Shares of Titan Medical Inc (NASDAQ:TMDI) are climbing the ladder in response to the company unveiling its next-generation Single Robotic Surgical system after successful trials. The stock has bounced back from one-year lows, after turning bearish at the start of last year.
Titan Medical Price Analysis
The stock has since breached a critical resistance level on its way to six-month highs. The rally has come on investors reacting to the new robotic surgical system at the heart of the company’s growth prospects. Considering the high turnover of traded shares, the stock looks set to continue trading higher on huge volumes.A close above the $2 a share psychological level could as well have given bulls, who were on the fence, a reason to join the emerging uptrend. However, the emerging uptrend faces immediate resistance at the $3 a share level. A rally followed by a close above the resistance level should open the door for the stock to continue climbing high. TMDI Daily ChartFor the stock to turn bullish after the underperformance of last year, it needs to rise and stabilize above the $6 a share level. Below the $3 a share level, the stock remains susceptible to further declines given the weight of the long-term downtrend.
What Does Titan Medical Do?
Titan medical is a development stage company engaged in the design and development of robotic survival systems. The company is currently working on the SPORT Surgical System, a simple robotic surgical system that will come with a surgeon-controlled patient cart. The robot will also come with a 3D vision system as well as multi-articulating instruments for MIS procedures.
Why is Titan Medical Exploding?
Shares of Titan Medical are exploding in the market on the company confirming the completion of its revolutionary single port robotic surgical system. The new system will come with a new camera system as well as design enhancements for a surgeon workstation and patient cart.According to Chief Executive Officer David McNally, surgeons have already conducted 45 preclinical studies using the SPORT system prototype. Conversely, the robot has been used in 14 different procedures as part of the trial phase.
“We are proud of their accomplishments and are thrilled with our substantial progress in 2018, and note that timely completion of this build is a critical step in preparation to file for regulatory clearances in the U.S. and the European Union,” said Mr. McNally.
The Single Port robotic system comes with multiple patent-pending enhancements that will go a long way in improving surgical performance while also enhancing ease of use. With the unveiling of the enhanced surgical system, Titan Medical is looking forward to meeting regulatory milestones in 2019.The company is planning to make a 510(k) submission with the U.S Food and Drug Administration before the end of the year. Titan Medical also plans to complete human confirmatory studies under Investigational Device Exemption for the SPORT Surgical System in the second half of the year.Completion of regulatory filling should pave the way for the company to commence commercialization of the single port robotic system. The company could hit the market in Europe and the U.S as early as next year.
Patent Portfolio Strengthening
In addition, Titan medical has strengthened its patent portfolio on securing seven new patent grants and notice of allowance for its single port robotic surgery technology. The patents cover multi-articulating instruments as well as robotic systems control and user interfaces.
“The granting of these patents and those pending issuance further strengthen Titan’s position as a leader in single-port robotic surgery technology. It is exciting to see the progress we have made in protecting our intellectual property in major markets around the world,” said Mr. McNally.
What Next For Titan Medical
The unveiling of the next generation single-port robotic surgical system is a significant milestone in the evolution of Titan Medical. The new robotic surgery system demonstrates the company’s creativity when it comes to establishing and protecting its market position in the industry.The surgical system also paves the way for the company to transition into a revenue-generating entity as early as next year. That said, the stock looks like a bargain at current levels given that it has on its hands a surgical system that has the potential to generate significant value in the years to come.Titan Medical should continue climbing the ladder as investors take note of the opportunities at hand with the next generation Single port robot surgical system.We will be updating our subscribers as soon as we know more. For the latest updates on TMDI, sign up below!Disclosure: We have no position in TMDI and have not been compensated for this article.
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