Tenon Medical, Inc. (TNON)
NASDAQ:TNON
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Tenon Medical, Inc.
(NASDAQ:TNON)
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Rating:45Neutral
Price Target:
$0.70
▼(-30.10% Downside)
Action:Reiterated
Date:05/23/26
The score is primarily constrained by weak financial performance (large losses, heavy cash burn, and higher leverage) and bearish technicals (trading below key moving averages with negative MACD). Earnings-call momentum (rapid growth and improving margins with scaling guidance) provides a partial offset, but valuation is difficult to support with negative earnings and corporate events add meaningful Nasdaq compliance risk.
Positive Factors
Improving revenue and gross margins
Sustained top-line growth with a durable expansion in gross margin signals improving unit economics and better product mix. Higher gross margins (>60%) are structural for implantable device sales and, if revenue scales, provide a credible path to operating leverage and eventual profitability.
Negative Factors
Persistent negative operating cash flow
Large, ongoing cash burn undermines self-funding capacity and forces reliance on external capital. That structural deficit increases dilution risk, constrains reinvestment into sales and clinical studies, and could limit ability to sustain commercialization cadence absent material margin or revenue acceleration.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving revenue and gross margins
Sustained top-line growth with a durable expansion in gross margin signals improving unit economics and better product mix. Higher gross margins (>60%) are structural for implantable device sales and, if revenue scales, provide a credible path to operating leverage and eventual profitability.
Read all positive factors
Tenon Medical, Inc. (TNON) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$8.30M
Dividend YieldN/A
Average Volume (3M)86.97K
Price to Earnings (P/E)―
Beta (1Y)1.50
Revenue Growth39.98%
EPS Growth90.08%
CountryUS
Employees27
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-1.33
Shares Outstanding11,573,428
10 Day Avg. Volume88,481
30 Day Avg. Volume86,972
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 Cap0.67
Enterprise Value/Revenue1.21
Enterprise Value/Gross Profit1.88
Enterprise Value/Ebitda-0.46
Forecast
1Y Price Target
$2.63Price Target Upside162.50% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.88
Revenue Forecast (FY)$6.42M
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 generates revenue primarily from sales of its SI joint treatment devices and related procedure-specific instrumentation and implants used by surgeons in SI joint stabilization/fusion procedures. The company’s revenue model is typical...
Tenon Medical, Inc. Earnings Call Summary
Earnings Call Date:May 12, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call conveyed clear progress: strong Q1 revenue (~+90% YoY), record gross profit and a large margin expansion (+24 percentage points), tangible commercial and IP investments, and added financing that extends runway. The company still operates at a net loss with OpEx elevated relative to a small revenue base and relies on successful commercial conversion and upcoming product launches to sustain momentum. Overall, the positives (sharp growth, margin gains, funding, IP and training investments) outweigh the risks, though meaningful execution is required to translate momentum into sustained profitability.Positive Updates
Record First-Quarter Revenue Growth
Revenue for Q1 2026 was $1.4 million, nearly double the prior-year quarter (~90% YoY increase from $0.7M). Growth drivers were higher procedure volumes for Catamaran and the first full quarter of Symmetry Plus contribution after the SciVantage asset acquisition.
Negative Updates
Ongoing Net Loss and Small Absolute Scale
Despite improvements, the company reported a $3.5M net loss in Q1 2026 and remains a small-revenue business ($1.4M Q1 revenue), requiring continued scaling to reach break-even and meaningful profitability.
Read all updates
Q1-2026 Updates
Positive
Negative
Record First-Quarter Revenue Growth
Revenue for Q1 2026 was $1.4 million, nearly double the prior-year quarter (~90% YoY increase from $0.7M). Growth drivers were higher procedure volumes for Catamaran and the first full quarter of Symmetry Plus contribution after the SciVantage asset acquisition.
Read all positive updates
Company Guidance
Management guided that 2026 will focus on growing procedure volumes, expanding trained physicians, and preserving the structural gross-margin gains demonstrated in Q1 — when revenue was $1.4M (≈+90% y/y from $0.7M), gross profit $0.9M (68.5% margin, up 24 percentage points from 44.5% and ≈+193% in dollars), and 21 physicians were trained; they expect to sustain high‑60s margins this year with further expansion toward >70% as revenue scales. They reiterated a disciplined OpEx posture (Q1 OpEx $4.2M vs $4.0M prior year) with OpEx expected to rise modestly but at a lower rate than revenue to drive improved profitability; Q1 net loss narrowed to $3.5M (‑$0.31/sh) from $3.6M (‑$1.01/sh) and cash was $4.6M (vs $3.8M at 12/31/25) supplemented by $4.3M gross proceeds from March senior convertible notes. Product and clinical catalysts include full Symmetry Plus commercial rollout and multiple enhancements in 2026, alpha for a third approach in Q4‑2026 with planned full commercialization in early 2027, and an expanding IP portfolio (29 U.S. patents, 9 international granted, 31 applications pending).Tenon Medical, Inc. Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
28
Negative
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.62M | 3.94M | 3.28M | 2.93M | 691.00K | 160.00K |
| Gross Profit | 2.96M | 2.36M | 1.71M | 1.24M | -641.00K | 105.00K |
| EBITDA | -12.03M | -12.79M | -12.98M | -15.13M | -18.27M | -6.35M |
| Net Income | -12.38M | -12.56M | -13.67M | -15.58M | -18.92M | -7.05M |
Balance Sheet | ||||||
| Total Assets | 12.84M | 10.76M | 9.84M | 6.34M | 11.09M | 9.27M |
| Cash, Cash Equivalents and Short-Term Investments | 4.61M | 3.76M | 6.54M | 2.43M | 8.57M | 7.32M |
| Total Debt | 4.88M | 141.00K | 428.00K | 1.86M | 911.00K | 14.62M |
| Total Liabilities | 10.94M | 5.72M | 3.87M | 5.57M | 4.84M | 29.82M |
| Stockholders Equity | 1.90M | 5.04M | 5.97M | 778.00K | 6.25M | -20.55M |
Cash Flow | ||||||
| Free Cash Flow | -11.55M | -11.02M | -10.06M | -12.54M | -12.87M | -4.39M |
| Operating Cash Flow | -11.22M | -10.74M | -9.88M | -12.18M | -12.03M | -4.29M |
| Investing Cash Flow | -1.08M | -1.02M | -186.00K | 6.14M | -2.88M | -4.50M |
| Financing Cash Flow | 6.60M | 8.99M | 14.13M | 6.30M | 14.11M | 11.47M |
Tenon Medical, Inc. Technical Analysis
Negative
1.00
Price Trends
0.76
Negative
0.81
Negative
1.01
Negative
Market Momentum
-0.02
Positive
44.62
Neutral
22.22
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TNON, the sentiment is Negative. The current price of 1 is above the 20-day moving average (MA) of 0.74, above the 50-day MA of 0.76, and below the 200-day MA of 1.01, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 44.62 is Neutral, neither overbought nor oversold. The STOCH value of 22.22 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 | $7.32M | -0.43 | -57.19% | ― | ― | 27.91% | |
45 Neutral | $8.30M | -0.59 | -268.55% | ― | 39.98% | 90.08% | |
45 Neutral | $45.75M | ― | -9999.00% | ― | -95.74% | -118.94% | |
44 Neutral | $19.84M | -0.25 | -127.95% | ― | -17.67% | 46.19% | |
42 Neutral | $887.65K | 31.98 | -476.74% | ― | -8.54% | 40.91% | |
39 Underperform | $6.31M | -1.29 | -220.42% | ― | ― | 51.71% |
* Healthcare Sector Average
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Tenon Medical, Inc. Corporate Events
Delistings and Listing ChangesRegulatory Filings and Compliance
Tenon Medical Faces Nasdaq Deficiency, Compliance Plan Due
Negative
May 22, 2026
On May 21, 2026, Tenon Medical, Inc. disclosed that it had received a notice from Nasdaq indicating the company no longer meets the exchange’s minimum stockholders’ equity requirement of $2.5 million, after reporting equity of $1.895 m...
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...
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.