2024 Q4 Form 10-Q Financial Statement

#000121390024098375 Filed on November 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $887.0K
YoY Change -6.04%
Cost Of Revenue $469.0K
YoY Change 14.67%
Gross Profit $418.0K
YoY Change -21.87%
Gross Profit Margin 47.13%
Selling, General & Admin $2.976M
YoY Change -6.3%
% of Gross Profit 711.96%
Research & Development $657.0K
YoY Change -10.85%
% of Gross Profit 157.18%
Depreciation & Amortization $105.0K
YoY Change 128.26%
% of Gross Profit 25.12%
Operating Expenses $3.633M
YoY Change -7.16%
Operating Profit -$3.215M
YoY Change -4.83%
Interest Expense $31.00K
YoY Change 675.0%
% of Operating Profit
Other Income/Expense, Net $31.00K
YoY Change -32.61%
Pretax Income -$3.184M
YoY Change -4.44%
Income Tax
% Of Pretax Income
Net Earnings -$3.184M
YoY Change -4.44%
Net Earnings / Revenue -358.96%
Basic Earnings Per Share -$3.63
Diluted Earnings Per Share -$3.63
COMMON SHARES
Basic Shares Outstanding 3.137M shares 3.952M shares
Diluted Shares Outstanding 877.0 shares

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.162M
YoY Change 171.79%
Cash & Equivalents $9.162M
Short-Term Investments
Other Short-Term Assets $543.0K
YoY Change 57.39%
Inventory $607.0K
Prepaid Expenses
Receivables $876.0K
Other Receivables $0.00
Total Short-Term Assets $11.19M
YoY Change 125.43%
LONG-TERM ASSETS
Property, Plant & Equipment $906.0K
YoY Change -5.23%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $482.0K
YoY Change -30.65%
Total Long-Term Assets $1.851M
YoY Change -21.4%
TOTAL ASSETS
Total Short-Term Assets $11.19M
Total Long-Term Assets $1.851M
Total Assets $13.04M
YoY Change 78.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.093M
YoY Change 43.25%
Accrued Expenses $908.0K
YoY Change 59.02%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.178M
YoY Change 3.01%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $1.670M
YoY Change -2.68%
Total Long-Term Liabilities $1.670M
YoY Change -2.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.178M
Total Long-Term Liabilities $1.670M
Total Liabilities $4.848M
YoY Change 0.98%
SHAREHOLDERS EQUITY
Retained Earnings -$65.66M
YoY Change 26.42%
Common Stock $3.000K
YoY Change 50.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.191M
YoY Change
Total Liabilities & Shareholders Equity $13.04M
YoY Change 78.18%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$3.184M
YoY Change -4.44%
Depreciation, Depletion And Amortization $105.0K
YoY Change 128.26%
Cash From Operating Activities -$2.343M
YoY Change -25.74%
INVESTING ACTIVITIES
Capital Expenditures $104.0K
YoY Change 76.27%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$104.0K
YoY Change -123.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 9.641M
YoY Change 3593.87%
NET CHANGE
Cash From Operating Activities -2.343M
Cash From Investing Activities -104.0K
Cash From Financing Activities 9.641M
Net Change In Cash 7.194M
YoY Change -392.44%
FREE CASH FLOW
Cash From Operating Activities -$2.343M
Capital Expenditures $104.0K
Free Cash Flow -$2.447M
YoY Change -23.86%

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>1. Organization and Business</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Nature of operations</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Tenon Medical, Inc. (the “Company”) was incorporated in the State of Delaware on June 19, 2012 and was headquartered in San Ramon, California until June 2021 when it relocated to Los Gatos, California. The Company is a medical device company that has developed The Catamaran™ SI Joint Fusion System (“the Catamaran System”) that offers a novel, less invasive approach to the sacroiliac joint (the “SI Joint”) using a single, robust, titanium implant for treatment of the most common types of SI Joint disorders that cause lower back pain. The Company received U.S. Food and Drug Administration (“FDA”) clearance in 2018 for The Catamaran System and is currently focused on the U.S. market. Since the national launch of the Catamaran System in October 2022, the Company is focused on three commercial opportunities: 1) Primary SI Joint procedures, 2) Revision procedures of failed SI Joint implants and 3) SI Joint fusion adjunct to a spine fusion construct.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Principles of consolidation</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The condensed consolidated financial statements of the Company for the three and six months ended June 30, 2023 and as of December 31, 2023 include the accounts of its wholly-owned subsidiary, Tenon Technology AG (“TTAG”), a Swiss company. All intercompany balances and transactions have been eliminated in consolidation. The financial statements of TTAG are prepared for the same reporting period as the parent, using consistent accounting policies in all material respects. In 2024, TTAG was dissolved and, as such, the financial statements for the three and nine months ended September 30, 2024 and as of September 30, 2024 only include the accounts of the Company.</span></p>
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us-gaap Common Stock Conversion Basis
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