Most of what i have posted was alluded to in the annual report that Titan filed yesterday. Nothing shocking here. Yes Verb can move forward with the development of their robot without having patents, although they will have some. ISRG patents are expiring, they aren't gonna close up shop. Verb has no need or worry about funding their platform. No need for investors. Its not so much the platform but the package that will come from VERB. I believe the platform will cost far less than ISRG, Titan, TRXC and anyone else except for maybe Medtronic/Covidein, for the same reasons as Verb, and if cost per procedure is low then look out. Verb has over 100 employees and counting. Do you think they have come this far without a platform and a plan?
You are left with only a few scenarios:
1) Verb has patents for their platform that nobody on this board has found. (SRI has patents)
2) They have already partnered with another company that has a platform. (Huge secret)
3) They are moving ahead with/without patents and may partner or acquire in the future.
I think its 1 and/or 3
Verb will be operating on a different playing field than the others. Titan acknowledges this in the report without mentioning names IMO.
I don't believe that they are in this for the capital costs of the platform so much as to have their products and software be used and to leverage the use of other products. This is a problem for ISRG as well. Titan is at 1.25m.
What i hope for is:
1) Titans single port design and snake arms win over the surgeons in a big way and the technology is rock solid
2) we partner with either Verb, ISRG or a company that will want/need to enter the market that does not have a robot in the pipeline, say STRYKER.
Some tidbits from the report relating to risk from competitors.....
The existing competitors could advance their products and new competitors could enter the market with superior technology. New and competitive products introduced into the marketplace that are based on or incorporate more advanced technologies may already impact the Company’s operating and financial results.
If additional funds are raised through strategic partnerships, the Company may be required to relinquish rights to its products, or to grant licences on terms that are not favorable to the Company.
The robotic surgical market for the Company’s products is highly competitive with respect to, among other factors: pricing, product and service quality, and the time required to introduce new products and services. New products may be slow to be accepted into the market or may not be accepted at all. The Company is constantly exposed to the risk that its competitors may implement new technology before the Company does, or may offer lower prices, additional products or services or other incentives that the Company cannot and will not offer. The Company can give no assurances that it will be able to compete successfully against existing or future competitors. Competition in the Company’s markets is intense, and the Company expects competition to increase. The market for robotic surgery technologies is susceptible to price reductions among competitors seeking relationships with large and well capitalized businesses.
Litigation before the courts of jurisdictions, or proceedings before patent offices, may be necessary to determine the scope, enforceability and validity of third party proprietary rights and the Company’s proprietary rights. Some of the Company’s competitors have, or are affiliated with companies having, substantially greater resources than the Company and these competitors may be able to sustain the costs of complex intellectual property litigation and proceedings to a greater degree and for a longer period of time than the Company. Regardless of their merit, any claims relating to intellectual property scope, enforceability, validity, or infringement could be time consuming to evaluate and defend, result in costly litigation, cause product shipment delays or stoppages, divert management’s attention and focus away from the business, subject the Company to significant liabilities and equitable remedies, including injunctions, require the Company to enter into costly royalty or licensing agreements and/or require the Company to modify or stop developing or commercializing certain technologies and products unless it obtains a license from a third party. There can be no assurance that the Company would be able to obtain any such license on commercially favourable terms or at all. If it does not obtain such a license, it could be required to cease the development and sale of certain of its products.
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