Titan Medical (TSX:TMD;OTC:TITFX) faced a working capital deficit of $9.7 million more than a year ago. Fast forward 12 months, and the robotic surgery company has $21.7 million in working capital and has been able to resume product development.
That seems to be the big takeaway from Titan Medical’s second-quarter earnings report, released yesterday. Titan executives were able to turn things around thanks to a $10 million license payment as part of its new development deal with Medtronic (NYSE:MDT). Titan also recently brought in $18 million from a public equity raise.
“During the first half of 2020, we also reached agreement on a payment plan with one of our product development suppliers and resolved pending litigation with another service provider,” CEO David McNally said in a news release.
“We are now focused on staffing our newly created U.S. affiliate’s new facility in Chapel Hill, N.C. in order to execute on the development milestones associated with our single-port surgical system, while continuing progress toward those associated with the development and license agreement,” McNally said.
Net losses for the three and six months ended June 30, 2020 were $1.1 million and $1.9 million, respectively — compared with a net loss of $14.5 million and $42.8 million for the three and six months ended June 30, 2019.