Tenon Medical, Inc. has reported its financial results for the fiscal year ending December 31, 2024, revealing a revenue of $3.3 million, a 12% increase from $2.9 million in 2023. The company, which specializes in medical devices, particularly the Catamaran™ SI Joint Fusion System, continues to face challenges with profitability, posting a net loss of $13.7 million compared to a loss of $15.6 million in the previous year. This improvement in net loss reflects a decrease in operating expenses, which fell by 9% to $15.5 million, driven primarily by reduced research and development and sales and marketing costs.
The Catamaran System, launched nationally in October 2022, is designed for treating sacroiliac joint disorders, a condition affecting a significant portion of the population suffering from chronic lower back pain. The company has focused on expanding its market presence, with a particular emphasis on increasing clinician training and product adoption. As of December 31, 2024, Tenon Medical had approximately 5,584,965 shares of common stock outstanding, with a market value of about $1.8 million based on a closing price of $4.88 per share as of June 30, 2024.
In terms of operational metrics, Tenon Medical reported a stable number of surgical procedures utilizing the Catamaran System, with revenue per procedure increasing. The company has also made strategic moves to enhance its product offerings and market reach, including the issuance of Series A and Series B preferred stock, which raised additional capital. As of March 2025, Tenon Medical had cash and cash equivalents of $6.5 million, but management expressed concerns about the company's ability to sustain operations without additional funding, given its accumulated deficit of $68.7 million.
Looking ahead, Tenon Medical plans to continue its focus on expanding the adoption of the Catamaran System while managing costs effectively. The company is exploring various avenues for raising capital, including public and private equity offerings, to support its operations and growth initiatives. However, the ongoing challenges in achieving profitability and the competitive landscape in the medical device industry remain significant risks to its future performance.
About Tenon Medical, Inc.
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