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.

−317,7 %

59,8 %

−318,4 %

+20,4 %

2.11

1.78

— Tenon Medical, Inc.
%
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.

Tenon sells primarily to clinicians who perform sacroiliac joint and orthopedic procedures, rather than to hospitals as...

  • Orthopedic and spine cliniciansprimary

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

  • Surgical practices and procedure centersprimary

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

  • Independent sales representative networksecondary

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

Tenon is headquartered in the United States and appears to generate substantially all revenue in the U.S...

  • •Headquartered in the United States
  • •Revenue appears concentrated in the U.S. market
  • •Sales depend on domestic clinician adoption and reimbursement
  • •Contract manufacturing supports the product supply chain
  • •No country-level revenue disclosure was provided

Tenon’s strategy is to grow procedure volume and broaden adoption of its implant systems among clinicians treating...

01
Increase clinician adoption and case volumeshort-term

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

02
Expand the product portfolio around SI joint fusionmedium-term

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

03
Secure funding for commercialization and R&Dshort-term

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

Tenon faces concentration risk because substantially all revenue comes from a limited number of clinicians and depends...

critical

Going-concern and liquidity risk

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

Scope
Operating expenses and working capital
Materiality
high
high

Customer concentration

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

Scope
Catamaran System and SImmetry system sales
Materiality
high
high

Reimbursement and adoption risk

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

Scope
Orthopedic procedure volumes
Materiality
high
medium

Manufacturing and quality risk

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

Scope
Implants, instruments, tray sets
Materiality
medium
Revenue recognition on implant sales
Quarter-to-quarter volatility in reported sales
Inventory obsolescence and scrap
Gross margin and cost of goods sold
Tray set depreciation
Product cost and margin presentation
Stock-based compensation
Operating expenses and net loss

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: 29.4.2026