Business
Tenon Medical, Inc. Reports Third Quarter 2022 Financial Results
~ Revenue up 197% year-over-year ~~ Subsequent to Quarter End, National Launch of the Catamaran™ SI Joint Fusion System at NASS ~LOS GATOS, CA / ACCESSWIRE /
About this update from Tenon Medical, Inc.
[{"type":"text","content":"~ Revenue up 197% year-over-year ~~ Subsequent to Quarter End, National Launch of the Catamaran™ SI Joint Fusion System at NASS ~LOS GATOS, CA / ACCESSWIRE / November 10, 2022 / Tenon Medical, Inc. (NASDAQ:TNON) (\"Tenon Medical\" or the \"Company\"), a company transforming care for patients suffering with certain sacroiliac disorders, today reported financial results for the third quarter ended September 30, 2022.Recent HighlightsNational launch of the Catamaran™ SI Joint Fusion System (the \"Catamaran\") at the North American Spine Society (NASS) meeting (Chicago, IL), October 12-15, 2022, with a technical exhibit, interactive surgeon training sessions, and outcomes from a single center experience with the Catamaran presented at an Innovative Technology SessionReceived Institutional Review Board (\"IRB\") approval from WCG IRB for two separate Tenon-sponsored post market clinical studies of Catamaran which allows designated Catamaran study centers to begin recruiting and enrolling patients into the respective studiesModified our National Distribution arrangement allowing accelerated commercial scale with the development of Tenon Medical commercial infrastructure and sales management to support top line growth100 surgical procedures utilizing Catamaran completed in the pre-launch phase71 physicians have completed a Catamaran workshop as of November 1, 2022Revenue of $208,000 in the third quarter of 2022, an 197% increase from the same period in 2021, and a 54% increase on a sequential basis compared to the second quarter 2022Recently released CMS final rule 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\"We had multiple significant advancements for Catamaran in the third quarter to move us along our commercialization pathway,\" said Steve Foster, CEO and President of Tenon Medical. \"Catamaran's official national debut at the North American Spine Society conference in October was a great success, introducing in-person and virtual spine specialists and other health care providers to Catamaran at our technical exhibit, interactive surgeon training sessions and podium presentation.\"In addition, we have continued outreach to introduce and educate physicians on our optimized surgical approach ...