Welcome to our dedicated page for Tenon Medical news (Ticker: TNON), a resource for investors and traders seeking the latest updates and insights on Tenon Medical stock.
Tenon Medical, Inc., a medical device company founded in 2012, is innovating the treatment of sacroiliac (SI) joint disorders through a minimally invasive approach. The company's flagship product, The Catamaran® SI Joint Fusion System, employs a robust titanium implant to offer an efficient solution for SI joint pain, which is a prevalent cause of lower back discomfort.
Tenon Medical focuses on three pivotal commercial applications:
- Primary SI Joint procedures
- Revision procedures for failed SI Joint implants
- SI Joint fusion adjunct to a spine fusion construct
Recent milestones for Tenon Medical include the successful closing of a private placement, raising approximately $2.6 million in gross proceeds, and the retirement of $1.25 million in secured debt. These financial moves have fortified the company's balance sheet and provided the necessary capital for growth investments and operational activities.
Moreover, the company received a Notice of Allowance from the USPTO for a key patent related to its Catamaran SI Joint implant, further bolstering its intellectual property portfolio. With eight issued patents and twenty-three pending applications, Tenon Medical continues to protect and enhance its market-leading technology.
On the financial front, Tenon Medical reported significant growth in revenue and gross profit for the fourth quarter and full year of 2023, driven by a notable increase in surgical procedures using The Catamaran System. The company's efforts in commercialization have led to three consecutive quarters of positive gross profit, achieving a gross margin of 69% in the fourth quarter of 2023.
Looking ahead, Tenon Medical remains committed to expanding its product portfolio, refining its sales and marketing strategies, and driving long-term value for its stakeholders. The company's mission is to transform care for patients suffering from SI joint disorders, and its innovative solutions continue to demonstrate strong clinical and financial performance.
Tenon Medical (NASDAQ:TNON), a company focused on sacroiliac joint disorders, has appointed Kevin Williamson as Chief Financial Officer. Williamson, with extensive experience in medical device finance, succeeds Steve Van Dick. His background includes CFO roles at Accelus Inc. and finance positions at NuVasive, Inc. This appointment comes as Tenon approaches key milestones, including the completion of enrollment for their post-market clinical trial of The Catamaran SI Joint Fusion System. CEO Steve Foster highlighted Williamson's experience as important for Tenon's next growth phase. Williamson expressed enthusiasm about joining Tenon at this pivotal moment, aiming to manage sustainable revenue and create operating leverage as the company expands in the SI market.
Tenon Medical (NASDAQ:TNON), a company focused on treating sacroiliac joint disorders, has announced the timing of its second quarter 2024 financial results. The company will release its financial results for the quarter ended June 30, 2024, after market close on Tuesday, August 13, 2024. This will be followed by a conference call at 4:30 p.m. Eastern Time on the same day to discuss the results in detail and conduct a Q&A session with covering analysts. Investors can join the call via phone or webcast, with dial-in numbers provided for both domestic and international participants. An audio replay will be available until August 27, 2024, through Tenon's Investor Relations website or via telephone.
Tenon Medical (NASDAQ:TNON) reported significant growth in its Q1 2024 financial results, showcasing a 66% year-over-year revenue increase to $719,000, driven by a 42% rise in Catamaran System surgical procedures.
The company achieved a gross profit of $470,000, marking a stark improvement from a gross loss of ($47,000) in Q1 2023, with a stable gross margin of 65%.
Notable developments include positive fusion results from a post-market study of the Catamaran SI Joint Fusion System and the receipt of a U.S. patent allowance for its Catamaran implant.
The company reduced its operating losses to $3.5 million, down from $4.9 million in Q1 2023, and ended the quarter with $4.4 million in cash and cash equivalents.
Additionally, Tenon retired $1.25 million in debt through a $2.6 million Series A Preferred Stock financing.
Tenon Medical, Inc. will announce its first quarter 2024 financial results on May 14, 2024, after market close. The company will host a conference call to discuss the results in detail, followed by a Q&A session with analysts. Investors can access the call via dial-in or webcast and listen to the playback on the Investor Relations website.
FAQ
What is the current stock price of Tenon Medical (TNON)?
What is the market cap of Tenon Medical (TNON)?
What is Tenon Medical, Inc.?
What products does Tenon Medical offer?
What are the primary commercial applications of The Catamaran System?
What recent financial achievements has Tenon Medical announced?
What is the significance of the recent patent allowance for Tenon Medical?
How has Tenon Medical performed financially in 2023?
What is the future outlook for Tenon Medical?
How does The Catamaran System ensure patient safety?
What clinical results support the effectiveness of The Catamaran System?
Who can invest in Tenon Medical?
