Business
Tenon Medical, Inc. Reports First Quarter 2023 Financial Results
~ Surgical Procedures Increase 489% for the Quarter ~~ First Quarter 2023 Revenue Increased 510% Year-Over-Year ~~ Significant Improvement in Gross Margin,
About this update from Tenon Medical, Inc.
[{"type":"text","content":"~ Surgical Procedures Increase 489% for the Quarter ~~ First Quarter 2023 Revenue Increased 510% Year-Over-Year ~~ Significant Improvement in Gross Margin, Provides Gross Margin Guidance for 2Q 2023 ~LOS GATOS, CA / ACCESSWIRE / May 9, 2023 / Tenon Medical, Inc. (NASDAQ:TNON) (\"Tenon Medical\" or the \"Company\"), a company that has transformative care for patients suffering with certain sacroiliac disorders, today reported financial results for the first quarter ended March 31, 2023.First Quarter 2023 HighlightsRevenue of $433,000 in the first quarter of 2023, a 510% increase over the prior year quarter, and up 56% on a sequential basis compared to the fourth quarter 202234 physicians have completed a Catamaran workshop during Q1 2023CMS final rule effective January 1, 2023, for code 27279 increases 2023 Medicare facility fee by approximately 26% for SI joint fusion procedures performed in ASCs and 33% for these procedures done in hospital outpatient settings\"The first quarter of 2023 was highlighted by ongoing revenue growth from a significant increase in surgical procedures in which the Catamaran System was used,\" said Steve Foster, CEO and President of Tenon Medical. \"We remain highly focused on continuing to build our commercial infrastructure and sales management team, which produced 510% growth year over year, and 56% growth sequentially, in the first quarter. Our go-to-market strategy is delivering these results by targeting physicians who have been trained on SI procedures or have significant experience with SI surgical technologies utilizing area sales managers, clinical specialists, and independent distributors, and conducting local training workshop programs. During Q1 we hosted 34 physicians in Catamaran workshops to learn more about how the implant transfixes and stabilizes the SI joint, as well as why the inferior-posterior approach is an optimal entry point.\"In summary, we began 2023 well-positioned to build revenue and growth with the Catamaran which is FDA cleared and reimbursement secured. We are now beginning to see the revenue ramp from our commercialization to a large market with accelerating recognition in the physician community. We are also reinforcing our commitment to validating and differentiating patient outcomes and radiographic assessment with the Catamaran System with ongoing post market clin...