get bought out (or partnership) I do see another raise for 25/30 mil to fund the initial 12 units order for the first year. We won't see anything more than that. Either we see huge premium offers come in immediately after the first few orders, or Mc sells for a "decent" price if there isn't a bidding war. We are NOT taking on cost of manufacturing, a big sales force, etc, etc. A partnership with a big boy doing are heavy lifting is the only way we sniff at going completely alone.
Not that it matters, but i'm at 40/60 we roll with VERB (it keeps increasing).
IMHO, and some rambling
