Business
Tenon Medical, Inc. Reports First Quarter 2022 Financial Results
~ Closes $16 Million IPO and Commences Trading on the Nasdaq ~LOS GATOS, CA / ACCESSWIRE / June 7, 2022 / Tenon Medical, Inc. ("Tenon Medical" or the
About this update from Tenon Medical, Inc.
[{"type":"text","content":"~ Closes $16 Million IPO and Commences Trading on the Nasdaq ~LOS GATOS, CA / ACCESSWIRE / June 7, 2022 / Tenon Medical, Inc. (\"Tenon Medical\" or the \"Company\"), a medical device company that has developed a proprietary, U.S. Food and Drug Administration (\"FDA\") cleared surgical implant system for sacroiliac joint (\"SI Joint\") fixation/fusion surgery, today reported financial results for the quarter ended March 31, 2022.Recent HighlightsCloses $16 Million Initial Public Offering (\"IPO\") on April 29, 2022Company's common stock commenced trading on the Nasdaq Capital Markets under the ticker symbol \"TNON\"Initial commercialization commencement of the Catamaran SIJ Fusion SystemRevenue of $71,000 in the first quarter of 2022, a 373% increase from the same period in 2021As of March 31, 2022, the Company hosted 9 physician workshop events\"Tenon Medical kicked off 2022 achieving a tremendous milestone with our transition to a public company listing on the Nasdaq Capital Markets subsequent to quarter end,\" commented Steve Foster, CEO and President of Tenon Medical. \"This milestone comes on the heels of the significant accomplishments the Company has achieved to date; inclusive of finalizing our commercial ready product, the CATAMARAN SIJ Fusion System and the completion of our first successful cases. Additionally, it's important to note, we have hosted a total of 9 physician workshop events all of which have provided remarkably positive feedback as the clinician community has been looking for the next generation device. Physicians demand an authentic arthrodesis procedure that includes prepping, fixating, and grafting the joint. We believe the CATAMARAN System delivers on these requirements.\"Rich Ferrari, Founder and Chairman of Tenon added, \"We formed Tenon in 2012 to develop the CATAMARAN SIJ Fusion System designed to fuse one or both sacroiliac joints to treat SI-Joint dysfunction that very often causes lower back pain. Studies indicate that 15 to 30% of all lower back pain is associated with the SI-Joint. We believe Tenon is uniquely positioned to grow the adoption of the CATAMARAN delivering pain relief to individuals while driving significant value creation for our shareholders.\"First Quarter 2022 Financial ResultsRevenue was $71,000 in the first quarter of 2022, an increase of 373%, compared to $15,000 in the co...