Tenon(R) Medical Reports Third Quarter 2026 Financial Results
~ Third Quarter 2026 Revenue of $1.4 Million, a 22% Increase Compared to Prior Year ~
~ Third Quarter Gross Profit of $1.0 Million, a 23% Increase Compared to Prior Year; Gross Margin of 66.3% ~
~ Raised Approximately $15.6 Million in Gross Proceeds, Repaid Convertible Notes in Full and Ended the Quarter with $8.3 Million in Cash and Cash Equivalents ~
~ Commenced Full Commercial Launch of 3D-Printed Lateral Screw for the SImmetry®+ SI Joint Fusion System ~
~ Added Eight New U.S. Patents in 2026, Bringing Portfolio to 38 Issued U.S. Patents ~
LOS GATOS, CA / ACCESS Newswire / November 12, 2026 / Tenon Medical, Inc. (NASDAQ:TNON) ("Tenon Medical" or the "Company"), a company redefining care for patients with sacro-pelvic disorders, today reported financial results for the third quarter ended September 30, 2026.
Financial Results and Business Updates
Subsequent Updates
"Third quarter revenue of $1.4 million grew 22% compared to the prior year and 12% sequentially from the second quarter, and we delivered that growth while reducing operating expenses compared to both the third quarter of 2025 and the second quarter of this year," said Steven M. Foster, President and CEO of Tenon Medical, Inc. "Just as importantly, we significantly strengthened our balance sheet during the quarter. We raised approximately $15.6 million in aggregate gross proceeds, repaid our convertible notes in full, regained compliance with Nasdaq's stockholders' equity and minimum bid price requirements, and ended the quarter with $8.3 million in cash."
"With our convertible notes now behind us, our attention is fully on growth. The full commercial launch of our 3D-printed SImmetry®+ lateral screw, the first component of our next-generation lateral system, and the completion of initial alpha cases with our Quickstep™ Decorticator, which we are targeting for full market release in the first quarter of 2027, expand the tools we can offer our physician partners. Our eight new U.S. patents this year further strengthen the protection around our Catamaran® platform. For the balance of 2026, our priorities remain consistent: expanding physician training and adoption across both platforms, advancing our product pipeline, and maintaining discipline on spend."
Third Quarter 2026 Financial Results
Revenue was $1.4 million in the third quarter of 2026, an increase of 22% compared to $1.2 million in the same period of 2025. Revenue for the nine months ended September 30, 2026 was $4.1 million, an increase of 66% compared to $2.5 million in the nine months ended September 30, 2025. The increase in revenue for the three months ended September 30, 2026 as compared to 2025 was primarily due to an increase in the number of surgical procedures, including continued adoption of the SImmetry®+ System.
Gross profit was $1.0 million, or 66.3% of revenue, in the third quarter of 2026, compared to $0.8 million, or 65.9% of revenue, in the third quarter of 2025. For the nine months ended September 30, 2026, gross profit was $2.7 million, or 66.2% of revenue, compared to $1.3 million, or 54.4% of revenue, for the nine months ended September 30, 2025. The 0.4 percentage point gross margin increase in the three months ended September 30, 2026 was primarily driven by increased revenue, further absorbing fixed costs within costs of goods sold, as well as improved Catamaran® per-procedure costs, driven by the 510(k) clearance the Company announced receiving on July 2, 2026, which reclassifies certain instruments to reusable status.
Operating expenses totaled $4.0 million in the third quarter of 2026, compared to $4.2 million in the third quarter of 2025. For the nine months ended September 30, 2026, operating expenses totaled $12.4 million, compared to $11.3 million in the prior year period. The decrease in the three months ended September 30, 2026 was primarily due to lower general and administrative expenses, primarily reflecting lower professional service fees, partially offset by higher sales and marketing expenses associated with higher revenue and higher research and development expenses as the Company continues to work towards future product additions.
Net loss was $6.6 million, or $5.39 per share, in the third quarter of 2026, compared to a net loss of $3.3 million, or $14.17 per share, in the third quarter of 2025. For the nine months ended September 30, 2026, net loss was $14.2 million, or $22.48 per share, compared to a net loss of $9.7 million, or $51.72 per share, in the same year ago period. The increase in net loss in the third quarter of 2026 was primarily attributable to non-cash items below the operating line, including $3.1 million of expense related to warrants issued as inducement consideration and $0.7 million of non-cash interest expense from the amortization of debt discount on the Company's convertible notes, which were repaid in full during the quarter. Loss from operations improved to $3.1 million from $3.4 million in the prior year period.
As of September 30, 2026, cash and cash equivalents totaled $8.3 million, compared to $3.8 million at December 31, 2025. During the third quarter of 2026, the Company raised approximately $10.1 million in aggregate gross proceeds through a $4.2 million public offering completed on July 1, 2026, a $3.0 million private placement closed on August 31, 2026, and a warrant inducement transaction in September 2026 for gross proceeds of approximately $2.9 million. The Company also received approximately $2.8 million in gross proceeds from the sale of common stock under its at-the-market offering program and approximately $2.7 million from the exercise of warrants during the quarter, bringing total gross proceeds for the third quarter to approximately $15.6 million. Through prepayments made in August and September 2026, the Company repaid in full its senior convertible notes, which had an aggregate principal amount of approximately $5.16 million, ahead of their September 11, 2026 maturity date, as announced on September 9, 2026. The Company had no outstanding debt as of quarter-end, positioning it to continue executing on its strategic initiatives, including the continued development and launch of the acquired SiVantage assets and expanding the commercial team.
Third Quarter 2026 Earnings Conference Call
Management will host a conference call at 4:30 p.m. ET (1:30 p.m. PT) today, November 12, 2026, to discuss Tenon's third quarter 2026 financial results, provide a corporate update, and conclude with Q&A with the Company's covering analysts. To participate, please use the following information:
Please dial in at least 10 minutes before the start of the call to ensure timely participation.
An audio playback of the call will be available through November 26, 2026, on Tenon's Investor Relations website at http://ir.tenonmed.com/ or via telephone replay by dialing 1-844-512-2921 (USA) or 1-412-317-6671 (International). The access code will be 13763354.
About Tenon Medical, Inc.
Tenon Medical, Inc. is a medical device company dedicated to transforming care for patients with certain sacro-pelvic disorders. Tenon was incorporated in the State of Delaware in 2012 and currently offers two systems to treat a diseased sacroiliac joint (the "SI Joint"). The Company has developed The Catamaran® SI Joint Fusion System ("The Catamaran System") that offers a novel, less invasive approach to the SI Joint using a single, robust titanium implant. In August 2025, the Company acquired substantially all the assets of SiVantage, Inc. and SIMPL Medical, LLC, including the SImmetry+® SI Joint Fusion System, which treats disorders of the SI Joint through a minimally invasive lateral access solution that incorporates well-established orthopedic fusion principles. Since the national launch of The Catamaran System in October 2022, Tenon has been focused on three commercial opportunities: 1) primary SI Joint procedures, 2) revision procedures of failed SI Joint implants and 3) SI-Joint fusion adjunct to a spine fusion construct.
For more information, please visit www.tenonmed.com. Information on the Company's website does not constitute a part of and is not incorporated by reference into this press release.
The Tenon Medical logo shown above, and Catamaran®, PiSIF®, CAT PiSIF®, ETAD®, Posterior Inferior Sacroiliac Fusion®, CAT SIJ Fusion System®, Catamaran SIJ Fusion System®, Catamaran Inferior Posterior Fusion System®, Catamaran Transfixation Fusion System®, Catamaran Transfixation Fusion Device® and SImmetry® are registered trademarks of Tenon Medical, Inc. MAINSAIL TM, SImmetry+ and Quickstep TM are also trademarks of Tenon Medical, Inc.
Safe Harbor
This press release contains "forward-looking statements," which are statements related to events, results, activities or developments that Tenon expects, believes or anticipates will or may occur in the future. Forward-looking statements often contain words such as "intends," "estimates," "anticipates," "hopes," "projects," "plans," "expects," "seek," "believes," "see," "should," "will," "would," "target," and similar expressions and the negative versions thereof. These forward-looking statements include, but are not limited to, statements regarding the Company's commercial and product development plans, including the anticipated full market release of the Quickstep™ Decorticator, the expansion of its commercial organization, its intellectual property position and its strategic priorities. Such statements are based on Tenon's experience and perception of current conditions, trends, expected future developments and other factors it believes are appropriate under the circumstances, and speak only as of the date made. Forward-looking statements are inherently uncertain and actual results may differ materially from assumptions, estimates or expectations reflected or contained in the forward-looking statements as a result of various factors, including the Company's need to raise additional capital and the substantial doubt about its ability to continue as a going concern. For details on the uncertainties that may cause Tenon's actual results to be materially different than those expressed in any forward-looking statements, please review Tenon's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as updated from time to time in our Quarterly Reports on Form 10-Q and in our other public filings on file with the SEC at www.sec.gov, particularly the information contained in the section entitled "Risk Factors." We undertake no obligation to publicly update or revise any forward-looking statements to reflect new information or future events or otherwise unless required by law.
IR Contact:
Shannon Devine
203-741-8811
MZ North America
[email protected]
Tenon Medical, Inc.
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SOURCE: Tenon Medical