Tenon Medical Reports Second Quarter 2026 Financial Results
Rhea-AI Summary
Tenon Medical (NASDAQ:TNON) reported second quarter 2026 revenue of $1.3 million, up 127% from $0.6 million a year earlier. Gross profit rose to $0.8 million with gross margin improving to 64% from 43%, driven by higher procedure volume and better overhead absorption.
Operating expenses increased to $4.2 million, leading to a net loss of $4.1 million (‑$12.35 per share) versus a $2.8 million loss in Q2 2025. Cash and equivalents were $1.7 million on June 30, 2026, versus $3.8 million at year‑end, and stockholders’ equity shifted to a $1.7 million deficit.
Subsequent to quarter end, Tenon closed a $4.2 million public offering (about $3.6 million net) to help repay part of its $5.2 million convertible notes maturing in September 2026 and to fund commercial, clinical, and product development efforts. The company also obtained FDA 510(k) clearance for an updated Catamaran SI Joint Fusion System and executed a 1‑for‑35 reverse stock split on August 10, 2026 as it works to regain Nasdaq listing compliance.
Positive
- Revenue +127% YoY to $1.3 million in Q2 2026
- Gross margin improved to 64% from 43% in Q2 2025
- Six‑month revenue up 106% YoY to $2.7 million
- FDA 510(k) clearance for updated Catamaran SI Joint Fusion System
- Record monthly case volume achieved in July 2026
- $4.2 million gross proceeds from July 2026 public offering
Negative
- Net loss widened to $4.1 million in Q2 2026
- Operating expenses increased to $4.2 million from $3.1 million YoY
- Cash balance declined to $1.7 million from $3.8 million at year‑end 2025
- Convertible notes of $5.2 million maturing September 11, 2026
- Stockholders’ equity moved to a $1.7 million deficit from $5.0 million equity
- Nasdaq compliance not yet regained despite 1‑for‑35 reverse split
News Explained
The July 1 offering has closed and included common stock or pre-funded warrants plus common stock purchase warrants; if shares are issued or warrants convert, existing holders’ percentage ownership can decline, but the release does not disclose quantities to size that effect.
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~ Second Quarter 2026 Revenue of
~ Second Quarter Gross Profit of
~ Received FDA 510(k) Clearance for Updated Catamaran® SI Joint Fusion System ~
~ Physician and Distributor Training Events Increased
~ Closed
LOS GATOS, CA / ACCESS Newswire / August 13, 2026 / Tenon Medical, Inc. (NASDAQ:TNON) ("Tenon Medical" or the "Company"), a medical device company dedicated to transforming care for patients with certain sacro-pelvic disorders, today reported financial results for the second quarter ended June 30, 2026.
Financial Results and Business Updates
Second Quarter 2026 Results:
Second quarter revenue of
$1.3 million , an increase of127% compared to$0.6 million in the second quarter of 2025.Second quarter gross profit of
$0.8 million , an increase of232% compared to$0.2 million in the second quarter of 2025.Gross margin of
64% , a twenty-one percentage point improvement from43% in the second quarter of 2025.Cash and cash equivalents of
$1.7 million as of June 30, 2026, compared to$3.8 million as of December 31, 2025.Net loss of
$4.1 million , or$12.35 per share, in the second quarter of 2026, compared to a net loss of$2.8 million , or$12.76 per share, in the second quarter of 2025.
Subsequent Updates
On July 1, 2026, closed a best efforts public offering of common stock (or pre-funded warrants) and common stock purchase warrants for aggregate gross proceeds of
$4.2 million , with net proceedsexpected to be used for partial repayment of convertible notes, commercial expansion, clinical research, and general corporate purposes.On July 2, 2026, the Company announced it received U.S. Food and Drug Administration 510(k) clearance for the Catamaran® SI Joint Fusion System. The updated clearance incorporates various instrument upgrades, as well as the reclassification of certain instruments from disposable to reusable status, which is expected to improve system performance while reducing ongoing per-procedure costs previously associated with disposable instrumentation.
In July 2026, the Company recorded its highest monthly surgical case volume to date, following a
98% increase in physician and distributor training events in the first half of 2026 compared to the second half of 2025.On August 10, 2026, the Company effected a 1-for-35 reverse stock split of its common stock. The Company is currently working to regain compliance with Nasdaq listing requirements, including the minimum bid price rule.
"Revenue of
"Along with record case volume, July added two more building blocks. The 510(k) clearance for our updated Catamaran® System moves several instruments from disposable to reusable, which we expect will take recurring cost out of cases we perform going forward, and the
Second Quarter 2026 Financial Results
Revenue was
Gross profit was
Operating expenses totaled
Net loss was
As of June 30, 2026, cash and cash equivalents totaled
The Company's
Second Quarter 2026 Earnings Conference Call
Management will host a conference call at 4:30 p.m. ET (1:30 p.m. PT) today, August 13, 2026, to discuss Tenon's second quarter 2026 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, August 13, 2026 |
Time: | 4:30 p.m. Eastern time |
Dial-in: | 1-877-407-0792 |
International Dial-in: | 1-201-689-8263 |
Webcast: |
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 August 27, 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 13761819.
About Tenon Medical, Inc.
Tenon Medical, Inc. is a medical device company dedicated to transforming care for patients with certain sacro-pelvic disorders. Tenon was incorporated in the State of Delaware in 2012 and currently offers two systems to treat a diseased sacroiliac joint (the "SI Joint"). The Company has developed The Catamaran® SI Joint Fusion System that offers a novel, less invasive approach to the SI Joint using a single, robust titanium implant. In August 2025, the Company acquired substantially all the assets of SiVantage, Inc. and SIMPL Medical, LLC, including the SImmetry+® SI Joint Fusion System, which treats disorders of the SI Joint through a minimally invasive lateral access solution that incorporates well-established orthopedic fusion principles. Since the national launch of The Catamaran System in October 2022, Tenon is focused on three commercial opportunities: 1) primary SI Joint procedures, 2) revision procedures of failed SI Joint implants and 3) SI-Joint fusion adjunct to a spine fusion construct.
For more information, please visit www.tenonmed.com. Information on the Company's website does not constitute a part of and is not incorporated by reference into this press release.
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. MAINSAIL™, and SImmetry+ are also trademarks of Tenon Medical, Inc.
Safe Harbor
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 statements often contain 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 anticipated use of proceeds from the July 2026 offering, the Company's ability to continue as a going concern, the Company's ability to regain and maintain compliance with Nasdaq listing requirements; its plans to raise additional capital on acceptable terms or at all, the expected benefits of the updated Catamaran SI Joint Fusion System, future product development, commercial expansion plans, cost structure improvements, and anticipated case volume growth. 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, 2025 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.
IR Contact:
Shannon Devine
203-741-8811
MZ North America
tenon@mzgroup.us
Tenon Medical, Inc.
Condensed Balance Sheets (Unaudited)
(In thousands, except share data)
June 30, | December 31, | |||||||
2026 | 2025 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 1,677 | $ | 3,756 | ||||
Accounts receivable, net | 1,947 | 1,698 | ||||||
Inventory | 783 | 1,054 | ||||||
Prepaid expenses and other current assets | 400 | 260 | ||||||
Total current assets | 4,807 | 6,768 | ||||||
Property and equipment, net | 771 | 918 | ||||||
Deposits | 51 | 51 | ||||||
Operating lease right-of-use asset | 1,431 | 131 | ||||||
Intangible assets, net | 455 | 485 | ||||||
Goodwill | 2,407 | 2,407 | ||||||
TOTAL ASSETS | $ | 9,922 | $ | 10,760 | ||||
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 628 | $ | 845 | ||||
Accrued expenses | 1,952 | 1,637 | ||||||
Current portion of accrued commissions | 674 | 590 | ||||||
Current portion of operating lease liability | 215 | 141 | ||||||
Current portion of contingent consideration | 29 | - | ||||||
Convertible notes | 4,332 | - | ||||||
Derivative liability | 475 | - | ||||||
Total current liabilities | 8,305 | 3,213 | ||||||
Accrued commissions, net of current portion | 1,250 | 1,514 | ||||||
Operating lease liability, net of current portion | 1,131 | - | ||||||
Contingent consideration, net of current portion | 979 | 993 | ||||||
Total liabilities | 11,665 | 5,720 | ||||||
Stockholders' (deficit) equity: | ||||||||
Series A convertible preferred stock, | 2,622 | 2,622 | ||||||
Series B convertible preferred stock, | 452 | 452 | ||||||
Common stock, | - | - | ||||||
Additional paid-in capital | 84,011 | 83,268 | ||||||
Accumulated deficit | (88,828 | ) | (81,302 | ) | ||||
Total stockholders' (deficit) equity | (1,743 | ) | 5,040 | |||||
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | $ | 9,922 | $ | 10,760 | ||||
Tenon Medical, Inc.
Condensed Statements of Operations and Comprehensive Loss (Unaudited)
(In thousands, except per share data)
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2026 | 2025 | 2026 | 2025 | |||||||||||||
Revenue | $ | 1,279 | $ | 564 | $ | 2,658 | $ | 1,290 | ||||||||
Cost of sales | 465 | 319 | 899 | 722 | ||||||||||||
Gross Profit | 814 | 245 | 1,759 | 568 | ||||||||||||
Operating Expenses | ||||||||||||||||
Research and development | 768 | 503 | 1,430 | 1,194 | ||||||||||||
Sales and marketing | 1,869 | 1,119 | 3,727 | 2,766 | ||||||||||||
General and administrative | 1,531 | 1,480 | 3,236 | 3,142 | ||||||||||||
Total Operating Expenses | 4,168 | 3,102 | 8,393 | 7,102 | ||||||||||||
Loss from Operations | (3,354 | ) | (2,857 | ) | (6,634 | ) | (6,534 | ) | ||||||||
Other Income (Expense) | ||||||||||||||||
Gain on investments | 24 | 88 | 49 | 149 | ||||||||||||
Interest expense | (852 | ) | - | (1,028 | ) | - | ||||||||||
Other income | 132 | - | 87 | - | ||||||||||||
Total Other Income (Expense), net | (696 | ) | 88 | (892 | ) | 149 | ||||||||||
Net Loss and Comprehensive Loss | $ | (4,050 | ) | $ | (2,769 | ) | $ | (7,526 | ) | $ | (6,385 | ) | ||||
Net Loss Per Share of Common Stock | ||||||||||||||||
Basic and diluted | $ | (12.35 | ) | $ | (12.76 | ) | $ | (23.16 | ) | $ | (39.91 | ) | ||||
Weighted-Average Shares of Common Stock Outstanding | ||||||||||||||||
Basic and diluted | 328 | 217 | 325 | 160 | ||||||||||||
SOURCE: Tenon Medical, Inc.
View the original press release on ACCESS Newswire