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TNONTenon Medical, Inc.
$0.28$2M
Overview & Verdict
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TNON logoTenon Medical, Inc.(TNON)Earnings, Financials & Key Ratios

TNON•NASDAQ
$0.28
Price updated Jul 6, 2026
SectorHealthcareIndustryMedical DevicesSub-IndustryOrthopedics, spine, and sports medicine
AboutTenon Medical, Inc., a medical device company, develops surgical implant systems to optimize sacroiliac joint fixation/fusion surgery and corresponding outcomes. It 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 founded in 2012 and is based in Los Gatos, California.Show more
  • Revenue$4M+20.4%
  • EBITDA-$13M+2.4%
  • Net Income-$13M+8.2%
  • EPS (Diluted)-1.70+84.9%
  • Gross Margin59.79%+14.5%
  • EBITDA Margin-324.34%+18.9%
  • Operating Margin-324.34%+22.8%
  • Net Margin-318.36%+23.7%
  • ROE-228.06%+43.7%

TNON Price & Volume

Tenon Medical, Inc. (TNON) stock price & volume — 10-year historical chart

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Persistent Cash Burn Threatens Tenon Medical Solvency

Investment Thesis • Updated 2026Q1

VerdictNegative
Growth:Mixed
Profitability:Negative
Financial:Vulnerable
Cash Flow:Burning
Primary Risk:Imminent capital exhaustion risk

Key Thesis Takeaways

  • Tenon Medical faces a precarious financial outlook characterized by structural operating losses and a rapidly depleting liquidity buffer.
  • While the company achieved an 89.9% revenue growth rate in 2026Q1, this expansion is insufficient to offset quarterly SG&A expenses that consistently exceed $3 million.
  • Investors should remain cautious as the company's reliance on debt financing and persistent negative free cash flow suggest an imminent risk of capital exhaustion.

Verdict Logic

the company's $4.6 million cash position as of 2026Q1 provides a narrow runway given the structural inability to achieve operating leverage against $3 million in quarterly SG&A costs.

TNON Growth Metrics

Tenon Medical, Inc. (TNON) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years145.95%
3 Years78.71%
TTM40.56%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM9.69%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM91.33%

Return on Capital

10 Years-535.77%
5 Years-535.77%
3 Years-226.16%
Last Year-164.83%

TNON Recent Earnings

Tenon Medical, Inc. (TNON) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 4/12 qtrs (33%)●Beat Revenue 3/12 qtrs (25%)
Q2 2026Latest
May 12, 2026
Metric
Actual
Est
EPS
$0.31-1.6%
$0.30
Rev
$1M+6.4%
$1M
Q2 2026
Mar 19, 2026
Metric
Actual
Est
EPS
$0.22+38.9%
$0.36
Rev
$2M+8.8%
$1M
Q4 2025
Nov 13, 2025
Metric
Actual
Est
EPS
$0.40-11.1%
$0.36
Rev
$1M-14.9%
$1M
Q3 2025
Aug 13, 2025
Metric
Actual
Est
EPS
$0.36+23.4%
$0.47
Rev
$564,000-38.0%
$909,500
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 12, 2026
$0.31vs $0.30-1.6%
$1Mvs $1M+6.4%
Q2 2026Mar 19, 2026
$0.22vs $0.36+38.9%
$2Mvs $1M+8.8%
Q4 2025Nov 13, 2025
$0.40vs $0.36-11.1%
$1Mvs $1M-14.9%
Q3 2025Aug 13, 2025
$0.36vs $0.47+23.4%
$564,000vs $909,500-38.0%
Based on last 12 quarters of dataView full earnings history →

Latest TNON News

Recent stock market news and headlines for Tenon Medical, Inc. (TNON)

Accesswire·5 days ago
Tenon Medical(R) Announces FDA 510(k) Clearance for Catamaran(R) SI Joint Fusion System

~ Updated clearance incorporates various instrument upgrades, as well as per-procedure costs, improving unit economics driven by the reclassification of certain instruments from disposable to reusable status ~ ~ Clearance reflects Tenon's commitment to continuous innovation and operational efficiency, with reusable instrumentation expected to drive lower capex and logistical spend, contributing positively to gross margins and cash flow ~ LOS GATOS, CA / ACCESS Newswire / July 2, 2026 / Tenon Medical, Inc. (NASDAQ:TNON) ("Tenon" or the "Company"), a company transforming care for patients suffering with certain sacro-pelvic disorders, today announced it has received U.S. Food and Drug Administration (FDA) 510(k) clearance for its Catamaran® SI Joint Fusion System. The updated clearance incorporates various instrument upgrades, as well as the reclassification of certain instruments from disposable to reusable status.

PRNewsWire·6 days ago
WallachBeth Capital Announces Closing of Tenon Medical, Inc. $4.2 Million Public Offering

JERSEY CITY, N.J., July 1, 2026 /PRNewswire/ -- WallachBeth Capital LLC, a leading provider of capital markets and institutional execution services, announced today that Tenon Medical, Inc. (NASDAQ: TNON) ("Tenon" or the "Company"), a medical device company dedicated to transforming care for patients with certain sacro-pelvic disorders closed its previously announced public offering of securities as described below for aggregate gross proceeds to the Company of $4.2 million, before deducting placement agent fees and other estimated offering expenses payable by the Company.

Accesswire·6 days ago
Tenon Medical, Inc. Announces Closing of $4.2 Million Public Offering

LOS GATOS, CA / ACCESS Newswire / July 1, 2026 / Tenon Medical, Inc. (NASDAQ:TNON) ("Tenon" or the "Company"), a medical device company dedicated to transforming care for patients with certain sacro-pelvic disorders, announced that it has closed its previously announced public offering of securities as described below for aggregate gross proceeds to the Company of $4.2 million, before deducting placement agent fees and other estimated offering expenses payable by the Company. The offering consisted of 11,052,631 shares of our common stock, par value $0.001 per share (or pre-funded warrants in lieu thereof), together with common stock purchase warrants to purchase up to 13,263,159 shares of common stock (the "Common Warrants"), at a combined public offering price of $0.38 per share of common stock (inclusive of the pre-funded warrant exercise price of $0.001) and accompanying Common Warrants.

PRNewsWire·Jun 30, 2026
WallachBeth Capital Announces Pricing of Tenon Medical, Inc. $4.2 Million Public Offering

JERSEY CITY, N.J., June 30, 2026 /PRNewswire/ -- WallachBeth Capital LLC, a leading provider of capital markets and institutional execution services, announced today that Tenon Medical, Inc. (NASDAQ:TNON) ("Tenon" or the "Company"), a medical device company dedicated to transforming care for patients with certain sacro-pelvic disorders, has priced a public offering of securities as described below for aggregate gross proceeds to the Company of approximately $4.2 million, before deducting placement agent fees and other estimated offering expenses payable by the Company.

Accesswire·Jun 30, 2026
Tenon Medical, Inc. Announces Pricing of $4.2 Million Public Offering

LOS GATOS, CA / ACCESS Newswire / June 30, 2026 / Tenon Medical, Inc. (NASDAQ:TNON) ("Tenon" or the "Company"), a medical device company dedicated to transforming care for patients with certain sacro-pelvic disorders, announced that it has priced a public offering of securities as described below for aggregate gross proceeds to the Company of approximately $4.2 million, before deducting placement agent fees and other estimated offering expenses payable by the Company. The offering consists of up to 11,052,631 shares of our common stock, par value $0.001 per share (or pre-funded warrants in lieu thereof), together with common stock purchase warrants to purchase up to 13,263,159 shares of common stock (the "Common Warrants"), at a combined public offering price of $0.38 per share of common stock (inclusive of the pre-funded warrant exercise price of $0.001) and accompanying Common Warrants.

Peers Comparison

Key metrics vs top competitors for Tenon Medical, Inc. (TNON)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
TNON logoTNONTenon Medical, Inc.Current
$0.28$2.05M-0.1620.35%-318.36%-228.06%—
SIBN logoSIBNSI-BONE, Inc.
$17.68$784.1M-40.1820.19%-8.1%-9.56%—
ATEC logoATECAlphatec Holdings, Inc.
$9.33$1.41B-9.7224.95%-21.07%-443.09%—
XTNT logoXTNTXtant Medical Holdings, Inc.
$0.42$58.49M13.9014.21%1.5%3.68%—
GMED logoGMEDGlobus Medical, Inc.
$80.50$10.86B20.5416.65%18.92%13.04%—
OFIX logoOFIXOrthofix Medical Inc.
$11.57$467.68M-5.072.85%-7.27%-13.44%—

Compare TNON vs Peers

Tenon Medical, Inc. (TNON) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs SIBN

Most directly comparable listed peer for TNON.

Scale Benchmark

vs SYK

Larger-name benchmark to compare TNON against a more recognizable public peer.

Peer Set

Compare Top 5

vs SIBN, ATEC, XTNT, GMED

TNON SEC Filings & Documents

Tenon Medical, Inc. (TNON) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 22, 2026·SEC

Material company update

May 12, 2026·SEC

Material company update

Mar 19, 2026·SEC

10-K Annual Reports

3
FY 2026

Mar 27, 2026·SEC

FY 2025

Mar 26, 2025·SEC

FY 2024

Mar 29, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

May 15, 2026·SEC

FY 2025

Nov 13, 2025·SEC

FY 2025

Aug 13, 2025·SEC

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TNON Frequently Asked Questions

Tenon Medical, Inc. (TNON) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Tenon Medical, Inc.'s revenue?

Tenon Medical, Inc. (TNON) reported $4.6M in revenue for fiscal year 2025. This represents a 8506% increase from $0.1M in 2019.

How fast is Tenon Medical, Inc. growing?

Tenon Medical, Inc. (TNON) grew revenue by 20.4% over the past year. This is strong growth.

Is TNON profitable?

Tenon Medical, Inc. (TNON) reported a net loss of $12.4M for fiscal year 2025.

Dividend & Returns
What is TNON's return on equity?

Tenon Medical, Inc. (TNON) has a return on equity (ROE) of -228.1%. Negative ROE indicates the company is unprofitable.

What is Tenon Medical, Inc.'s free cash flow?

Tenon Medical, Inc. (TNON) had negative free cash flow of $11.6M in fiscal year 2025, likely due to heavy capital investments.

What if you invested $1,000 in TNON back in 2019?

Total return calculator · dividends reinvested · 7+ years of data

See returns →