Revenue growth remains highly volatile, swinging from a 37.4% contraction in 2025Q2 to an 89.9% expansion in 2026Q1, while gross margins fluctuate between 43.4% and 68.5%.
| Sales/Revenue | 4.62M | 3.94M | 3.28M | 2.93M | 691K | 160K | 43.82K | 53.64K |
| Revenue Growth % | 40.56% | 20.35% | 11.92% | 323.73% | 331.88% | 265.13% | -18.31% | - |
| Cost of Goods Sold | 1.65M | 1.59M | 1.57M | 1.69M | 1.33M | 55K | 18.26K | 18.26K |
| COGS % of Revenue | - | 40.21% | 47.79% | 57.62% | 192.76% | 34.38% | 41.66% | 34.04% |
| Gross Profit | 2.96M | 2.36M | 1.71M | 1.24M | -641K | 105K | 25.56K | 35.38K |
| Gross Margin % | 64.19% | 59.79% | 52.21% | 42.38% | -92.76% | 65.63% | 58.34% | 65.96% |
| Gross Profit Growth % | - | 37.81% | 37.87% | 293.6% | -710.48% | 310.75% | -27.75% | - |
| Operating Expenses | 15.39M | 15.15M | 15.48M | 16.97M | 18.08M | 6.57M | 561.85K | 568.83K |
| OpEx % of Revenue | - | 384.13% | 472.29% | 579.51% | 2617.08% | 4103.75% | 1282.18% | 1060.45% |
| Selling, General & Admin | 13.26M | 13M | 12.87M | 13.8M | 15.26M | 4.85M | 340.97K | 197.28K |
| SG&A % of Revenue | - | 329.64% | 392.86% | 471.48% | 2207.81% | 3030% | 778.11% | 367.79% |
| Research & Development | 1.59M | 2.15M | 2.6M | 3.16M | 2.83M | 1.72M | 220.88K | 371.55K |
| R&D % of Revenue | - | 54.49% | 79.43% | 108.03% | 409.26% | 1073.75% | 504.07% | 692.66% |
| Other Operating Expenses | 544K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -12.43M | -12.79M | -13.77M | -15.73M | -18.73M | -6.46M | -536.29K | -533.44K |
| Operating Margin % | -269.26% | -324.34% | -420.08% | -537.12% | -2709.84% | -4038.13% | -1223.85% | -994.48% |
| Operating Income Growth % | - | 7.08% | 12.47% | 16.01% | -189.82% | -1104.76% | -0.53% | - |
| EBITDA | -12.17M | -12.79M | -13.11M | -15.3M | -18.44M | -6.35M | -537.52K | 2 |
| EBITDA Margin % | -263.65% | -324.34% | -400.09% | -522.58% | -2668.02% | -3966.88% | -1226.65% | 0% |
| EBITDA Growth % | 9.17% | 2.43% | 14.31% | 17% | -190.47% | -1080.8% | -26876050% | - |
| D&A (Non-Cash Add-back) | 259K | 0 | 655K | 426K | 289K | 114K | 0 | 533.44K |
| EBIT | -12.29M | -12.79M | -13.64M | -15.56M | -18.56M | -6.46M | -537.52K | -533.47K |
| Net Interest Income | 176K | 0 | -34K | -21K | -354K | -621K | -167.85K | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 52.36K |
| Interest Expense | -176K | 0 | 34K | 21K | 354K | 621K | 167.85K | 52.36K |
| Other Income/Expense | 45K | 236K | 93K | 146K | -192K | -620K | -169.08K | -52.39K |
| Pretax Income | -12.38M | -12.56M | -13.67M | -15.58M | -18.92M | -7.08M | -705.37K | -585.83K |
| Pretax Margin % | -268.28% | -318.36% | -417.24% | -532.14% | -2737.63% | -4425.63% | -1609.69% | -1092.15% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -12.38M | -12.56M | -13.67M | -15.58M | -18.92M | -7.05M | -585.18K | -509.58K |
| Net Margin % | -268.28% | -318.36% | -417.24% | -532.14% | -2737.63% | -4405% | -1335.41% | -950% |
| Net Income Growth % | 9.69% | 8.17% | 12.25% | 17.63% | -168.4% | -1104.42% | -14.84% | - |
| Net Income (Continuing) | -12.38M | -12.56M | -13.67M | -15.58M | -18.92M | -7.08M | -705.37K | -585.83K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 1.71M | 994.68K |
| EPS (Diluted) | -1.10 | -1.70 | -11.26 | -68.64 | -187.30 | -624.38 | -56.40 | -49.12 |
| EPS Growth % | 91.33% | 84.9% | 83.6% | 63.35% | 70% | -1007.06% | -14.82% | - |
| EPS (Basic) | - | -1.70 | -11.26 | -68.64 | -187.30 | -624.38 | -56.40 | -49.12 |
| Diluted Shares Outstanding | 11.27M | 7.38M | 1.21M | 227K | 101K | 11.29K | 10.38K | 10.38K |
| Basic Shares Outstanding | 11.27M | 7.38M | 1.21M | 227K | 101K | 11.29K | 10.38K | 10.38K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Imminent capital exhaustion risk
As reported in recent quarterly filings, Tenon Medical's revenue growth has exhibited significant volatility, fluctuating from a 37.4% contraction in 2025Q2 to an 89.9% expansion by 2026Q1, suggesting that the company's top-line trajectory remains highly sensitive to sporadic procedure volume and potential inventory stocking order timing.
The inconsistent revenue growth suggests that the company has yet to establish a predictable commercial cadence for its CATAMARAN system. Investors should monitor whether these fluctuations represent genuine market adoption or are merely artifacts of lumpy, non-recurring sales cycles that fail to build a sustainable base.
Based on the company's historical income statements, gross margins have oscillated between 43.4% and 68.5%, indicating that Tenon Medical lacks the consistent pricing power or manufacturing efficiency seen in more established orthopedic peers like SI-BONE, which maintains a more stable margin profile near 80%.
This margin instability implies that the company may be forced to offer aggressive pricing or absorb higher logistics costs to secure surgeon adoption. Such variability complicates the path to profitability, as the firm cannot rely on a predictable unit-level contribution to offset its heavy fixed operating expenses.
According to the provided financial data, Tenon Medical consistently incurs quarterly SG&A expenses exceeding $3M, which significantly dwarfs its quarterly revenue of $1.4M, highlighting a structural inability to achieve the operating leverage necessary to support its current commercial infrastructure without continuous external capital injections.
The persistent gap between revenue generation and SG&A spending suggests that the company's go-to-market strategy is currently inefficient. Without a substantial increase in procedure volume, the high fixed cost of maintaining a specialized sales force will likely continue to erode shareholder value through ongoing dilution.
Analysis of the income statement reveals that Tenon Medical's net losses have remained consistently deep, with the company reporting a -2.5% net margin in 2026Q1, which warrants further investigation into whether the current commercial model can ever reach a break-even point before capital reserves are fully depleted.
Short-term revenue spikes may mask the underlying reality that the company is burning cash to acquire each new surgeon relationship. The lack of a clear path to positive operating income suggests that the current valuation may be predicated on acquisition hopes rather than fundamental operational viability.
Quick answers to the most common questions about buying TNON stock.
For fiscal year 2025, Tenon Medical, Inc. (TNON) reported total revenue of $3.9M. This represents a 7252.7% increase compared to $0.1M in 2019.
Tenon Medical, Inc. (TNON) reported a net loss of $12.6M for the fiscal year ending 2025.
Tenon Medical, Inc. (TNON) reported an operating income of $-12.8M, resulting in an operating profit margin of -324.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Tenon Medical, Inc. (TNON) generated $2.4M in gross profit for the year, representing a gross profit margin of 59.8%. This demonstrates the company's core pricing power and production efficiency.