Titan Medical Reports Fiscal Year 2023 Results - Seite 2

Research and development expenses were $0.3 million for the year ended December 31, 2023 compared to $33.0 million for the year ended December 31, 2022. The decrease in R&D expenses is related to the Company’s cost-cutting measures that significantly reduced R&D expenses. In the comparative period, being the year ended December 31, 2022, R&D expenses were related to the development of the Enos System and transferring key components of the Enos System to manufacturing.

General and administrative expenses were $8.4 million for the year ended December 31, 2023 compared to $11.8 million for the year ended December 31, 2022. But for severance payments of $1.1 million incurred in connection with the termination of employees as part of the Company’s business reduction plan and $0.9 million of transactional bonus related to the licensing agreement, G&A would have been $6.4 million for the year ended December 31, 2023 and cost-cutting measures would have reduced the G&A by $5.4 million compared to the previous year.  

The company’s 2023 audited consolidated financial statements and management discussions and analysis are available at www.sedarplus.ca.

About Titan Medical

Titan Medical Inc. (TSX: TMD; OTC: TMDIF), a medical technology company incorporated under the Business Corporations Act (Ontario) and headquartered in Toronto, Ontario, has developed an expansive patent portfolio related to the enhancement of robotic assisted surgery (RAS), including through a single access point, and is currently focused on evaluating new opportunities to further develop and license its intellectual property while pursuing the completion of its agreed upon merger with Conavi Medical Inc.

Cautionary Statement Regarding Forward-Looking Information

This news release contains “forward-looking statements” within the meaning of applicable Canadian and U.S. securities laws, which reflect the current expectations of management of Titan’s future growth, results of operations, performance and business prospects and opportunities. Forward-looking statements are frequently, but not always, identified by words such as “may”, “would”, “could”, “will”, “anticipate”, “believe”, “plan”, “expect”, “intend”, “estimate”, “potential for” and similar expressions, although these words may not be present in all forward-looking statements. Forward-looking statements that appear in this release may include, without limitation, references to: Titan evaluating new opportunities to further develop and license its intellectual property, the payment of future settlement amounts, the delivery of materials to Titan, and the completion of the merger with Conavi.