Tenon Medical, Inc. (TNON) 10-Year Financial Performance & Capital Metrics

TNON • • Industrial / General

HealthcareMedical DevicesOrthopedic & Musculoskeletal DevicesSpinal Implants & Fusion Systems

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 Margin 52.21% +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/Equity 0.07 -97.0%
Interest Coverage -404.88 +45.9%

Technical Analysis

Key Insights

Based on financial 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 18 (bottom 18%)
✗Shares diluted 100.0% in last year
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y127.61%

3Y173.6%

TTM-2.47%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM6.63%

EPS CAGR

10Y-

5Y-

3Y-

TTM86.39%

ROCE

10Y Avg-659.42%

5Y Avg-659.42%

3Y Avg-659.42%

Latest-246.28%

Peer Comparison

Spinal Implants & Fusion Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GMEDGlobus Medical, Inc.	10.46B	93.89	125.19	60.62%	15.3%	9.63%	3.87%	0.13
TNONTenon Medical, Inc.	10.6M	0.95	-0.08	11.92%	-396.26%	-267.01%		0.07
BBLGBone Biologics Corporation	3M	1.67	-0.35			-65.59%
OFIXOrthofix Medical Inc.	570.24M	14.40	-4.36	7.08%	-14.56%	-26.92%		0.36
XTNTXtant Medical Holdings, Inc.	91M	0.65	-5.42	28.44%	1.32%	3.48%		0.82
ATECAlphatec Holdings, Inc.	2.59B	17.46	-15.45	26.81%	-21.29%	-13.47%		64.65
SIBNSI-BONE, Inc.	762.82M	17.58	-23.44	20.37%	-11.24%	-12.64%		0.22

Profit & Loss

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	53.64K	43.82K	160K	691K	2.93M	3.28M
Revenue Growth %	-	-0.18%	2.65%	3.32%	3.24%	0.12%
Cost of Goods Sold+	18.26K	18.26K	55K	1.33M	1.69M	1.57M
COGS % of Revenue	0.34%	0.42%	0.34%	1.93%	0.58%	0.48%
Gross Profit+	35.38K	25.56K	105K	-641K	1.24M	1.71M
Gross Margin %	0.66%	0.58%	0.66%	-0.93%	0.42%	0.52%
Gross Profit Growth %	-	-0.28%	3.11%	-7.1%	2.94%	0.38%
Operating Expenses+	568.83K	561.85K	6.57M	18.08M	16.97M	15.48M
OpEx % of Revenue	10.6%	12.82%	41.04%	26.17%	5.8%	4.72%
Selling, General & Admin	197.28K	340.97K	4.85M	15.26M	13.8M	12.87M
SG&A % of Revenue	3.68%	7.78%	30.3%	22.08%	4.71%	3.93%
Research & Development	371.55K	220.88K	1.72M	2.83M	3.16M	2.6M
R&D % of Revenue	6.93%	5.04%	10.74%	4.09%	1.08%	0.79%
Other Operating Expenses	0	0	0	0	0	0
Operating Income+	-533.44K	-536.29K	-6.46M	-18.73M	-15.73M	-13.77M
Operating Margin %	-9.94%	-12.24%	-40.38%	-27.1%	-5.37%	-4.2%
Operating Income Growth %	-	-0.01%	-11.05%	-1.9%	0.16%	0.12%
EBITDA+	2	-537.52K	-6.35M	-18.44M	-15.3M	-13.11M
EBITDA Margin %	0%	-12.27%	-39.67%	-26.68%	-5.23%	-4%
EBITDA Growth %	-	-268760.5%	-10.81%	-1.9%	0.17%	0.14%
D&A (Non-Cash Add-back)	533.44K	0	114K	289K	426K	655K
EBIT	-533.47K	-537.52K	-6.46M	-18.56M	-15.56M	-13.64M
Net Interest Income+	0	-167.85K	-621K	-354K	-21K	-34K
Interest Income	52.36K	0	0	0	0	0
Interest Expense	52.36K	167.85K	621K	354K	21K	34K
Other Income/Expense	-52.39K	-169.08K	-620K	-192K	146K	93K
Pretax Income+	-585.83K	-705.37K	-7.08M	-18.92M	-15.58M	-13.67M
Pretax Margin %	-10.92%	-16.1%	-44.26%	-27.38%	-5.32%	-4.17%
Income Tax+	0	0	0	0	0	0
Effective Tax Rate %	0.87%	0.83%	1%	1%	1%	1%
Net Income+	-509.58K	-585.18K	-7.05M	-18.92M	-15.58M	-13.67M
Net Margin %	-9.5%	-13.35%	-44.05%	-27.38%	-5.32%	-4.17%
Net Income Growth %	-	-0.15%	-11.04%	-1.68%	0.18%	0.12%
Net Income (Continuing)	-585.83K	-705.37K	-7.08M	-18.92M	-15.58M	-13.67M
Discontinued Operations	0	0	0	0	0	0
Minority Interest	994.68K	1.71M	0	0	0	0
EPS (Diluted)+	-49.12	-56.40	-624.38	-187.30	-68.64	-11.26
EPS Growth %	-	-0.15%	-10.07%	0.7%	0.63%	0.84%
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
Basic Shares Outstanding	10.38K	10.38K	11.29K	101K	227K	1.21M
Dividend Payout Ratio	-	-	-	-	-	-

Balance Sheet

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	268.45K	303.4K	7.67M	9.35M	3.89M	8.21M
Cash & Short-Term Investments	151.97K	245.63K	7.32M	8.57M	2.43M	6.54M
Cash Only	151.97K	245.63K	2.92M	2.13M	2.43M	6.54M
Short-Term Investments	0	0	4.4M	6.44M	0	0
Accounts Receivable	53.77K	14.47K	76K	241K	526K	863K
Days Sales Outstanding	365.87	120.56	173.38	127.3	65.57	96.12
Inventory	61.55K	43.29K	188K	415K	554K	606K
Days Inventory Outstanding	1.23K	865.43	1.25K	113.72	119.86	141.25
Other Current Assets	0	0	0	0	0	206K
Total Non-Current Assets+	0	87.5K	1.6M	1.74M	2.46M	1.63M
Property, Plant & Equipment	0	0	1.19M	1.67M	1.61M	1.15M
Fixed Asset Turnover	-	-	0.14x	0.41x	1.82x	2.85x
Goodwill	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0
Other Non-Current Assets	0	87.5K	415K	76K	849K	482K
Total Assets+	268.45K	390.9K	9.27M	11.09M	6.34M	9.84M
Asset Turnover	0.20x	0.11x	0.02x	0.06x	0.46x	0.33x
Asset Growth %	-	0.46%	22.72%	0.2%	-0.43%	0.55%
Total Current Liabilities+	1.69M	1.49M	15.27M	2.53M	3.14M	1.87M
Accounts Payable	447.52K	589.19K	478K	550K	433K	369K
Days Payables Outstanding	8.95K	11.78K	3.17K	150.71	93.68	86.01
Short-Term Debt	734.41K	241.4K	13.51M	228K	1.17M	0
Deferred Revenue (Current)	0	0	0	0	0	0
Other Current Liabilities	28.69K	80.75K	846K	1.3M	474K	0
Current Ratio	0.16x	0.20x	0.50x	3.69x	1.24x	4.39x
Quick Ratio	0.12x	0.17x	0.49x	3.53x	1.06x	4.07x
Cash Conversion Cycle	-7.35K	-10.79K	-1.75K	90.31	91.75	151.36
Total Non-Current Liabilities+	193.39K	333.58K	14.55M	2.31M	2.43M	2M
Long-Term Debt	193.39K	333.58K	0	0	0	0
Capital Lease Obligations	0	0	911K	683K	428K	141K
Deferred Tax Liabilities	0	0	0	0	2M	0
Other Non-Current Liabilities	0	0	13.64M	1.62M	2M	1.86M
Total Liabilities	1.88M	1.83M	29.82M	4.84M	5.57M	3.87M
Total Debt+	927.8K	574.98K	14.62M	911K	1.86M	428K
Net Debt	775.84K	329.34K	11.7M	-1.22M	-571K	-6.11M
Debt / Equity	-	-	-	0.15x	2.39x	0.07x
Debt / EBITDA	463902.00x	-	-	-	-	-
Net Debt / EBITDA	387918.00x	-	-	-	-	-
Interest Coverage	-10.19x	-3.20x	-10.40x	-52.90x	-748.90x	-404.88x
Total Equity+	-1.61M	-1.44M	-20.55M	6.25M	778K	5.97M
Equity Growth %	-	0.11%	-13.3%	1.3%	-0.88%	6.67%
Book Value per Share	-155.57	-138.50	-1820.69	61.90	3.43	4.92
Total Shareholders' Equity	-2.61M	-3.14M	-20.55M	6.25M	778K	5.97M
Common Stock	1.66K	1.66K	1K	11K	3K	3K
Retained Earnings	-3.9M	-4.49M	-20.57M	-39.49M	-55.07M	-68.75M
Treasury Stock	0	0	0	0	0	0
Accumulated OCI	-32.41K	-56.57K	-91K	-100K	-46K	0
Minority Interest	994.68K	1.71M	0	0	0	0

Cash Flow

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-235.2K	-167.36K	-4.29M	-12.03M	-12.18M	-9.88M
Operating CF Margin %	-4.38%	-3.82%	-26.82%	-17.4%	-4.16%	-3.01%
Operating CF Growth %	-	0.29%	-24.64%	-1.8%	-0.01%	0.19%
Net Income	-509.58K	-705.37K	-7.08M	-18.92M	-15.58M	-13.67M
Depreciation & Amortization	0	0	114K	289K	426K	655K
Stock-Based Compensation	30.57K	16.65K	377K	2.9M	4.14M	3.85M
Deferred Taxes	0	0	0	0	0	0
Other Non-Cash Items	-24.76K	167.78K	1.85M	1.98M	0	41K
Working Capital Changes	268.56K	353.57K	452K	1.72M	-1.17M	-746K
Change in Receivables	-53.39K	39.36K	-61K	-152K	-290K	-386K
Change in Inventory	-61.55K	18.26K	-145K	-227K	-139K	-52K
Change in Payables	271.34K	141.28K	444K	72K	-117K	-64K
Cash from Investing+	64.49K	0	-4.5M	-2.88M	6.14M	-186K
Capital Expenditures	0	0	-102K	-847K	-361K	-186K
CapEx % of Revenue	-	-	0.64%	1.23%	0.12%	0.06%
Acquisitions	-	-	-	-	-	-
Investments	-	-	-	-	-	-
Other Investing	64.49K	0	0	0	0	0
Cash from Financing+	321.31K	254.8K	11.47M	14.11M	6.3M	14.13M
Debt Issued (Net)	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-
Other Financing	0	-51.82K	-358K	-25K	-251K	4.36M
Net Change in Cash	-	-	-	-	-	-
Free Cash Flow+	-235.2K	-167.36K	-4.39M	-12.87M	-12.54M	-10.06M
FCF Margin %	-4.38%	-3.82%	-27.46%	-18.63%	-4.28%	-3.07%
FCF Growth %	-	0.29%	-25.25%	-1.93%	0.03%	0.2%
FCF per Share	-22.67	-16.13	-389.26	-127.45	-55.26	-8.29
FCF Conversion (FCF/Net Income)	0.46x	0.29x	0.61x	0.64x	0.78x	0.72x
Interest Paid	0	66	1K	0	0	0
Taxes Paid	0	2.03K	1K	0	0	0

Key Ratios

Metric	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-	-	-	-302.58%	-443.27%	-405.19%
Return on Invested Capital (ROIC)	-	-	-	-	-450.11%	-29083.1%
Gross Margin	65.96%	58.34%	65.63%	-92.76%	42.38%	52.21%
Net Margin	-950%	-1335.41%	-4405%	-2737.63%	-532.14%	-417.24%
Debt / Equity	-	-	-	0.15x	2.39x	0.07x
Interest Coverage	-10.19x	-3.20x	-10.40x	-52.90x	-748.90x	-404.88x
FCF Conversion	0.46x	0.29x	0.61x	0.64x	0.78x	0.72x
Revenue Growth	-	-18.31%	265.13%	331.88%	323.73%	11.92%

Revenue by Segment

	2024
Other Operating	3.28M
Other Operating Growth	-

Frequently Asked Questions

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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