TITAN MEDICAL INC (OTCMKTS:TITXF) has been on everyone’s radar over the past two months. And that continues to be the case this week, as shares caught support amid a recent pullback a few days ago, locking in support around the $0.35/share area and then launching higher in mid-week action. One interesting catalyst has emerged that could be helping to drive the action: the company announced on Monday that management will host a conference call on Monday, November 13, 2017 at 4:30 p.m. Eastern time to provide a business update on Titan Medical’s SPORT Surgical System.
In this type of business model, the mere announcement of a conference call can often spawn large moves because the market is responding to the fact that the company’s management has chosen to reveal information of their own volition. That suggests, above all else, that it probably isn’t going to be bad news or no news. That only leaves one kind of news left to consider, and the market is starting to price it in.
TITAN MEDICAL INC COM NPV (OTCMKTS:TITXF) promulgates itself as a development stage company that focuses on design and development of a robotic surgical system for application in minimally invasive surgery (MIS).
TITXF is developing Single Port Orifice Robotic Technology (SPORT) Surgical System, a single-port/single-incision robotic surgical system that comprises a surgeon-controlled robotic platform, which includes a 3D vision system and interactive instruments for performing MIS procedures.
Its SPORT Surgical System also includes a surgeon workstation that provides the surgeon with an interface to the robotic platform for controlling the interactive instruments and providing a 3D endoscopic view of inside a patient’s body during MIS procedures.
The SPORT Surgical System is being designed to expand robotic surgery into simple and complex areas of surgical specialties that allow surgeons to perform procedures within small to medium size surgical spaces for general abdominal, gynecologic, and urologic indications. Titan Medical Inc. is based in Toronto, Canada.
According to company materials, “Titan Medical Inc. is a Canadian public company focused on the design and development of a robotic surgical system for application in minimally invasive surgery (“MIS”). The Company’s SPORT™ Surgical System, currently under development, includes a surgeon-controlled robotic platform that incorporates a 3D high-definition vision system and multi-articulating instruments for performing MIS procedures through a single incision. The surgical system also includes a surgeon workstation that provides a surgeon with an advanced ergonomic interface to the robotic platform for controlling the instruments and provides a 3D high-definition endoscopic view of inside a patient’s body. The SPORT Surgical System is designed to enable surgeons to perform a broad set of surgical procedures for general abdominal, gynecologic, and urologic indications.”
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As discussed above, this stock has become a speculative favorite, rallying as much as 300% over the past couple months as the company progresses with its Single Port Orifice Robotic Technology (SPORT) Surgical System. We think the fact that the company has chosen to do a conference call and talk about how the process is moving along likely suggests that there is some kind of “good news” on tap to be announced.
The last time we got an update on this theme, the company was announcing real progress with a new installation of equipment.
David McNally, President and CEO of Titan Medical, said, “We are pleased to announce the second of three installations planned in U.S. and European Centers of Excellence in 2017. This is our first installation at an academic medical center, which is strategically important to Titan Medical as we continue to demonstrate the feasibility and validate SPORT. We are excited for the opportunity to work with Columbia’s world-renowned surgeon faculty who will provide valuable feedback on system performance and procedural applications. We expect to continue preclinical feasibility and validation studies in a variety of surgical disciplines at Columbia with the intention of demonstrating the utility and versatility of SPORT.”
Earning a current market cap value of $82.5M, TITXF has a significant war chest ($8.9M) of cash on the books, which compares with virtually no total current liabilities. The company is pre-revenue at this point. This is an exciting story, and we look forward to a follow-up chapter as events transpire. Sign-up for continuing coverage on shares of $TITXF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $TITXF, either long or short, and we have not been compensated for this article.