TNONWNasdaqSurgical & Medical Instruments & ApparatusUS GAAP · USD

Tenon Medical, Inc.

Tenon Medical, Inc. is a U.S.-based medical device company focused on implant systems for sacroiliac joint and related orthopedic procedures. Its business centers on The Catamaran System and the SImmetry SI Joint Fusion System, which are sold to clinicians and used in surgical treatment of the pelvis and lower spine.

Ask about the company
Revenue3.9m USD
+20.4 %y/y
Operating profit (EBIT)-12.8m USD
+7.1 %y/y
EBIT margin-324.3%
+95.7 ppy/y
Net income-12.6m USD
+8.2 %y/y
Free cash flow-11.0m USD
−9.5 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-20-15-10-505m USD2021: 0.16 m USD2021: EBIT -6.5 m USD20212022: 0.69 m USD2022: EBIT -19 m USD20222023: 2.9 m USD2023: EBIT -16 m USD20232024: 3.3 m USD2024: EBIT -14 m USD20242025: 3.9 m USD2025: EBIT -13 m USD20253.9-13
RevenueOperating profit (EBIT)

Business

Share of revenue
SI joint implant systems85 %

Implant systems used in sacroiliac joint fusion and related orthopedic procedures.

Surgical instruments and tray sets15 %

Reusable or semi-reusable instrument trays and related procedural tools used with the implant systems.

Customers

Tenon sells primarily to clinicians who perform sacroiliac joint and orthopedic procedures, rather than to hospitals as a broad consumables supplier. Revenue depends on procedure volume, the number of implants used per patient, and purchasing activity by a limited number of physicians and independent sales representatives. The customer base is concentrated in specialty surgical practices and procedure centers that adopt the company’s implant systems for specific spine and pelvic indications.

Orthopedic and spine clinicians

Buy implant systems for sacroiliac joint fusion procedures and choose products based on clinical preference and workflow.

Surgical practices and procedure centers

Use the systems in recurring cases where implant kits, tray sets, and support materials are needed.

Independent sales representative network

Influences physician adoption and case conversion by supporting product education and case coverage.

Strategy

Tenon’s strategy is to grow procedure volume and broaden adoption of its implant systems among clinicians treating sacroiliac joint disorders. It also relies on product development, commercial execution, and external financing to support operations while expanding its installed base and case activity. The company’s direction is shaped by the need to convert physician interest into recurring surgical use and to maintain supply through contract manufacturing.

Increase clinician adoption and case volumeShort term

Revenue is tied to procedures performed and implants used per patient.

Expand the product portfolio around SI joint fusionMedium term

A broader implant offering can support more procedures and customer retention.

Secure funding for commercialization and R&DShort term

The business requires capital to support sales, development, and working capital.

Geography

Tenon is headquartered in the United States and appears to generate substantially all revenue in the U.S. based on the disclosures provided. The company’s operating footprint is tied to U.S. clinicians, contract manufacturing, and domestic commercialization of its implant systems. Geography matters mainly through U.S. reimbursement, regulatory requirements, and the concentration of sales activity in a single market.

Risks

Tenon faces concentration risk because substantially all revenue comes from a limited number of clinicians and depends on procedure volume. The company also has financing and going-concern risk, since it has not generated positive operating cash flow and may need additional capital to continue operations. As a medical device business, it is also exposed to reimbursement changes, regulatory developments, competition, and manufacturing/supply-chain execution risk.

Sorted by severity
Going-concern and liquidity riskCritical

The company has not achieved positive cash flow and may need additional capital.

Exposure: Operating expenses and working capital

Customer concentrationHigh

Substantially all revenue comes from sales to a limited number of clinicians.

Exposure: Catamaran System and SImmetry system sales

Reimbursement and adoption riskHigh

Procedure demand can change with reimbursement, physician activity, and sales rep coverage.

Exposure: Orthopedic procedure volumes

Manufacturing and quality riskMedium

Products are produced by contract manufacturers, increasing reliance on third parties.

ExposureImplantsInstrumentsTray sets

Accounting

Judgemental items
Revenue recognition on implant sales

Revenue is tied to procedure volume and product usage, so timing of cases affects quarterly results.

Impact: Quarter-to-quarter volatility in reported sales

Inventory obsolescence and scrap

Small device inventories and tray sets can become obsolete or require write-downs.

Impact: Gross margin and cost of goods sold

Tray set depreciation

Instrument tray sets are depreciated and their cost is recognized over time.

Impact: Product cost and margin presentation

Stock-based compensation

Personnel costs include stock-based compensation and can be significant for a development-stage company.

Impact: Operating expenses and net loss

Similar listed companies

Publicly listed companies with a comparable business focus.

SI-BONE, Inc.

SIBN · Surgical & Medical Instruments & Apparatus

Shoulder Innovations, Inc

SI · Surgical & Medical Instruments & Apparatus

JOINT Corp

JYNT · Patent Owners & Lessors

Tenet Healthcare Corporation

THC · Services-General Medical & Surgical Hospitals, NEC

Enovis CORP

ENOV · Orthopedic, Prosthetic & Surgical Appliances & Supplies

Treace Medical Concepts, Inc

TMCI · Surgical & Medical Instruments & Apparatus

Last updated: 24/09/2026