Home » Titan Medical is down to a bare-bones operation as it looks to sell IP
By Sean Whooley

Titan Medical (Nasdaq:TMDI) announced today that it laid off a slew of its senior leadership team members as it explores strategic alternatives.
Toronto-based Titan’s actions stem from a November announcement of a strategic review, including the exploration of a sale. A week later, the surgical robot maker implemented cost-cutting measures that included the furloughing of 40 employees.
Last month, the company issued an update that it met with strategic buyers and investors at the J.P. Morgan Healthcare Conference.
A week ago, Titan said its board determined to prioritize the sale of all or a portion of its assets. That includes its IP portfolio of more than 235 patents and patent applications. It added further cost-cutting measures that included a layoff of 48 employees at its Chapel Hill-based subsidiary. Those layoffs included all employees furloughed in December.
The layoffs left Titan with 18 remaining employees. Due to working capital limitations, Titan halted all expenditures related to the development of its Enos surgical robot. That included work on its FDA investigational device exemption (IDE) filing.
Along with these decisions, the company said Heather Knight resigned as a member of its board on Feb. 7. Titan remains open to all strategic options.
“While we truly appreciate the impact of these changes on our stakeholders including our employees, our strategic review process has led us to believe that interest remains in the company’s assets and some of its technology. We are implementing cost reductions in an effort to preserve cash while maintaining the value of the company’s technology and other key assets in considering any further strategic alternatives,” said Cary Vance, president and CEO of Titan Medical. “On behalf of the board, I would like to thank Heather for her valuable input and thoughtful guidance as a board member.”
Titan enforces more layoffs
Six days after the 48-employee cut, Titan today announced four senior layoffs. Each individual remains available to assist the company as independent consultants, Titan said.
Tammy Carrea, VP of quality and regulatory affairs, departed, along with Kristen Galfetti, VP of investor relations and corporate communications. So, too, did Eric Heinz, VP of market and corporate development, and Chris Seibert, VP of upstream marketing.
“I would like to thank Tammy, Kristen, Eric and Chris for their contributions to Titan Medical and their continued professionalism,” Vance said. “This was an extremely difficult decision, and I am grateful that each of these talented individuals will continue to be available in consulting roles to assist the company during the strategic review process.”
Update on Titan’s Nasdaq listing
In addition to serving on the board, Knight served on Titan’s audit committee. Following her resignation, the company no longer complies with Nasdaq’s audit committee requirement. Titan’s audit committee now only consists of two members who both serve as independent directors. Nasdaq mandates the committee must feature at least three members, all of whom are independent.
The market provided Titan a cure period to regain compliance. This could go through the company’s next annual shareholders’ meeting or Feb. 7, 2024. If the next annual shareholders’ meeting is held before Aug. 7, 2023, Titan must comply no later than that day.
While the company’s efforts remain on its asset sales, it has a long history of troubles with Nasdaq listing requirements.
At the end of December 2022, Titan received notification of potential delisting from the Nasdaq market. The Nasdaq Listing Qualifications Staff notified the company of its continued non-compliance with the $1 minimum bid price requirement. Based on this non-compliance (as of Dec. 26, 2022), Nasdaq may delist Titan securities unless the surgical robotics company requests a hearing.
Titan Medical underwent the same process in 2020.Nasdaq sent the company a delisting determination letter in May of that year.
In June of this year, Titanreceived an additional 180 days to regain compliance with listing requirements. That extension period ended on Dec. 26.
Shares of TMDI dropped by 20% to approximately 15¢ apiece in the late afternoon today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — rose 10.5%.
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About Sean Whooley
Sean Whooley is an associate editor who mainly produces work for MassDevice, Medical Design & Outsourcing and Drug Delivery Business News. He received a bachelor's degree in multiplatform journalism from the University of Maryland, College Park. You can connect with him on LinkedIn or email him at swhooley@wtwhmedia.com.
FAQs
What is going on with Titan Medical? ›
At the end of December 2022, Titan received notification of potential delisting from the Nasdaq market. The Nasdaq Listing Qualifications Staff notified the company of its continued non-compliance with the $1 minimum bid price requirement.
Will Medtronic buy Titan Medical? ›On May 3, 2022, Titan announced a $2.6 million purchase order from Medtronic for instruments and cameras. The Definitive Agreement finalizes the terms and conditions related to the purchase order.
Is Titan Medical a good investment? ›If you are looking for stocks with good return, Titan Medical Inc stock can be a bad, high-risk 1-year investment option. Titan Medical Inc real time quote is equal to 0.194 USD at 2023-03-06, but your current investment may be devalued in the future.
Who bought Titan Medical? ›Medtronic signs development deal with surgical robot-maker Titan Medical | MedTech Dive.
Why is Medtronic falling? ›The company said its fall in earnings decline reflects the continued effect of inflation on the cost of materials, labor, freight, and utilities. For the second half of fiscal 2023, Medtronic said it expects revenue growth of 3.5% to 4. %.
Who is the top medical device company? ›Medtronic $31.7bn +8%
Medtronic once again tops the list as the largest medical device company in the world.
Stryker scored higher in 9 areas: Overall Rating, Culture & Values, Work-life balance, Senior Management, Compensation & Benefits, Career Opportunities, CEO Approval, Recommend to a friend and Positive Business Outlook. Stryker employees rated their Recommend to a friend 5% higher than Medtronic employees rated theirs.
Is Titan a good company? ›Titan Company is rated 4.4 out of 5, based on 2.6k reviews by employees on AmbitionBox. Titan Company is known for Company culture which is rated at the top and given a rating of 4.4. However, Career growth is rated the lowest at 3.8 and can be improved.
What is the best medical company to invest in? ›- Best Healthcare Stocks of March 2023.
- UnitedHealth Group Inc (UNH)
- Johnson & Johnson (JNJ)
- Eli Lilly and Co (LLY)
- Novo Nordisk A/S (NVO)
- Merck & Co Inc (MRK)
- Pfizer Inc (PFE)
- Roche Holding AG (RHHBY)
In 2025, TMDI's EPS is forecast to hit -$0.02 (min: -$0.02, max: -$0.02).
What is the price target for TMDI? ›
Titan Medical Inc (NASDAQ:TMDI)
The 2 analysts offering 12-month price forecasts for Titan Medical Inc have a median target of 2.50, with a high estimate of 3.00 and a low estimate of 2.00. The median estimate represents a +1,110.65% increase from the last price of 0.21.
Medtronic Completes Acquisition of Titan Spine.
How many patents does Titan Medical have? ›According to Titan, it developed an expansive IP portfolio, now with more than 225 pending and issued patents.
Is there a lawsuit against Medtronic? ›Colorado-based Colibri sued Medtronic in 2020. It alleged doctors use Medtronic's devices in a way that infringes Colibri's patent, which covers a method for controlling the deployment of self-expanding artificial heart valves.
Who is the competitor of Medtronic? ›Medtronic competitors include Sanofi, Boston Scientific, Olympus Corporation and Brainlab.
Is Medtronic a Buy Sell or Hold? ›Consensus Rating
The company's average rating score is 2.11, and is based on 3 buy ratings, 14 hold ratings, and 1 sell rating.
Johnson & Johnson is USA based company and it manufactures Consumer Goods, Medical Devices and Equipment and Pharmaceutical Products. As on December-2021, Johnson & Johnson has 141,700 employees across 60 countries. Headquarters is in USA. It is the the world's largest and most broadly based healthcare company.
Who has the most advanced medical technology? ›The US, Switzerland and Norway are some of the most advanced countries when it comes to the field of medicine, with huge healthcare spending, numerous pharmaceutical companies and sophisticated academia.
What is the highest paid medical device company? ›#1 – Stryker
Stryker Corporation is an American multinational medical technologies corporation based in Kalamazoo, Michigan.
Stryker competitors include GE Healthcare, Johnson & Johnson, Medtronic, Globus Medical and DJO Global. Stryker ranks 1st in CEO Score on Comparably vs its competitors.
What is Medtronic most known for? ›
Medtronic is a global producer of medical devices and therapies, such as insulin pumps, pacemakers, and diabetes therapies. Perhaps best known for its revolutionary cardiac devices, such as battery-powered and miniature pacemakers, it also has introduced cutting-edge products into the industry.
What is Stryker best known for? ›Company Overview
Stryker is one of the world's leading medical technology companies and offers innovative products and services in Orthopaedics, Medical, Surgical, Neurotechnology and Spine that help improve patient and hospital outcomes.
The share price fall can be attributed to these slower growth numbers. In terms of sales, the company recorded a growth of 12% from the previous year. However, it came in below the analyst expectations of 17%. Titan's Jewelry business recorded a yearly growth of 11% with 22 new store additions.
Will Titan Pharmaceuticals go up? ›Stock Price Forecast
The 1 analysts offering 12-month price forecasts for Titan Pharmaceuticals Inc have a median target of 7.00, with a high estimate of 7.00 and a low estimate of 7.00. The median estimate represents a +629.17% increase from the last price of 0.96.
...
Stock price target for Titan Company Limited TITAN are 2391.6 on downside and 2541.5 on upside.
Tomorrow Target 1 | 2267.83 |
---|---|
Tomorrow Target 2 | 2365.47 |
Date | Stock | Target |
---|---|---|
03 Feb 2023 | Titan Company Ltd. | 2150.00 |
As on 2nd Mar 2023 TITAN SHARE Price closed @ 2358.95 and we RECOMMEND Sell for LONG-TERM with Stoploss of 2432.54 & Strong Sell for SHORT-TERM with Stoploss of 2458.66 we also expect STOCK to react on Following IMPORTANT LEVELS.
Why is it so cold on Titan? ›Sunlight can trigger exotic chemical reactions high up in Titan's atmosphere, generating short-lived compounds such as ethane, acetylene, hydrogen cyanide and cyanoacetylene. These molecules absorb heat from Titan and radiate it out into outer space in the form of infrared rays, cooling it down.
Which is the best pharmaceutical company to invest in? ›- Sun Pharmaceutical Industries.
- Divi's Laboratories.
- Cipla.
- Dr. Reddy's Laboratories.
Amarin Corporation PLC (NASDAQ:AMRN)
The 6 analysts offering 12-month price forecasts for Amarin Corporation PLC have a median target of 2.50, with a high estimate of 9.00 and a low estimate of 1.50. The median estimate represents a +34.41% increase from the last price of 1.86.
Should I invest in Nrx pharmaceuticals? ›
NRx Pharmaceuticals, Inc.
may be overvalued. Its Value Score of F indicates it would be a bad pick for value investors. The financial health and growth prospects of NRXP, demonstrate its potential to underperform the market.
Titan Company Ltd.
For the year ending March 2022 Titan Company has declared an equity dividend of 750.00% amounting to Rs 7.5 per share. At the current share price of Rs 2500.30 this results in a dividend yield of 0.3%.
The Vanguard Group, Inc.
Can we buy Titan share now? ›Yes, You can buy Titan Company Limited (TITAN) shares by opening a Demat account with Angel One.
Who is the largest patent holder in the world? ›What Company Owns the Most Patents? Most sources agree that International Business Machines (IBM) holds the most patents.
Which pharmaceutical company has the most patents? ›...
Which pharmaceutical companies have the largest patent portfolios...
- Allergan.
- Novartis.
- Takeda.
- Astrazeneca.
- Boehringer Ingelheim.
- Purdue Pharma Lp.
- Gilead Sciences Inc.
- Salix.
...
Switzerland holds on to the number one spot as the most innovative country.