07:08 AM EDT, 04/01/2024 (MT Newswires) -- Titan Medical Inc. ( TMDIF ) over the holiday weekend announced its FY 2023 results.

As of December 31, 2023, Titan had cash of $7.5 million, compared to $3.3 million on December 31, 2022. Working capital was $5.5 million as at December 31, 2023 compared to a deficit of $3.9 million as at December 31, 2022. Titan also reduced its financial obligations to vendors by $5.7 million from December 31, 2022.

Revenue was $17.6 million for FY 2023 compared to $nil for the year ended December 31, 2022. Titan recognized $15.5 million in revenue from the asset purchase and non-exclusive license agreement with Medtronic and the Intuitive License Agreement. Titan also recognized $1.7 million of revenue for the completion of the final deliverables on the purchase order for Medtronic under a Development and Pre-Clinical Supply Agreement.

Research and development expenses were $0.3 million for the year ended December 31, 2023 versus $33.0 million for FY 2022. The decrease is due to Titan's cost-cutting measures that significantly reduced R&D expenses.

General and administrative expenses were $8.4 million for the year ended December 31, 2023 compared with $11.8 million for the year ended December 31, 2022.