Business
Tenon Medical, Inc. Reports Second Quarter 2022 Financial Results
~ Revenue increases 514% year-over-year ~~ 21 physician workshop events completed ~LOS GATOS, CA/ ACCESSWIRE / August 11, 2022 / Tenon Medical, Inc.
About this update from Tenon Medical, Inc.
[{"type":"text","content":"~ Revenue increases 514% year-over-year ~~ 21 physician workshop events completed ~LOS GATOS, CA/ ACCESSWIRE / August 11, 2022 / Tenon Medical, Inc. (NASDAQ:TNON) (\"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 second quarter ended June 30, 2022.Recent HighlightsOngoing early commercialization of the Catamaran™ SI Joint Fusion System with a full launch to coincide with the North American Spine Society (NASS) meeting (Chicago, IL), October 12-15, 2022As of August 11, 2022, the Company hosted 21 physician workshop eventsRevenue of $135,000 in the second quarter of 2022, a 514% increase from the same period in 2021, and an 90% increase on a sequential basis compared to the first quarter 2022Closed $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\"\"The second quarter of 2022 was highlighted by increasing momentum on our commercialization pathway, supported by the addition of new capital from our transition to a public company,\" commented Steve Foster, CEO and President of Tenon Medical. \"We believe our Nasdaq listing will help elevate the Company's public profile, expand our shareholder base, improve liquidity and enhance shareholder value. The net proceeds to Tenon from the offering amounted to $13.8 million, bringing our June 30, 2022, cash and cash equivalents and short-term investments to $16.0 million.\"With our finalized commercial ready product and first cases successfully completed, we are now highly focused on introducing and educating physicians to our optimized surgical approach for SI Joint Fusion that has the potential to deliver significant and sustained reduction in SI Joint Pain. To date we have hosted a total of 21 physician workshop events, all of which have provided remarkably positive feedback in the clinician community. Looking ahead on our commercialization pathway and the addition of our synthetic training model option, we expect the number of these events to accelerate in the back half of 2022.\"There is significant unmet market opportunity for an authentic arthrodesi...