Titan Medical Reports Fiscal Year 2023 Results

TORONTO, Ontario, March 29, 2024 (GLOBE NEWSWIRE)– Titan Medical Inc. (“Titanor the”Business) (TSX: TMD; OTC: TMDIF), today reported monetary outcomes for the ended December 31, 2023.

Current Activities:

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• On August 14, 2023, the Company revealed the consultation of Dr. Daniel O’Brien, MD, MBA, Ph.D to its Board of Directors.
• On August 21, 2023, the Company revealed a licensing contract with Auris Health, Inc., a Johnson & & Johnson MedTech Company.
• On October 18, 2023, the Company revealed it had actually altered its auditor from BDO Canada LLP to MNP LLP.

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• On March 18, 2024, the Company revealed it has actually participated in a conclusive amalgamation contract (the”Conclusive Agreement) with Conavi Medical Inc. (“Conavi) to integrate the business in an all-stock deal (the”Deal). Under the regards to the Definitive Agreement, a freshly integrated and wholly-owned subsidiary of the Company and Conavi will join together and the investors of Conavi will be provided Common Shares of the Company (“Typical Shares) based upon an exchange ratio to be figured out pursuant to the Definitive Agreement. Titan is concentrated on the execution of the Transaction, however the Transaction stays based on a variety of conditions precedent stated in the Definitive Agreement, consisting of the approval of the Company investors, the Conavi investors, and the approval of the TSX Venture Exchange for the listing of the Common Shares following closing of the Transaction.

Financial Highlights:

Since December 31, 2023, Titan had money of $7.5 million, compared to $3.3 million on December 31, 2022. Operating capital enhanced to $5.5 million as at December 31, 2023 compared to a deficit of $3.9 million as at December 31, 2022 In addition, the Company has actually decreased its impressive monetary commitments to suppliers by $5.7 million from December 31, 2022.

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Earnings was$17.6 million for the year ended December 31, 2023 compared to $nil for the year ended December 31, 2022. In the present duration, the Company acknowledged $15.5 million in earnings from the possession purchase and non-exclusive license contract with Medtronic and the Intuitive License Agreement, as the contracts enable both Medtronic and Intuitive to utilize particular of the Company’s IP as it exists when the license is approved. The Company likewise acknowledged $1.7 countless income for the conclusion of the last deliverables on the order for Medtronic under a Development and Pre-Clinical Supply Agreement.

Research study and advancement expenditures were $0.3 million for the year ended December 31, 2023 compared to $33.0 million for the year ended December 31, 2022. The reduction in R&D costs is connected to the Company’s cost-cutting steps that substantially decreased R&D costs. In the relative duration, being the year ended December 31, 2022, R&D expenditures were associated with the advancement of the Enos System and moving crucial elements of the Enos System to production.

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General and administrative costs were $8.4 million for the year ended December 31, 2023 compared to $11.8 million for the year ended December 31, 2022. For severance payments of $1.1 million sustained in connection with the termination of staff members as part of the Company’s service decrease strategy and $0.9 million of transactional bonus offer associated to the licensing arrangement, G&A would have been $6.4 million for the year ended December 31, 2023 and cost-cutting procedures would have lowered the G&A by $5.4 million compared to the previous year.

The business’s 2023 audited combined monetary declarations and management conversations and analysis are readily available at www.sedarplus.ca

About Titan Medical

Titan Medical Inc. (TSX: TMD; OTC: TMDIF), a medical innovation business included under business Corporations Act (Ontario) and headquartered in Toronto, Ontario, has actually established an extensive patent portfolio associated to the improvement of robotic helped surgical treatment (RAS), consisting of through a single gain access to point, and is presently concentrated on assessing brand-new chances to additional establish and certify its copyright while pursuing the conclusion of its concurred upon merger with Conavi Medical Inc.

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Cautionary Statement Regarding Forward-Looking Information

This press release consists of “positive declarations” within the significance of appropriate Canadian and U.S. securities laws, which show the present expectations of management of Titan’s future development, outcomes of operations, efficiency and organization potential customers and chances. Positive declarations are regularly, however not constantly, recognized by words such as “might”, “would”, “might”, “will”, “expect”, “think”, “strategy”, “anticipate”, “mean”, “quote”, “possible for” and comparable expressions, although these words might not exist in all positive declarations. Positive declarations that appear in this release might consist of, without constraint, recommendations to: Titan assessing brand-new chances to additional establish and accredit its copyright, the payment of future settlement quantities, the shipment of products to Titan, and the conclusion of the merger with Conavi.

These positive declarations show management’s existing beliefs with regard to future occasions, and are based upon info presently readily available to management that, while thought about sensible by management since the date on which the declarations are made, are naturally based on substantial service, financial and competitive unpredictabilities and contingencies which might lead to actions, occasions, conditions, outcomes, efficiency or accomplishments to be materially various from those predicted in the positive declarations. Positive declarations include substantial dangers, unpredictabilities and presumptions and numerous aspects might trigger Titan’s real outcomes, efficiency or accomplishments to be materially various from any future outcomes, efficiency or accomplishments that might be revealed or indicated by such positive declarations. Such aspects and presumptions consist of, however are not restricted to, Titan’s capability to keep crucial workers; its capability to perform on its organization strategies and methods; its capability to continue to certify some or all its copyright to 3rd parties and get any product factor to consider and other aspects noted in the “Risk Factors” area of Titan’s Annual Information Form for the ended December 31, 2023 (which might be seen at www.sedarplus.com). Need to several of these dangers or unpredictabilities emerge, or ought to presumptions underlying the positive declarations show inaccurate, real outcomes, efficiency, or accomplishments might differ materially from those revealed or indicated by the positive declarations included in this press release. These elements ought to be thought about thoroughly, and potential financiers must not position excessive dependence on the positive declarations.

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The positive declarations consisted of in the news release are based upon what management presently thinks to be affordable presumptions and Titan has actually tried to determine essential elements that might trigger real actions, occasions, conditions, outcomes, efficiency or accomplishments to vary materially from those explained in positive declarations, Titan can not guarantee potential financiers that real outcomes, efficiency or accomplishments will be constant with these positive declarations. Other than as needed by law, Titan specifically disclaims any objective or commitment to upgrade or modify any positive declarations whether as an outcome of brand-new info, future occasions or otherwise. Appropriately, financiers need to not put excessive dependence on positive declarations. All the positive declarations are specifically certified by the foregoing cautionary declarations.

Contact
Chien Huang
Chief Financial Officer
investors@titanmedicalinc.com

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