Tenon Medical (NASDAQ: TNON) grows 2025 revenue 20% but remains unprofitable
Rhea-AI Filing Summary
Tenon Medical, Inc. reported strong growth for the fourth quarter and full year 2025 while remaining unprofitable. Fourth quarter 2025 revenue reached $1.5 million, up 92% from $0.8 million a year earlier, with gross profit of $1.0 million and gross margin improving to 69% from 46%.
For the year ended December 31, 2025, revenue was $3.9 million, a 20% increase from $3.3 million, and gross profit was $2.4 million, or 60% of revenue, up from $1.7 million and 52%. Operating expenses for 2025 were $15.2 million, roughly flat with $15.5 million in 2024, leading to a narrower net loss of $12.6 million, or $1.70 per share, compared with a $13.7 million loss, or $11.26 per share. Cash and cash equivalents were $3.8 million as of December 31, 2025, down from $6.5 million, and the company reported no debt. Management highlighted FDA 510(k) clearance and initial procedures for its next-generation SImmetry+ SI Joint Fusion System as key milestones supporting future growth.
Positive
- Robust revenue and margin growth: 2025 revenue increased 20% to $3.9 million, with gross profit up to $2.4 million and gross margin improving to 60%, reflecting higher procedure volumes and better absorption of fixed costs.
- Improving loss profile: Net loss narrowed from $13.7 million to $12.6 million despite flat operating expenses, indicating early operating leverage as the business scales.
- Product and regulatory progress: Secured FDA 510(k) clearance for the next-generation SImmetry+ SI Joint Fusion System and completed initial procedures, supporting commercial rollout and surgeon adoption.
Negative
- Continuing significant losses: The company remains meaningfully unprofitable, with a 2025 net loss of $12.6 million and operating expenses of $15.2 million relative to $3.9 million in revenue.
- Cash burn and higher liabilities: Cash and cash equivalents declined from $6.5 million to $3.8 million while total liabilities rose to $5.7 million, highlighting ongoing funding needs if losses persist.
Insights
Tenon shows strong growth and margin gains but continues to burn cash.
Tenon Medical delivered meaningful top-line expansion in 2025, with revenue rising to
Operating expenses stayed roughly flat at
The company emphasized FDA 510(k) clearance and initial procedures for its SImmetry+ SI Joint Fusion System as growth drivers. Future filings will be important to see whether procedure volume and revenue continue to scale fast enough to offset ongoing operating losses and cash usage.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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FORM
CURRENT REPORT
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Item 2.02 Results of Operations and Financial Condition.
On March 19, 2026, Tenon Medical, Inc., a Delaware corporation (the “Company”), issued a press release (the “Press Release”) announcing its financial results for the fourth quarter and fiscal year ended December 31, 2025.
As previously announced and set forth in the Press Release, the Company will host a conference call to discuss its financial results for the fourth quarter and fiscal year ended December 31, 2025, provide a corporate update, and conclude with Q&A with the Company’s covering analyst, on March 19, 2026 at 4:30 p.m. ET (1:30 p.m. PT). An audio playback of the call will be available through April 22, 2026, on the Company’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.
A copy of the Press Release referenced above is being furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “1934 Act”), nor shall it be deemed “incorporated by reference” into any filing under the Securities Act of 1933, as amended, or the 1934 Act, except as may be expressly set forth by specific reference in such filing.
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Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The following exhibits are being filed herewith:
| Exhibit No. | Description | |
| 99.1 | Press Release of Tenon Medical, Inc., dated March 19, 2026. | |
| 104 | Cover Page Interactive Data File (embedded with the Inline XBRL document). |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: March 19, 2026 | TENON MEDICAL, INC. | |
| (Registrant) | ||
| By: | /s/ Steven M. Foster | |
| Name: | Steven M. Foster | |
| Title: | Chief Executive Officer and President | |
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Exhibit 99.1
Tenon® Medical Reports Fourth Quarter and Full Year 2025 Financial Results
~ Fourth Quarter 2025 Revenue of $1.5 Million, a 92% Increase Compared to Prior Year ~
~ Record Full Year 2025 Revenue of $3.9 Million, a 20% Increase compared to Prior Year, Driven by Strong Second Half Momentum ~
~ Record Full Year 2025 Gross Profit of $2.4 Million, a 38% Increase Compared to Prior Year ~
~ 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 – 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: |
| o | Record revenue of $1.5 million, an increase of 92% compared to $0.8 million in the fourth quarter of 2024. |
| o | Gross profit of $1.0 million, an increase of 188% compared to $0.4 million in the fourth quarter of 2024. |
| o | Gross margin of 69%, a twenty-three percentage point improvement from 46% in the fourth quarter of 2024. |
| ● | Full Year 2025 Results: |
| o | Record revenue of $3.9 million, a 20% increase compared to $3.3 million in 2024. |
| o | Gross profit of $2.4 million, a 38% increase compared to $1.7 million in 2024. |
| o | Gross margin of 60%, an eight percentage point improvement from 52% 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 $1.5 million in the fourth quarter of 2025, an increase of 92% compared to $0.8 million in the same period of 2024. Revenue for the year ended December 31, 2025, was $3.9 million, an increase of 20% compared to $3.3 million in the year ended December 31, 2024. The increase in revenue for the year ended December 31, 2025 as compared to 2024 was primarily due to an increase in the number of surgical procedures in the back half of 2025 across both the Catamaran® and SImmetry®+ platforms, driven primarily by the adoption of new physician users.
Gross profit was $1.0 million, or 69% of revenue, in the fourth quarter of 2025, compared to $0.4 million, or 46% of revenue, in the fourth quarter of 2024. For the year ended December 31, 2025, gross profit was $2.4 million, or 60% of revenues, compared to $1.7 million, or 52% of revenue, for the year ended December 31, 2024. The eight percentage point gross margin improvement for the year ended December 31, 2025 was primarily driven by higher revenue in the second half of 2025, driving further absorption of fixed costs within cost of goods sold.
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Operating expenses totaled $3.9 million in the fourth quarter of 2025, compared to $3.5 million in the fourth quarter of 2024. For the year ended December 31, 2025, operating expenses totaled $15.2 million compared to $15.5 million in the prior year period. The increase in the three months ended December 31, 2025, was primarily due to higher variable expenses within sales and marketing, driven by increased revenue in the period, while the decrease for the year ended December 31, 2025 was due to reduced general and administrative expenses, partially offset by increased sales and marketing investment to support increased sales and continued commercial expansion.
Net loss was $2.8 million, or $0.29 per share, in the fourth quarter of 2025, compared to a net loss of $3.1 million, or $0.98 per share, in the fourth quarter of 2024. For the year ended December 31, 2025, net loss was $12.6 million, or $1.70 per share, compared to a net loss of $13.7 million, or $11.26 per share, in the same year ago period. The year-over-year improvement in both periods was largely driven by increased revenue and reduced operating expenses fortifying operating leverage.
As of December 31, 2025, cash and cash equivalents totaled $3.8 million, compared to $6.5 million at December 31, 2024. The Company had no outstanding debt as of quarter-end, positioning it to continue executing on its strategic initiatives, including the development and launch of the acquired SiVantage assets and expanding the commercial team.
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: | TNON Conference Call |
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.
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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
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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, $0.001 par value; 4,500,000 shares authorized at December 31, 2025 and 2024; 204,159 and 256,968 shares issued and outstanding at December 31, 2025 and 2024, respectively | 2,622 | 3,300 | ||||||
| Series B convertible preferred stock, $0.001 par value; 491,222 shares authorized at December 31, 2025 and 2024; 86,454 shares issued and outstanding at December 31, 2025 and 2024, respectively | 452 | 452 | ||||||
| Common stock, $0.001 par value; 130,000,000 shares authorized at December 31, 2025 and 2024; 10,851,273 and 3,138,804 shares issued and outstanding at December 31, 2025 and 2024, respectively | 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 | ||||
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Tenon Medical, Inc.
Condensed Statements of Operations and Comprehensive Loss (Unaudited)
(In thousands, except per share data)
Years
Ended | ||||||||
| 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 | ) | ||
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FAQ
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Filing Exhibits & Attachments
5 documents