Symbols / TNON $0.72 +1.46% Tenon Medical, Inc.

Healthcare • Medical Devices • United States • NCM
TNON Chart
About

Tenon Medical, Inc., a medical device company, engages in the development of implant for the treatment of severe lower back pain in the United States. The company offers Catamaran SI-Joint Fusion System, an invasive approach to the sacroiliac joint (SI Joint) using a titanium implant for treatment of the most common types of SI Joint disorders that cause lower back pain. It also provides Catamaran Fixation Device which passes through both the axial and sagittal planes of the ilium and sacrum, transfixing the SI Joint along its longitudinal axis. Tenon Medical, Inc. was incorporated in 2012 and is headquartered in Los Gatos, California.

Fundamentals
Scroll to Statements
Sector Healthcare Industry Medical Devices Market Cap 8.08M
Enterprise Value 7.54M Income -12.56M Sales 3.94M
Book/sh 0.18 Cash/sh 0.33 Dividend Yield —
Payout 0.00% Employees — IPO —
P/E 0.14 Forward P/E -1.14 PEG —
P/S 2.05 P/B 3.95 P/C —
EV/EBITDA -0.64 EV/Sales 1.91 Quick Ratio 1.70
Current Ratio 2.11 Debt/Eq 2.80 LT Debt/Eq —
EPS (ttm) -1.70 EPS next Y -0.62 EPS Growth —
Revenue Growth 92.30% Earnings 2026-05-12 ROA -72.88%
ROE -228.06% ROIC — Gross Margin 59.79%
Oper. Margin -193.52% Profit Margin 0.00% Shs Outstand 11.30M
Shs Float 10.15M Short Float 1.76% Short Ratio 1.26
Short Interest — 52W High 2.48 52W Low 0.64
Beta 1.25 Avg Volume 1.05M Volume 46.48K
Target Price $2.75 Recom None Prev Close $0.71
Price $0.72 Change 1.46%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$2.75
Mean price target
2. Current target
$0.72
Latest analyst target
3. DCF / Fair value
$-9.81
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$0.72
Low
$2.50
High
$3.00
Mean
$2.75

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2025-04-09 init Alliance Global Partners — → Buy $3
2024-11-15 main Maxim Group Buy → Buy $8
2024-08-14 reit Benchmark Speculative Buy → Speculative Buy $3
2024-04-15 main Benchmark Speculative Buy → Speculative Buy $3
News
RSS: Latest TNON news
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2026-03-03 WILLIAMSON KEVIN Chief Financial Officer — 1,041 — —
2025-12-31 FERRARI RICHARD M Director — 64,478 — —
2025-12-31 WEIGLE ROBERT K. Director — 10,732 — —
2025-12-31 HOCHSCHULER STEPHEN H Director — 10,732 — —
2025-12-31 FOSTER STEVEN M Chief Executive Officer — 140,936 — —
2025-12-31 HOWARD IVAN Director — 10,732 — —
2025-12-31 GINN RICHARD Chief Technology Officer — 126,577 — —
2025-12-31 JACQUES KRISTINE M Director — 10,729 — —
2025-12-31 WILLIAMSON KEVIN Chief Financial Officer — 58,987 — —
2025-11-14 FOSTER STEVEN M Chief Executive Officer — 19,455 $1.18 $22,957
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Revenue
3.94
+20.35%
3.28
+11.92%
2.93
+323.73%
0.69
Operating Revenue
3.94
+20.35%
3.28
+11.92%
2.93
+323.73%
0.69
Cost Of Revenue
1.59
+1.28%
1.57
-7.17%
1.69
+26.65%
1.33
Reconciled Cost Of Revenue
1.59
+1.28%
1.57
-7.17%
1.69
+26.65%
1.33
Gross Profit
2.36
+37.81%
1.71
+37.87%
1.24
+293.60%
-0.64
Operating Expense
15.15
-2.11%
15.48
-8.79%
16.97
-6.17%
18.08
Research And Development
2.15
-17.44%
2.60
-17.70%
3.16
+11.85%
2.83
Selling General And Administration
13.00
+0.99%
12.87
-6.74%
13.80
-9.51%
15.26
Selling And Marketing Expense
6.03
+17.95%
5.11
-24.62%
6.78
-13.47%
7.83
General And Administrative Expense
6.97
-10.17%
7.76
+10.50%
7.03
-5.33%
7.42
Other Gand A
6.97
-10.17%
7.76
+10.50%
7.03
-5.33%
7.42
Total Expenses
16.74
-1.80%
17.04
-8.64%
18.66
-3.92%
19.42
Operating Income
-12.79
+7.08%
-13.77
+12.47%
-15.73
+16.01%
-18.73
Total Operating Income As Reported
-12.79
+7.08%
-13.77
+12.47%
-15.73
+16.01%
-18.73
EBITDA
-12.03
+7.38%
-12.98
+14.21%
-15.13
+17.18%
-18.27
Normalized EBITDA
-12.26
+6.87%
-13.17
+13.95%
-15.30
+17.09%
-18.45
Reconciled Depreciation
0.53
-19.08%
0.66
+53.76%
0.43
+47.40%
0.29
EBIT
-12.56
+7.94%
-13.64
+12.35%
-15.56
+16.18%
-18.56
Total Unusual Items
0.24
+28.96%
0.18
+9.58%
0.17
-7.22%
0.18
Total Unusual Items Excluding Goodwill
0.24
+28.96%
0.18
+9.58%
0.17
-7.22%
0.18
Net Income
-12.56
+8.17%
-13.67
+12.25%
-15.58
+17.63%
-18.92
Pretax Income
-12.56
+8.17%
-13.67
+12.25%
-15.58
+17.63%
-18.92
Net Non Operating Interest Income Expense
0.00
+100.00%
-0.03
-61.90%
-0.02
+94.07%
-0.35
Interest Expense Non Operating
0.00
-100.00%
0.03
+61.90%
0.02
-94.07%
0.35
Net Interest Income
0.00
+100.00%
-0.03
-61.90%
-0.02
+94.07%
-0.35
Interest Expense
0.00
-100.00%
0.03
+61.90%
0.02
-94.07%
0.35
Other Income Expense
0.24
+85.83%
0.13
-23.95%
0.17
+3.09%
0.16
Other Non Operating Income Expenses
—
-0.06
—
-0.02
Gain On Sale Of Security
0.24
+28.96%
0.18
+9.58%
0.17
-7.22%
0.18
Tax Rate For Calcs
0.00
0.00
0.00
0.00
Tax Effect Of Unusual Items
0.00
0.00
0.00
0.00
Net Income Including Noncontrolling Interests
-12.56
+8.17%
-13.67
+12.25%
-15.58
+17.63%
-18.92
Net Income From Continuing Operation Net Minority Interest
-12.56
+8.17%
-13.67
+12.25%
-15.58
+17.63%
-18.92
Net Income From Continuing And Discontinued Operation
-12.56
+8.17%
-13.67
+12.25%
-15.58
+17.63%
-18.92
Net Income Continuous Operations
-12.56
+8.17%
-13.67
+12.25%
-15.58
+17.63%
-18.92
Minority Interests
—
—
—
0.00
Normalized Income
-12.79
+7.68%
-13.86
+12.01%
-15.75
+17.54%
-19.10
Net Income Common Stockholders
-12.56
+8.17%
-13.67
+12.25%
-15.58
+17.63%
-18.92
Diluted EPS
—
-11.26
+83.61%
-68.72
+63.63%
-188.96
Basic EPS
—
-11.26
+83.61%
-68.72
+63.63%
-188.96
Basic Average Shares
—
1.21
+435.39%
0.23
+126.47%
0.10
Diluted Average Shares
—
1.21
+435.39%
0.23
+126.47%
0.10
Diluted NI Availto Com Stockholders
-12.56
+8.17%
-13.67
+12.25%
-15.58
+17.63%
-18.92
Line Item Trend 2023-12-31
Total Assets
6.34
Current Assets
3.89
Cash Cash Equivalents And Short Term Investments
2.43
Cash And Cash Equivalents
2.43
Other Short Term Investments
0.00
Receivables
0.52
Accounts Receivable
0.52
Gross Accounts Receivable
0.52
Allowance For Doubtful Accounts Receivable
0.00
Inventory
0.55
Raw Materials
0.02
Finished Goods
0.53
Prepaid Assets
0.39
Other Current Assets
0.39
Total Non Current Assets
2.46
Net PPE
1.61
Gross PPE
1.88
Accumulated Depreciation
-0.27
Properties
0.00
Machinery Furniture Equipment
0.07
Construction In Progress
0.60
Other Properties
1.20
Leases
0.01
Goodwill And Other Intangible Assets
—
Goodwill
—
Other Intangible Assets
—
Non Current Deferred Assets
0.80
Non Current Prepaid Assets
0.05
Total Liabilities Net Minority Interest
5.57
Current Liabilities
3.14
Payables And Accrued Expenses
1.38
Payables
0.43
Accounts Payable
0.43
Current Accrued Expenses
0.94
Pensionand Other Post Retirement Benefit Plans Current
0.33
Current Debt And Capital Lease Obligation
1.43
Current Debt
1.17
Other Current Borrowings
1.17
Current Capital Lease Obligation
0.26
Total Non Current Liabilities Net Minority Interest
2.43
Long Term Debt And Capital Lease Obligation
0.43
Long Term Capital Lease Obligation
0.43
Other Non Current Liabilities
—
Preferred Securities Outside Stock Equity
—
Stockholders Equity
0.78
Common Stock Equity
0.78
Capital Stock
0.00
Common Stock
0.00
Preferred Stock
0.00
Share Issued
0.33
Ordinary Shares Number
0.33
Treasury Shares Number
0.00
Additional Paid In Capital
55.90
Retained Earnings
-55.07
Gains Losses Not Affecting Retained Earnings
-0.05
Minority Interest
—
Other Equity Adjustments
-0.05
Total Equity Gross Minority Interest
0.78
Total Capitalization
0.78
Working Capital
0.75
Invested Capital
1.95
Total Debt
1.86
Net Debt
—
Capital Lease Obligations
0.68
Net Tangible Assets
0.78
Tangible Book Value
0.78
Non Current Accrued Expenses
2.00
Preferred Stock Equity
—
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Operating Cash Flow
-10.74
-8.78%
-9.88
+18.92%
-12.18
-1.31%
-12.03
Cash Flow From Continuing Operating Activities
-10.74
-8.78%
-9.88
+18.92%
-12.18
-1.31%
-12.03
Net Income From Continuing Operations
-12.56
+8.17%
-13.67
+12.25%
-15.58
+17.63%
-18.92
Depreciation Amortization Depletion
0.53
-19.08%
0.66
+53.76%
0.43
+47.40%
0.29
Depreciation
0.53
-19.08%
0.66
+53.76%
0.43
+47.40%
0.29
Depreciation And Amortization
0.53
-19.08%
0.66
+53.76%
0.43
+47.40%
0.29
Other Non Cash Items
—
—
—
1.92
Stock Based Compensation
1.69
-56.02%
3.85
-7.24%
4.14
+43.08%
2.90
Provisionand Write Offof Assets
0.02
-60.98%
0.04
0.00
—
Asset Impairment Charge
—
—
0.00
-100.00%
0.08
Operating Gains Losses
—
—
—
—
Gain Loss On Investment Securities
—
—
—
—
Unrealized Gain Loss On Investment Securities
—
—
0.00
+100.00%
-0.02
Change In Working Capital
-0.43
+42.90%
-0.75
+36.40%
-1.17
-168.12%
1.72
Change In Receivables
-0.85
-120.47%
-0.39
-33.10%
-0.29
-90.79%
-0.15
Changes In Account Receivables
-0.85
-120.47%
-0.39
-33.10%
-0.29
-90.79%
-0.15
Change In Inventory
-0.39
-644.23%
-0.05
+62.59%
-0.14
+38.77%
-0.23
Change In Prepaid Assets
-0.04
-119.13%
0.18
+160.80%
-0.30
-428.07%
-0.06
Change In Payables And Accrued Expense
1.13
+582.55%
-0.23
-8.80%
-0.22
-109.15%
2.36
Change In Accrued Expense
0.65
+478.95%
-0.17
-72.73%
-0.10
-104.33%
2.29
Change In Payable
0.49
+859.38%
-0.06
+45.30%
-0.12
-262.50%
0.07
Change In Account Payable
0.49
+859.38%
-0.06
+45.30%
-0.12
-262.50%
0.07
Change In Other Current Liabilities
-0.29
-12.11%
-0.26
-12.78%
-0.23
-12.38%
-0.20
Investing Cash Flow
-1.02
-450.00%
-0.19
-103.03%
6.14
+312.97%
-2.88
Cash Flow From Continuing Investing Activities
-1.02
-450.00%
-0.19
-103.03%
6.14
+312.97%
-2.88
Net PPE Purchase And Sale
-0.27
-46.77%
-0.19
+48.48%
-0.36
+57.38%
-0.85
Purchase Of PPE
-0.27
-46.77%
-0.19
+48.48%
-0.36
+57.38%
-0.85
Capital Expenditure
-0.27
-46.77%
-0.19
+48.48%
-0.36
+57.38%
-0.85
Net Investment Purchase And Sale
—
0.00
-100.00%
6.50
+419.24%
-2.04
Purchase Of Investment
—
0.00
+100.00%
-0.49
+95.13%
-10.12
Sale Of Investment
—
0.00
-100.00%
7.00
-13.41%
8.08
Net Other Investing Changes
-0.75
—
—
—
Financing Cash Flow
8.99
-36.36%
14.12
+124.14%
6.30
-55.35%
14.11
Cash Flow From Continuing Financing Activities
8.99
-36.36%
14.12
+124.14%
6.30
-55.35%
14.11
Net Issuance Payments Of Debt
—
0.00
-100.00%
1.25
0.00
Issuance Of Debt
—
0.00
-100.00%
1.25
0.00
Repayment Of Debt
—
—
—
0.00
Long Term Debt Issuance
—
—
—
0.00
Long Term Debt Payments
—
—
—
0.00
Net Long Term Debt Issuance
—
—
—
0.00
Short Term Debt Issuance
—
0.00
-100.00%
1.25
0.00
Net Short Term Debt Issuance
—
0.00
-100.00%
1.25
0.00
Net Common Stock Issuance
6.86
+3.84%
6.61
+24.57%
5.30
-62.49%
14.14
Proceeds From Stock Option Exercised
3.06
-44.01%
5.46
+2016.28%
0.26
0.00
Net Other Financing Charges
-0.93
+15.33%
-1.10
-115.32%
-0.51
-1936.00%
-0.03
Changes In Cash
-2.78
-168.43%
4.06
+1455.94%
0.26
+132.83%
-0.80
Effect Of Exchange Rate Changes
0.00
-100.00%
0.05
+21.05%
0.04
+442.86%
0.01
Beginning Cash Position
6.54
+169.15%
2.43
+14.04%
2.13
-27.01%
2.92
End Cash Position
3.76
-42.52%
6.54
+169.15%
2.43
+14.04%
2.13
Free Cash Flow
-11.02
-9.48%
-10.06
+19.77%
-12.54
+2.55%
-12.87
Interest Paid Supplemental Data
—
—
0.00
0.00
Income Tax Paid Supplemental Data
—
—
0.00
0.00
Common Stock Issuance
6.86
+3.84%
6.61
+24.57%
5.30
-62.49%
14.14
Issuance Of Capital Stock
6.86
-29.72%
9.76
+84.07%
5.30
-62.49%
14.14
Net Preferred Stock Issuance
0.00
-100.00%
3.15
0.00
—
Preferred Stock Issuance
0.00
-100.00%
3.15
0.00
—
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

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