Tenon Medical, Inc. Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Tenon Medical, Inc. has an operating margin of -420.1%, meaning the company retains $-420 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -699.0% the prior year.
Tenon Medical, Inc.'s revenue surged 45.6% year-over-year to $3.3M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Tenon Medical, Inc. carries a low D/E ratio of 0.65, meaning only $0.65 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 87/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 4.39, Tenon Medical, Inc. holds $4.39 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
While Tenon Medical, Inc. generated -$9.9M in operating cash flow, capex of $186K consumed most of it, leaving -$10.1M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Tenon Medical, Inc. passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Tenon Medical, Inc. generates $0.72 in operating cash flow (-$9.9M OCF vs -$13.7M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Tenon Medical, Inc. earns $-404.9 in operating income for every $1 of interest expense (-$13.8M vs $34K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
This page shows Tenon Medical, Inc. (TNON) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Tenon Medical, Inc. generated $3.3M in revenue in fiscal year 2024. This represents an increase of 45.6% from the prior year.
Tenon Medical, Inc.'s EBITDA was -$13.4M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 14.0% from the prior year.
Tenon Medical, Inc. generated -$10.1M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 19.8% from the prior year.
Tenon Medical, Inc. reported -$13.7M in net income in fiscal year 2024. This represents an increase of 12.2% from the prior year.
Tenon Medical, Inc. earned $-11.26 per diluted share (EPS) in fiscal year 2024. This represents an increase of 83.6% from the prior year.
Tenon Medical, Inc. held $6.5M in cash against $0 in long-term debt as of fiscal year 2024.
Tenon Medical, Inc. had 3M shares outstanding in fiscal year 2024. This represents an increase of 865.7% from the prior year.
Tenon Medical, Inc.'s gross margin was 52.2% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 2.9 percentage points from the prior year.
Tenon Medical, Inc.'s operating margin was -420.1% in fiscal year 2024, reflecting core business profitability. This is up 278.9 percentage points from the prior year.
Tenon Medical, Inc.'s net profit margin was -417.2% in fiscal year 2024, showing the share of revenue converted to profit. This is up 275.3 percentage points from the prior year.
Tenon Medical, Inc. invested $2.6M in research and development in fiscal year 2024. This represents a decrease of 17.7% from the prior year.
Tenon Medical, Inc. invested $186K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 48.5% from the prior year.
TNON Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.2M+108.0% | $564K-22.3% | $726K-5.7% | $770K-14.5% | $901K+25.3% | $719K+453.1% | $130K-86.2% | $944K |
| Cost of Revenue | $400K+25.4% | $319K-20.8% | $403K-3.4% | $417K-3.2% | $431K+73.1% | $249K0.0% | $249K-39.1% | $409K |
| Gross Profit | $773K+215.5% | $245K-24.1% | $323K-8.5% | $353K-24.9% | $470K0.0% | $470K-15.9% | $559K+4.5% | $535K |
| R&D Expenses | $428K-14.9% | $503K-27.2% | $691K+21.4% | $569K-19.6% | $708K+5.8% | $669K-3.2% | $691K-6.2% | $737K |
| SG&A Expenses | $2.2M+48.6% | $1.5M-11.0% | $1.7M-12.0% | $1.9M-13.6% | $2.2M+13.5% | $1.9M+15.5% | $1.7M+1.1% | $1.6M |
| Operating Income | -$3.4M-18.7% | -$2.9M+22.3% | -$3.7M-15.9% | -$3.2M+18.1% | -$3.9M-10.4% | -$3.5M-11.6% | -$3.1M+7.0% | -$3.4M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | $34K | N/A | $4K |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$3.3M-20.6% | -$2.8M+23.4% | -$3.6M-17.1% | -$3.1M+19.3% | -$3.8M-7.0% | -$3.6M-14.1% | -$3.1M+5.9% | -$3.3M |
| EPS (Diluted) | $-0.40-11.1% | $-0.36+64.4% | $-1.01-109.6% | $10.55+229.3% | $-8.16+18.6% | $-10.02+79.7% | $-49.37-322.3% | $-11.69 |
TNON Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $10.4M-6.7% | $11.1M-17.0% | $13.4M+36.1% | $9.8M+63.9% | $6.0M-25.1% | $8.0M+26.4% | $6.3M-13.3% | $7.3M |
| Current Assets | $6.5M-33.8% | $9.9M-17.6% | $12.0M+46.0% | $8.2M+100.9% | $4.1M-31.3% | $6.0M+53.0% | $3.9M-21.6% | $5.0M |
| Cash & Equivalents | $3.4M-56.1% | $7.8M-23.9% | $10.3M+57.8% | $6.5M+232.1% | $2.0M-55.2% | $4.4M+80.7% | $2.4M-28.0% | $3.4M |
| Inventory | $1.4M+98.3% | $688K+13.3% | $607K+0.2% | $606K-0.5% | $609K-3.6% | $632K+14.1% | $554K+16.9% | $474K |
| Accounts Receivable | $1.3M+70.3% | $770K-13.1% | $886K+2.7% | $863K+27.1% | $679K+18.9% | $571K+10.2% | $518K-33.0% | $773K |
| Goodwill | $2.4M | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $5.6M+26.5% | $4.4M+9.5% | $4.0M+3.8% | $3.9M-25.2% | $5.2M+17.7% | $4.4M-21.0% | $5.6M+16.0% | $4.8M |
| Current Liabilities | $3.0M+18.7% | $2.6M+16.8% | $2.2M+17.4% | $1.9M-45.1% | $3.4M+50.4% | $2.3M-28.0% | $3.1M+1.8% | $3.1M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $4.8M-28.5% | $6.7M-28.4% | $9.4M+57.0% | $6.0M+617.7% | $832K-77.0% | $3.6M+365.8% | $778K-69.1% | $2.5M |
| Retained Earnings | -$78.5M-4.4% | -$75.1M-3.8% | -$72.4M-5.3% | -$68.7M-10.0% | -$62.5M-6.5% | -$58.6M-6.5% | -$55.1M-6.0% | -$51.9M |
TNON Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.8M-72.7% | -$2.2M+10.8% | -$2.5M+10.6% | -$2.8M-14.8% | -$2.4M-3.5% | -$2.3M-2.6% | -$2.3M+27.8% | -$3.2M |
| Capital Expenditures | -$111K | N/A | N/A | -$37K | $0-100.0% | $119K+29.3% | $92K+61.4% | $57K |
| Free Cash Flow | -$3.9M | N/A | N/A | -$2.8M-16.3% | -$2.4M+1.5% | -$2.5M-3.7% | -$2.4M+26.2% | -$3.2M |
| Investing Cash Flow | -$639K | N/A | N/A | $37K | $0+100.0% | -$119K-29.3% | -$92K-121.1% | $436K |
| Financing Cash Flow | $59K+200.0% | -$59K-100.9% | $6.3M+5438.9% | $113K | $0-100.0% | $4.4M+218.8% | $1.4M+415.4% | $266K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
TNON Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 65.9%+22.5pp | 43.4%-1.1pp | 44.5%-1.3pp | 45.8%-6.3pp | 52.2%-13.2pp | 65.4% | N/A | 56.7% |
| Operating Margin | -289.2%+217.4pp | -506.6%-0.1pp | -506.5%-94.4pp | -412.1%+17.7pp | -429.7%+57.9pp | -487.6%+1928.5pp | -2416.2%-2058.3pp | -357.8% |
| Net Margin | -284.6%+206.3pp | -491.0%+7.1pp | -498.1%-97.2pp | -400.9%+23.7pp | -424.6%+72.7pp | -497.4%+1913.4pp | -2410.8%-2057.8pp | -353.0% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -32.2%-7.3pp | -24.9%+2.1pp | -27.0%+4.4pp | -31.4%+32.3pp | -63.7%-19.1pp | -44.6%+4.8pp | -49.4%-3.9pp | -45.5% |
| Current Ratio | 2.15-1.7 | 3.86-1.6 | 5.46+1.1 | 4.39+3.2 | 1.20-1.4 | 2.63+1.4 | 1.24-0.4 | 1.61 |
| Debt-to-Equity | 1.16+0.5 | 0.66+0.2 | 0.43-0.2 | 0.65-5.6 | 6.22+5.0 | 1.21-5.9 | 7.16+5.2 | 1.91 |
| FCF Margin | -335.5% | N/A | N/A | -365.4%-96.9pp | -268.6%+73.1pp | -341.7%+1481.4pp | -1823.1%-1483.0pp | -340.0% |
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Frequently Asked Questions
What is Tenon Medical, Inc.'s annual revenue?
Tenon Medical, Inc. (TNON) reported $3.3M in total revenue for fiscal year 2024. This represents a 45.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Tenon Medical, Inc.'s revenue growing?
Tenon Medical, Inc. (TNON) revenue grew by 45.6% year-over-year, from $2.3M to $3.3M in fiscal year 2024.
Is Tenon Medical, Inc. profitable?
No, Tenon Medical, Inc. (TNON) reported a net income of -$13.7M in fiscal year 2024, with a net profit margin of -417.2%.
What is Tenon Medical, Inc.'s earnings per share (EPS)?
Tenon Medical, Inc. (TNON) reported diluted earnings per share of $-11.26 for fiscal year 2024. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Tenon Medical, Inc.'s EBITDA?
Tenon Medical, Inc. (TNON) had EBITDA of -$13.4M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is Tenon Medical, Inc.'s gross margin?
Tenon Medical, Inc. (TNON) had a gross margin of 52.2% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Tenon Medical, Inc.'s operating margin?
Tenon Medical, Inc. (TNON) had an operating margin of -420.1% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Tenon Medical, Inc.'s net profit margin?
Tenon Medical, Inc. (TNON) had a net profit margin of -417.2% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Tenon Medical, Inc.'s free cash flow?
Tenon Medical, Inc. (TNON) generated -$10.1M in free cash flow during fiscal year 2024. This represents a 19.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Tenon Medical, Inc.'s operating cash flow?
Tenon Medical, Inc. (TNON) generated -$9.9M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Tenon Medical, Inc.'s total assets?
Tenon Medical, Inc. (TNON) had $9.8M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Tenon Medical, Inc.'s capital expenditures?
Tenon Medical, Inc. (TNON) invested $186K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Tenon Medical, Inc. spend on research and development?
Tenon Medical, Inc. (TNON) invested $2.6M in research and development during fiscal year 2024.
How many shares does Tenon Medical, Inc. have outstanding?
Tenon Medical, Inc. (TNON) had 3M shares outstanding as of fiscal year 2024.
What is Tenon Medical, Inc.'s current ratio?
Tenon Medical, Inc. (TNON) had a current ratio of 4.39 as of fiscal year 2024, which is generally considered healthy.
What is Tenon Medical, Inc.'s debt-to-equity ratio?
Tenon Medical, Inc. (TNON) had a debt-to-equity ratio of 0.65 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Tenon Medical, Inc.'s return on assets (ROA)?
Tenon Medical, Inc. (TNON) had a return on assets of -138.9% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Tenon Medical, Inc.'s cash runway?
Based on fiscal year 2024 data, Tenon Medical, Inc. (TNON) had $6.5M in cash against an annual operating cash burn of $9.9M. This gives an estimated cash runway of approximately 8 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Tenon Medical, Inc.'s Piotroski F-Score?
Tenon Medical, Inc. (TNON) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Tenon Medical, Inc.'s earnings high quality?
Tenon Medical, Inc. (TNON) has an earnings quality ratio of 0.72x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Tenon Medical, Inc. cover its interest payments?
Tenon Medical, Inc. (TNON) has an interest coverage ratio of -404.9x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Tenon Medical, Inc.?
Tenon Medical, Inc. (TNON) scores 57 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.