Tenon Medical (TNON)
Market Price (1/19/2026): $0.9794 | Market Cap: $8.1 MilSector: Health Care | Industry: Life Sciences Tools & Services
Tenon Medical (TNON)
Market Price (1/19/2026): $0.9794Market Cap: $8.1 MilSector: Health CareIndustry: Life Sciences Tools & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -39% | Weak multi-year price returns2Y Excs Rtn is -137%, 3Y Excs Rtn is -174% | Penny stockMkt Price is 1.0 |
| Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, and Medical Technology Innovation. Themes include Geriatric Care, Musculoskeletal Device Solutions, Show more. | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -13 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -405% | |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.5% | ||
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 69% | ||
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -349%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -349% | ||
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -161% | ||
| High stock price volatilityVol 12M is 300% | ||
| Key risksTNON key risks include [1] its precarious financial health, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -39% |
| Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, and Medical Technology Innovation. Themes include Geriatric Care, Musculoskeletal Device Solutions, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -137%, 3Y Excs Rtn is -174% |
| Penny stockMkt Price is 1.0 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -13 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -405% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.5% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 69% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -349%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -349% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -161% |
| High stock price volatilityVol 12M is 300% |
| Key risksTNON key risks include [1] its precarious financial health, Show more. |
Why The Stock Moved
Qualitative Assessment
AI Analysis | Feedback
1. At-The-Market PIPE Financing and Dilution: On November 11, 2025, Tenon Medical announced the pricing of an at-the-market PIPE (Private Investment in Public Equity) financing to raise $2.85 million in gross proceeds, which closed on November 14, 2025. This involved issuing 2,217,904 shares of common stock and warrants, typically leading to dilution and downward pressure on the stock price.
2. Q3 2025 Financial Results: On November 13, 2025, Tenon Medical reported its third-quarter 2025 financial results. While the company announced a record revenue of $1.2 million, a 32% year-over-year increase, it continued to report a net loss, with a trailing twelve-month net income of -$12.81 million. Continued losses, despite revenue growth, can lead to investor disappointment and a negative impact on stock performance.
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Stock Movement Drivers
Fundamental Drivers
The -17.2% change in TNON stock from 10/31/2025 to 1/18/2026 was primarily driven by a -17.9% change in the company's P/S Multiple.| 10312025 | 1182026 | Change | |
|---|---|---|---|
| Stock Price ($) | 1.20 | 0.99 | -17.16% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 2.95 | 3.23 | 9.70% |
| P/S Multiple | 3.09 | 2.54 | -17.93% |
| Shares Outstanding (Mil) | 7.59 | 8.25 | -8.68% |
| Cumulative Contribution | -17.78% |
Market Drivers
10/31/2025 to 1/18/2026| Return | Correlation | |
|---|---|---|
| TNON | -17.2% | |
| Market (SPY) | 1.4% | 48.6% |
| Sector (XLV) | 8.0% | 30.0% |
Fundamental Drivers
The -2.5% change in TNON stock from 7/31/2025 to 1/18/2026 was primarily driven by a -129.4% change in the company's Shares Outstanding (Mil).| 7312025 | 1182026 | Change | |
|---|---|---|---|
| Stock Price ($) | 1.02 | 0.99 | -2.54% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 3.28 | 3.23 | -1.55% |
| P/S Multiple | 1.12 | 2.54 | 127.06% |
| Shares Outstanding (Mil) | 3.60 | 8.25 | -129.36% |
| Cumulative Contribution | -165.62% |
Market Drivers
7/31/2025 to 1/18/2026| Return | Correlation | |
|---|---|---|
| TNON | -2.5% | |
| Market (SPY) | 9.7% | 3.6% |
| Sector (XLV) | 20.0% | 22.2% |
Fundamental Drivers
The -38.6% change in TNON stock from 1/31/2025 to 1/18/2026 was primarily driven by a -840.7% change in the company's Shares Outstanding (Mil).| 1312025 | 1182026 | Change | |
|---|---|---|---|
| Stock Price ($) | 1.62 | 0.99 | -38.64% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 3.31 | 3.23 | -2.47% |
| P/S Multiple | 0.43 | 2.54 | 491.90% |
| Shares Outstanding (Mil) | 0.88 | 8.25 | -840.71% |
| Cumulative Contribution | -4375.78% |
Market Drivers
1/31/2025 to 1/18/2026| Return | Correlation | |
|---|---|---|
| TNON | -38.6% | |
| Market (SPY) | 15.9% | 7.0% |
| Sector (XLV) | 7.4% | 0.4% |
Fundamental Drivers
The -99.5% change in TNON stock from 1/31/2023 to 1/18/2026 was primarily driven by a -5773.6% change in the company's Shares Outstanding (Mil).| 1312023 | 1182026 | Change | |
|---|---|---|---|
| Stock Price ($) | 180.80 | 0.99 | -99.45% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | � | 3.23 | � |
| P/S Multiple | � | 2.54 | � |
| Shares Outstanding (Mil) | 0.14 | 8.25 | -5773.56% |
| Cumulative Contribution | � |
Market Drivers
1/31/2023 to 1/18/2026| Return | Correlation | |
|---|---|---|
| TNON | -99.5% | |
| Market (SPY) | 76.5% | 6.3% |
| Sector (XLV) | 22.2% | 1.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TNON Return | - | -93% | -90% | -85% | -49% | 0% | -100% |
| Peers Return | -15% | -17% | 5% | 3% | 37% | -4% | -0% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 1% | 85% |
Monthly Win Rates [3] | |||||||
| TNON Win Rate | - | 22% | 42% | 8% | 33% | 100% | |
| Peers Win Rate | 45% | 55% | 50% | 47% | 47% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 100% | |
Max Drawdowns [4] | |||||||
| TNON Max Drawdown | - | -95% | -95% | -86% | -54% | -1% | |
| Peers Max Drawdown | -24% | -40% | -27% | -26% | -17% | -8% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | 0% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: SIBN, GMED, ATEC, OFIX, MDT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 1/16/2026 (YTD)
How Low Can It Go
| Event | TNON | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -99.8% | -25.4% |
| % Gain to Breakeven | 58488.2% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
Compare to SIBN, GMED, ATEC, OFIX, MDT
In The Past
Tenon Medical's stock fell -99.8% during the 2022 Inflation Shock from a high on 5/9/2022. A -99.8% loss requires a 58488.2% gain to breakeven.
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AI Analysis | Feedback
A specialized Medtronic for sacroiliac (SI) joint fusion.
Stryker for minimally invasive SI-joint solutions.
AI Analysis | Feedback
- The Catamaran™ SI-J Fusion System: A proprietary medical device designed for sacroiliac joint (SI-J) fusion procedures.
AI Analysis | Feedback
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.
AI Analysis | Feedback
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AI Analysis | Feedback
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.AI Analysis | Feedback
The key risks for Tenon Medical (TNON) primarily revolve around its financial viability and the challenges associated with the commercialization and market adoption of its core product.
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Financial Health, Profitability, and Ongoing Need for Capital: Tenon Medical faces significant financial challenges, operating with substantial losses and negative profitability margins, including negative EBIT and profit margins. The company has experienced rapid cash burn and, as of September 30, 2025, had $3.4 million in cash and cash equivalents, necessitating further financing. These financing activities, often through equity offerings, lead to substantial dilution for existing stockholders and can cause the stock's trading price to decline. Despite revenue growth forecasts, the company is currently unprofitable and not projected to achieve profitability within the next three years.
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Market Adoption and Commercialization Challenges: Tenon Medical's primary offering, the Catamaran™ SI Joint Fusion System, operates in a market for sacroiliac (SI) joint dysfunction where the penetration of surgical solutions has historically been low (around 5-7%) due to complex surgical approaches and suboptimal implant designs of existing options. While the company has secured FDA approvals and patents, it must overcome significant hurdles to achieve broader procedural adoption for its system against various existing non-surgical and surgical treatments. The success of the company hinges on effectively driving market acceptance and increased utilization of its device to translate innovation into meaningful revenue and profitability.
AI Analysis | Feedback
nullAI Analysis | Feedback
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.
Latest Trefis Analyses
| Title | Topic | |
|---|---|---|
| DASHBOARDS | ||
| Tenon Medical Earnings Notes | ||
| Can Tenon Medical Stock Recover If Markets Fall? | Return |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons for Tenon Medical
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 17.37 |
| Mkt Cap | 1.7 |
| Rev LTM | 773 |
| Op Inc LTM | -19 |
| FCF LTM | -3 |
| FCF 3Y Avg | -17 |
| CFO LTM | 32 |
| CFO 3Y Avg | -8 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.5% |
| Rev Chg 3Y Avg | 28.4% |
| Rev Chg Q | 21.8% |
| QoQ Delta Rev Chg LTM | 5.0% |
| Op Mgn LTM | -10.8% |
| Op Mgn 3Y Avg | -17.9% |
| QoQ Delta Op Mgn LTM | 2.1% |
| CFO/Rev LTM | 4.2% |
| CFO/Rev 3Y Avg | -4.2% |
| FCF/Rev LTM | -0.4% |
| FCF/Rev 3Y Avg | -10.8% |
Price Behavior
| Market Price | $0.99 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 04/27/2022 | |
| Distance from 52W High | -73.5% | |
| 50 Days | 200 Days | |
| DMA Price | $1.08 | $1.14 |
| DMA Trend | down | down |
| Distance from DMA | -8.3% | -13.1% |
| 3M | 1YR | |
| Volatility | 53.1% | 302.1% |
| Downside Capture | 326.22 | 176.44 |
| Upside Capture | 139.92 | 88.78 |
| Correlation (SPY) | 49.1% | 7.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.46 | 2.57 | 1.97 | 0.42 | 1.12 | 0.98 |
| Up Beta | 0.81 | 1.89 | 1.17 | 1.54 | 0.05 | -0.07 |
| Down Beta | 1.17 | 3.20 | 2.36 | -1.31 | 1.72 | 1.46 |
| Up Capture | -19% | 152% | 132% | 62% | 54% | -2% |
| Bmk +ve Days | 11 | 23 | 37 | 72 | 143 | 431 |
| Stock +ve Days | 8 | 15 | 26 | 48 | 96 | 287 |
| Down Capture | 329% | 297% | 231% | 119% | 130% | 112% |
| Bmk -ve Days | 11 | 18 | 27 | 55 | 108 | 320 |
| Stock -ve Days | 11 | 21 | 31 | 64 | 131 | 425 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
nullBased On 5-Year Data
nullBased On 10-Year Data
nullReturns Analyses
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2025 | 11/13/2025 | 10-Q (09/30/2025) |
| 06/30/2025 | 08/13/2025 | 10-Q (06/30/2025) |
| 03/31/2025 | 05/13/2025 | 10-Q (03/31/2025) |
| 12/31/2024 | 03/26/2025 | 10-K (12/31/2024) |
| 09/30/2024 | 11/14/2024 | 10-Q (09/30/2024) |
| 06/30/2024 | 08/13/2024 | 10-Q (06/30/2024) |
| 03/31/2024 | 05/15/2024 | 10-Q (03/31/2024) |
| 12/31/2023 | 03/29/2024 | 10-K (12/31/2023) |
| 09/30/2023 | 11/14/2023 | 10-Q (09/30/2023) |
| 06/30/2023 | 08/11/2023 | 10-Q (06/30/2023) |
| 03/31/2023 | 05/09/2023 | 10-Q (03/31/2023) |
| 12/31/2022 | 03/10/2023 | 10-K (12/31/2022) |
| 09/30/2022 | 11/10/2022 | 10-Q (09/30/2022) |
| 06/30/2022 | 08/12/2022 | 10-Q (06/30/2022) |
| 03/31/2022 | 06/09/2022 | 10-Q (03/31/2022) |
| 12/31/2021 | 04/27/2022 | 424B4 (12/31/2021) |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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