Hmmm, I don't see it frankly.
I don't see where there's any indication that MDT is developing a SP robot from the development agreements. That's totally contrary to think that Titan would be developing a competitors robot. And MDT has stated innumerous times that they hate sharing market space, and customer revenue from the same market segment. They're not going to increase that probability by their own actions. They're already sharing IP from this joint-venture. Doesn't sound like they intend to let TMDI out of the pasture.
$350M is a lot less than $6B-$10B, but it's not just for ENOS. If ISRG gets TMDI, MDT can kiss their future in RAS robotic surgery goodbye. Everything except what they've licensed will need to be researched, designed, developed, tested, built, modified, patent processed, and tested again. 5 years is a full business cycle, and this SP build will take more time than that. There's an absolute cost of playing keep-away.
Does Hugo look like it can address NOTES? ENOS does, with some augmentation in size and reach.
You don't consider competing against TMDI and another global company, and ISRG as a mistake? 1 decision creates double the competition? That does not make any strategic sense.
Titan's commercial launch is early '24. If MDT started today, their's wouldn't be available until nearly '28, or '29 - if ever. That's one of the risk element(s) missing in all of your possibilities.
MDT is here with a purpose beyond a simple development agreement. MDT put restrictive conditions and provisions to keep TMDI away from other competitors. Why? That doesn't sound like MDT is planning on building anything on their own. All of their known actions are creating barriers and access to the open market regarding TMDI's capabilities, and assets. That's not the behavior of a typical development agreement. It duplicates their behavior seen +60 times previously, when they do acquire another company. That's "stay off my lawn" behavior.
You keep discounting, or forgetting Martha's statements about tuck-in acquisitions. He has said NOTHING about growing MDT's business organically. His words. None of his statements include anything that sounds remotely like "license agreement(s)." Again, his words - he hates sharing. It's kind of a key element in the psychological makeup of the CEO of the largest medical device company in the world, with a spending jones.
MDT's actions are leading me to my conclusions, and none of them say they're going to make their own SP, or NOTES robot. IMO.
I'll let the audience decide for themselves. No one should invest or sell anything based on my opinions.
Good luck to all. Regards,BK.
