Full Press Release Details
Tenon Medical Reports Fourth
Quarter and Full Year 2025 Financial Results
~ Fourth Quarter 2025 Revenue of $1.5 Million,
a 92% Increase Compared to Prior Year ~
~ Record Full Year 2025 Revenue of $3.9 Million,
a 20% Increase compared to Prior Year, Driven by Strong Second Half Momentum ~
~ Record Full Year 2025 Gross Profit of $2.4
Million, a 38% Increase Compared to Prior Year ~
~ Secured FDA 510(k) Clearance For its Next-Generation
SImmetry + SI Joint Fusion System ~
~ Completed Initial SImmetry + Procedures
at Centers of Excellence, Advancing Commercial Rollout and Supporting Early Surgeon Adoption ~
Los Gatos, CA - March 19, 2026 -
Tenon Medical, Inc. (NASDAQ: TNON) ("Tenon Medical" or the "Company"), a company redefining care for patients
suffering from sacro-pelvic disorders, today reported financial results for the fourth quarter and year ended December 31, 2025.
Financial Results and Business Updates
"Our fourth quarter marked a significant period for Tenon, highlighted
by FDA clearance of SImmetry +, successful early clinical experience, record procedure growth, and continued commercial expansion,"
said Steve Foster, President and Chief Executive Officer of Tenon Medical. "We not only broadened our SI joint fusion platform to
support multiple surgical approaches, but we also strengthened our balance sheet and, subsequent to quarter end, expanded our intellectual
property estate, further reinforcing the long-term defensibility of our technology."
"As we enter 2026, we are building on this momentum with accelerating
adoption, improving field productivity, and a tightening cost structure that enhances operating leverage. With a differentiated portfolio,
growing surgeon engagement, and a strengthened competitive position, we believe Tenon is well positioned to drive sustainable growth and
deliver increasing value to patients, providers, and shareholders." concluded Mr. Foster.
Fourth Quarter & Full Year 2025 Financial
Revenue was $1.5 million in the fourth quarter
of 2025, an increase of 92% compared to $0.8 million in the same period of 2024. Revenue for the year ended December 31, 2025, was $3.9
million, an increase of 20% compared to $3.3 million in the year ended December 31, 2024. The increase in revenue for the year ended December
31, 2025 as compared to 2024 was primarily due to an increase in the number of surgical procedures in the back half of 2025 across both
the Catamaran and SImmetry + platforms, driven primarily by the adoption of new physician users.
Gross profit was $1.0 million, or 69% of revenue,
in the fourth quarter of 2025, compared to $0.4 million, or 46% of revenue, in the fourth quarter of 2024. For the year ended December
31, 2025, gross profit was $2.4 million, or 60% of revenues, compared to $1.7 million, or 52% of revenue, for the year ended December
31, 2024. The eight percentage point gross margin improvement for the year ended December 31, 2025 was primarily driven by higher revenue
in the second half of 2025, driving further absorption of fixed costs within cost of goods sold.
Operating expenses totaled $3.9 million in the
fourth quarter of 2025, compared to $3.5 million in the fourth quarter of 2024. For the year ended December 31, 2025, operating expenses
totaled $15.2 million compared to $15.5 million in the prior year period. The increase in the three months ended December 31, 2025, was
primarily due to higher variable expenses within sales and marketing, driven by increased revenue in the period, while the decrease for
the year ended December 31, 2025 was due to reduced general and administrative expenses, partially offset by increased sales and marketing
investment to support increased sales and continued commercial expansion.
Net loss was $2.8 million, or $0.29 per share,
in the fourth quarter of 2025, compared to a net loss of $3.1 million, or $0.98 per share, in the fourth quarter of 2024. For the year
ended December 31, 2025, net loss was $12.6 million, or $1.70 per share, compared to a net loss of $13.7 million, or $11.26 per share,
in the same year ago period. The year-over-year improvement in both periods was largely driven by increased revenue and reduced operating
expenses fortifying operating leverage.
As of December 31, 2025, cash and cash equivalents totaled $3.8 million,
compared to $6.5 million at December 31, 2024. The Company had no outstanding debt as of quarter-end, positioning it to continue executing
on its strategic initiatives, including the development and launch of the acquired SiVantage assets and expanding the commercial team.
Fourth Quarter 2025 Earnings Conference Call
Management will host a conference call at 4:30
p.m. ET (1:30 p.m. PT) today, March 19, 2026, to discuss Tenon's fourth quarter and full year 2025 financial results, provide a corporate
update, and conclude with Q&A with the Company's covering analyst. To participate, please use the following information:
| Date: | Thursday, March 19, 2026 |
| Time: | 4:30 p.m. Eastern time |
| Dial-in: | 1-877-407-0792 |
| International Dial-in: | 1-201-689-8263 |
| Webcast: | TNON Conference Call |
Please dial in at least 10 minutes before the
start of the call to ensure timely participation.
An audio playback of the call will be available through April 22, 2026,
on Tenon's Investor Relations website at http://ir.tenonmed.com/ or via telephone replay by dialing 1-844-512-2921 (USA) or 1-412-317-6671
(International). The access code will be 13758268.
About Tenon Medical, Inc.
Tenon Medical, Inc. is a medical device company
founded in 2012 and committed to developing novel technologies for patients suffering from debilitating SI joint pain and dysfunction.
The Company markets the Catamaran and SImmetry+ SI Joint Fusion Systems, which offer a novel, less invasive approach to treating
SI joint disease. Together, these platforms uniquely position Tenon with multiple surgical approaches, lateral and inferior-posterior,
both designed to be minimally invasive, enable authentic arthrodesis, and supported by robust clinical evidence, including the published
prospective Mainsail and EVoluSIon SI joint fusion studies. These differentiated technologies enable physicians to customize
treatment plans through an innovative portfolio spanning SI joint fusion, spinal fusion, and deformity adjuncts, each solution engineered
to deliver fusion outcomes more reliably. This multi-platform, multi-approach strategy strengthens Tenon's competitive advantage in the
expanding SI joint fusion market and underscores the Company's commitment to delivering proven, durable outcomes for physicians and patients.
Tenon is focused on three commercial opportunities in the SI joint market: 1) primary SI joint procedures, 2) revision of failed SI joint
implants, and 3) augmenting spinal fusion. For more information, please visit www.tenonmed.com.
The Tenon Medical logo shown above, and Catamaran ,
PiSIF , CAT PiSIF , ETAD , Posterior Inferior Sacroiliac Fusion , CAT SIJ Fusion System , Catamaran SIJ Fusion System ,
Catamaran Inferior Posterior Fusion System , Catamaran Transfixation Fusion System , Catamaran Transfixation Fusion Device ,
SImmetry are registered trademarks of Tenon Medical, Inc. MAINSAILTM, and SImmetry+ are also trademarks of Tenon Medical,
This press release contains "forward-looking
statements," which are statements related to events, results, activities or developments that Tenon expects, believes or anticipates
will or may occur in the future. Forward-looking often contains words such as "intends," "estimates," "anticipates,"
"hopes," "projects," "plans," "expects," "seek," "believes," "see,"
"should," "will," "would," "target," and similar expressions and the negative versions thereof.
These forward-looking statements, include, but are not limited to, statements regarding the completion of the Offering, the satisfaction
of customary closing conditions related to the Offering and the anticipated use of proceeds therefrom. Such statements are based on Tenon's
experience and perception of current conditions, trends, expected future developments and other factors it believes are appropriate under
the circumstances, and speak only as of the date made. Forward-looking statements are inherently uncertain and actual results may differ
materially from assumptions, estimates or expectations reflected or contained in the forward-looking statements as a result of various
factors. For details on the uncertainties that may cause Tenon's actual results to be materially different than those expressed in any
forward-looking statements, please review Tenon's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and updated from
time to time in our Form 10-Q filings and in our other public filings on file with the SEC at www.sec.gov, particularly the information
contained in the section entitled "Risk Factors." We undertake no obligation to publicly update or revise any forward-looking
statements to reflect new information or future events or otherwise unless required by law.
Condensed Balance Sheets (Unaudited)
(In thousands, except share data)
| December 31, | December 31, | |||||||
| 2025 | 2024 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 3,756 | $ | 6,535 | ||||
| Accounts receivable, net | 1,698 | 863 | ||||||
| Inventory, net | 1,054 | 606 | ||||||
| Prepaid expenses and other current assets | 260 | 206 | ||||||
| Total current assets | 6,768 | 8,210 | ||||||
| Property and equipment, net | 918 | 752 | ||||||
| Deposits | 51 | 51 | ||||||
| Operating lease right-of-use asset | 131 | 399 | ||||||
| Deferred offering costs | - | 431 | ||||||
| Intangible assets, net | 485 | - | ||||||
| Goodwill | 2,407 | - | ||||||
| TOTAL ASSETS | $ | 10,760 | $ | 9,843 | ||||
| Liabilities and Stockholders' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 845 | $ | 369 | ||||
| Accrued expenses | 1,637 | 910 | ||||||
| Current portion of accrued commissions | 590 | 303 | ||||||
| Current portion of operating lease liability | 141 | 287 | ||||||
| Total current liabilities | 3,213 | 1,869 | ||||||
| Accrued commissions, net of current portion | 1,514 | 1,862 | ||||||
| Operating lease liability, net of current portion | - | 141 | ||||||
| Contingent consideration | 993 | - | ||||||
| Total liabilities | 5,720 | 3,872 | ||||||
| Stockholders' equity: | ||||||||
| Series A convertible preferred stock, $0.001 par value; 4,500,000 shares authorized at December 31, 2025 and 2024; 204,159 and 256,968 shares issued and outstanding at December 31, 2025 and 2024, respectively | 2,622 | 3,300 | ||||||
| Series B convertible preferred stock, $0.001 par value; 491,222 shares authorized at December 31, 2025 and 2024; 86,454 shares issued and outstanding at December 31, 2025 and 2024, respectively | 452 | 452 | ||||||
| Common stock, $0.001 par value; 130,000,000 shares authorized at December 31, 2025 and 2024; 10,851,273 and 3,138,804 shares issued and outstanding at December 31, 2025 and 2024, respectively | 11 | 3 | ||||||
| Additional paid-in capital | 83,257 | 70,962 | ||||||
| Accumulated deficit | (81,302 | ) | (68,746 | ) | ||||
| Total stockholders' equity | 5,040 | 5,971 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 10,760 | $ | 9,843 |
Condensed Statements of Operations and Comprehensive
(In thousands, except per share data)
| Years Ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| Revenue | $ | 3,944 | $ | 3,277 | ||||
| Cost of sales | 1,586 | 1,566 | ||||||
| Gross Profit | 2,358 | 1,711 | ||||||
| Operating Expenses | ||||||||
| General and administrative | 6,975 | 7,765 | ||||||
| Sales and marketing | 6,026 | 5,109 | ||||||
| Research and development | 2,149 | 2,603 | ||||||
| Total Operating Expenses | 15,150 | 15,477 | ||||||
| Loss from Operations | (12,792 | ) | (13,766 | ) | ||||
| Other Income (Expense) | ||||||||
| Gain on investments | 236 | 183 | ||||||
| Interest expense | - | (34 | ) | |||||
| Other expense, net | - | (56 | ) | |||||
| Total Other Income (Expense), net | 236 | 93 | ||||||
| Net Loss | $ | (12,556 | ) | $ | (13,673 | ) | ||
| Net Loss Per Share of Common Stock | ||||||||
| Basic and diluted | $ | (1.70 | ) | $ | (11.26 | ) | ||
| Weighted-Average Shares of Common Stock Outstanding | ||||||||
| Basic and diluted | 7,384 | 1,214 | ||||||
| Statements of Comprehensive Loss: | ||||||||
| Net loss | $ | (12,556 | ) | $ | (13,673 | ) | ||
| Foreign currency translation adjustment | - | 46 | ||||||
| Total Comprehensive Loss | $ | (12,556 | ) | $ | (13,627 | ) |