Tenon Medical, Inc.
The research page contains a warning that has not been mapped to a supported model interpretation. The company research remains available, but the complete score is withheld until the warning is reviewed.
TNON · Price history
Price at last available close
$2.14
−$0.72 (-25.17%) 1M
2026-10-27
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Company & revenue
About Tenon Medical, Inc.
Primary reporting period: 2025-12-31 · Research updated Oct 13, 2026. A research update is not a new financial filing.
Who they are
Tenon Medical, Inc., a medical device company, engages in the development of implant for the treatment of severe lower back pain in the United States. The company offers Catamaran SI-Joint Fusion System, an invasive approach to the sacroiliac joint (SI Joint) using a titanium implant for treatment of the most common types of SI Joint disorders that cause lower back pain. It also provides Catamaran Fixation Device which passes through both the axial and sagittal planes of the ilium and sacrum, transfixing the SI Joint along its longitudinal axis.
How they make money
Tenon Medical, Inc. is a medical device company that generates revenue primarily through the sale of its proprietary Catamaran SI Joint Fusion System. The company markets its products to orthopedic and neurosurgical surgeons who perform sacroiliac joint fusion procedures, utilizing a direct sales force and independent sales agents to reach hospitals and ambulatory surgery centers.
Products & services
The company's primary product is the Catamaran SI Joint Fusion System, which utilizes a novel inferior-posterior approach and dual-pontoon fixation technology for sacroiliac joint fusion.
Brands & revenue mix
The company's flagship system for sacroiliac joint fusion procedures.
Separate brand revenue is not available in this research.Source
Revenue share is not unit sales or a best-seller ranking. Parent brands and included sub-brands can overlap; do not add overlapping rows.
Product / operating segments
No reconciled product or operating-segment revenue breakdown is available for the current research period. Company-wide revenue remains separate from segment disclosure.
Geographic revenue
No reconciled geographic revenue breakdown was confirmed for the current research period.
Customer concentration
No quantified customer-concentration disclosure is available in the current saved research.
Suppliers, materials & equipment
- Contract Manufacturers — The company relies on third-party contract manufacturers for the production of its medical device components.Source
Competitors
- SI-BONE, Inc. — A medical device company that provides solutions for sacroiliac joint disorders and competes in the SI joint fusion market.Source
Strengths
Sources
Company-specific research
Questions worth answering for TNON
These questions are generated from this company's current financial and score data so the page adds context instead of treating the headline score as a stand-alone conclusion.
- •Can TNON maintain its current revenue growth rate and improve the amount of that revenue that turns into earnings and cash?
- •How long can TNON fund negative free cash flow using its current cash position before it may need more debt or new shares?
- •Is TNON's debt load manageable relative to cash generation, interest costs and upcoming maturities?
- •What specifically needs to improve for TNON to reach sustainable profitability?
- •What future growth or profitability would be needed to justify TNON's current valuation?
Essential Investment Snapshot
Market Cap
$1.1M
P/E Ratio
-0.1
EPS
$-46.30
52-Week High
$50.40
52-Week Low
$2.40
Beta
1.36
Analyst Target
$2.25
Shares Outstanding
496K
Total Debt
$5.7M
Dividend
No current dividend
Liquidation Value / Share
$-3.51
Momentum & Volatility Signals
Two different market-behavior signals. Momentum measures direction and trend strength. Volatility measures how large and unstable the price moves are, regardless of direction.
Strong downward momentum
High movement
A high momentum score means price has been trending upward with confirming short- and medium-term strength. A low score means downward or weakening momentum.
A high volatility score means larger, less stable price swings. It can happen while a stock is rising or falling, so high volatility is not automatically bullish or bearish.
Important: the volatility score above is based on realized price volatility. Implied volatility (IV) comes from options prices and represents the market's expected future movement. Wall Street Score will keep IV separate and will only display it when a verified options-chain feed is available.
Notices for TNON
Detected from reported data — verify before acting.Reverse-split headline · Aug 6, 2026
Tenon Medical, Inc. Announces 1:35 Reverse Stock Split — This is a provider-linked headline, not an independently confirmed event. Check the article and company filings for the subject, proposed/completed status, and subsequent updates.
AccesswireCommunity Sentiment
0 active · 0 total callsNo personal call yet on TNON.
Potential upside factors
- +Growth opportunities may come from revenue expansion, margin improvement, new products, market-share gains, and stronger cash flow.
- +Proprietary Catamaran SI Joint Fusion System technology.
- +FDA 510(k) clearance for the Catamaran System.
Potential downside factors
- −Key risks may include competition, margin pressure, debt levels, valuation risk, and changes in demand within the Medical - Devices industry.
- −History of operating losses and dependence on additional financing.
- −Limited commercial history and market adoption of the Catamaran System.
- −Diluted weighted-average shares increased 51.2% year over year.
These research factors come from saved company research and financial data, not community votes. They are starting points to verify against filings, not buy or sell recommendations.
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Scores
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Score Changes
Score changes will appear once more historical records are available.
Price vs. Value
Valuation unavailableCurrent Price
$2.14
Model Intrinsic Value
—
Difference
—
Margin of Safety
—
Intrinsic value is not currently available for this stock, so valuation can't be calculated.
Financial Charts
Revenue
Additional Metrics
Operating Cash Flow
Total Debt
Total Assets
Net Margin %
Free includes 3 annual periods plus available TTM; Premium includes up to 10 annual periods. History depends on available company filings. Swipe the table horizontally to see older periods. A dash means unavailable, not zero.
| Line Item | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $5.3M | $3.9M | $3.3M | $2.9M | ···· | ···· | ···· | ···· |
| Cost of Revenue | $1.8M | $1.6M | $1.6M | $1.7M | ···· | ···· | ···· | ···· |
| Gross Profit | $3.5M | $2.4M | $1.7M | $1.2M | ···· | ···· | ···· | ···· |
| Research & Development | $1.9M | $2.1M | $2.6M | $3.2M | ···· | ···· | ···· | ···· |
| SG&A Expenses | $14.1M | $13.0M | $12.9M | $13.8M | ···· | ···· | ···· | ···· |
| Operating Expenses | $16.5M | $15.2M | $15.5M | $17.0M | ···· | ···· | ···· | ···· |
| EBITDA | -$12.5M | -$12.0M | -$13.0M | -$15.1M | ···· | ···· | ···· | ···· |
| Operating Income | -$12.9M | -$12.8M | -$13.8M | -$15.7M | ···· | ···· | ···· | ···· |
| Interest Expense | $676K | $0.00 | $34K | $21K | ···· | ···· | ···· | ···· |
| Income Before Tax | -$13.7M | -$12.6M | -$13.7M | -$15.6M | ···· | ···· | ···· | ···· |
| Income Tax Expense | $0.00 | $0.00 | $0.00 | $0.00 | ···· | ···· | ···· | ···· |
| Net Income | -$13.7M | -$12.6M | -$13.7M | -$15.6M | ···· | ···· | ···· | ···· |
| Basic EPS | $-46.30 | $-59.50 | $-394.10 | $-2402.40 | ···· | ···· | ···· | ···· |
| Basic Shares | 328K | 211K | 34.7K | 6.5K | ···· | ···· | ···· | ···· |
| Diluted Shares | 328K | 211K | 34.7K | 6.5K | ···· | ···· | ···· | ···· |
Earnings Summary
Revenue
$1.3M
Estimate unavailable.
Revenue Beat/Miss
Not available (no estimate stored)
EPS
-$12.35
Estimate unavailable.
EPS Beat/Miss
Not available (no estimate stored)
Debt Change
+1857.9%
Cash Change
-78.6%
Margin Change
+174.3 pp
Debt and cash show percentage changes versus the comparison period; margin shows the change in percentage points (pp). These are company-wide changes, not per-share amounts.
Financial Changes Since Prior Period
What Improved
- Margins expanded
What Weakened
- Cash position declined
- Debt increased
Potential Score Impact
Positive indicators included revenue growth, net income margin. Pressure indicators included EPS growth, cash levels, debt levels. These factors may support or pressure the Revenue, Management, Financial, and Debt categories; this summary does not claim that the stored scores changed.
Stored Earnings Analysis
Revenue increased 126.8%. EPS declined 2.0%. Cash declined 78.6%. Total debt increased 1857.9%. Net income margin improved by 174.3 percentage points.
Earnings-Call Transcript
Earnings-call transcript analysis is not currently available.
These results may influence future scores when the next evaluation is completed.
Insider Activity
Guru / Smart Money
Guru Score
Smart Money
Number of Gurus
Total Guru Value
Avg Portfolio Weight
Largest Holder
Largest Holder %
New Positions
Increased Positions
Reduced Positions
Exited Positions
Net Guru Sentiment
Short Interest
Dividend History
Dividend data is not available yet. Missing data does not mean this company pays no dividend.
Conservative Projected Values
3 Years
$———.——
5 Years
$———.——
10 Years
$———.——
Conservative Projection Rate
——%
Conservative Projected Values — price projections derived from actual 10-year adjusted historical returns, conservatively adjusted and capped at 8% annually. These are distinct from the Outperformance Model Score and WallStreetScore.
Conservative Projected Values
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Start 7-Day Free TrialHistorical Trends
3 historical recordsHistorical Score Chart
3 of 3 records shownWall Street Score
Debt Score
Revenue Score
Asset Score
Capital Score
Management Score
Moat Score
Valuation Score
Buffett Score
Intrinsic Value
Value Reference
Margin of Safety %
Related Companies
Medical - DevicesNews
Tenon(R) Medical Announces Full Commercial Launch of the SImmetry(R)+ SI Joint Fusion 3D Printed Lateral Screw Following Successful Alpha Launch
WallachBeth Capital Announces Closing of Tenon Medical Warrant Inducement Offering for Aggregate Gross Proceeds of Approximately $2,872,338
Tenon Medical Announces Closing of Warrant Inducement Offering for Aggregate Gross Proceeds of Approximately $2,872,338
WallachBeth Capital Announces Tenon Medical Warrant Inducement for Gross Proceeds of Approximately $2,872,338
Rumor Mill · TNON
Corporate developments & opportunities
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