In a report released yesterday, Anthony Vendetti from Maxim Group reiterated a Buy rating on Tenon Medical, Inc., with a price target of $3.00.
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Anthony Vendetti has given his Buy rating due to a combination of factors that highlight Tenon Medical, Inc.’s strategic advancements and market potential. The acquisition of sacroiliac joint-specific assets from SiVantage significantly broadens Tenon’s portfolio, enhancing its competitive positioning and expanding its market reach. This acquisition, coupled with the recent FDA clearance of the SImmetry+ SI Joint Fusion System, allows Tenon to offer diverse surgical approaches, which could drive market share gains.
Additionally, the full commercial launch of the Catamaran SE and positive interim results from the MAINSAIL post-market study further validate the clinical utility of Tenon’s products, supporting their adoption and reimbursement. Despite lowering revenue estimates for 2025 and 2026 due to recent financial results, Vendetti sees substantial upside potential as the SImmetry+ ramps up and operating leverage improves. The attractive valuation, based on a discounted cash flow analysis, also supports the Buy rating, as Tenon’s shares trade at a discount compared to peers, with a justified premium due to its innovative product portfolio.