Tenon Medical, Inc.(TNON)Earnings, Financials & Key Ratios
TNON•NASDAQ
$0.75
$8M mkt cap·Price updated May 6, 2026
AboutTenon Medical, Inc., a medical device company, develops surgical implant systems to optimize sacroiliac joint fixation/fusion surgery and corresponding outcomes. It sells The CATAMARAN SIJ Fusion System that includes instruments and implants designed to prepare and fixate the SI-Joint for fusion in the United States and Puerto Rico. The company was founded in 2012 and is based in Los Gatos, California.Show more
- Revenue$3M+11.9%
- EBITDA-$13M+14.3%
- Net Income-$14M+12.2%
- EPS (Diluted)-11.26+83.6%
- Gross Margin52.21%+23.2%
- EBITDA Margin-400.09%+23.4%
- Operating Margin-420.08%+21.8%
- Net Margin-417.24%+21.6%
- ROE-405.19%+8.6%
- ROIC-29083.1%-6361.3%
- Debt/Equity0.07-97.0%
- Interest Coverage-404.88+45.9%
TNON Key Insights
Tenon Medical, Inc. (TNON) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Company is almost debt free
- ✓Strong 5Y sales CAGR of 127.6%
- ✓Trading at only 0.2x book value
✗Weaknesses
- ✗Negative free cash flow
- ✗Weak momentum: RS Rating 14 (bottom 14%)
- ✗Shares diluted 100.0% in last year
- ✗Trading more than 30% below 52-week high
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
TNON Price & Volume
Tenon Medical, Inc. (TNON) stock price & volume — 10-year historical chart
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TNON Growth Metrics
Tenon Medical, Inc. (TNON) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years127.61%
3 Years173.6%
TTM-2.47%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM6.63%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM86.39%
Return on Capital
10 Years-659.42%
5 Years-659.42%
3 Years-659.42%
Last Year-246.28%
TNON Peer Comparison
Tenon Medical, Inc. (TNON) competitors in Orthopedics, spine, and sports medicine — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 SIBN | 566.98M | 12.99 | -29.52 | 20.19% | -9.41% | -10.65% | 0.01 | |
 ATEC | 1.06B | 6.99 | -7.28 | 24.95% | -21.07% | -141.88% | 17.21 | |
 XTNT | 80.8M | 0.58 | -4.81 | 28.44% | 1.32% | 3.77% | 0.82 | |
 GMED | 12.07B | 89.22 | 22.76 | 16.65% | 18.3% | 12.4% | 0.03 | |
 OFIX | 489.36M | 12.19 | -5.35 | 2.85% | -7.27% | -13.44% | 0.51 | |
 CRVS | 1.15B | 15.45 | -29.15 | -23.29% | 0.02 | |||
 AHCO | 1.55B | 11.41 | -21.93 | -0.49% | -2.78% | -5.09% | 1.25 | |
 ZBH | 16.22B | 82.83 | 23.33 | 7.2% | 9.05% | 5.77% | 0.59 |
Compare TNON vs Peers
Tenon Medical, Inc. (TNON) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
TNON Income Statement
Tenon Medical, Inc. (TNON) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Line item | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|---|
| Sales/Revenue | 53.64K | 43.82K | 160K | 691K | 2.93M | 3.28M | 3.23M |
| Revenue Growth % | - | -18.31% | 265.13% | 331.88% | 323.73% | 11.92% | -2.47% |
| Cost of Goods Sold | 18.26K | 18.26K | 55K | 1.33M | 1.69M | 1.57M | 1.54M |
| COGS % of Revenue | 34.04% | 41.66% | 34.38% | 192.76% | 57.62% | 47.79% | - |
| Gross Profit | 35.38K▲ 0% | 25.56K▼ 27.8% | 105K▲ 310.7% | -641K▼ 710.5% | 1.24M▲ 293.6% | 1.71M▲ 37.9% | 1.69M▲ 0% |
| Gross Margin % | 65.96% | 58.34% | 65.63% | -92.76% | 42.38% | 52.21% | 52.4% |
| Gross Profit Growth % | - | -27.75% | 310.75% | -710.48% | 293.6% | 37.87% | - |
| Operating Expenses | 568.83K | 561.85K | 6.57M | 18.08M | 16.97M | 15.48M | 14.79M |
| OpEx % of Revenue | 1060.45% | 1282.18% | 4103.75% | 2617.08% | 579.51% | 472.29% | - |
| Selling, General & Admin | 197.28K | 340.97K | 4.85M | 15.26M | 13.8M | 12.87M | 12.6M |
| SG&A % of Revenue | 367.79% | 778.11% | 3030% | 2207.81% | 471.48% | 392.86% | - |
| Research & Development | 371.55K | 220.88K | 1.72M | 2.83M | 3.16M | 2.6M | 2.19M |
| R&D % of Revenue | 692.66% | 504.07% | 1073.75% | 409.26% | 108.03% | 79.43% | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -533.44K▲ 0% | -536.29K▼ 0.5% | -6.46M▼ 1104.8% | -18.73M▼ 189.8% | -15.73M▲ 16.0% | -13.77M▲ 12.5% | -13.1M▲ 0% |
| Operating Margin % | -994.48% | -1223.85% | -4038.13% | -2709.84% | -537.12% | -420.08% | -405.17% |
| Operating Income Growth % | - | -0.53% | -1104.76% | -189.82% | 16.01% | 12.47% | - |
| EBITDA | 2 | -537.52K | -6.35M | -18.44M | -15.3M | -13.11M | -12.62M |
| EBITDA Margin % | 0% | -1226.65% | -3966.88% | -2668.02% | -522.58% | -400.09% | -390.23% |
| EBITDA Growth % | - | -26876050% | -1080.8% | -190.47% | 17% | 14.31% | 3.76% |
| D&A (Non-Cash Add-back) | 533.44K | 0 | 114K | 289K | 426K | 655K | 483K |
| EBIT | -533.47K | -537.52K | -6.46M | -18.56M | -15.56M | -13.64M | -12.9M |
| Net Interest Income | 0 | -167.85K | -621K | -354K | -21K | -34K | 0 |
| Interest Income | 52.36K | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 52.36K | 167.85K | 621K | 354K | 21K | 34K | 0 |
| Other Income/Expense | -52.39K | -169.08K | -620K | -192K | 146K | 93K | 288K |
| Pretax Income | -585.83K▲ 0% | -705.37K▼ 20.4% | -7.08M▼ 903.9% | -18.92M▼ 167.2% | -15.58M▲ 17.6% | -13.67M▲ 12.2% | -12.81M▲ 0% |
| Pretax Margin % | -1092.15% | -1609.69% | -4425.63% | -2737.63% | -532.14% | -417.24% | -396.26% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -509.58K▲ 0% | -585.18K▼ 14.8% | -7.05M▼ 1104.4% | -18.92M▼ 168.4% | -15.58M▲ 17.6% | -13.67M▲ 12.2% | -12.81M▲ 0% |
| Net Margin % | -950% | -1335.41% | -4405% | -2737.63% | -532.14% | -417.24% | -396.26% |
| Net Income Growth % | - | -14.84% | -1104.42% | -168.4% | 17.63% | 12.25% | 6.63% |
| Net Income (Continuing) | -585.83K | -705.37K | -7.08M | -18.92M | -15.58M | -13.67M | -12.81M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 994.68K | 1.71M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -49.12▲ 0% | -56.40▼ 14.8% | -624.38▼ 1007.1% | -187.30▲ 70.0% | -68.64▲ 63.4% | -11.26▲ 83.6% | -1.55▲ 0% |
| EPS Growth % | - | -14.82% | -1007.06% | 70% | 63.35% | 83.6% | 86.39% |
| EPS (Basic) | -49.12 | -56.40 | -624.38 | -187.30 | -68.64 | -11.26 | - |
| Diluted Shares Outstanding | 10.38K | 10.38K | 11.29K | 101K | 227K | 1.21M | 8.25M |
| Basic Shares Outstanding | 10.38K | 10.38K | 11.29K | 101K | 227K | 1.21M | 8.25M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
TNON Balance Sheet
Tenon Medical, Inc. (TNON) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|---|
| Total Current Assets | 268.45K | 303.4K | 7.67M | 9.35M | 3.89M | 8.21M | 6.54M |
| Cash & Short-Term Investments | 151.97K | 245.63K | 7.32M | 8.57M | 2.43M | 6.54M | 3.44M |
| Cash Only | 151.97K | 245.63K | 2.92M | 2.13M | 2.43M | 6.54M | 3.44M |
| Short-Term Investments | 0 | 0 | 4.4M | 6.44M | 0 | 0 | 0 |
| Accounts Receivable | 53.77K | 14.47K | 76K | 241K | 526K | 863K | 1.31M |
| Days Sales Outstanding | 365.87 | 120.56 | 173.38 | 127.3 | 65.57 | 96.12 | 108.1 |
| Inventory | 61.55K | 43.29K | 188K | 415K | 554K | 606K | 1.36M |
| Days Inventory Outstanding | 1.23K | 865.43 | 1.25K | 113.72 | 119.86 | 141.25 | 193.59 |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 | 206K | 428K |
| Total Non-Current Assets | 0 | 87.5K | 1.6M | 1.74M | 2.46M | 1.63M | 3.82M |
| Property, Plant & Equipment | 0 | 0 | 1.19M | 1.67M | 1.61M | 1.15M | 863K |
| Fixed Asset Turnover | - | - | 0.14x | 0.41x | 1.82x | 2.85x | 3.11x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 2.41M |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 500K |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 87.5K | 415K | 76K | 849K | 482K | 1.02M |
| Total Assets | 268.45K▲ 0% | 390.9K▲ 45.6% | 9.27M▲ 2272.0% | 11.09M▲ 19.6% | 6.34M▼ 42.8% | 9.84M▲ 55.1% | 10.37M▲ 0% |
| Asset Turnover | 0.20x | 0.11x | 0.02x | 0.06x | 0.46x | 0.33x | 0.29x |
| Asset Growth % | - | 45.61% | 2271.96% | 19.6% | -42.78% | 55.13% | 186.69% |
| Total Current Liabilities | 1.69M | 1.49M | 15.27M | 2.53M | 3.14M | 1.87M | 3.04M |
| Accounts Payable | 447.52K | 589.19K | 478K | 550K | 433K | 369K | 625K |
| Days Payables Outstanding | 8.95K | 11.78K | 3.17K | 150.71 | 93.68 | 86.01 | 141.35 |
| Short-Term Debt | 734.41K | 241.4K | 13.51M | 228K | 1.17M | 0 | 216K |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 28.69K | 80.75K | 846K | 1.3M | 474K | 0 | 832K |
| Current Ratio | 0.16x | 0.20x | 0.50x | 3.69x | 1.24x | 4.39x | 4.39x |
| Quick Ratio | 0.12x | 0.17x | 0.49x | 3.53x | 1.06x | 4.07x | 4.07x |
| Cash Conversion Cycle | -7.35K | -10.79K | -1.75K | 90.31 | 91.75 | 151.36 | 160.34 |
| Total Non-Current Liabilities | 193.39K | 333.58K | 14.55M | 2.31M | 2.43M | 2M | 2.53M |
| Long-Term Debt | 193.39K | 333.58K | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 911K | 683K | 428K | 141K | 206K |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 2M | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 13.64M | 1.62M | 2M | 1.86M | 7.98M |
| Total Liabilities | 1.88M | 1.83M | 29.82M | 4.84M | 5.57M | 3.87M | 5.57M |
| Total Debt | 927.8K | 574.98K | 14.62M | 911K | 1.86M | 428K | 216K |
| Net Debt | 775.84K | 329.34K | 11.7M | -1.22M | -571K | -6.11M | -3.23M |
| Debt / Equity | - | - | - | 0.15x | 2.39x | 0.07x | 0.07x |
| Debt / EBITDA | 463902.00x | - | - | - | - | - | -0.02x |
| Net Debt / EBITDA | 387918.00x | - | - | - | - | - | 0.26x |
| Interest Coverage | -10.19x | -3.20x | -10.40x | -52.90x | -748.90x | -404.88x | - |
| Total Equity | -1.61M▲ 0% | -1.44M▲ 11.0% | -20.55M▼ 1330.3% | 6.25M▲ 130.4% | 778K▼ 87.6% | 5.97M▲ 667.5% | 4.8M▲ 0% |
| Equity Growth % | - | 10.97% | -1330.28% | 130.42% | -87.56% | 667.48% | 1491.63% |
| Book Value per Share | -155.57 | -138.50 | -1820.69 | 61.90 | 3.43 | 4.92 | 0.58 |
| Total Shareholders' Equity | -2.61M | -3.14M | -20.55M | 6.25M | 778K | 5.97M | 4.8M |
| Common Stock | 1.66K | 1.66K | 1K | 11K | 3K | 3K | 9K |
| Retained Earnings | -3.9M | -4.49M | -20.57M | -39.49M | -55.07M | -68.75M | -78.47M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -32.41K | -56.57K | -91K | -100K | -46K | 0 | 0 |
| Minority Interest | 994.68K | 1.71M | 0 | 0 | 0 | 0 | 0 |
TNON Cash Flow Statement
Tenon Medical, Inc. (TNON) cash flow — operating, investing & free cash flow history
| Line item | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|---|
| Cash from Operations | -235.2K | -167.36K | -4.29M | -12.03M | -12.18M | -9.88M | -9.88M |
| Operating CF Margin % | -438.48% | -381.93% | -2682.5% | -1740.23% | -416.09% | -301.43% | - |
| Operating CF Growth % | - | 28.84% | -2464.49% | -180.17% | -1.31% | 18.92% | -82.8% |
| Net Income | -509.58K | -705.37K | -7.08M | -18.92M | -15.58M | -13.67M | -12.81M |
| Depreciation & Amortization | 0 | 0 | 114K | 289K | 426K | 655K | 547K |
| Stock-Based Compensation | 30.57K | 16.65K | 377K | 2.9M | 4.14M | 3.85M | 2.23M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -24.76K | 167.78K | 1.85M | 1.98M | 0 | 41K | -5K |
| Working Capital Changes | 268.56K | 353.57K | 452K | 1.72M | -1.17M | -746K | -1.26M |
| Change in Receivables | -53.39K | 39.36K | -61K | -152K | -290K | -386K | -430K |
| Change in Inventory | -61.55K | 18.26K | -145K | -227K | -139K | -52K | -553K |
| Change in Payables | 271.34K | 141.28K | 444K | 72K | -117K | -64K | -458K |
| Cash from Investing | 64.49K | 0 | -4.5M | -2.88M | 6.14M | -186K | -794K |
| Capital Expenditures | 0 | 0 | -102K | -847K | -361K | -186K | -44K |
| CapEx % of Revenue | - | - | 63.75% | 122.58% | 12.33% | 5.68% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 64.49K | 0 | 0 | 0 | 0 | 0 | -750K |
| Cash from Financing | 321.31K | 254.8K | 11.47M | 14.11M | 6.3M | 14.13M | 6.37M |
| Debt Issued (Net) | 321.31K | 306.62K | 11.83M | 0 | 1.25M | 0 | 0 |
| Equity Issued (Net) | 0 | 0 | 0 | 1000K | 1000K | 1000K | 1.87M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | -51.82K | -358K | -25K | -251K | 4.36M | -1.56M |
| Net Change in Cash | 151.97K▲ 0% | 93.67K▼ 38.4% | 2.67M▲ 2751.6% | -788K▼ 129.5% | 299K▲ 137.9% | 4.11M▲ 1273.6% | -5.72M▲ 0% |
| Free Cash Flow | -235.2K▲ 0% | -167.36K▲ 28.8% | -4.39M▼ 2525.4% | -12.87M▼ 192.9% | -12.54M▲ 2.5% | -10.06M▲ 19.8% | -11.34M▲ 0% |
| FCF Margin % | -438.48% | -381.93% | -2746.25% | -1862.81% | -428.42% | -307.11% | -350.82% |
| FCF Growth % | - | 28.84% | -2525.43% | -192.94% | 2.55% | 19.77% | -17% |
| FCF per Share | -22.67 | -16.13 | -389.26 | -127.45 | -55.26 | -8.29 | -8.29 |
| FCF Conversion (FCF/Net Income) | 0.46x | 0.29x | 0.61x | 0.64x | 0.78x | 0.72x | 0.89x |
| Interest Paid | 0 | 66 | 1K | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 2.03K | 1K | 0 | 0 | 0 | 0 |
TNON Key Ratios
Tenon Medical, Inc. (TNON) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 | TTM |
|---|---|---|---|---|---|---|
| Return on Equity (ROE) | - | - | -302.58% | -443.27% | -405.19% | -190.8% |
| Return on Invested Capital (ROIC) | - | - | - | -450.11% | -29083.1% | -29083.1% |
| Gross Margin | 58.34% | 65.63% | -92.76% | 42.38% | 52.21% | 52.4% |
| Net Margin | -1335.41% | -4405% | -2737.63% | -532.14% | -417.24% | -396.26% |
| Debt / Equity | - | - | 0.15x | 2.39x | 0.07x | 0.07x |
| Interest Coverage | -3.20x | -10.40x | -52.90x | -748.90x | -404.88x | - |
| FCF Conversion | 0.29x | 0.61x | 0.64x | 0.78x | 0.72x | 0.89x |
| Revenue Growth | -18.31% | 265.13% | 331.88% | 323.73% | 11.92% | -2.47% |
TNON Frequently Asked Questions
Tenon Medical, Inc. (TNON) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Tenon Medical, Inc. (TNON) reported $3.2M in revenue for fiscal year 2024. This represents a 5927% increase from $0.1M in 2019.
Tenon Medical, Inc. (TNON) grew revenue by 11.9% over the past year. This is steady growth.
Tenon Medical, Inc. (TNON) reported a net loss of $12.8M for fiscal year 2024.
Dividend & Returns
Tenon Medical, Inc. (TNON) has a return on equity (ROE) of -405.2%. Negative ROE indicates the company is unprofitable.
Tenon Medical, Inc. (TNON) had negative free cash flow of $11.3M in fiscal year 2024, likely due to heavy capital investments.
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Tenon Medical, Inc. (TNON) financial analysis — history, returns, DCA and operating performance tools
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Earnings History
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Revenue History
Sales growth patterns & revenue breakdown
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Valuation
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