Tenon Medical, Inc., a medical device company, develops surgical implant systems to optimize sacroiliac joint fixation/fusion surgery and corresponding outcomes. It focuses on sells The CATAMARAN SIJ Fusion System that includes instruments and implants designed to prepare and fixate the SI-Joint for fusion in the United States and Puerto Rico. The company was incorporated in 2012 and is based in Los Gatos, California.
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A specialized Medtronic for sacroiliac (SI) joint fusion.
Stryker for minimally invasive SI-joint solutions.
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- The Catamaran™ SI-J Fusion System: A proprietary medical device designed for sacroiliac joint (SI-J) fusion procedures.
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Tenon Medical (TNON) primarily sells its products to other companies within the healthcare sector. The company's flagship product, The Catamaran™ SI-Joint Fusion System, is a medical device designed for minimally invasive surgery to treat sacroiliac joint dysfunction.
Tenon Medical sells its products primarily to the following types of customer companies:
- Hospitals: These are healthcare institutions where surgical procedures are performed.
- Ambulatory Surgery Centers (ASCs): These are outpatient surgical facilities that provide a cost-effective and convenient setting for certain surgical procedures.
While Tenon Medical's business model is primarily B2B (business-to-business), its public filings (such as its 10-K reports) do not identify any specific major customer companies by name or symbol. This indicates that the company does not have a significant concentration of revenue from any single customer that would require individual disclosure.
The company also notes its intent to potentially engage independent distributors in the future, which would further expand its B2B customer base.
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Steven M. Foster, Chief Executive Officer & President
Steven M. Foster serves as Chief Executive Officer & President and is also a Director of Tenon Medical. He brings over 30 years of experience in marketing, sales, operations, and general management within the medical device industry. Most recently, Mr. Foster was the principal with CTB Advisors, LLC, where he provided medical device organizations with consultative assistance on commercialization-focused projects. His clients included NuVasive (NUVA), SafeOp Surgical, and Alphatec Spine (ATEC).
Kevin Williamson, Chief Financial Officer
Kevin Williamson is Tenon Medical's Chief Financial Officer. He most recently served as the Chief Financial Officer at Accelus Inc., a medical device company focused on expandable spinal implant technology, where he was responsible for the finance organization, investor relations, and IT functions. From 2019 to 2020, Mr. Williamson was the Director of Finance at Accelus Inc., overseeing Financial Planning and Analysis. His background also includes various corporate finance roles at NuVasive, Inc., a company specializing in minimally invasive spine surgery.
Richard Ferrari, Executive Chairman
Richard Ferrari is a Tenon Founder, Director, and Executive Chairman of the Company. Since 2000, he has been the Managing Director of Denovo Ventures, a firm specializing in Medical Devices and Biotechnology. Mr. Ferrari previously served as CEO and Chairman of the Board of Directors of PQ Bypass, which was successfully acquired by Endologix.
Richard Ginn, Chief Technology Officer
Richard Ginn is a founder of Tenon Medical, serving as Chief Technology Officer and a Director of the company. His focus is on intellectual property and product development, and he is a named inventor on more than 300 patents for medical devices. Mr. Ginn has helped raise over $100 million in venture capital. In 2013, he founded TransAortic Medical, an embolic protection device company, where he holds the positions of President, CEO, and Director. Mr. Ginn is also the founder of Promed, a large hole femoral closure device company, where he was CEO, President, and a Director, and managed the acquisition of technology by a strategic partner.
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Tenon Medical (TNON) primarily focuses on the sacroiliac (SI) joint market with its main product, The Catamaran SI Joint Fusion System. The company targets three commercial opportunities within this market: Primary SI Joint procedures, Revision procedures of failed SI Joint implants, and SI Joint fusion as an adjunct to a spine fusion construct.
The addressable market for SI joint fusion is substantial and projected to grow significantly. The global market for SI joint fusion was estimated to be around $294 million in 2023 and is expected to grow at a compound annual growth rate of over 19% until 2030. Another estimate suggests the market could grow from approximately $900 million in 2024 to nearly $5 billion by 2033 globally. Furthermore, some reports forecast a compound annual growth rate exceeding 20% between 2022 and 2032, with the market reaching approximately $3.9 billion.
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Expected Drivers of Future Revenue Growth for Tenon Medical (TNON)
Over the next 2-3 years, Tenon Medical (TNON) is expected to drive future revenue growth through several key initiatives:
- Full Commercial Launch of New and Recently Expanded Products: The full commercial launch of the Catamaran SE SI Joint Fusion System, anticipated in early 2025, is a significant expected driver. Additionally, the Symmetry Plus system, a next-generation SI joint fusion platform with initial alpha surgeries expected in Q4, is also poised to enhance outcomes and product differentiation.
- Expansion of the Catamaran Platform's Indications: The Catamaran platform has received new FDA clearance as an adjunct to thoracolumbar fixation. This expanded indication broadens the addressable market opportunities for Tenon Medical's core product.
- Strategic Acquisition of CyVantage: The recent acquisition of CyVantage is expected to immediately contribute to revenue. This acquisition brings revenue-generating technologies, expands hospital approval access, and strengthens Tenon Medical's commercial organization.
- Increased Sales Force and Marketing Investment: Tenon Medical has prioritized expanding its sales force, and increases in sales and marketing investments are anticipated in future quarters. This focus aims to support rapid expansion and market penetration for its systems.
- Positive Clinical Data and Post-Market Study Results: Ongoing clinical validation through investment in research and the anticipated publication of interim analysis from the Catamaran SI Joint Fusion System's post-market clinical trial are expected to reinforce the safety and effectiveness of their products, thereby driving adoption and growth.
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Share Issuance
- On November 11, 2025, Tenon Medical priced an at-the-market PIPE (Private Investment in Public Equity) financing, raising gross proceeds of $2.85 million. This involved issuing 2,217,904 shares of common stock and warrants to purchase an equal number of shares at a combined offering price of $1.285 per share plus warrant.
- As of October 13, 2025, 866,642 restricted stock units (RSUs) were issued to directors and officers under the company's 2022 Equity Incentive Plan.
- The number of shares outstanding for Tenon Medical increased by 965.55% year-over-year and by 111.04% quarter-over-quarter, as of November 2025.
Inbound Investments
- Tenon Medical secured $2.85 million through a private investment in public equity (PIPE) transaction on November 11, 2025. These funds are designated for working capital, commercial expansion, advancements in clinical studies, and general corporate purposes.
Capital Expenditures
- In the last 12 months, Tenon Medical's capital expenditures amounted to -$259,000.
- The company's primary focus for capital expenditures is likely related to the development and commercialization of its medical devices, such as the Catamaran SI-Joint Fusion System, used for treating sacroiliac joint disorders.
- There is one estimate available for Tenon Medical's capital expenditures for the next fiscal year.
