Titan Medical reports 2017 full-year financial results: 5 things to know

Mackenzie Garrity -  

Along with launching a new minimally invasive surgical system, Titan Medical reported strong full-year 2017 financial results.

In 2017, Titan Medical launched a feasibility and validity study for it Sport Surgical System. Celebration-based Florida Hospital Nicholson Center and New York City-based Columbia University Medical Center are the two hospitals in the U.S. spearheading the device.

 

Here are five things to know:

 

1. Titan Medical's research and development expenses for 2017 reached $12.90 million compared to $22.58 million in 2016.

 

2. In June 2017, Titan Medical completed a public offering for gross proceeds of $5.58 million followed by a second closing for an additional $1.33 million.

 

3. Titan Medical completed a private placement involving various robotic surgeons in the U.S. that grossed $2.68 million.

 

4. In December 2017, Titan Medical completed another public offering totaling $17.89 million.

 

5. At the end of the year, the company's cash, cash equivalents and deposits with product development service providers reached $28.67 million, as compared to $6.36 million in 2016.

 

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