Tenon Medical, Inc. Stock Price, News & Analysis

Tenon Medical, Inc. announced its plans to release financial results for the third quarter ending September 30, 2022, on November 10, 2022, after market close. Following the release, a conference call will be held at 4:30 p.m. Eastern Time to discuss the results in detail, concluding with a Q&A session. The company is known for its Catamaran SI Joint Fusion System, which aims to address the underserved market in sacroiliac disorders. Interested parties can access the call via dial-in or webcast.

Tenon Medical has received Institutional Review Board (IRB) approval for two post-market clinical studies involving its Catamaran SI Joint Fusion System. This approval enables designated centers to start recruiting patients and aims to evaluate clinical outcomes and radiographic results over 6 to 24 months. The studies focus on patients with sacroiliac joint disorders, assessing pain scores and fusions among other outcomes. Tenon reaffirms its commitment to validating patient outcomes with its innovative titanium fixation device.

Tenon Medical, Inc. (NASDAQ:TNON) is set to launch its innovative Catamaran SI Joint Fusion System at the 37th Annual Meeting of the North American Spine Society (NASS) in Chicago from October 12-15, 2022. The Catamaran is a unique titanium fixation device designed for treating sacroiliac disorders. With a hands-on technical exhibit and expert-led training sessions, the company aims to engage spine specialists. Dr. Michael Chaparro will present his clinical outcomes using the Catamaran on October 13. This launch signifies Tenon's strategic shift to control its distribution and enhance commercial infrastructure.

Tenon Medical has amicably terminated its distribution agreement with SpineSource for the Catamaran SI Joint Fusion System, effective October 6, 2022. This move is intended to support Tenon’s growth and transition towards its own commercial infrastructure. Over the next six months, SpineSource will assist in ensuring a smooth transition. Tenon plans to launch the Catamaran system nationally at the upcoming North American Spine Meeting, aiming for sustainable growth and enhanced shareholder value through direct management of its distribution activities.

Tenon Medical, Inc. (NASDAQ:TNON) announced its participation in Benzinga's All Access investor event on September 16, 2022. CEO Steve Foster will present and host a Q&A session at 10:00 a.m. Eastern time, aiming to discuss the company’s FDA-cleared surgical implant system for sacroiliac joint fixation/fusion surgery. This event provides a platform to highlight Tenon's upcoming national launch, targeting a significant opportunity in a currently underserved market.

Tenon Medical (NASDAQ:TNON) announced its participation in upcoming virtual conferences, including the H.C. Wainwright 24th Annual Global Investment Conference from September 12-14, 2022, and the A.G.P.'s Virtual MedTech Conference on September 21, 2022. CEO Steve Foster and CFO Steven Van Dick will be available for one-on-one meetings. Tenon Medical specializes in a proprietary, FDA-cleared surgical implant system aimed at optimizing SI Joint fixation/fusion surgery, with plans for a national launch to address market needs.

Tenon Medical (NASDAQ:TNON) reported a 514% year-over-year revenue increase in Q2 2022, reaching $135,000, driven by a 433% rise in surgical procedures utilizing its Catamaran™ SI Joint Fusion System. Despite increased revenue, the company faced a gross loss of $136,000 due to higher operational overhead, shifting from a gross profit of $13,000 a year prior. Operating losses expanded to $5.5 million. The company ended Q2 with $16 million in cash and investments, supporting ongoing growth and commercialization efforts, including 21 physician workshops held to promote their innovative solutions.

Tenon Medical, a medical device company, closed a $16 million IPO on April 29, 2022, and began trading on Nasdaq under the ticker TNON. For Q1 2022, the company reported revenue of $71,000, a 373% increase from Q1 2021, driven by an 80% rise in surgical procedures using the CATAMARAN SIJ Fusion System. However, gross loss increased to $(204,000), and operating losses reached $2.1 million, up from $189,000 in the previous year. The company holds $4.7 million in cash to fund growth initiatives.

Tenon Medical has successfully closed its initial public offering, selling 3.2 million shares of common stock at $5.00 per share, totaling $16.0 million in gross proceeds. The IPO was facilitated by The Benchmark Company, LLC and Valuable Capital Limited as underwriters. The stock now trades on the Nasdaq Capital Market under the ticker TNON. Proceeds from the offering are expected to support Tenon's national launch of its proprietary surgical implant system for sacroiliac joint fixation, targeting a significant market opportunity.