Tenon(R) Medical Issues Shareholder Letter and Provides Preliminary Revenue for the Fourth Quarter and Full Year 2025
Rhea-AI Summary
Tenon (NASDAQ:TNON) reported preliminary, unaudited Q4 2025 revenue of $1.45–$1.48 million (~90% YoY) and full year 2025 revenue of $3.91–$3.94 million (~20% YoY). The company highlighted the SiVantage acquisition, FDA clearance for an expanded Catamaran indication, strong MAINSAIL 12-month fusion results (83% fusion), and plans to report audited results in March 2026.
Positive
- Q4 revenue of $1.45–$1.48M (~90% YoY)
- Full‑year 2025 revenue of $3.91–$3.94M (~20% YoY)
- Acquisition of SiVantage SImmetry/SImmetry+ expands product portfolio
- FDA clearance for Catamaran to augment thoracolumbar fusion
- Clinical evidence: 83% CT‑confirmed fusion at 12 months (MAINSAIL)
Negative
- Preliminary results are unaudited and subject to year‑end adjustments
- Revenue scale remains small (sub-$4M FY2025) versus larger peers
- Dependence on adoption of newly acquired products to sustain growth
Key Figures
Market Reality Check
Peers on Argus
TNON was up 0.52% pre-announcement with mixed peer action: RSLS up 29.8%, PAVM down 5.05%, XAIR down 7.88%, while DHAI and SINT were nearly flat. Movements do not indicate a unified sector trend.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Dec 04 | Product/clinical update | Positive | +0.0% | Announced initial clinical procedures using new SImmetry+ SI fusion system. |
| Nov 14 | PIPE financing close | Negative | +0.0% | Closed $2.85M at-the-market PIPE financing with stock and warrants issued. |
| Nov 13 | Q3 2025 earnings | Positive | -8.5% | Reported Q3 revenue growth and higher gross margin alongside ongoing net loss. |
| Nov 11 | PIPE pricing | Negative | +0.0% | Priced $2.85M PIPE with new common shares and 3-year warrants. |
| Nov 03 | Earnings timing | Neutral | -0.8% | Announced date and call details for Q3 2025 financial results release. |
Recent history shows limited price reaction to most news, with a notable selloff on a stronger Q3 2025 financial update.
Over the last few months, Tenon reported record Q3 2025 revenue and margin expansion, completed the SiVantage asset acquisition, and launched new SI fusion products including SImmetry+. Financing via a $2.85M PIPE was announced and closed, supporting launches and clinical work. Clinical and commercial milestones, such as initial SImmetry+ cases, drew little price response, while Q3 results coincided with an -8.53% move. Today’s preliminary 2025 revenue update extends this commercial growth narrative.
Market Pulse Summary
This announcement highlights preliminary Q4 2025 revenue of $1.45–$1.48M and full-year 2025 revenue of $3.91–$3.94M, plus clinical data showing 83% fusion and 83% patient satisfaction at 12 months in the MAINSAIL study. Recent history features product launches, acquisitions, and PIPE financing to support commercialization. Investors may track the final audited results, cash trends in upcoming filings, and adoption of the Catamaran and SImmetry+ platforms as key markers of execution.
Key Terms
FDA clearance regulatory
AI-generated analysis. Not financial advice.
Fourth Quarter 2025 Revenue of
Full Year 2025 Revenue of
LOS GATOS, CA / ACCESS Newswire / January 28, 2026 / Tenon Medical, Inc. (NASDAQ:TNON) ("Tenon" or the "Company"), a company redefining care for patients suffering from sacro-pelvic disorders, today issued a letter to shareholders from Steve Foster, President and Chief Executive Officer.
Dear Fellow Shareholders,
2025 was marked by strong commercial execution as we advanced innovation and expanded our differentiated solutions in the marketplace. We delivered both sequential and year over year revenue growth and strengthened our liquidity position, placing Tenon on firmer financial footing heading into 2026. Our expanding product portfolio-driven by the acquisition of sacroiliac joint-specific assets from SiVantage and the recent FDA clearance and commercialization of the SImmetry®+ SI Joint Fusion System-positions us to scale revenue and address a broader range of sacro-pelvic fixation and fusion needs. Entering 2026, we have laid a strong foundation for sustained growth through portfolio diversification, commercial expansion, and improved operational alignment.
Preliminary Fourth Quarter & Full Year 2025 Revenue
Following record revenue growth in the third quarter, the Company is reporting preliminary, unaudited fourth quarter revenue of approximately
These revenue results are preliminary and subject to adjustment upon completion of customary year-end audit procedures. The Company expects to report fourth-quarter and full-year 2025 financial results in March 2026.
Major Company Milestones in 2025
Throughout 2025, our primary focus was advancing product innovation and generating robust clinical outcomes to transform Tenon into a multi-product, multi-approach company. Today, we offer physicians differentiated technologies that support customized treatment strategies for patients with sacro-pelvic disorders, utilizing novel, true fusion solutions backed by compelling clinical evidence. Key milestones in 2025 include:
Transformational Acquisition of the SiVantage® SImmetry / SImmetry+ Technologies
The acquisition of the SiVantage portfolio added active clinical cases, revenue-generating technologies, and a robust development pipeline to Tenon. This transaction strengthened our commercial organization by adding proven commercialization professionals and expanding the breadth of our product offering. These enhancements will support sustainable top-line growth. The SImmetry and SImmetry+ sacroiliac joint fusion systems bring a well-established clinical foundation and a differentiated fusion approach that complements our existing Catamaran platform.
Catamaran® SE SI Joint Fusion System Full Commercial Launch
In 2025, we completed the full commercial launch of the Catamaran SE SI Joint Fusion System, further strengthening our competitive position in the sacroiliac joint fusion market. Catamaran SE features a reduced implant profile, providing physicians greater flexibility when treating patients with smaller SI joint anatomy or performing revision procedures. The system maintains a minimally invasive inferior-posterior approach and incorporates a proprietary instrument set designed to support procedural efficiency.
MAINSAIL™ Clinical Momentum from Second Peer-Reviewed Study Publication
Clinical momentum continued with the publication of a second peer-reviewed 12-month study from the MAINSAIL trial, reinforcing our "fixation until fusion" strategy. The study demonstrated strong patient outcomes, including meaningful improvements in pain and disability scores, as well as 12-month CT-confirmed fusion outcomes. Notably,
Matthew Davies, MD, a board-certified neurosurgeon at Orthopaedic Associates of Duluth in Duluth, MN, and principal investigator will present the 12-month outcomes data from the Mainsail Study during the scientific session in late February at this year's AANS/CNS Spine Summit Meeting in Phoenix, Arizona.
FDA Clearance for Expanded Catamaran Indication in Augmenting Thoracolumbar Fusion
In the first quarter of 2025, Tenon received FDA clearance for an expanded indication for the Catamaran SI Joint Fusion System to be used in augmenting thoracolumbar fusion. The sacral pelvic component of these complex spine procedures is an area of increased focus where the need for innovative solutions is evident. With this clearance, Catamaran may be utilized to augment spinal fusion procedures providing immobilization and stabilization of the SI joint, offering additional support at the base of lumbar or thoracolumbar fusion constructs.
2026 Outlook
We believe 2026 will be a milestone year for Tenon, supported by a multi-platform sacro-pelvic fusion strategy that meaningfully strengthens our competitive position and enables physicians to tailor treatment to individual patient anatomy and pathology. This differentiated approach enhances our ability to drive adoption, increase procedure volumes, and capture a greater share of a rapidly expanding market, supporting long-term value creation for our shareholders.
Looking ahead, we remain focused on accelerating adoption across our expanded product portfolio and leveraging recent regulatory and clinical milestones to support continued commercial growth. With a strong foundation in place, we are confident in our ability to scale operations, deepen market penetration, and deliver sustained value to our shareholders in the years ahead.
Sincerely,
Steve Foster
President and Chief Executive Officer
About Tenon Medical, Inc.
Tenon Medical, Inc., a medical device company formed in 2012, 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. The system features the Catamaran Fixation Device which passes through both the axial and sagittal planes of the ilium and sacrum, stabilizing and transfixing the SI Joint along its longitudinal axis. The angle and trajectory of the Catamaran surgical approach is also designed to provide a pathway away from critical neural and vascular structures and into the strongest cortical bone. Since the national launch of the Catamaran SI Joint Fusion System in October 2022, Tenon is focused on three commercial opportunities with its System in the SI Joint market which include: 1) Primary SI Joint procedures, 2) Revision procedures 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, 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 often contains words such as "intends," "estimates," "anticipates," "hopes," "projects," "plans," "expects," "seek," "believes," "see," "should," "will," "would," "target," "aims," and similar expressions and the negative versions thereof. 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 our actual results to be materially different than those expressed in our forward-looking statements, please review our Annual Report on 10-K on file with the Securities and Exchange Commission 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.
Investor Contact
Shannon Devine
MZ North America
203-741-8811
tenon@mzgroup.us
SOURCE: Tenon Medical, Inc.
View the original press release on ACCESS Newswire
FAQ
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What is the significance of Tenon's FDA clearance for Catamaran in 2025?
