Tenon Medical, Inc. (NASDAQ: TNON) is a healthcare/medical-device company formed in 2012 and headquartered in Los Gatos, California. The company focuses on surgical implant technology for patients suffering from chronic pain associated with sacroiliac (SI) joint disorders, particularly cases where symptoms do not improve with non-surgical (conservative) treatment. From a ...Tenon Medical, Inc. (NASDAQ: TNON) is a healthcare/medical-device company formed in 2012 and headquartered in Los Gatos, California. The company focuses on surgical implant technology for patients suffering from chronic pain associated with sacroiliac (SI) joint disorders, particularly cases where symptoms do not improve with non-surgical (conservative) treatment.
From a product and technology perspective, Tenon’s flagship offering is the Catamaran SI-Joint Fusion System, which uses a titanium implant designed for an invasive approach to the SI joint. The system is positioned to address some of the most common SI joint disorder presentations that cause lower back pain. In addition to the SI-joint fusion implant, Tenon provides associated fixation hardware, including the Catamaran Fixation Device intended to stabilize the SI joint by passing through anatomical planes (axial and sagittal) of the ilium and sacrum and transfixing along the joint’s longitudinal axis. The company’s materials and product development efforts aim to support a surgical pathway for SI joint fusion and fixation, which can be clinically distinct from non-surgical therapies.
In terms of business model and go-to-market, Tenon operates within the medical device market (Medical - Devices / medical equipment manufacturing), where revenue typically depends on product availability, regulatory standing (including FDA clearance for relevant systems/components), and adoption by surgical providers and clinical settings. Given its relatively small operating scale (reported full-time employees around the mid-20s), Tenon appears structured as a focused organization likely emphasizing R&D, regulatory/commercial support, and relationships that enable surgeons and facilities to use its cleared implant solutions.
Financially, the provided dataset indicates a market valuation in the low single-digit USD per share range at the time of capture, with turnover and profitability metrics that reflect a company still in an investment or commercialization ramp-up stage (e.g., negative margins and negative returns on assets/equity in the snapshot metrics). Working capital is shown as negative in the provided ttm snapshot, which can be consistent with the funding needs and cash-flow timing typical for smaller medical device companies.
Key leadership includes CEO and President Steven Foster, and the board/leadership background also references Richard Ferrari as a Tenon founder, director, and Executive Chairman. Overall, Tenon’s “wish” or strategic direction—implied by its positioning—is to expand access to a refined surgical option for chronic SI joint pain patients who fail conservative care, leveraging its FDA-cleared implant system and fixation technology to drive clinical adoption and commercialization growth.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$3.9M
+20.4%
-7.3%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-12.6M
+8.2%
-16.5%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+59.8%
+14.5%
-7.1%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
-324.3%
+22.8%
-10.3%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
-318.4%
+23.7%
-25.6%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-11.0M
-9.5%
+2.9%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
-279.4%
+9.0%
-4.7%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
2.8%
-61.0%
-226.6%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
2.11x
-52.0%
-43.8%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Greetings, and welcome to the Tenon Medical Second Quarter 26 Financial Results and Corporate Update Conference Call. As a reminder, this call is being recorded. Your hosts today are Steven Foster, President and Chief Executive Officer and Kevin Williamson, chief financial officer. Mr. Foster and Mr. Williamson will present results of operations for the second quarter ended 06/30/2026 and provide a corporate update. A press release detailing these results was released today and is available on the Investor Relations section of our company's website www.tenonmed.com. Before we begin the formal presentation, I would like to remind everyone statements made on the call and webcast may include predictions estimates, and other information that might be considered forward looking. While these forward looking statements represent our current judgment on what the future holds, they are subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on these forward looking statements, which reflect our opinions only as of the date of this presentation. Please keep in mind that we are not obligating ourselves to revise or publicly release the results of any revision. To these forward looking statements in light of new information or future events. For a more complete discussion of these factors and other risks, you should review our quarterly and annual reports on file with the Securities and Exchange Commission at www.sec.gov. At this time, I would like to turn the call over to Tenon Medical's chief executive officer, Steven Foster. Please go ahead, sir.
Steven Foster: Thank you, Joe, and good afternoon, everyone. I am pleased to welcome you to today's Second Quarter 26 financial results and corporate update conference call for Tenon Medical. Second quarter revenue was $1.3 million an increase of 127% over the second quarter last year and gross profit was $800 thousand an increase of 232%. Over the prior year period. Each was the highest we have reported in the second quarter. Gross margin was 64%, compared to 43% a year ago. Case volume grew across both the Catamaran and SImmetry+ platforms, and each incremental procedure is now carrying meaningfully more profit. Looking at the first half as a whole, revenue was $2.7 million, an increase of 106% from $1.3 million in the first 6 months of 2025. Gross profit was $1.8 million an increase of 210% from $600 thousand at a gross margin of 66% compared with 44%. Our loss from operations for the 6 months was $6.6 million compared with $6.5 million a year ago essentially unchanged. While revenue doubled and gross profit dollars roughly tripled. Growth on the top line came from a higher number of Catamaran cases and continued meaningful SImmetry+ contribution since we acquired the SiVantage assets in August of last year. Position and distributor training is the leading indicator for us. And on that front, our training events increased …
