Tenon Medical (TNON) Q4 2024 earnings summary

Executive summary

• Full-year 2024 revenue grew 12% to $3.3 million, driven by higher revenue per procedure and investments in sales and marketing for the Catamaran system.

• Gross margin improved by 10 percentage points to 52% for the year, with gross profit at $1.7 million, up 38% from 2023.

• Net loss for 2024 was $13.7 million, improved from $15.6 million in 2023.

• Over 1,000 Catamaran System surgical procedures performed as of March 2025, demonstrating a strong safety profile.

• Catamaran SE platform completed Alpha Clinical review, with initial clinical cases done and full commercial launch planned for mid-2025.

Financial highlights

• Q4 2024 revenue was $770,000–$800,000, down 4.7% or flat year-over-year; full-year revenue was $3.3 million, up 12%.

• Q4 gross profit was $353,000–$400,000 (46% margin), down from $559,000–$600,000 (69%) in Q4 2023; full-year gross profit was $1.7 million (52% margin), up from $1.2 million (42%) in 2023.

• Operating expenses for 2024 were $15.5 million, down from $17 million in 2023, reflecting cost controls and sales operation restructuring.

• Net loss for Q4 2024 was $3.1 million, flat year-over-year; full-year net loss was $13.7 million, improved from $15.6 million in 2023.

• Cash and cash equivalents at year-end were $6.5 million, up from $2.4 million at the end of 2023, with an additional $3 million raised post-year-end and no outstanding debt.

Outlook and guidance

• Full commercial launch of Catamaran SE platform expected mid-2025.

• Stable cost structure expected to maintain or improve gross margin as revenue increases.

• Anticipates reimbursement and coding clarity, along with new clinical data, will drive future growth.

• Ongoing investments in sales force, training, and market access to support top-line growth.

• Next interim analysis of MAINSAIL study and full enrollment of post-market clinical trial expected as near-term catalysts.