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.) | 7,384 | 1,214 | 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.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | — | $160.0K | $691.0K | $2.9M | $3.3M | $3.9M |
| Gross profit | — | $105.0K | -$641.0K | $1.2M | $1.7M | $2.4M |
| Net income | — | -$7.0M | -$18.9M | -$15.6M | -$13.7M | -$12.6M |
Recent filings and events
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Material agreement signed Item 1.01
- Unregistered share sale Item 3.02
- Other event Item 8.01
- Other event Item 8.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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