TNON · Tenon Medical, Inc.

Tenon Medical delivered strong Q1 2026 results with revenue surging 90% year-over-year to $1.4 million, primarily fueled by growing adoption of the Catamaran SI joint fusion system and contributions from the SImmetry+ system following its August 2025 acquisition. This top-line momentum translated into gross profit more than tripling to $0.9 million, with gross margins expanding 24 percentage points to 68.5%, reflecting improved production efficiency and overhead absorption on higher volumes. Operating expenses rose modestly 6% to $4.2 million, driven by increased sales and marketing to support commercial rollout, offset by lower R&D spend. The net loss narrowed slightly to $3.5 million or $0.31 per share from $3.6 million or $1.01 per share, aided by revenue growth despite higher interest from new convertible notes. Balance sheet strengthened with cash rising to $4.6 million, bolstered by a $4.3 million private placement of senior convertible notes closed in March 2026. CEO Steven M. Foster highlighted early returns on strategy emphasizing surgeon engagement, platform broadening, and operating leverage, positioning the company for procedure growth and margin discipline. Post-quarter, Tenon opened a new training center in Tampa and expanded Eastern sales leadership, while bolstering its IP portfolio with pending U.S. patent allowances. A conference call was held on May 12, 2026, to discuss results, with replay available until May 26.