Tenon Medical (NASDAQ: TNON) is a medical device company that develops and sells surgical implant systems for sacro-iliac (SI) joint fusion. Revenue comes from transactional sales of its implant systems to hospitals and surgical centers, with independent sales representatives handling distribution. The company offers two systems: The Catamaran SI Joint Fusion System, a titanium implant cleared under FDA 510(k), and The SImmetry+ System, acquired in August 2025 through the purchase of substantially all assets of SiVantage, Inc. and SIMPL Medical, LLC. Tenon was incorporated in Delaware on June 19, 2012 and is headquartered in Los Gatos, California, having relocated from San Ramon, California in June 2021. The company went public in April 2022. Operating cash outflows were $10.7M in FY2025 and $9.9M in FY2024, reflecting a pre-profitability stage. The company sells into a physician-driven market where adoption depends on clinical evidence and payor coverage.

Revenue model

Transactional product sales of SI joint fusion implant systems through an independent sales representative network. No subscription or recurring revenue model is disclosed in the filing.

Products and services

The Catamaran SI Joint Fusion System: a single titanium implant for SI joint fusion, FDA 510(k)-cleared. The SImmetry+ System: acquired in August 2025 from SiVantage, Inc. and SIMPL Medical, LLC, also FDA 510(k)-cleared for SI joint treatment.

Customers and end markets

Surgeons, hospitals, and surgical centers treating patients with SI joint dysfunction and sacro-pelvic disorders. Payor acceptance, including Medicare and Medicaid coverage, is material to demand. Physician adoption depends on clinical data and peer-reviewed publications.

Value-chain role

Medical device manufacturer and distributor. Handles product development, regulatory clearance, and manufacturing. Sells through independent sales representatives. Competes against non-surgical alternatives including physical therapy, drug therapy, steroid injections, and other SI joint fixation devices.

Geographic exposure

United States, based on regulatory references to FDA clearance, Medicare and Medicaid, and domestic sales representative network. No international revenue is disclosed in the filing excerpts.

Source: SEC 10-K, filed 2026-03-27

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