Tenon Medical, Inc.

What they do

Tenon Medical develops and sells implant systems that treat diseased sacroiliac (SI) joints causing lower back pain. The Catamaran SI Joint Fusion System uses a single titanium implant and received FDA clearance in 2018. In August 2025 the company acquired substantially all assets of SiVantage, Inc. and SIMPL Medical, LLC, adding the SImmetry+ System, which uses lateral access with joint decortication, bone graft placement, and rigid fixation. Tenon launched Catamaran nationally in October 2022 and targets primary SI Joint procedures, revisions of failed implants, and fusion adjunct to spine fusion constructs.

Revenue drivers

• Catamaran SI Joint Fusion System — The company's original single-implant system, FDA-cleared in 2018 and nationally launched in October 2022; it is the base of U.S. procedure revenue.
• SImmetry+ SI Joint Fusion System — Acquired in August 2025, this minimally invasive lateral access system adds a second platform; the company attributed second-quarter 2026 revenue growth partly to the addition of SImmetry+ revenue.
• Procedure mix: primary, revision, and spine adjunct — Revenue comes from three stated commercial opportunities -- primary SI Joint procedures, revisions of failed SI Joint implants, and SI Joint fusion as an adjunct to spine fusion constructs.

Recent performance

Second quarter 2026 revenue was $1.3 million, up 127% from $0.6 million in the second quarter of 2025. Gross profit was $0.8 million at a 64% gross margin, versus $0.2 million at 43% a year earlier. Six-month 2026 revenue was $2.7 million, up 106% from $1.3 million, with gross margin of 66%. Second quarter 2026 net loss was $4.1 million, or $12.35 per share, compared with a net loss of $2.8 million, or $12.76 per share, in the prior-year quarter. Cash and cash equivalents were $1.7 million at June 30, 2026, down from $3.8 million at December 31, 2025.

Strategy

Management is pursuing commercial expansion of both the Catamaran and SImmetry+ platforms in the U.S. via physician and distributor training, which increased 98% in the first half of 2026 versus the second half of 2025, and produced record monthly surgical case volume in July 2026. The July 2, 2026 FDA 510(k) clearance of an updated Catamaran System reclassified certain instruments from disposable to reusable, which the company expects to lower per-procedure costs. Tenon closed a $4.2 million public offering on July 1, 2026, with net proceeds intended for partial repayment of convertible notes, commercial expansion, clinical research, and general corporate purposes. The company also expanded its U.S. patent portfolio in February 2026 with USPTO Notices of Allowance, following 10 patents issued in 2025.

Risks

• Going concern and recurring losses — The 10-K states financial statements were prepared on a going concern basis; Tenon had an accumulated deficit of approximately $88.8 million as of June 30, 2026 and has incurred net losses since inception in 2012.
• Nasdaq minimum bid price and listing compliance — After failing the $1.00 bid price rule for the period January 9 to February 24, 2026, the company effected a 1-for-35 reverse stock split on August 10, 2026, and management expects to regain compliance on or about August 21, 2026.
• Stockholders' equity requirement — A May 21, 2026 Nasdaq notice cited non-compliance with the $2,500,000 minimum stockholders' equity rule; the company was later informed it complies, but must evidence compliance in its Form 10-Q for the period ended September 30, 2026 or may be subject to delisting.
• Liquidity and dilutive financing — Cash was $1.7 million at June 30, 2026, with total liabilities of $11.7 million against total assets of $9.9 million and shareholder equity of negative $1.7 million; the company has financed operations through equity, private placements, and convertible notes, including 20% original issue discount notes issued in March 2026.

Outlook

Management said its focus through the balance of 2026 is accelerating development and product launch strategies, expanding training activities, and maintaining spend discipline. The company expects the reusable-instrument change from the updated Catamaran 510(k) to reduce recurring per-case costs. Tenon reported record monthly surgical case volume in July 2026 and closed a $4.2 million offering intended partly to repay convertible notes.