Titan Medical Reports Operating and Financial Results for the Fourth Quarter and Year End 2022 and Announces Availability of Materials for the 2023 Annual Meeting of Shareholders - Seite 2

For the three months ended December 31, 2022, R&D expenses decreased to $6.3 million compared to $9.9 million for the for the three months ended December 31, 2021. In the three months ended December 31, 2022, R&D expenses related to the development of the Enos System. In December 2022, as part of the Strategic Review process, the Company implemented cost-cutting measures that reduced R&D expenses. In the comparative quarter, R&D expenses related to the development of the Enos System and the development work required to achieve the final milestone under the Development Agreement.

General and administrative (“G&A”) expenses were $11.8 million for the year ended December 31, 2022 compared to $12.8 million in the comparative period. The decrease in G&A expenses is primarily related to a decrease in severance costs and professional and consulting fees, partially offset by an increase non-cash stock-based compensation.

G&A expenses decreased to $3.1 million for the three months ended December 31, 2022 compared to $3.2 million for the three months ended December 31, 2021. In the current quarter, an increase in non-cash stock-based compensation was offset by a decrease in severance costs and amortization.

The company’s audited annual financial statements and MD&A are available at www.sedar.com.

2023 Annual Meeting:

As described in the distributed proxy materials, shareholders are entitled to notice of, and to vote at, the Meeting and at any adjournment or postponement thereof if they were a shareholder of record as of the close of business on May 16, 2023. The directors have fixed 4:00 p.m. ET on June 28, 2023, or at least 48 hours, excluding Saturdays and holidays, before any adjournment of the meeting, as the time before which proxies to be used at the Meeting (or any adjournment thereof) must be deposited with the company or with Computershare Trust Company of Canada.

Items to be presented and voted on at the Meeting include the following:

1. Presentation of the audited financial statements of the Company for the fiscal year ended December 31, 2022.
2. Election of directors of the Company for the ensuing year.
3. Appointment as auditors of BDO Canada, LLP, the incumbent auditors of the Company, and authorize directors to fix the remuneration of the auditors.
   
   

For further information regarding the matters to be acted upon at the Meeting is set forth in the proxy statement and other proxy materials for the Meeting, which are available at https://ir.titanmedicalinc.com/news-events/shareholder-meeting.