Tenon Medical Inc

tenonmed.com

What Do They Do?

Sells sacroiliac joint fusion systems and implants to medical groups and hospitals treating sacro-pelvic disorders.

How Do They Make Money?

Hospitals and medical facilities buy Tenon products for use in surgery. Products are delivered beforehand, the sale is counted when surgery is completed, and direct end users generally pay after the sale.

FY2025 revenue

Who Are Their Customers?

Tenon markets and sells primarily through independent distributors and sales representatives specializing in orthopedics and spine. Its products are sold to medical groups and hospitals, and its target physicians perform spine or pelvic procedures.

Do Revenues Turn Into Profits?

No. It lost $12.6M in FY2025.

Operating income, FY2025

−324% of revenue

▼ −7% (Loss) vs FY2024 (−$13.8M, −420%)

Net income, FY2025

−318% of revenue

▼ −8% (Loss) vs FY2024 (−$13.7M, −417%)

Free cash flow, FY2025

−279% of revenue

▲ +9% (Loss) vs FY2024 (−$10.1M, −307%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +127%; vs $564K in Q2 FY2025
Net income: ▲ +46% (Loss); vs −$2.8M in Q2 FY2025

Growing. Revenue grew 24.6x in 4 years, from $160K in FY2021 to $3.9M in FY2025, about 123% a year.

Added another fusion system The older report describes the Catamaran system; the latest report also describes SImmetry+, a lateral-access SI-joint fusion system acquired with assets from SiVantage and SIMPL Medical.

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