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, Inc. (NASDAQ:TNON) announced plans to release its financial results for Q1 2023, concluding on March 31, 2023, after market close on May 9, 2023. A conference call will follow at 4:30 p.m. Eastern Time to discuss the results, including a Q&A session. Investors can join the call via dial-in numbers: 1-888-886-7786 (USA) or 1-416-764-8658 (International). The audio will be available for playback until May 23, 2023. Tenon Medical focuses on the Catamaran™ SI Joint Fusion System, which offers a less invasive approach to treat sacroiliac disorders. The company is set for a national launch of this system, targeting a significant market opportunity.
Tenon Medical (NASDAQ:TNON) reported a transformative year, concluding with a 423% revenue increase in Q4 2022, totaling $277,000, and a full-year revenue of $691,000, up 332%. Surgical procedures using the Catamaran System surged 386% in Q4 and 361% for the year. Despite these gains, the company reported a gross loss of $(207,000) in Q4 and $(641,000) for 2022. Operating losses jumped to $7.9 million in Q4 and $18.7 million for the year, impacted by a $3.6 million charge related to the termination of a national distribution agreement. Cash reserves stood at $8.6 million as of year-end, supporting ongoing operations.
Tennon Medical (NASDAQ:TNON) has successfully treated its first patient in the clinical study for the Catamaran SI Joint Fusion System. Conducted by Dr. Mark H. Stouffer at Zion Surgery Center on November 14, 2022, the study aims to evaluate the long-term effectiveness of this innovative system in addressing sacroiliac joint disorders. Patients will be monitored for pain scores and fusion rates over 24 months. The Catamaran design is expected to enhance patient outcomes by stabilizing the joint and facilitating fusion.
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