Tenon Medical Inc
NASDAQ:TNON
Tenon Medical Inc
Tenon Medical Inc is a US-based company operating in Health Care Equipment & Supplies industry. The company is headquartered in Los Gatos, California and currently employs 10 full-time employees. The company went IPO on 2022-04-27. Tenon Medical, Inc. is a medical device company. The firm has developed a proprietary surgical implant system, The CATAMARAN SIJ Fusion System (The CATAMARAN System), which is designed to fuse one or both sacroiliac joints (SI-Joint) to treat SI-Joint dysfunction that often causes severe lower back pain. The CATAMARAN System offers a new surgical solution that places a single implant directly into the SI joint, bridging the sacrum and ilium with a posterior inferior surgical approach. The CATAMARAN System includes instruments and implants designed to prepare and fixate the SI-Joint for fusion. The CATAMARAN System is designed specially to resist vertical shear and rotation of the joint in which it was implanted, helping stabilize the joint in preparation for eventual fusion. The company also has developed a proprietary two-dimensional (2D) placement protocol as well as a protocol for three-dimensional (3D) navigation utilizing the latest techniques in spine surgery.
Tenon Medical Inc is a US-based company operating in Health Care Equipment & Supplies industry. The company is headquartered in Los Gatos, California and currently employs 10 full-time employees. The company went IPO on 2022-04-27. Tenon Medical, Inc. is a medical device company. The firm has developed a proprietary surgical implant system, The CATAMARAN SIJ Fusion System (The CATAMARAN System), which is designed to fuse one or both sacroiliac joints (SI-Joint) to treat SI-Joint dysfunction that often causes severe lower back pain. The CATAMARAN System offers a new surgical solution that places a single implant directly into the SI joint, bridging the sacrum and ilium with a posterior inferior surgical approach. The CATAMARAN System includes instruments and implants designed to prepare and fixate the SI-Joint for fusion. The CATAMARAN System is designed specially to resist vertical shear and rotation of the joint in which it was implanted, helping stabilize the joint in preparation for eventual fusion. The company also has developed a proprietary two-dimensional (2D) placement protocol as well as a protocol for three-dimensional (3D) navigation utilizing the latest techniques in spine surgery.
Record Revenue: Tenon Medical reported record Q3 revenue of $1.2 million, up 32% year-over-year, driven by strong Catamaran procedure volumes and initial SiVantage product sales.
Portfolio Expansion: The acquisition and integration of SiVantage’s SImmetry and SImmetry+ technologies were completed, immediately boosting revenue and expanding Tenon's product offerings.
Gross Margin Improvement: Gross margin rose to 66%, up from 47% the prior year, benefiting from higher revenue absorbing fixed overhead costs.
Operational Leverage: Operating expenses increased to $4.2 million, mainly due to sales, marketing, and integration costs, but year-to-date expenses declined versus last year, improving leverage.
Clinical & Regulatory Milestones: Catamaran’s positive clinical data and the FDA 510(k) clearance of SImmetry+ support future growth and broaden Tenon's competitive positioning.
Cash Position Strengthened: Quarter-end cash was $3.4 million with no debt, and post-quarter a $2.85 million PIPE financing further bolstered liquidity.
Positive Outlook: Management expects continued revenue growth in Q4 from both Catamaran and SiVantage products, with ongoing expansion of the commercial team and increased market penetration.
