Mr. Chien Huang reports

TITAN MEDICAL REPORTS OPERATING AND FINANCIAL RESULTS FOR THE THIRD QUARTER 2023

Titan Medical Inc. has released its financial results for the three and nine months ended Sept. 30, 2023.

Recent Activities:

On August 14, 2023, the Company announced the appointment of Dr. Daniel O'Brien, MD, MBA, PHD to its Board of Directors.

On August 21, 2023, the Company announced a licensing agreement with Auris Health, Inc., a Johnson & Johnson MedTech Company.

On October 18, 2023, the Company announced it has changed its auditor from BDO Canada LLP to MNP LLP.

Financial Highlights:

As of September, 30, 2023, Titan had cash of $8.9 million, compared to $3.3 million on December 31, 2022. Working capital improved to $7.6 million as at September 30, 2023 compared to a deficit of $3.9 million as at December 31, 2022. In addition, the Company has reduced its outstanding financial obligations to vendors by $5.3 million from the first quarter of 2023.

Revenue was $0.5 million and $17.1 million for the three and nine months ended September 30, 2023 compared to $nil for the three and nine months ended September 30, 2022. In the current period, the Company recognized $15.0 million in revenue from the asset purchase and license agreement with Medtronic plc ("Medtronic") and the non-exclusive license agreement with Intuitive Surgical, Inc. . The Company also recognized $1.7 million of revenue for the completion of the final deliverables on a purchase order for Medtronic.

Research and development expenses were $0.1 million for the three months ended September 30, 2023 compared to $7.6 million for the three months ended September 30, 2022. R&D expenses were $0.9 million for the nine months ended September 30, 2023 compared to $26.7 million for the nine months ended September 30, 2022.

The decrease in R&D expenses is related to the Strategic Review. In the three and nine months ended September 30, 2023, the Company implemented cost-cutting measures that significantly reduced R&D expenses. In the comparative period, R&D expenses were related to the development of the Enos System and transferring key components of the Enos System to manufacturing.

General and administrative expenses were $1.1 million and $7.7 million for the three and nine months ended September 30, 2023 compared to $3.0 million and $8.7 million for the comparative periods ended September 30, 2022. The decrease in G&A expenses in the current period is related cost-cutting measures.

The company's interim financial statements and management discussions and analysis are available at www.sedarplus.ca.

About Titan Medical

Titan Medical Inc. (TSX: TMD; OTC: TMDIF), a medical technology company headquartered in Toronto, Ontario, has developed an expansive patent portfolio related to the enhancement of robotic assisted surgery (RAS), including through a single access point, and is currently focused on evaluating new opportunities to further develop and license its intellectual property.

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