\nTitan Medical Inc. (Nasdaq: TMDI; TSX: TMD), a medical device company focused on the development and commercialization of its innovative surgical technologies for robotic single access surgery, today announced financial results for the three and six months ended June 30, 2021.\n<\/p>\n
\nDuring the second quarter of 2021, the company made solid progress under the development and license agreement with Medtronic plc, strengthened its leadership team, expanded and diversified its Board of Directors, increased its cash position, secured additional intellectual property, and progressed activities toward filing an IDE (Investigational Device Exemption) application with the FDA, currently anticipated in the first quarter of 2022.\n<\/p>\n
\n\u201cAmong our accomplishments during a highly productive second quarter is the progress achieved by our rapidly growing engineering team in Chapel Hill, recently evidenced by the successful completion of a porcine hysterectomy and simulated hernia repair using our Enos\u2122 robotic single access surgical system. With this foundational work competed, along with cash on hand to fund us through 2022, and the recent additions to our Board of Directors and leadership team, we are well positioned to execute on our plans toward regulatory clearance and commercialization of our Enos system,\u201d stated David McNally, President and Chief Executive Officer of Titan. \u201cAdditionally, the company enhanced its development and manufacturing capabilities and expanded its intellectual capital, adding to a growing patent portfolio, which now comprises over 175 patents and patent applications. We believe that our intellectual property portfolio, a subset of which we share with Medtronic under a development and license agreement, positions us as an innovation leader in robotic single access surgery.\u201d\n<\/p>\n
\n\u201cLooking forward, we are focused on clarifying expectations with the FDA for human clinical studies, currently planned to commence in the first half of 2022, and on the completion of the final milestone associated with the Medtronic development and license agreement, anticipated by year-end,\u201d McNally explained. \u201cOur vision of commercializing a leading edge innovative robotic single access surgical system in an underserved market is closer to being achieved through recent progress and planned actions,\u201d McNally added.\n<\/p>\n
Recent Company Progress and Future Activities<\/b><\/p>\n Upcoming Virtual Investor Events<\/b><\/p>\n Financial Highlights<\/b><\/p>\n \nAs of June 30, 2021, Titan had cash and cash equivalents of $55.0 million, compared to $25.5 million at December 31, 2020 and $53.4 million at March 31, 2021.\n<\/p>\n \nResearch and development (\u201cR&D\u201d) expenses increased to $7.1 million in the quarter compared to $0.1 million in the second quarter of 2020. R&D is focused on the development of the Enos system and development activities under the development and license agreement with Medtronic. In the comparative period, the Company temporarily suspended R&D activities. For the six-months ended June 30, 2021, R&D expenses were $14.7 million compared to $0.2 million in the comparative period.\n<\/p>\n \nGeneral and administrative (\u201cG&A\u201d) expenses were $4.8 million in the quarter compared to $2.4 million in the comparative period. The Company adjusts G&A for non-cash and one-time items such as stock-based compensation (\u201cSBC\u201d) and severance. Adjusted G&Awas $3.2 million for the quarter compared to $2.2 million in the three-month period ending June 30, 2020. The increase is primarily related to the expansion of the leadership team to support the development of the Enos system and advancement of the Company\u2019s strategic initiatives. For the six-months ended June 30, 2021, Adjusted G&A expenses were $6.5 million compared to $3.6 million in the comparative period.\n<\/p>\n \nThe Company\u2019s interim financial statements and MD&A are available at www.sedar.com<\/a> and at www.sec.gov<\/a>.\n<\/p>\n Investor Audio Webcast Information<\/b><\/p>\n \nTitan Medical will host an investor audio webcast at 8:30 a.m. ET today (August 11, 2021) to discuss the company\u2019s financial results for the second quarter ended June 30, 2021, and recent business highlights. The webcast can be accessed via the Investor Relations section of the company\u2019s website www.titanmedicalinc.com<\/a>.\n<\/p>\n Non-IFRS Measures<\/b><\/p>\n \nThe Company discloses non-IFRS measures (such as adjusted G&A expenses) that do not have standardized meanings prescribed by IFRS. The Company believes that shareholders, investment analysts and other readers find such measures helpful in understanding the Company\u2019s financial performance. Non-IFRS financial measures do not have any standardized meaning prescribed by IFRS and may not have been calculated in the same way as similarly named financial measures presented by other reporting issuers and therefore unlikely to be comparable to similar measures presented by other companies. Furthermore, these non-IFRS measures should not be considered in isolation or as a substitute for measures of performance or cash flows as prepared in accordance with IFRS. These measures should be considered as supplemental in nature and not as a substitute for related financial information prepared in accordance with IFRS.\n<\/p>\n Adjusted G&A<\/b><\/p>\n \nG&A refers to expenses determined in accordance with IFRS. The Company defines adjusted G&A as G&A excluding SBC expense and severance costs. Management believes adjusted G&A is a useful supplemental measure to determine the Company\u2019s cash burn rate related to G&A so investors can understand the cash that is available for research and development.\n<\/p>\n\n
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