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Tenon Medical, Inc.
(NASDAQ:TNON)
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Rating:46Neutral
Price Target:
$5.00
▼(-4.03% Downside)
Action:Reiterated
Date:08/24/26
The score is constrained primarily by weak financial fundamentals—large ongoing losses, persistent cash burn, and recent negative equity. Technicals also remain unfavorable with the stock well below key moving averages and negative MACD. Offsetting factors include positive earnings-call momentum (rapid revenue growth, strong gross margin gains, FDA/regulatory progress) and corporate events that reduce near-term Nasdaq delisting risk, but these do not fully overcome the profitability and capitalization risks.
Positive Factors
Strong Revenue Growth
Rapid growth in procedure volumes and contributions from Catamaran and SImmetry+ indicate improving product adoption. Sustained commercial expansion could broaden the installed surgeon and distributor base over the next several quarters.
Negative Factors
Persistent Operating Losses
Stable operating losses despite sharply higher revenue show that the current cost structure remains too large for the business scale. Until commercial growth produces operating leverage, profitability and long-term funding needs remain uncertain.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue Growth
Rapid growth in procedure volumes and contributions from Catamaran and SImmetry+ indicate improving product adoption. Sustained commercial expansion could broaden the installed surgeon and distributor base over the next several quarters.
Read all positive factors
Tenon Medical, Inc. (TNON) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.48M
Dividend YieldN/A
Average Volume (3M)14.40M
Price to Earnings (P/E)―
Beta (1Y)0.76
Revenue Growth80.25%
EPS Growth77.34%
CountryUS
Employees26
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-46.30
Shares Outstanding667,047
10 Day Avg. Volume584,341
30 Day Avg. Volume14,400,925
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$10.00Price Target Upside91.94% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-23.75
Revenue Forecast (FY)$6.40M
Tenon Medical, Inc. Business Overview & Revenue Model
Company Description
Tenon Medical, Inc., a medical device company, engages in the development of implant for the treatment of severe lower back pain in the United States. The company offers Catamaran SI-Joint Fusion System, an invasive approach to the sacroiliac join...
How the Company Makes Money
Tenon Medical generates revenue primarily by selling its SI joint fusion implant system (including implants and related surgical instrumentation and disposable components, where applicable) to healthcare providers and facilities that perform SI jo...
Tenon Medical, Inc. Earnings Call Summary
Earnings Call Date:Aug 13, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 18, 2026
Earnings Call Sentiment Positive
The call presents strong operational momentum with record second-quarter revenue, substantial gross profit and margin expansion, FDA clearance for Catamaran, an advancing R&D pipeline, and a $4.2M capital raise to extend runway. These positives are tempered by continued operating losses, higher operating expenses, non-cash interest expenses increasing net loss, and a diminished quarter-end cash balance. However, management has clear near-term catalysts (product launches, reusable instrumentation benefits beginning in Q3, training center momentum) that are likely to drive further progress.Positive Updates
Record Quarter Revenue and Strong Top-Line Growth
Second quarter revenue of $1.3M, up 127% year-over-year (from $0.6M), the highest second-quarter revenue in company history. First half revenue was $2.7M, up 106% year-over-year (from $1.3M). Growth was driven by increased surgical procedures and contribution from the SImmetry+ platform.
Negative Updates
Continued Operating Losses Despite Revenue Growth
Loss from operations for the first six months was $6.6M versus $6.5M a year ago—essentially unchanged—indicating operating losses persist even though revenue doubled and gross profit roughly tripled.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Quarter Revenue and Strong Top-Line Growth
Second quarter revenue of $1.3M, up 127% year-over-year (from $0.6M), the highest second-quarter revenue in company history. First half revenue was $2.7M, up 106% year-over-year (from $1.3M). Growth was driven by increased surgical procedures and contribution from the SImmetry+ platform.
Read all positive updates
Company Guidance
Guidance for the remainder of 2026 is to grow procedure volumes on both Catamaran and SImmetry+, accelerate physician and distributor training and commercial expansion (including additional East Coast sales hires and new distributor partners), advance key R&D programs and protect the recent gross‑margin gains; key metrics cited include Q2 revenue of $1.3M (+127% YoY) and Q2 gross profit $800K (+232%) with a 64% gross margin (vs. 43% a year ago), H1 revenue $2.7M (+106%) and H1 gross profit $1.8M (+210%) with a 66% margin (vs. 44%), training events up 98% in H1 versus H2 2025, operating expenses of $4.2M in Q2 and $8.4M in H1, net loss of $4.1M ($12.35/share) in Q2 and $7.5M ($23.23/share) for H1, $1.7M cash at quarter‑end (and $4.2M gross proceeds from a July 1 offering), an FDA 510(k) for Catamaran announced July 2 (reclassifying some instruments to reusable and expected to lower per‑procedure costs starting in Q3), and near‑term product milestones including SImmetry+ decortication going clinical in Q3, an implant 510(k) filing imminent, and a third novel approach in development.Tenon Medical, Inc. Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
24
Negative
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.33M | 3.94M | 3.28M | 2.93M | 691.00K | 160.00K |
| Gross Profit | 3.53M | 2.36M | 1.71M | 1.24M | -641.00K | 105.00K |
| EBITDA | -12.49M | -12.03M | -12.98M | -15.13M | -18.27M | -6.35M |
| Net Income | -13.66M | -12.56M | -13.67M | -15.58M | -18.92M | -7.05M |
Balance Sheet | ||||||
| Total Assets | 9.92M | 10.76M | 9.84M | 6.34M | 11.09M | 9.27M |
| Cash, Cash Equivalents and Short-Term Investments | 1.68M | 3.76M | 6.54M | 2.43M | 8.57M | 7.32M |
| Total Debt | 5.68M | 141.00K | 428.00K | 1.86M | 911.00K | 14.62M |
| Total Liabilities | 11.66M | 5.72M | 3.87M | 5.57M | 4.84M | 29.82M |
| Stockholders Equity | -1.74M | 5.04M | 5.97M | 778.00K | 6.25M | -20.55M |
Cash Flow | ||||||
| Free Cash Flow | -12.07M | -11.02M | -10.06M | -12.54M | -12.87M | -4.39M |
| Operating Cash Flow | -11.77M | -10.74M | -9.88M | -12.18M | -12.03M | -4.29M |
| Investing Cash Flow | -1.06M | -1.02M | -186.00K | 6.14M | -2.88M | -4.50M |
| Financing Cash Flow | 6.66M | 8.99M | 14.13M | 6.30M | 14.11M | 11.47M |
Tenon Medical, Inc. Technical Analysis
Negative
5.21
Price Trends
8.98
Negative
17.20
Negative
25.03
Negative
Market Momentum
-0.76
Negative
42.51
Neutral
7.18
Positive
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 5.21 is below the 20-day moving average (MA) of 6.31, below the 50-day MA of 8.98, and below the 200-day MA of 25.03, indicating a bearish trend. The MACD of -0.76 indicates Negative momentum. The RSI at 42.51 is Neutral, neither overbought nor oversold. The STOCH value of 7.18 is Positive, 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.
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
2.
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
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% | |
48 Neutral | $42.54M | -0.31 | -33.51% | ― | -89.02% | -107.75% | |
47 Neutral | $7.83M | -0.02 | -66.39% | ― | ― | 43.06% | |
46 Neutral | $3.48M | -0.11 | -268.55% | ― | 80.25% | 77.34% | |
45 Neutral | $21.21M | -0.44 | -243.14% | ― | -10.68% | 55.33% | |
44 Neutral | $11.66M | -0.80 | -358.44% | ― | -0.71% | 58.20% | |
40 Underperform | $29.44K | >-0.01 | -360.33% | ― | -8.54% | 40.91% |
* Healthcare Sector Average
TNON
Tenon Medical, Inc.
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Tenon Medical, Inc. Corporate Events
Delistings and Listing ChangesRegulatory Filings and ComplianceStock Split
Tenon Medical Regains Nasdaq Minimum Bid Price Compliance
Positive
Aug 24, 2026
On August 24, 2026, Tenon Medical announced it had regained compliance with Nasdaq’s minimum bid price requirement, closing a deficiency notice first received on February 25, 2026 when its shares traded below the $1.00 threshold for 30 conse...
Business Operations and StrategyDelistings and Listing ChangesShareholder MeetingsStock Split
Tenon Medical Announces Reverse Stock Split to Maintain Listing
Neutral
Aug 10, 2026
On August 6, 2026, Tenon Medical, Inc. announced a 1-for-35 reverse stock split of its issued and outstanding common shares, following shareholder approval at the July 23, 2026 annual meeting. The split will become effective at 12:01 a.m. Eastern ...
Business Operations and StrategyExecutive/Board ChangesPrivate Placements and FinancingRegulatory Filings and ComplianceShareholder MeetingsStock Split
Tenon Medical Shareholders Approve Reverse Split and Financings
Neutral
Jul 24, 2026
Tenon Medical, Inc. held its 2026 Annual Meeting of Stockholders virtually on July 23, 2026, establishing a quorum with approximately 53% of voting power represented and electing seven directors, including Richard Ferrari and Robert Weigle, to ser...
Delistings and Listing ChangesPrivate Placements and FinancingRegulatory Filings and Compliance
Tenon Medical Regains Nasdaq Listing Compliance After Offering
Positive
Jul 20, 2026
Tenon Medical, Inc., a Nasdaq-listed medical device company specializing in sacroiliac joint fusion systems, reported that it has regained compliance with Nasdaq’s continued listing requirement for a minimum of $2.5 million in stockholders&#...
Delistings and Listing ChangesPrivate Placements and FinancingRegulatory Filings and Compliance
Tenon Medical Raises Capital, Regains Nasdaq Equity Compliance
Neutral
Jul 10, 2026
Tenon Medical, Inc. disclosed that on May 21, 2026, it received a notice from Nasdaq stating the company was no longer in compliance with the minimum stockholders’ equity requirement for continued listing on The Nasdaq Capital Market. The co...
Business Operations and StrategyPrivate Placements and Financing
Tenon Medical Completes $4.2 Million Public Offering
Positive
Jul 2, 2026
On June 29, 2026, Tenon Medical entered into securities purchase and placement agency agreements that led to a best-efforts public offering priced on June 30 and closed on July 1, 2026, raising gross proceeds of about $4.2 million.
The company iss...
Executive/Board Changes
Tenon Medical Extends Executive Chairman Consulting Agreement
Positive
Jun 12, 2026
On February 26, 2026, Tenon Medical’s board compensation committee approved a 2026 Executive Compensation Plan that raised base salaries for CEO and President Steven M. Foster, CFO Kevin Williamson and COO Richard Ginn by 5%, effective March...
Business Operations and StrategyRegulatory Filings and ComplianceShareholder Meetings
Tenon Medical Updates Bylaws to Ease Shareholder Quorum
Neutral
Jun 11, 2026
On June 10, 2026, Tenon Medical, Inc.‘s board approved an amendment to its bylaws that revises quorum rules for shareholder meetings. The change reduces the quorum requirement from a majority to at least 33 1/3% of eligible voting shares, al...
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.