Tenon Medical, Inc. (TNON)
NASDAQ:TNON
Top Page
Tenon Medical, Inc.
(NASDAQ:TNON)
Select Model
Select Model
Rating:44Neutral
Price Target:
$0.68
▼(-32.10% Downside)
Action:ReiteratedDate:03/28/26
The score is held down primarily by very large ongoing operating losses and significant cash burn, alongside weak technicals (below major moving averages and negative MACD). Offsetting factors include improving revenue traction and gross margins, plus supportive (but non-quantified) growth/margin direction from the earnings call and recent financing—tempered by Nasdaq listing compliance risk and dilution considerations.
Positive Factors
Revenue & margin improvement
Consistent 2025 revenue growth (~20% YoY) alongside gross margin expansion to ~60% indicates commercial traction and improving unit economics for the Catamaran platform. Durable margin gains suggest better product mix, cost-of-sales reductions and greater fixed-cost absorption, supporting sustainable scaling and reinvestment capacity over the next several quarters.
Negative Factors
High cash burn
Sustained negative operating and free cash flow in 2025 demonstrates material cash consumption to fund commercialization. This structural burn creates dependence on external financing to maintain operations and clinical/commercial programs, compresses runway if capital markets tighten, and constrains strategic flexibility over the coming 6–12 months.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue & margin improvement
Consistent 2025 revenue growth (~20% YoY) alongside gross margin expansion to ~60% indicates commercial traction and improving unit economics for the Catamaran platform. Durable margin gains suggest better product mix, cost-of-sales reductions and greater fixed-cost absorption, supporting sustainable scaling and reinvestment capacity over the next several quarters.
Read all positive factors
Tenon Medical, Inc. (TNON) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$8.69M
Dividend YieldN/A
Average Volume (3M)153.82K
Price to Earnings (P/E)―
Beta (1Y)1.62
Revenue Growth-2.47%
EPS Growth91.23%
CountryUS
Employees27
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.29
Shares Outstanding11,296,378
10 Day Avg. Volume63,298
30 Day Avg. Volume153,820
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)1.39
Price to Sales (P/S)1.78
P/FCF Ratio-0.64
Enterprise Value/Market Cap0.24
Enterprise Value/Revenue0.52
Enterprise Value/Gross Profit0.88
Enterprise Value/Ebitda-0.17
Forecast
1Y Price Target
$2.75Price Target Upside175.00% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.98
Revenue Forecast (FY)$6.57M
Tenon Medical, Inc. Business Overview & Revenue Model
Company Description
Tenon Medical, Inc., a medical device company, develops surgical implant systems to optimize sacroiliac joint fixation/fusion surgery and corresponding outcomes. It sells The CATAMARAN SIJ Fusion System that includes instruments and implants desig...
How the Company Makes Money
Tenon Medical makes money primarily by selling its Catamaran SI Joint Fusion System and associated surgical components/implants used in SI joint fusion procedures. Revenue is generated when hospitals, ambulatory surgery centers, and/or distributor...
Tenon Medical, Inc. Earnings Call Summary
Earnings Call Date:Mar 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 19, 2026
Earnings Call Sentiment Positive
The call presented strong operational and commercial progress—record revenues, large quarter-over-quarter growth, meaningful gross margin improvement, FDA 510(k) clearance for SImmetry+, early clinical validation, expanded IP and follow-on financings to extend runway. These positives were tempered by a significant year-over-year decline in cash, continued large net losses and an operating expense base that remains several times revenue, meaning continued execution and successful commercialization will be critical. The company has taken steps to mitigate liquidity risk via financings and expects continued momentum into 2026, but material execution and burn-rate risks remain.Positive Updates
Record Annual and Quarterly Revenue Growth
Full year revenue of $3.9M, a 20% increase vs. 2024; Q4 revenue of $1.5M, a 92% increase vs. Q4 2024 ($0.8M), reflecting strong second-half momentum and new physician adoption.
Negative Updates
Decline in Cash Balance
Cash and cash equivalents declined to $3.8M at quarter end from $6.5M a year earlier, a decrease of approximately 42%, creating near-term liquidity sensitivity prior to subsequent financings.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Annual and Quarterly Revenue Growth
Full year revenue of $3.9M, a 20% increase vs. 2024; Q4 revenue of $1.5M, a 92% increase vs. Q4 2024 ($0.8M), reflecting strong second-half momentum and new physician adoption.
Read all positive updates
Company Guidance
Management did not provide formal numeric 2026 guidance but gave clear directional guidance: they expect continued revenue growth and improving gross margins as they commercialize SImmetry+ and other pipeline launches while using recent financings to expand the commercial footprint. Key metrics cited on the call include record FY‑2025 revenue of $3.9M (up 20% YoY) and Q4 revenue of $1.5M (up 92% YoY; ~ $6M annualized run‑rate), Q4 gross profit $1.0M (69% margin, +23 ppt vs Q4‑2024) and FY gross profit $2.4M (60% margin, +8 ppt YoY), Q4 operating expenses of $3.9M (management called this a better baseline for 2026) and FY operating expenses of $15.2M (down from $15.5M), net loss of $2.8M (‑$0.29/share) in Q4 and $12.6M (‑$1.70/share) for the year (improved from $13.7M), cash of $3.8M at year‑end with no debt at quarter end, a $2.85M ATM PIPE in‑period and a subsequent $4.3M senior convertible note financing, 29 issued U.S. patents/9 international/31 pending, plus operational metrics like 24 physicians trained in Q4 and completed early clinical SImmetry+ cases — all of which management said position the company to accelerate adoption and margin expansion in 2026.Tenon Medical, Inc. Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
58
Neutral
Cash Flow
27
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 3.94M | 3.28M | 2.93M | 691.00K | 160.00K |
| Gross Profit | 2.36M | 1.71M | 1.24M | -641.00K | 105.00K |
| EBITDA | -12.79M | -12.98M | -15.13M | -18.27M | -6.35M |
| Net Income | -12.56M | -13.67M | -15.58M | -18.92M | -7.05M |
Balance Sheet | |||||
| Total Assets | 10.76M | 9.84M | 6.34M | 11.09M | 9.27M |
| Cash, Cash Equivalents and Short-Term Investments | 3.76M | 6.54M | 2.43M | 8.57M | 7.32M |
| Total Debt | 141.00K | 428.00K | 1.86M | 911.00K | 14.62M |
| Total Liabilities | 5.72M | 3.87M | 5.57M | 4.84M | 29.82M |
| Stockholders Equity | 5.04M | 5.97M | 778.00K | 6.25M | -20.55M |
Cash Flow | |||||
| Free Cash Flow | -11.02M | -10.06M | -12.54M | -12.87M | -4.39M |
| Operating Cash Flow | -10.74M | -9.88M | -12.18M | -12.03M | -4.29M |
| Investing Cash Flow | -1.02M | -186.00K | 6.14M | -2.88M | -4.50M |
| Financing Cash Flow | 8.99M | 14.13M | 6.30M | 14.11M | 11.47M |
Tenon Medical, Inc. Technical Analysis
Neutral
1.00
Price Trends
0.78
Negative
0.92
Negative
1.06
Negative
Market Momentum
-0.02
Negative
50.42
Neutral
77.53
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TNON, the sentiment is Neutral. The current price of 1 is above the 20-day moving average (MA) of 0.76, above the 50-day MA of 0.78, and below the 200-day MA of 1.06, indicating a neutral trend. The MACD of -0.02 indicates Negative momentum. The RSI at 50.42 is Neutral, neither overbought nor oversold. The STOCH value of 77.53 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TNON.
Tenon Medical, Inc. Risk Analysis
Tenon Medical, Inc. disclosed 61 risk factors in its most recent earnings report. Tenon Medical, Inc. reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 3 New Risks
1.
The price of our common stock may be volatile, and you may be unable to resell your shares at or above the price paid. Q4, 2023
2.
If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, our stock price and trading volume could decline. Q4, 2023
3.
We have not paid dividends in the past and do not expect to pay dividends in the future, and any return on investment may be limited to the value of our stock. Q4, 2023
Tenon Medical, Inc. Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
46 Neutral | $10.04M | -4.03 | -127.95% | ― | -2.02% | -32.93% | |
45 Neutral | $58.98M | -1.01 | 1.02% | ― | -99.28% | -46.17% | |
44 Neutral | $8.69M | -0.56 | -193.22% | ― | -2.47% | 91.23% | |
44 Neutral | $7.24M | -0.34 | -57.19% | ― | ― | 18.94% | |
43 Neutral | $883.82K | -9.36 | -476.74% | ― | -5.19% | -0.81% | |
40 Underperform | $6.62M | -1.29 | -220.42% | ― | -41.03% | 35.71% |
* Healthcare Sector Average
TNON
Tenon Medical, Inc.
0.77
-0.37
-32.54%
SSKN
Strata Skin Sciences
0.15
-2.37
-94.05%
LFWD
Lifeward
6.57
-10.71
-61.98%
NVNO
enVVeno Medical
11.05
-67.53
-85.94%
PAVM
PAVmed
9.24
-12.37
-57.24%
HSCS
Heart Test Laboratories, Inc.
2.08
-1.37
-39.71%
Tenon Medical, Inc. Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Tenon Medical Raises $4.3 Million in Private Placement
Positive
Mar 17, 2026
On March 11, 2026, Tenon Medical, Inc. entered into securities purchase agreements for a private placement of senior convertible promissory notes and on March 12, 2026, announced the closing of the transaction, raising gross proceeds of $4.3 milli...
Delistings and Listing ChangesRegulatory Filings and ComplianceStock Split
Tenon Medical Receives Nasdaq Minimum Bid Price Deficiency Notice
Negative
Feb 27, 2026
On February 25, 2026, Tenon Medical disclosed it had received a Nasdaq notification that its common stock failed to meet the $1.00 minimum closing bid price requirement for 30 consecutive business days from January 9 to February 24, 2026. The comp...
Business Operations and StrategyFinancial Disclosures
Tenon Medical Reaffirms Strong 2025 Revenue Growth Outlook
Positive
Feb 6, 2026
On February 5, 2026, Tenon Medical, Inc. announced it will report its fourth-quarter and full-year 2025 financial results, for the period ended December 31, 2025, after U.S. market close on March 19, 2026, followed by a same-day conference call an...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.