Tenon Medical (TNON)


Market Price (10/9/2026): $3.43 | Market Cap: $1.1 MilSector: Health Care | Industry: Life Sciences Tools & Services

Tenon Medical (TNON)


Market Price (10/9/2026): $3.43
Market Cap: $1.1 Mil
Sector: Health Care
Industry: Life Sciences Tools & Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 80%

Megatrend and thematic drivers
Megatrends include Aging Population & Chronic Disease, and Medical Technology Innovation. Themes include Geriatric Care, Musculoskeletal Device Solutions, Show more.

Weak multi-year price returns
2Y Excs Rtn is -53%, 3Y Excs Rtn is -156%

Not profitable at operating income level
Op 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 -243%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 355%

Stock price has recently run up significantly
6M Rtn6 month market price return is 365%, 12M Rtn12 month market price return is 187%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 22%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -221%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -229%

Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 318%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -1218%

High stock price volatility
Vol 12M is 3995%

Significant short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 164%

Key risks
TNON key risks include [1] its precarious financial health, Show more.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 80%
1 Megatrend and thematic drivers
Megatrends include Aging Population & Chronic Disease, and Medical Technology Innovation. Themes include Geriatric Care, Musculoskeletal Device Solutions, Show more.
2 Weak multi-year price returns
2Y Excs Rtn is -53%, 3Y Excs Rtn is -156%
3 Not profitable at operating income level
Op 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 -243%
4 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 355%
5 Stock price has recently run up significantly
6M Rtn6 month market price return is 365%, 12M Rtn12 month market price return is 187%
6 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 22%
7 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -221%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -229%
8 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 318%
9 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -1218%
10 High stock price volatility
Vol 12M is 3995%
11 Significant short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 164%
12 Key risks
TNON key risks include [1] its precarious financial health, Show more.

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 10/8/2026

Tenon Medical (TNON) stock has gained about 955% since 6/30/2026 because of the following key factors:

1. Tenon Medical (TNON) successfully resolved critical Nasdaq listing compliance issues during fiscal Q3 2026. The company regained compliance with Nasdaq's minimum stockholders' equity requirement of $2.5 million by July 17, 2026, following a $4.2 million public offering of common stock and warrants completed on July 1, 2026. Additionally, Tenon Medical regained compliance with the Nasdaq minimum bid price requirement of $1.00 per share by August 24, 2026, after executing a 1-for-35 reverse stock split effective August 10, 2026. These actions eliminated significant delisting risks, providing stability and confidence to investors.

2. The company strengthened its financial position and mitigated future dilution by repaying senior convertible notes ahead of maturity during fiscal Q3 2026. Tenon Medical announced the full repayment of its outstanding senior convertible notes with an aggregate principal balance of approximately $5.16 million on September 9, 2026, ahead of their September 11, 2026, maturity date. This proactive move removed the risk of these notes converting into new shares at a discount, thereby easing a key dilution overhang and bolstering the company's balance sheet.

Show more
Updated on 10/8/2026

Tenon Medical (TNON) stock has gained about 955% since 6/30/2026 because of the following key factors:

1. Tenon Medical (TNON) successfully resolved critical Nasdaq listing compliance issues during fiscal Q3 2026. The company regained compliance with Nasdaq's minimum stockholders' equity requirement of $2.5 million by July 17, 2026, following a $4.2 million public offering of common stock and warrants completed on July 1, 2026. Additionally, Tenon Medical regained compliance with the Nasdaq minimum bid price requirement of $1.00 per share by August 24, 2026, after executing a 1-for-35 reverse stock split effective August 10, 2026. These actions eliminated significant delisting risks, providing stability and confidence to investors.

2. The company strengthened its financial position and mitigated future dilution by repaying senior convertible notes ahead of maturity during fiscal Q3 2026. Tenon Medical announced the full repayment of its outstanding senior convertible notes with an aggregate principal balance of approximately $5.16 million on September 9, 2026, ahead of their September 11, 2026, maturity date. This proactive move removed the risk of these notes converting into new shares at a discount, thereby easing a key dilution overhang and bolstering the company's balance sheet.

3. Tenon Medical achieved significant commercial and regulatory milestones for its SI joint fusion systems, driving revenue growth. In July 2026, the company received FDA 510(k) clearance for its updated Catamaran SI Joint Fusion System, with reclassification of instruments to reusable status expected to enhance margins starting fiscal Q3 2026. Furthermore, Tenon Medical announced the full commercial launch of its SImmetry+ lateral screw for SI joint fusion on September 30, 2026, following a successful alpha launch that generated approximately $1.2 million in incremental revenue from late fiscal Q4 2025 through fiscal Q3 2026. These advancements indicated strong product adoption and market expansion.

Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →

Stock Movement Drivers

Fundamental Drivers

The 954.2% change in TNON stock from 6/30/2026 to 10/8/2026 was primarily driven by a 829.5% change in the company's P/S Multiple.
(LTM values as of)630202610082026Change
Stock Price ($)0.333.44954.2%
Change Contribution By: 
Total Revenues ($ Mil)5515.6%
P/S Multiple0.00.2829.5%
Shares Outstanding (Mil)00-1.8%
Cumulative Contribution954.2%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/8/2026
ReturnCorrelation
TNON954.2% 
Market (SPY)3.6%14.3%
Sector (XLV)6.0%10.5%

Fundamental Drivers

The 374.1% change in TNON stock from 3/31/2026 to 10/8/2026 was primarily driven by a 312.6% change in the company's P/S Multiple.
(LTM values as of)331202610082026Change
Stock Price ($)0.733.44374.1%
Change Contribution By: 
Total Revenues ($ Mil)4534.7%
P/S Multiple0.10.2312.6%
Shares Outstanding (Mil)00-14.7%
Cumulative Contribution374.1%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/8/2026
ReturnCorrelation
TNON374.1% 
Market (SPY)19.3%4.4%
Sector (XLV)15.2%-3.2%

Fundamental Drivers

The 191.5% change in TNON stock from 9/30/2025 to 10/8/2026 was primarily driven by a 144.5% change in the company's P/S Multiple.
(LTM values as of)930202510082026Change
Stock Price ($)1.183.44191.5%
Change Contribution By: 
Total Revenues ($ Mil)3580.3%
P/S Multiple0.10.2144.5%
Shares Outstanding (Mil)00-33.8%
Cumulative Contribution191.5%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/8/2026
ReturnCorrelation
TNON191.5% 
Market (SPY)17.1%3.9%
Sector (XLV)22.4%-2.0%

Fundamental Drivers

The -72.3% change in TNON stock from 9/30/2023 to 10/8/2026 was primarily driven by a -98.6% change in the company's Shares Outstanding (Mil).
(LTM values as of)930202310082026Change
Stock Price ($)12.433.44-72.3%
Change Contribution By: 
Total Revenues ($ Mil)25219.8%
P/S Multiple0.00.2509.0%
Shares Outstanding (Mil)00-98.6%
Cumulative Contribution-72.3%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2023 to 10/8/2026
ReturnCorrelation
TNON-72.3% 
Market (SPY)87.3%2.2%
Sector (XLV)36.8%-0.9%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
TNON Return--93%-90%-85%-49%268%-100%
Peers Return-15%-17%5%3%37%-24%-20%
S&P 500 Return27%-19%24%23%16%14%108%

Monthly Win Rates [3]
TNON Win Rate-22%42%8%33%30% 
Peers Win Rate45%55%50%47%47%40% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
TNON Max Drawdown---97%-86%-77%-99% 
Peers Max Drawdown-37%-46%-45%-32%-32%-43% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[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 10/8/2026 (YTD)

How Low Can It Go

EventTNONS&P 500
2025 US Tariff Shock
  % Loss-39.3%-18.8%
  % Gain to Breakeven64.8%23.1%
  Time to Breakeven49 days79 days
2024 Yen Carry Trade Unwind
  % Loss-42.6%-7.8%
  % Gain to Breakeven74.3%8.5%
  Time to Breakeven28 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-70.5%-9.5%
  % Gain to Breakeven238.8%10.5%
  Time to Breakeven6 days24 days

Compare to SIBN, GMED, ATEC, OFIX, MDT

In The Past

Tenon Medical's stock fell -39.3% during the 2025 US Tariff Shock. Such a loss loss requires a 64.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventTNONS&P 500
2025 US Tariff Shock
  % Loss-39.3%-18.8%
  % Gain to Breakeven64.8%23.1%
  Time to Breakeven49 days79 days
2024 Yen Carry Trade Unwind
  % Loss-42.6%-7.8%
  % Gain to Breakeven74.3%8.5%
  Time to Breakeven28 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-70.5%-9.5%
  % Gain to Breakeven238.8%10.5%
  Time to Breakeven6 days24 days

Compare to SIBN, GMED, ATEC, OFIX, MDT

In The Past

Tenon Medical's stock fell -39.3% during the 2025 US Tariff Shock. Such a loss loss requires a 64.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Tenon Medical (TNON)

Tenon Medical, Inc. (TNON) is a medical device company specializing in the development of surgical implant systems. Its core mission is to optimize sacroiliac (SI) joint fixation/fusion surgery, aiming to improve surgical outcomes for patients suffering from SI joint issues.

The company's primary product is The CATAMARAN SIJ Fusion System. This comprehensive system includes both specialized instruments and implants designed to prepare and securely fixate the SI-Joint, facilitating the fusion process. Tenon Medical currently focuses its sales and marketing efforts for The CATAMARAN SIJ Fusion System to healthcare providers within the United States and Puerto Rico.

AI Analysis | Feedback

Here are 1-3 brief analogies to describe Tenon Medical (TNON):

  • Like Stryker or Zimmer Biomet, but entirely focused on instruments and implants for sacroiliac joint fusion surgery.
  • A specialized medical device company, akin to Globus Medical, but exclusively dedicated to sacroiliac joint fixation systems.

AI Analysis | Feedback

  • The CATAMARAN SIJ Fusion System: A surgical implant system comprising instruments and implants designed to prepare and fixate the sacroiliac (SI) joint for fusion surgery.

AI Analysis | Feedback

Tenon Medical, Inc. (TNON) primarily sells its surgical implant systems and related instruments to healthcare institutions. Its major customers fall into the following categories:

  • Hospitals: These are large medical facilities with surgical departments that perform sacroiliac joint fixation/fusion surgeries and purchase medical devices like the CATAMARAN SIJ Fusion System.
  • Ambulatory Surgical Centers (ASCs): These are outpatient facilities that specialize in various surgical procedures, including spine and orthopedic surgeries, and represent a significant market for medical device companies.

AI Analysis | Feedback

null

AI Analysis | Feedback

Steven M. Foster Chief Executive Officer & President

Mr. Foster has served as Chief Executive Officer & President of Tenon Medical since June 2021. He brings over 30 years of experience in marketing, sales, operations, and general management within the medical device industry. Prior to Tenon Medical, Mr. Foster was a principal with CTB Advisors, LLC, where he provided consultative assistance on commercialization-focused projects for medical device organizations, including clients such as NuVasive, SafeOp Surgical, and Alphatec Spine. His experience also includes serving as President, North America at Safe Orthopaedics, and holding various leadership roles at Medtronic Spine and Biologics, including Vice President of Sales - Biologics. He also held supervisory roles at Stryker.

Kevin Williamson Chief Financial Officer

Mr. Williamson was appointed Chief Financial Officer of Tenon Medical, effective September 3, 2024. He most recently served as the Chief Financial Officer at Accelus Inc., a medical device company specializing in expandable spinal implant technology, where he oversaw finance, investor relations, and IT functions. From 2019 to 2020, he was the Director of Finance at Accelus Inc. Additionally, from 2015 to 2019, Mr. Williamson held various roles in the Corporate Finance department at NuVasive, Inc., a medical device company focused on minimally invasive spine surgery.

Richard Ferrari Executive Chairman

Mr. Ferrari is a founder, Director, and the Executive Chairman of Tenon Medical. Since 2000, he has been the Managing Director of Denovo Ventures, focusing on 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. He has also held executive chairman roles at Medlumics, S.L., Heart Beam Inc., and Sentreheart (acquired by Atricure), and was a co-founder of TransAortic (acquired by Medtronic). Mr. Ferrari has been instrumental in raising over $1 billion for companies and has contributed to over $2 billion in acquisitions.

Richard Ginn Chief Technology Officer

Mr. Ginn is a founder of Tenon Medical, serving as its Chief Technology Officer and a Director. His work primarily focuses on intellectual property and product development, and he is a named inventor on over 300 patents for medical devices. Mr. Ginn has also played a role in raising more than $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.

Wyatt Geist Chief Innovation Officer

Mr. Geist serves as the Chief Innovation Officer for Tenon Medical. His professional background includes expertise in Microbiology, Biochemistry, and Engineering.

AI Analysis | Feedback

The key risks to Tenon Medical (TNON) include its ongoing financial instability, intense market competition in the sacroiliac joint (SIJ) fusion sector, and significant reliance on a single product line coupled with regulatory and reimbursement challenges.

1. Financial Instability and Lack of Profitability

Tenon Medical has consistently reported net losses and faces significant financial challenges. The company's profitability metrics are concerning, with deeply negative operating and net margins. Analysts have noted that the company is currently unprofitable and is not forecast to become profitable in the near future, leading to continued cash burn. The Altman Z-Score, a measure of financial distress, indicates a potential risk of bankruptcy within the next two years. While the company has shown revenue growth, the struggle to achieve consistent profitability remains a dominant risk to its long-term viability and investor confidence.

2. Intense Market Competition and Low Market Penetration of Surgical Solutions

The sacroiliac joint fusion market is highly competitive, with other companies offering minimally invasive SIJ fixation products. Tenon Medical faces competition from both established players and various non-surgical treatment options for chronic lower back pain, including systemic oral medications and opioids. Historically, the penetration of surgical solutions for SIJ dysfunction has been relatively low, estimated at 5-7% of the total market. This limited market penetration for surgical interventions, combined with a competitive landscape, poses a challenge for Tenon Medical to significantly expand its market share and achieve substantial revenue growth.

3. Reliance on a Single Product Line and Regulatory/Reimbursement Challenges

Tenon Medical's business is heavily concentrated on its CATAMARAN SIJ Fusion System, with the majority of its revenue derived from sales of this single product to a limited number of clinicians. While the company has FDA clearance for its system, the medical device industry is subject to stringent and evolving regulatory requirements. Furthermore, securing adequate and consistent reimbursement from third-party payors for its procedures is an ongoing uphill battle. Any adverse changes in regulatory policies, delays in obtaining necessary approvals for product enhancements, or difficulties in securing favorable reimbursement rates could significantly impact the company's commercial success and ability to generate revenue.

AI Analysis | Feedback

null

AI Analysis | Feedback

The addressable market for Tenon Medical's main products, primarily the CATAMARAN SIJ Fusion System, is the sacroiliac (SI) joint fusion market.

Global Market:

The global sacroiliac joint fusion surgery market was valued at approximately USD 721.2 million in 2023 and is projected to reach USD 2.49 billion by 2030, growing at a compound annual growth rate (CAGR) of 19.8% from 2024 to 2030. Another estimate indicates the global market size was USD 293.80 million in 2023 and is expected to grow at a CAGR of 19.3% from 2024 to 2030, reaching USD 984.9 million by 2030. This market growth is driven by the increasing prevalence of chronic lower back pain associated with SI joint dysfunction, technological advancements, and the rising adoption of minimally invasive surgical techniques.

U.S. Market:

The U.S. sacroiliac joint fusion market was estimated at USD 0.45 billion in 2024 and is projected to reach USD 1.12 billion by 2034, demonstrating a CAGR of 9.2% from 2024 to 2034. North America, particularly the U.S., dominated the global market in 2023, accounting for 41.1% of the revenue share due to advanced healthcare infrastructure, the presence of key companies, and favorable reimbursement policies.

AI Analysis | Feedback

Tenon Medical (TNON) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market dynamics:

  1. Increased Procedural Volumes for the CATAMARAN SIJ Fusion System: Tenon Medical has consistently reported significant year-over-year increases in surgical procedures utilizing its flagship CATAMARAN SIJ Fusion System. For instance, the first quarter of 2024 saw a 42% rise in surgical procedures using the system, while the fourth quarter of 2023 experienced a 312% increase compared to the prior year. This sustained growth in adoption and use of its primary product is a fundamental driver of revenue.

  2. Expansion of Product Portfolio and Market Reach through SImmetry+ SI Joint Fusion System and Strategic Acquisitions: The company has broadened its product offerings through strategic actions such as the acquisition of sacroiliac joint-specific assets from SiVantage and the subsequent FDA clearance and commercialization of the SImmetry+ SI Joint Fusion System. This expansion allows Tenon Medical to address a wider range of sacro-pelvic fixation and fusion needs, thereby capturing a larger market share.

  3. Expansion of Commercial Infrastructure and New Physician Adoption: Tenon Medical is actively investing in and restructuring its commercial infrastructure, including its sales force, and focusing on training and engaging new physician adopters for both the Catamaran and SImmetry+ systems. This strategic emphasis on deepening market penetration by increasing the number of trained surgeons and expanding its sales footprint is crucial for driving future sales.

  4. Leveraging Positive Clinical Data and Regulatory Advancements: Favorable outcomes from post-market clinical studies, such as the MAINSAIL trial demonstrating an 83% fusion rate at 12 months with the Catamaran system, and ongoing FDA clearances, are vital for enhancing product credibility and increasing physician confidence. These advancements support broader product adoption and strengthen the company's competitive position in the sacroiliac joint market.

AI Analysis | Feedback

Share Repurchases

  • Tenon Medical has not engaged in any share repurchase programs over the last 3-5 years.

Share Issuance

  • Subsequent to December 31, 2023, Tenon Medical issued approximately $3.85 million of Series A Preferred Stock, which resulted in approximately $2.6 million in gross proceeds.
  • In early March 2026, Tenon Medical announced the closing of a private placement of Senior Original Issue Discount Convertible Notes Offering for gross proceeds of $4.3 million.
  • The number of shares outstanding increased by 1,031.03% in the year leading up to March 2026, with 11.11 million shares outstanding as of that time.

Inbound Investments

  • In early 2024, the company received approximately $2.6 million in gross proceeds from the issuance of Series A Preferred Stock.
  • Tenon Medical closed a private placement of Senior Original Issue Discount Convertible Notes Offering, generating gross proceeds of $4.3 million in early March 2026.

Capital Expenditures

  • Over the last 12 months leading up to March 2026, Tenon Medical's capital expenditures totaled -$794,000.
  • In Q3 2025, the company invested -$111,000 in capital expenditures for funding long-term assets and infrastructure.
  • For the fiscal year 2024, capital expenditures were reported as $186,000.

Better Bets vs. Tenon Medical (TNON)

Peer Outperformance in Life Sciences Tools & Services

null
Share of Life Sciences Tools & Services constituents that TNON has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
95%
of 126 industry peers · 186.7% return
3Y
29%
of 116 industry peers · -71.7% return
5Y
—
insufficient peer history
null
Median price return by industry across the Health Care sector, ranked by 5Y. Life Sciences Tools & Services is TNON's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care Distributors 6 13.9%45.7%94.9% CAH 443% · MCK 376% · COR 184%
Health Care Services 20 21.0%35.1%10.5% HIMS 280% · RDNT 141% · DGX 79%
Health Care Facilities 24 -0.8%5.1%4.8% THC 321% · NHC 279% · ENSG 139%
Managed Health Care 8 22.1%-7.9%-0.1% OSCR 123% · HQY 44% · ELV 12%
Health Care Equipment 50 -8.0%-3.8%-17.3% POCI 11563% · UFPT 346% · GKOS 257%
Pharmaceuticals 62 -10.6%0.2%-30.4% INDV 1090% · ETON 997% · LQDA 926%
Health Care Supplies 12 20.5%-8.5%-37.1% LNTH 322% · HAE 77% · MMSI 18%
Life Sciences Tools & Services ← 109 -10.9%-14.7%-64.2% SNWV 2286% · NTRA 243% · MEDP 219%
Biotechnology 364 -22.1%-23.8%-80.1% CELZ 1129% · DNTH 1093% · TRVI 969%
Health Care Technology 21 -38.6%-60.0%-82.5% SPOK 80% · HSTM 16% · VEEV -1%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

Title
0ARTICLES

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

TNONSIBNGMEDATECOFIXMDTMedian
NameTenon Me.SI-BONE Globus M.Alphatec Orthofix.Medtronic 
Mkt Price3.4219.1375.0310.639.1088.1314.88
Mkt Cap0.00.910.11.70.4112.81.3
Rev LTM52143,14581583337,541824
Op Inc LTM-13-18674-39-377,147-15
FCF LTM-12-4746-6-286,132-5
FCF 3Y Avg-11-14478-83-345,527-13
CFO LTM-12291057168,03536
CFO 3Y Avg-11-6614-7107,3602

Growth & Margins

TNONSIBNGMEDATECOFIXMDTMedian
NameTenon Me.SI-BONE Globus M.Alphatec Orthofix.Medtronic 
Rev Chg LTM80.3%15.3%19.7%19.5%3.0%9.8%17.4%
Rev Chg 3Y Avg56.9%19.8%47.0%24.6%12.3%6.0%22.2%
Rev Chg Q126.8%15.2%5.9%15.1%3.8%13.7%14.4%
QoQ Delta Rev Chg LTM15.6%3.6%1.4%3.6%0.9%3.2%3.4%
Op Inc Chg LTM0.2%35.7%93.7%59.1%60.3%7.5%47.4%
Op Inc Chg 3Y Avg13.0%26.8%56.5%29.6%24.9%6.3%25.8%
Op Mgn LTM-242.7%-8.3%21.4%-4.8%-4.5%19.0%-4.6%
Op Mgn 3Y Avg-364.4%-17.9%14.0%-15.0%-9.4%18.5%-12.2%
QoQ Delta Op Mgn LTM26.9%1.4%2.0%1.4%1.2%0.3%1.4%
CFO/Rev LTM-221.5%1.2%28.9%6.9%2.0%21.4%4.4%
CFO/Rev 3Y Avg-285.6%-4.2%22.0%-2.6%1.1%21.2%-0.7%
FCF/Rev LTM-229.4%-2.1%23.7%-0.7%-3.3%16.3%-1.4%
FCF/Rev 3Y Avg-292.1%-8.7%17.0%-14.8%-4.3%15.9%-6.5%

Valuation

TNONSIBNGMEDATECOFIXMDTMedian
NameTenon Me.SI-BONE Globus M.Alphatec Orthofix.Medtronic 
Mkt Cap0.00.910.11.70.4112.81.3
P/S0.24.03.22.00.43.02.5
P/Op Inc-0.1-47.915.0-42.9-10.015.8-5.0
P/EBIT-0.1-70.115.0-27.2-9.415.4-4.8
P/E-0.1-58.118.9-15.1-6.021.6-3.1
P/CFO-0.1343.411.129.422.914.018.5
Total Yield-1,213.9%-1.7%5.4%-6.8%-16.8%7.9%-4.3%
Dividend Yield0.0%0.0%0.0%0.0%0.0%3.3%0.0%
FCF Yield 3Y Avg-10,685.0%-2.3%5.3%-9.5%-7.3%5.3%-4.8%
D/E5.10.10.00.40.60.20.3
Net D/E3.6-0.1-0.00.30.40.20.2

Returns

TNONSIBNGMEDATECOFIXMDTMedian
NameTenon Me.SI-BONE Globus M.Alphatec Orthofix.Medtronic 
1M Rtn1.8%2.7%-0.0%15.7%-0.5%-3.8%0.9%
3M Rtn1,383.7%9.8%-2.1%11.8%-20.7%7.8%8.8%
6M Rtn362.2%39.7%-17.9%-4.0%-26.7%2.0%-1.0%
12M Rtn185.0%25.8%24.2%-24.2%-36.7%-7.0%8.6%
3Y Rtn-71.9%-4.5%41.0%-5.8%-18.5%29.4%-5.2%
1M Excs Rtn38.5%2.2%-1.0%16.6%0.4%-5.0%1.3%
3M Excs Rtn1,412.8%6.4%-6.5%8.4%-24.3%3.4%4.9%
6M Excs Rtn348.5%25.8%-32.0%-18.1%-40.7%-11.9%-15.0%
12M Excs Rtn174.3%8.9%10.5%-37.0%-51.7%-23.1%-7.1%
3Y Excs Rtn-156.1%-92.7%-39.5%-96.0%-112.9%-56.9%-94.4%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Sacroiliac joint (SI Joint) segment43310
Total43310


Net Income by Segment
$ Mil20252024
Sacroiliac joint (SI Joint) segment-13-14
Total-13-14


Price Behavior

Price Behavior
Market Price$3.44 
Market Cap ($ Bil)0.0 
First Trading Date04/27/2022 
Distance from 52W High-85.8% 
   50 Days200 Days
DMA Price$4.14$1.74
DMA Trendupup
Distance from DMA-16.8%97.4%
 3M1YR
Volatility4,860.6%4,119.0%
Downside Capture516.21280.92
Upside Capture2356.12362.36
Correlation (SPY)10.3%3.9%
TNON Betas & Captures as of 9/30/2026

 1M2M3M6M1Y3Y
Beta-3.9867.6541.6217.7611.433.26
Up Beta-9.91-87.05-31.71-101.38-43.04-7.07
Down Beta-16.326.431.704.232.571.75
Up Capture-54%26238%14357%1969%1511%138%
Bmk +ve Days6162766132424
Stock +ve Days511134295278
Down Capture251%438%387%212%165%111%
Bmk -ve Days16263760120328
Stock -ve Days17273768133427

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with TNON
TNON-87.2%3,474.8%0.99-
Sector ETF (XLV)18.2%15.7%0.86-5.1%
Equity (SPY)16.7%13.0%0.911.8%
Gold (GLD)3.4%29.6%0.114.4%
Commodities (DBC)45.0%20.9%1.67-4.5%
Real Estate (VNQ)2.8%13.7%-0.05-6.0%
Bitcoin (BTCUSD)-31.7%44.2%-0.730.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with TNON
TNON-84.7%1,624.0%0.43-
Sector ETF (XLV)7.4%15.2%0.29-2.1%
Equity (SPY)14.0%17.1%0.631.5%
Gold (GLD)18.2%18.9%0.783.4%
Commodities (DBC)10.3%19.6%0.40-1.8%
Real Estate (VNQ)1.3%18.8%-0.04-1.5%
Bitcoin (BTCUSD)13.7%52.2%0.430.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with TNON
TNON-60.9%1,624.0%0.43-
Sector ETF (XLV)10.6%16.7%0.51-2.1%
Equity (SPY)15.4%17.9%0.731.5%
Gold (GLD)11.6%16.4%0.583.4%
Commodities (DBC)8.3%18.1%0.37-1.8%
Real Estate (VNQ)4.2%20.7%0.16-1.5%
Bitcoin (BTCUSD)63.6%66.2%1.030.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date9152026
Short Interest: Shares Quantity0.5 Mil
Short Interest: % Change Since 8312026314.6%
Average Daily Volume26.0 Mil
Days-to-Cover Short Interest1
Basic Shares Quantity0.3 Mil
Short % of Basic Shares164.4%

Earnings Returns History

Updated 9/16/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/13/2026-13.4%18.6%-6.7%
5/12/2026-11.5%-14.0%-23.4%
3/19/2026-3.9%-12.1%-4.4%
3/14/20241.8%-8.0%-28.5%
6/7/20221.1%-24.3%-12.3%
SUMMARY STATS   
# Positive210
# Negative345
Median Positive1.5%18.6% 
Median Negative-11.5%-13.0%-12.3%
Max Positive1.8%18.6% 
Max Negative-13.4%-24.3%-28.5%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/13/2026-13.4%18.6%-6.7%
5/12/2026-11.5%-14.0%-23.4%
3/19/2026-3.9%-12.1%-4.4%
3/14/20241.8%-8.0%-28.5%
6/7/20221.1%-24.3%-12.3%
SUMMARY STATS   
# Positive210
# Negative345
Median Positive1.5%18.6% 
Median Negative-11.5%-13.0%-12.3%
Max Positive1.8%18.6% 
Max Negative-13.4%-24.3%-28.5%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/13/202610-Q
03/31/202605/15/202610-Q
12/31/202503/27/202610-K
09/30/202511/13/202510-Q
06/30/202508/13/202510-Q
03/31/202505/13/202510-Q
12/31/202403/26/202510-K
09/30/202411/14/202410-Q
06/30/202408/13/202410-Q
03/31/202405/15/202410-Q
12/31/202303/29/202410-K
09/30/202311/14/202310-Q
06/30/202308/11/202310-Q
03/31/202305/09/202310-Q
12/31/202203/10/202310-K
09/30/202211/10/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/13/202610-Q
03/31/202605/15/202610-Q
12/31/202503/27/202610-K
09/30/202511/13/202510-Q
06/30/202508/13/202510-Q
03/31/202505/13/202510-Q
12/31/202403/26/202510-K
09/30/202411/14/202410-Q
06/30/202408/13/202410-Q
03/31/202405/15/202410-Q
12/31/202303/29/202410-K
09/30/202311/14/202310-Q
06/30/202308/11/202310-Q
03/31/202305/09/202310-Q
12/31/202203/10/202310-K
09/30/202211/10/202210-Q
06/30/202208/12/202210-Q
03/31/202206/09/202210-Q
12/31/202104/27/2022424B4

Insider Activity

Updated 9/10/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Hrt, Financial LP DirectSell90820263.701,5065,5727,200Form
2Hrt, Financial LP DirectBuy90820263.981,6586,59913,739Form
3Hrt, Financial LP DirectSell90320264.534502,0388,127Form
4Hrt, Financial LP DirectBuy90320264.571,7908,18010,255Form
5Hrt, Financial LP DirectSell90120264.661,2765,9462,116Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Hrt, Financial LP DirectSell90820263.701,5065,5727,200Form
2Hrt, Financial LP DirectBuy90820263.981,6586,59913,739Form
3Hrt, Financial LP DirectSell90320264.534502,0388,127Form
4Hrt, Financial LP DirectBuy90320264.571,7908,18010,255Form
5Hrt, Financial LP DirectSell90120264.661,2765,9462,116Form
6Hrt, Financial LP DirectBuy90120265.5818,357102,4589,656Form
7Hrt, Financial LP DirectSell90120267.327,02351,38812,659Form
8Hrt, Financial LP DirectSell83120264.964192,07847,636Form
9Foster, Steven MCEO and PresidentDirectBuy111820250.0019,455  Form
10Geist, Wyatt DChief Innovation OfficerDirectBuy111820250.0019,455  Form
11Grawey, Nathaniel AChief Commercial OfficerDirectBuy111820250.00101,167  Form
Core Cache Last Updated: 10/8/2026