Tenon Medical Earnings Call Transcripts
Fiscal Year 2026
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Record Q1 revenue nearly doubled year-over-year, with gross margin up 24 points to 68.5%. Strong growth in both Catamaran and SImmetry+ platforms, expanded IP, and a strengthened balance sheet position the company for continued margin expansion and new product launches.
Fiscal Year 2025
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Record 2025 revenue rose 20% year-over-year, with Q4 up 92% on strong adoption of Catamaran and SImmetry+. Gross margin improved to 69% in Q4, and new FDA clearance plus $7.15M in financing support growth plans for 2026.
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Q3 2025 revenue grew 32% year-over-year to $1.2 million, driven by record Catamaran procedures and initial SiVantage contributions. Gross margin improved to 66%, and the company ended the quarter with $3.4 million in cash, later raising $2.85 million more.
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Q2 2025 saw a strategic acquisition, expanded product offerings, and disciplined cost reductions. Revenue and gross margin declined year-over-year, but integration of CyVantage and new product launches are expected to drive a rapid rebound in growth.
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Revenue grew 1% year-over-year in Q1 2025, with gross margin declining to 44% amid stable operating expenses. FDA clearance for spinal fusion augmentation and the upcoming Catamaran SE launch are expected to drive future growth, supported by a strengthened cash position.
Fiscal Year 2024
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Revenue grew 12% to $3.3M in 2024, with gross margin up to 52%. Q4 revenue dipped 4.7% due to reimbursement delays, but new patents, clinical data, and expanded sales force position the company for growth as coding clarity improves.
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Revenue grew 18% year-over-year for the first nine months, but Q3 saw a 6% decline due to reimbursement headwinds. Gross margin improved significantly, and $9.6 million in new capital will fund sales force expansion and the Catamaran SE launch.
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A virtual healthcare conference highlighted a novel SI joint fusion technology with strong interim clinical results, streamlined physician training, and a new miniaturized implant platform. Ongoing R&D and commercialization efforts target broader adoption and future product enhancements.
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Q2 2024 saw 21% revenue growth and a 142% increase in gross profit, with improved margins and expanded sales coverage. Interim clinical study results reinforce product safety and effectiveness, while ongoing physician workshops and a robust distributor network support future growth.