Tenon Medical, Inc. Stock Price, News & Analysis

Tenon Medical, Inc. (NASDAQ:TNON), a company focused on sacroiliac joint disorders, has announced the pricing of a $4.5 million public offering. The offering includes up to 1,222,850 shares of common stock (or pre-funded warrants) and warrants to purchase up to 1,222,850 shares at a combined price of $3.68 per share and accompanying warrant. The warrants have an exercise price of $3.55 per share, are immediately exercisable, and expire in five years. The offering, priced at-the-market under Nasdaq rules, is expected to close around September 16, 2024. Tenon plans to use the net proceeds for commercial activity, working capital, and general corporate purposes. A.G.P./Alliance Global Partners is acting as the sole placement agent for this offering.

Tenon Medical (NASDAQ:TNON) has announced the alpha launch of its new Catamaran SE SI Joint Fusion System, scheduled for early Q4. This system features a 30% smaller implant compared to the original Catamaran device, offering physicians more options for smaller SI joint anatomy or revising previously treated joints. The SE system also includes a manual drilling option.

Key points:

• Catamaran SE provides choices for varying anatomy and treatment strategies
• Over 700 Catamaran fixation devices have been implanted to date
• The system is based on AO principles of arthrodesis
• Recent positive interim outcomes from the MAINSAIL Study were published

The alpha launch will gather initial user feedback before a broader market introduction.

Tenon Medical (NASDAQ:TNON), a company focused on sacroiliac joint disorders, has announced a 1:8 reverse stock split effective September 6, 2024. This strategic move aims to increase the per-share market price to meet Nasdaq's minimum $1.00 average closing price requirement for continued listing. The split, approved by stockholders on December 21, 2023, will convert each 8 shares of issued and outstanding common stock into one share. Trading on a split-adjusted basis will commence on September 6, 2024, under the existing symbol TNON. Vstock Transfer, is acting as the exchange agent, managing the process for stockholders with various holding arrangements. No fractional shares will be issued, with all fractions rounded up to the next whole share.

Tenon Medical (NASDAQ:TNON) has published interim results from its MAINSAIL study, evaluating the Catamaran SI Joint Fusion System for treating sacroiliac joint disorders. The study, involving 33 patients across six US clinical sites, showed significant improvements in pain and disability scores at 6 months post-procedure:

- Mean VAS pain scores decreased from 80.9mm to 31.1mm (p<0.001)
- ODI scores improved from 51.9% to 29.6% (p<0.01)
- 93.3% of patients reported high satisfaction at 6 months
- No serious adverse events or reoperations reported

Additionally, 4 out of 6 patients showed evidence of fusion at 12 months. The Catamaran system, designed for minimally invasive SI joint fixation, has been used in 700 procedures to date. The study is ongoing, with a target enrollment of up to 50 patients and follow-up for up to 24 months.

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.