Tenon Medical
SI-joint fusion implants delivered through complementary minimally invasive surgical approaches.
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Profile
Sells Catamaran and SImmetry+ implant systems and instruments for sacroiliac-joint fusion to U.S. medical groups and hospitals, recognizing product revenue when surgery is completed. Its business is concentrated in one procedure family, supported by surgeon training and independent orthopedic and spine distributors.
Develops implant systems and instruments for surgical fusion of the sacroiliac joint, selling Catamaran and SImmetry+ to U.S. medical groups and hospitals. Catamaran uses an inferior-posterior route and a single titanium implant; SImmetry+ uses lateral access, joint preparation, bone grafting, and threaded titanium implants.
Reaches surgeons primarily through independent orthopedic and spine distributors and sales representatives, backed by cadaveric and dry-lab training. Revenue is recognized when surgery is completed, not when products reach the medical facility.
Operates a single SI Joint segment, with both commercial systems cleared by the FDA. Adoption depends on surgeon training, clinical evidence, payer coverage, and third-party manufacturers, while all reported revenue comes from the United States.
Company facts
Key statistics
Year to date −85.4% · Average volume (30d) 2.4M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Target |
|---|---|---|---|
| May 13, 2026 | Industrial Alliance Securities | Target | $2.25 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 13, 2026Q2 FY26 | −$8.40 | −$12.35 | −47.0% | $1.5M | $1.3M | −16.9% | −13.42% |
| May 12, 2026Q1 FY26 | −$0.31 | −$0.31 | −1.6% | $1.3M | $1.4M | +6.4% | −11.55% |
| Mar 19, 2026Q4 FY25 | −$0.36 | −$0.22 | +38.9% | $1.4M | $1.5M | +8.8% | −3.90% |
| Nov 13, 2025Q3 FY25 | −$0.36 | −$0.40 | −11.1% | $1.4M | $1.2M | −14.9% | 0.00% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $726.0K | $564.0K | $1.2M | $1.5M | $1.4M | $1.3M | |
| Gross profit | $323.0K | $245.0K | $773.0K | $1.0M | $945.0K | $814.0K | |
| Operating income | −$3.7M | −$2.9M | −$3.4M | −$2.9M | −$3.3M | −$3.4M | |
| Net income | −$3.6M | −$2.8M | −$3.3M | −$2.8M | −$3.5M | −$4.1M | |
| Diluted EPS | −$35.35 | −$12.60 | −$14.00 | −$9.10 | −$10.85 | −$12.35 | |
| Gross margin | 44.5% | 43.4% | 65.9% | 66.7% | 68.5% | 63.6% | |
| Operating margin | -506.5% | -506.6% | -289.2% | -193.3% | -237.9% | -262.2% |
Fiscal years (4-quarter sums)FY21 $159.8K · FY22 $691.0K · FY23 $2.9M · FY24 $3.3M · FY25 $4.0M
Revenue by product · FY24
Balance sheet, Jun 30, 2026Cash & short-term investments $1.7M · Total debt $5.7M · Total assets $9.9M · Shareholders' equity −$1.7M
Dividends
No dividends on record.
Ownership
Shares outstanding 496.5K · Float 445.3K · 89.7% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Armistice Capital, LLC | 54.6K | 9.99% | 13G | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Nov 14, 2025 | Nathaniel A. Grawey | officer: Chief Commercial Officer | +202,334 | $1.16 |
| Nov 14, 2025 | Wyatt D. Geist | officer: Chief Innovation Officer | +38,910 | $1.16 |
| Nov 14, 2025 | Steven M. Foster | director, officer: CEO and President | +38,910 | $1.16 |
Peers
- SI-BONE
Dedicated SI-fusion leader with a direct lateral iFuse TORQ rival.
- Globus Medical
SI-LOK SELECT overlaps in both lateral and posterior SI fusion.
- Medtronic
Rialto directly contests minimally invasive posterior SI fusion.
- Xtant Medical
Silex offers a narrower SI-fusion implant and grafting alternative.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Tenon Medical | $5.00 | +0.50% | $2.5M | — | — | 0.5 | +126.8% |
| SI-BONE | $19.21 | +0.05% | $852.0M | — | — | 4.0 | +15.2% |
| Globus Medical | $85.02 | +2.47% | $11.19B | 21.3 | 16.2 | 3.6 | +5.9% |
| Medtronic | $91.58 | +0.42% | $116.78B | 24.5 | 15.3 | 3.2 | +9.9% |
| Xtant Medical | $0.3700 | −8.78% | $53.9M | — | — | 0.5 | −35.0% |
| Median | 22.9 | 15.8 | 3.4 | +7.9% |