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 reported a 197% increase in revenue year-over-year for Q3 2022, totaling $208,000. The company launched its Catamaran SI Joint Fusion System at the North American Spine Society meeting, engaging healthcare professionals with workshops and technical exhibits. Operating losses rose to $3.3 million, with a net loss of $3.2 million, compared to losses of $2.1 million and $2.3 million in Q3 2021. The company's cash reserves stand at $12.5 million, expected to support future growth initiatives.
Tenon Medical, Inc. (NASDAQ:TNON) has announced its participation in two upcoming investment conferences. The Q4 Investor Summit will take place on November 14-15, 2022, with CEO Steven Foster and CFO Steven Van Dick presenting on November 15 at 9:30 a.m. Eastern Time. A webcast of this presentation will be available. The company will also participate in the Benchmark 11th Annual Discovery One-on-One Investor Conference on December 1, 2022. Management will be available for one-on-one meetings, and interested parties can contact investor relations.
Tenon Medical, Inc. announced its plans to release financial results for the third quarter ending September 30, 2022, on November 10, 2022, after market close. Following the release, a conference call will be held at 4:30 p.m. Eastern Time to discuss the results in detail, concluding with a Q&A session. The company is known for its Catamaran SI Joint Fusion System, which aims to address the underserved market in sacroiliac disorders. Interested parties can access the call via dial-in or webcast.
Tenon Medical has received Institutional Review Board (IRB) approval for two post-market clinical studies involving its Catamaran SI Joint Fusion System. This approval enables designated centers to start recruiting patients and aims to evaluate clinical outcomes and radiographic results over 6 to 24 months. The studies focus on patients with sacroiliac joint disorders, assessing pain scores and fusions among other outcomes. Tenon reaffirms its commitment to validating patient outcomes with its innovative titanium fixation device.
Tenon Medical, Inc. (NASDAQ:TNON) is set to launch its innovative Catamaran SI Joint Fusion System at the 37th Annual Meeting of the North American Spine Society (NASS) in Chicago from October 12-15, 2022. The Catamaran is a unique titanium fixation device designed for treating sacroiliac disorders. With a hands-on technical exhibit and expert-led training sessions, the company aims to engage spine specialists. Dr. Michael Chaparro will present his clinical outcomes using the Catamaran on October 13. This launch signifies Tenon's strategic shift to control its distribution and enhance commercial infrastructure.
Tenon Medical has amicably terminated its distribution agreement with SpineSource for the Catamaran SI Joint Fusion System, effective October 6, 2022. This move is intended to support Tenon’s growth and transition towards its own commercial infrastructure. Over the next six months, SpineSource will assist in ensuring a smooth transition. Tenon plans to launch the Catamaran system nationally at the upcoming North American Spine Meeting, aiming for sustainable growth and enhanced shareholder value through direct management of its distribution activities.
Tenon Medical, Inc. (NASDAQ:TNON) announced its participation in Benzinga's All Access investor event on September 16, 2022. CEO Steve Foster will present and host a Q&A session at 10:00 a.m. Eastern time, aiming to discuss the company’s FDA-cleared surgical implant system for sacroiliac joint fixation/fusion surgery. This event provides a platform to highlight Tenon's upcoming national launch, targeting a significant opportunity in a currently underserved market.
Tenon Medical (NASDAQ:TNON) announced its participation in upcoming virtual conferences, including the H.C. Wainwright 24th Annual Global Investment Conference from September 12-14, 2022, and the A.G.P.'s Virtual MedTech Conference on September 21, 2022. CEO Steve Foster and CFO Steven Van Dick will be available for one-on-one meetings. Tenon Medical specializes in a proprietary, FDA-cleared surgical implant system aimed at optimizing SI Joint fixation/fusion surgery, with plans for a national launch to address market needs.
Tenon Medical (NASDAQ:TNON) reported a 514% year-over-year revenue increase in Q2 2022, reaching $135,000, driven by a 433% rise in surgical procedures utilizing its Catamaran™ SI Joint Fusion System. Despite increased revenue, the company faced a gross loss of $136,000 due to higher operational overhead, shifting from a gross profit of $13,000 a year prior. Operating losses expanded to $5.5 million. The company ended Q2 with $16 million in cash and investments, supporting ongoing growth and commercialization efforts, including 21 physician workshops held to promote their innovative solutions.
Tenon Medical, a medical device company, closed a $16 million IPO on April 29, 2022, and began trading on Nasdaq under the ticker TNON. For Q1 2022, the company reported revenue of $71,000, a 373% increase from Q1 2021, driven by an 80% rise in surgical procedures using the CATAMARAN SIJ Fusion System. However, gross loss increased to $(204,000), and operating losses reached $2.1 million, up from $189,000 in the previous year. The company holds $4.7 million in cash to fund growth initiatives.
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