The Toronto-based robotic surgery company posted losses of -$1.6 million, or -2¢ per share, on sales of $4.5 million for the three months ended Sept. 30, 2020, for a -4.9% bottom-line slide on a sales decline of -75.5%.
“Titan made significant progress during the third quarter of this year,” company president & CEO David McNally said in a news release. “We recommenced the development of our robotic single-access surgical system, unveiled ‘Enos’ as its new brand name, and updated our corporate identity. Today, we are proud to launch our revamped website reflecting the new branding. During the quarter we also continued with the development activities commenced in mid-June under the development and license agreement with Medtronic, leading to the on-schedule and successful completion of the first technical milestone in October 2020. This first phase of the program was an intensive four-month effort and the results are a testament to the expertise and the innovative culture of our in-house and partner service provider teams.”
Titan Medical did not offer financial guidance for the fourth quarter of 2020 or for the 2021 fiscal year.
TMD shares were up 2% at 69¢ per share in mid-morning trading today.