Titan Medical shares dip on Q2 earnings release

Shares in surgical robotic platform developer Titan Medical (TSX:TMD) fell today after the company released its 2nd quarter earnings results, despite posting lowered research & development costs and more cash on hand. The Toronto-based company said it spent $2.7 million on R&D, down from $7.7 million in the same period the previous year. Net and comprehensive loss for the quarter was $1.9 million, down from $7.9 million the year prior. Titan Medical said its cash on hand as of June 30 was $6.8 million, up from the $4.3 million it reported having on hand as of December 31, 2016. “The 2nd quarter of 2017 was exciting and productive as we took several important steps to advance the development of our Sport Surgical System. Importantly, we completed the initial formative human factor studies. We also began the process of partnering with renowned robotic surgery training centers for feasibility and validation studies. We signed the 1st of 3 contemplated agreements with Florida Hospital Nicholson Center in Orlando during the 2nd quarter. These studies will support our regulatory filings and we are on track to confirm the signing of the remaining 2 facilities during the 3rd quarter. We expect to begin conducting live animal studies in the 4th quarter of 2017. We strengthened our executive team with the recruitment of Curtis Jensen as Vice President of Quality and Regulatory Affairs. In addition, we continued to gain visibility for Titan Medical and for Sport in the me...
Source: Mass Device - Category: Medical Devices Authors: Tags: Business/Financial News MassDevice Earnings Roundup Wall Street Beat Titan Medical Inc. Source Type: news