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Tenon Medical (TNON) investor relations material
Tenon Medical Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Achieved record Q3 2025 revenue of $1.2 million, up 32% year-over-year, driven by strong Catamaran procedure volumes and initial Simmetry/SIVantage portfolio contribution.
Gross margin improved to 66% from 47% in Q3 2024, reflecting operational leverage and higher revenue absorption.
Completed strategic asset acquisition of SiVantage and SIMPL Medical, expanding product portfolio and market reach in sacroiliac joint fusion.
Net loss for Q3 2025 was $3.34 million ($0.40/share), slightly higher than $3.18 million ($3.63/share) in Q3 2024, with increased operating expenses mainly due to sales, marketing, and integration costs.
Ended quarter with $3.4 million in cash and no debt; raised $2.85 million in PIPE financing post-quarter.
Financial highlights
Q3 2025 revenue was $1.2 million, a 32% increase from $0.9 million in Q3 2024; nine-month revenue was flat at $2.5 million year-over-year.
Gross profit for Q3 2025 was $0.8 million (66% margin), up from $0.4 million (47% margin) in Q3 2024.
Operating expenses rose to $4.2 million from $3.6 million, mainly due to sales, marketing, and integration costs.
Net loss for Q3 was $3.3 million ($0.40/share), compared to $3.2 million ($3.63/share) in Q3 2024.
Cash at quarter end was $3.4 million, with an additional $2.85 million raised after quarter close.
Outlook and guidance
Expect continued sequential revenue growth in Q4 2025, with full-quarter SiVantage contribution and SImmetry+ alpha launch.
Management anticipates continued operating losses and negative cash flows as product development and commercialization efforts continue.
Existing cash is not sufficient to fund operations for the next 12 months; additional capital will be sought through equity, debt, or collaborations.
G&A expenses expected to be slightly below Q3 levels but higher than previous quarters due to ongoing integration and growth.
Recent PIPE financing of $2.85 million post-quarter-end to support liquidity and growth initiatives.
Detail SiVantage operational synergies
Elaborate on gross margin leverage drivers
What is the cash runway given current burn?
Catamaran's sequential growth outlook for Q4?
SImmetry+ alpha launch: pilot or full scale?
Payer coverage efforts for new product portfolio?
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Next Tenon Medical earnings date
Q4 202510 Mar, 2026
Next Tenon Medical earnings date
Q4 202510 Mar, 2026
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Frequently asked questions
Tenon Medical Inc. is a medical device company focused on the development and provision of surgical implant systems designed to treat severe lower back pain in the United States and Puerto Rico. The company's flagship product, the CATAMARAN SI-Joint Fusion System, is engineered to fuse sacroiliac joints (SI-Joints) to address SI-Joint dysfunction, a common cause of severe lower back pain. This system features a fixation device that traverses the axial and sagittal planes of the ilium and sacrum, thereby stabilizing and transfixing the SI joints for improved patient outcomes. Founded in 2012, Tenon Medical has established itself in the healthcare sector, specifically within the medical devices industry, by innovating solutions aimed at improving the quality of life for patients suffering from back pain due to SI-Joint dysfunction. The company is headquartered in Los Gatos, California, and its shares are listed on the Nasdaq.
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