Tenon Medical, Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company experienced a notable increase in cash and cash equivalents, rising to $9,162,000 from $2,428,000 at the end of 2023. Total current assets also saw a substantial increase, reaching $11,188,000 compared to $3,889,000 at the end of the previous year. Total assets grew to $13,039,000, up from $6,345,000, while stockholders’ equity surged to $8,191,000 from $778,000.
In terms of revenue, Tenon Medical reported $887,000 for the three months ended September 30, 2024, a decrease of 6.3% from $944,000 in the same period in 2023. However, for the nine months ended September 30, 2024, revenue increased by 18% to $2,507,000, compared to $2,120,000 in the prior year. Gross profit for the three months was $418,000, down from $535,000, while for the nine months, it rose significantly to $1,358,000 from $682,000, reflecting a 99% increase.
The company reported a loss from operations of $(3,215,000) for the three months ended September 30, 2024, an improvement from $(3,378,000) in the same period in 2023. For the nine-month period, the loss from operations decreased to $(10,593,000) from $(12,586,000). The net loss for the three months was $(3,184,000), compared to $(3,332,000) in the prior year, while the nine-month net loss improved to $(10,586,000) from $(12,447,000).
Tenon Medical's accumulated deficit increased to $(65,659,000) as of September 30, 2024, from $(55,073,000) at the end of 2023. The company has not achieved positive cash flow from operations and anticipates continued losses. It plans to raise additional capital through public or private equity offerings, debt financings, and collaborations.
Strategically, the company executed two reverse stock splits in the past year, a 1-for-10 split in November 2023 and a 1-for-8 split in September 2024, to regain compliance with Nasdaq listing requirements. Additionally, Tenon Medical dissolved its subsidiary, Tenon Technology AG, in 2024. The company has also identified weaknesses in its internal controls, which it plans to address by increasing the capacity of qualified financial personnel.
About Tenon Medical, Inc.
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