Tenon Medical, Inc. TNON
Medical, Inc. ("we" or the "Company") was incorporated in the State of Delaware on June 19, 2012 and was headquartered
in San Ramon, California until June 2021 when it relocated to Los Gatos, California. We are a medical device company dedicated to transforming
care for patients with certain sacro-pelvic disorders. We currently offer two systems to treat a diseased sacroiliac joint (the "SI
Joint"). We have developed The Catamaran®™ SI Joint Fusion System ("The Catamaran System") that
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | $3.9M | $3.3M | $2.9M | $691.0K | $160.0K | — |
| Cost of revenue | $1.6M | $1.6M | $1.7M | $1.3M | $55.0K | — |
| Gross profit | $2.4M | $1.7M | $1.2M | -$641.0K | $105.0K | — |
| R&D | $2.1M | $2.6M | $3.2M | $2.8M | $1.7M | — |
| SG&A | $7.0M | $7.8M | $7.0M | $7.4M | $2.7M | — |
| Total operating expenses | $15.2M | $15.5M | $17.0M | $18.1M | $6.6M | — |
| Operating income | -$12.8M | -$13.8M | -$15.7M | -$18.7M | -$6.5M | — |
| Interest expense | — | $34.0K | $21.0K | $354.0K | — | — |
| Pre-tax income | — | — | — | -$18.9M | -$7.1M | — |
| Net income | -$12.6M | -$13.7M | -$15.6M | -$18.9M | -$7.0M | — |
| EPS, basic | -1.70 | -11.26 | -68.64 | -23.62 | -7.81 | — |
| EPS, diluted | -1.70 | -11.26 | -68.64 | -23.62 | -7.81 | — |
| Shares, diluted (wtd. avg.) | $7.4K | $1.2K | $227 | $801 | $903 | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Cash and equivalents | $3.8M | $6.5M | $2.4M | $2.1M | $2.9M | $246.0K |
| Short-term investments | — | — | — | $6.4M | $4.4M | — |
| Receivables | $1.7M | $863.0K | $518.0K | $228.0K | $76.0K | — |
| Inventory | $1.1M | $606.0K | $554.0K | $415.0K | $188.0K | — |
| Total current assets | $6.8M | $8.2M | $3.9M | $9.3M | $7.7M | — |
| Property, plant and equipment | $918.0K | $752.0K | $961.0K | $793.0K | $101.0K | — |
| Goodwill | $2.4M | — | — | — | — | — |
| Other intangibles | $485.0K | — | — | — | — | — |
| Total assets | $10.8M | $9.8M | $6.3M | $11.1M | $9.3M | — |
| Accounts payable | $845.0K | $369.0K | $433.0K | $550.0K | $478.0K | — |
| Total current liabilities | $3.2M | $1.9M | $3.1M | $2.5M | $15.3M | — |
| Total liabilities | $5.7M | $3.9M | $5.6M | $4.8M | $16.2M | — |
| Retained earnings | -$81.3M | -$68.7M | -$55.1M | -$39.5M | -$20.6M | — |
| Total equity | $5.0M | $6.0M | $778.0K | $6.3M | -$20.6M | -$2.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$10.7M | -$9.9M | -$12.2M | -$12.0M | -$4.3M | — |
| Depreciation and amortisation | $238.0K | $395.0K | $193.0K | $78.0K | $2.0K | — |
| Stock-based compensation | $1.7M | $3.8M | $4.1M | $2.9M | $377.0K | — |
| Capital expenditure | $273.0K | $186.0K | $361.0K | $847.0K | $102.0K | — |
| Investing cash flow | -$1.0M | -$186.0K | $6.1M | -$2.9M | -$4.5M | — |
| Financing cash flow | $9.0M | $14.1M | $6.3M | $14.1M | $11.5M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001213900-26-035707.
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