The Toronto-based surgical robotic technology developer posted losses of $768,043, or -2¢ per share for the three months ended March 31, 2020, for a 97.3% bottom-line gain from losses of nearly $28.3 million in the first quarter last year.
Titan Medical president & CEO David McNally noted in a news release that the company completed financing rounds of $1.2 million in March, $1.5 million in April and $2 million last week
“Despite the emergence of the COVID-19 pandemic during the first quarter of 2020, we have since closed three incremental financings,” McNally said. “We also reached an agreement with our primary product development supplier to pay off the amounts owing by the end of 2020. The supplier agreement and our recent financings are intended to position the company to raise additional capital to satisfy our creditors and resume development of our single-port robotic surgical system.”
Titan Medical did not offer full-year financial guidance for 2020.
TMDI shares were down -9.97% at 27¢ per share in midday trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down -0.4%.