Tenon(R) Medical Reports Fourth Quarter and Full Year 2025 Financial Results
Rhea-AI Summary
Tenon Medical (NASDAQ:TNON) reported record Q4 2025 revenue of $1.5M (up 92% YoY) and record full-year 2025 revenue of $3.9M (up 20% YoY). Gross profit was $1.0M in Q4 and $2.4M for 2025, with margins improving to 69% and 60% respectively.
The company secured FDA 510(k) clearance for SImmetry+ and completed initial procedures, closed a $2.85M ATM PIPE in Q4, and announced a subsequent $4.3M senior convertible note placement in March 2026.
Positive
- Q4 revenue +92% YoY to $1.5M
- FY2025 revenue record $3.9M, +20% YoY
- Gross margin improved to 60% for FY2025
- FDA 510(k) clearance obtained for SImmetry+
- Completed initial SImmetry+ procedures at Centers of Excellence
- Capital raised $2.85M ATM PIPE in Q4 2025
Negative
- Net loss $12.6M for FY2025
- Cash declined to $3.8M at Dec 31, 2025
- Operating expenses $15.2M for FY2025
News Market Reaction – TNON
On the day this news was published, TNON declined 3.88%, reflecting a moderate negative market reaction. Argus tracked a peak move of +9.5% during that session. Argus tracked a trough of -13.4% from its starting point during tracking. Our momentum scanner triggered 10 alerts that day, indicating notable trading interest and price volatility. This price movement removed approximately $393K from the company's valuation, bringing the market cap to $10M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
TNON gained 5.08% while peers showed mixed performance: RSLS up 29.8%, PAVM up 2.45%, SINT down 4.66%, and XAIR slightly negative. This pattern points to a stock-specific reaction.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 13 | Q3 2025 earnings | Positive | +0.0% | Reported Q3 revenue growth and margin expansion with reduced loss. |
| Nov 03 | Earnings timing update | Neutral | -0.8% | Announced date and call details for Q3 2025 results. |
| Aug 13 | Q2 2025 earnings | Neutral | -16.2% | Reported Q2 revenue decline but lower operating expenses and no debt. |
| Aug 05 | Earnings timing update | Neutral | +0.0% | Set Q2 2025 results release date and conference call logistics. |
| Apr 29 | Earnings timing update | Neutral | +0.9% | Announced Q1 2025 earnings release timing and replay information. |
Earnings-related headlines have historically seen modest to negative price moves, with an average move of -3.23%, suggesting a tendency toward cautious reactions around financial updates.
Over the past year, Tenon’s earnings cycle has featured revenue volatility but improving margins. Q2 2025 revenue was $0.6M, then rose to $1.2M in Q3 with a 66% gross margin. Multiple releases mainly announced timing of results rather than new fundamentals, and price reactions averaged about -3.23%, reflecting generally muted or cautious responses. Today’s Q4/FY 2025 report adds sustained revenue growth and margin expansion on top of that trajectory.
Historical Comparison
Past earnings-related headlines for TNON averaged a -3.23% move. Today’s +5.08% reaction to Q4/FY 2025 results marks a more constructive response than prior earnings updates.
Across 2025, Tenon moved from a weak Q2 revenue base to stronger Q3 performance and now Q4/FY 2025 results showing higher revenue and margins, reflecting a gradual strengthening of its SI fusion portfolio post‑SiVantage acquisition.
Market Pulse Summary
This announcement highlighted Tenon’s Q4 and full-year 2025 revenue growth to $3.9M, gross margin expansion to 60%, and a narrower net loss of $12.6M. It also detailed additional capital from a $2.85M PIPE and subsequent $4.3M senior convertible notes. Investors may focus on sustainability of procedure growth, cash levels of $3.8M, the impact of financing structures, and ongoing adoption of the SImmetry®+ system as key metrics in upcoming periods.
Key Terms
510(k) clearance regulatory
si joint fusion medical
at-the-market pipe financing financial
senior convertible notes financial
volume-weighted average price financial
restricted stock units financial
section 4(a)(2) regulatory
original issue discount financial
AI-generated analysis. Not financial advice.
~ Fourth Quarter 2025 Revenue of
~ Record Full Year 2025 Revenue of
~ Record Full Year 2025 Gross Profit of
~ Secured FDA 510(k) Clearance For its Next-Generation SImmetry®+ SI Joint Fusion System ~
~ Completed Initial SImmetry®+ Procedures at Centers of Excellence, Advancing Commercial Rollout and Supporting Early Surgeon Adoption ~
LOS GATOS, CA / ACCESS Newswire / March 19, 2026 / Tenon Medical, Inc. (NASDAQ:TNON) ("Tenon Medical" or the "Company"), a company redefining care for patients suffering from sacro-pelvic disorders, today reported financial results for the fourth quarter and year ended December 31, 2025.
Financial Results and Business Updates
Fourth Quarter 2025 Results:
Record revenue of
$1.5 million , an increase of92% compared to$0.8 million in the fourth quarter of 2024.Gross profit of
$1.0 million , an increase of188% compared to$0.4 million in the fourth quarter of 2024.Gross margin of
69% , a twenty-three percentage point improvement from46% in the fourth quarter of 2024.
Full Year 2025 Results:
Record revenue of
$3.9 million , a20% increase compared to$3.3 million in 2024.Gross profit of
$2.4 million , a38% increase compared to$1.7 million in 2024.Gross margin of
60% , an eight percentage point improvement from52% in 2024.
Tenon received FDA 510(k) clearance for its next-generation SImmetry®+ SI Joint Fusion System, expanding its portfolio to include a complementary lateral approach. This clearance broadens the Company's addressable market and enhances its ability to support diverse surgeon preferences and patient anatomies.
The Company completed a
$2.85 million At-The-Market PIPE financing in Q4 2025 to strengthen its balance sheet and support strategic growth initiatives. The additional capital provides flexibility to advance product launches, expand commercial operations, and fund clinical development efforts.Tenon successfully completed initial SImmetry®+ procedures at Centers of Excellence, marking an important step in the system's commercial rollout. Early clinical experience reinforces surgeon confidence and supports broader market expansion in the quarters ahead.
Hosted 24 physicians in targeted training sessions for both Catamaran® and SImmetry® within the fourth quarter
Subsequent Updates
Announced the closing of private placement of senior convertible notes offering for gross proceeds of
$4.3 million in March 2026. Net proceeds are expected to fund continued commercial expansion, upcoming product launches, clinical studies, working capital and general corporate purposes.Announced the expansion of our intellectual property portfolio with multiple Notices of Allowance from the U.S. Patent and Trademark Office, further strengthening protection around our Catamaran® and SImmetry® technologies and bringing our global estate to 29 issued U.S. patents, nine international patents, and 31 pending applications. We believe that this enhanced IP position reinforces the defensibility of our platform and supports our long-term growth and competitive differentiation as adoption continues to accelerate.
"Our fourth quarter marked a significant period for Tenon, highlighted by FDA clearance of SImmetry®+, successful early clinical experience, record procedure growth, and continued commercial expansion," said Steve Foster, President and Chief Executive Officer of Tenon Medical. "We not only broadened our SI joint fusion platform to support multiple surgical approaches, but we also strengthened our balance sheet and, subsequent to quarter end, expanded our intellectual property estate, further reinforcing the long-term defensibility of our technology."
"As we enter 2026, we are building on this momentum with accelerating adoption, improving field productivity, and a tightening cost structure that enhances operating leverage. With a differentiated portfolio, growing surgeon engagement, and a strengthened competitive position, we believe Tenon is well positioned to drive sustainable growth and deliver increasing value to patients, providers, and shareholders." concluded Mr. Foster.
Fourth Quarter & Full Year 2025 Financial Results
Revenue was
Gross profit was
Operating expenses totaled
Net loss was
As of December 31, 2025, cash and cash equivalents totaled
Fourth Quarter 2025 Earnings Conference Call
Management will host a conference call at 4:30 p.m. ET (1:30 p.m. PT) today, March 19, 2026, to discuss Tenon's fourth quarter and full year 2025 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, March 19, 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 April 22, 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 13758268.
About Tenon Medical, Inc.
Tenon Medical, Inc. is a medical device company founded in 2012 and committed to developing novel technologies for patients suffering from debilitating SI joint pain and dysfunction. The Company markets the Catamaran® and SImmetry+® SI Joint Fusion Systems, which offer a novel, less invasive approach to treating SI joint disease. Together, these platforms uniquely position Tenon with multiple surgical approaches, lateral and inferior-posterior, both designed to be minimally invasive, enable authentic arthrodesis, and supported by robust clinical evidence, including the published prospective Mainsail™ and EVoluSIon™ SI joint fusion studies. These differentiated technologies enable physicians to customize treatment plans through an innovative portfolio spanning SI joint fusion, spinal fusion, and deformity adjuncts, each solution engineered to deliver fusion outcomes more reliably. This multi-platform, multi-approach strategy strengthens Tenon's competitive advantage in the expanding SI joint fusion market and underscores the Company's commitment to delivering proven, durable outcomes for physicians and patients. Tenon is focused on three commercial opportunities in the SI joint market: 1) primary SI joint procedures, 2) revision 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," and similar expressions and the negative versions thereof. These forward-looking statements, include, but are not limited to, statements regarding the completion of the Offering, the satisfaction of customary closing conditions related to the Offering and the anticipated use of proceeds therefrom. 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, 2024 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.
Investor Contact
Shannon Devine
MZ North America
203-741-8811
tenon@mzgroup.us
Tenon Medical, Inc.
Condensed Balance Sheets (Unaudited)
(In thousands, except share data)
December 31, | December 31, | |||||||
2025 | 2024 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 3,756 | $ | 6,535 | ||||
Accounts receivable, net | 1,698 | 863 | ||||||
Inventory, net | 1,054 | 606 | ||||||
Prepaid expenses and other current assets | 260 | 206 | ||||||
Total current assets | 6,768 | 8,210 | ||||||
Property and equipment, net | 918 | 752 | ||||||
Deposits | 51 | 51 | ||||||
Operating lease right-of-use asset | 131 | 399 | ||||||
Deferred offering costs | - | 431 | ||||||
Intangible assets, net | 485 | - | ||||||
Goodwill | 2,407 | - | ||||||
TOTAL ASSETS | $ | 10,760 | $ | 9,843 | ||||
Liabilities and Stockholders' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 845 | $ | 369 | ||||
Accrued expenses | 1,637 | 910 | ||||||
Current portion of accrued commissions | 590 | 303 | ||||||
Current portion of operating lease liability | 141 | 287 | ||||||
Total current liabilities | 3,213 | 1,869 | ||||||
Accrued commissions, net of current portion | 1,514 | 1,862 | ||||||
Operating lease liability, net of current portion | - | 141 | ||||||
Contingent consideration | 993 | - | ||||||
Total liabilities | 5,720 | 3,872 | ||||||
Stockholders' equity: | ||||||||
Series A convertible preferred stock, | 2,622 | 3,300 | ||||||
Series B convertible preferred stock, | 452 | 452 | ||||||
Common stock, | 11 | 3 | ||||||
Additional paid-in capital | 83,257 | 70,962 | ||||||
Accumulated deficit | (81,302 | ) | (68,746 | ) | ||||
Total stockholders' equity | 5,040 | 5,971 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 10,760 | $ | 9,843 | ||||
Tenon Medical, Inc.
Condensed Statements of Operations and Comprehensive Loss (Unaudited)
(In thousands, except per share data)
Years Ended December 31, | ||||||||
2025 | 2024 | |||||||
Revenue | $ | 3,944 | $ | 3,277 | ||||
Cost of sales | 1,586 | 1,566 | ||||||
Gross Profit | 2,358 | 1,711 | ||||||
Operating Expenses | ||||||||
General and administrative | 6,975 | 7,765 | ||||||
Sales and marketing | 6,026 | 5,109 | ||||||
Research and development | 2,149 | 2,603 | ||||||
Total Operating Expenses | 15,150 | 15,477 | ||||||
Loss from Operations | (12,792 | ) | (13,766 | ) | ||||
Other Income (Expense) | ||||||||
Gain on investments | 236 | 183 | ||||||
Interest expense | - | (34 | ) | |||||
Other expense, net | - | (56 | ) | |||||
Total Other Income (Expense), net | 236 | 93 | ||||||
Net Loss | $ | (12,556 | ) | $ | (13,673 | ) | ||
Net Loss Per Share of Common Stock | ||||||||
Basic and diluted | $ | (1.70 | ) | $ | (11.26 | ) | ||
Weighted-Average Shares of Common Stock Outstanding | ||||||||
Basic and diluted | 7,384 | 1,214 | ||||||
Statements of Comprehensive Loss: | ||||||||
Net loss | $ | (12,556 | ) | $ | (13,673 | ) | ||
Foreign currency translation adjustment | - | 46 | ||||||
Total Comprehensive Loss | $ | (12,556 | ) | $ | (13,627 | ) | ||
SOURCE: Tenon Medical, Inc.
View the original press release on ACCESS Newswire
FAQ
What were Tenon Medical (TNON) Q4 2025 revenue and gross margin results?
What does FDA 510(k) clearance for SImmetry+ mean for Tenon (TNON)?
How much capital did Tenon (TNON) raise to support commercial expansion in Q4 2025?
What were Tenon (TNON) full-year 2025 profitability and cash position metrics?
How is Tenon (TNON) progressing commercial rollout and surgeon adoption in 2025?
