Business
Tenon Medical Reports First Quarter 2025 Financial Results
~ FDA Clearance of Catamaran® SI Joint Fusion System for New Indication to Augment Spinal Fusion ~~ Catamaran® SI Joint Fusion Technology Protected with
About this update from Tenon Medical, Inc.
[{"type":"text","content":"~ FDA Clearance of Catamaran® SI Joint Fusion System for New Indication to Augment Spinal Fusion ~~ Catamaran® SI Joint Fusion Technology Protected with Robust Patent Portfolio of Twelve U.S. and International Patents ~~ Received Gross Proceeds of ~$7.0 Million from Equity Financing Transactions ~~ National Commercial Launch of Catamaran SE in Mid-2025 ~ LOS GATOS, CA / ACCESS Newswire / May 13, 2025 / Tenon Medical, Inc. (NASDAQ:TNON) (\"Tenon Medical\" or the \"Company\"), a company transforming care for patients suffering from certain Sacroiliac Joint (SIJ) disorders, today reported financial results for the first quarter ended March 31, 2025.Financial Results and Business UpdatesFirst Quarter 2025 Results:Revenue of $0.7 million, in line with the first quarter of 2024.Gross profit of $323,000, as compared to $470,000 in the first quarter of 2024.Gross margin of 44%, as compared to 65% in the first quarter of 2024.Cash and cash equivalents of $10.3 million as of March 31, 2025.Tenon received a total of $7.1 million in aggregate gross proceeds from equity financing transactions in March 2025, strengthened balance sheet to fund growth initiatives.U.S. Food and Drug Administration (FDA) provided clearance of an expanded indication for the Catamaran® SI Joint Fusion System for use in augmenting thoracolumbar fusion. With this approval, the Catamaran is now indicated to treat the SI joint as either a stand-alone treatment or to augment a spinal fusion.Granted issuance of two additional European patents highlighting a commitment to enhancing SI joint stabilization systems and methods, addressing the need for revision of other ineffective SI joint devices and as a patent protection mechanism.Hosted 34 physicians in targeted workshop activities and Catamaran focused training sessions within the First Quarter.Full commercial launch of Catamaran SE expected in mid-2025.Steve Foster, President and Chief Executive Officer of Tenon Medical, commented, \"The first quarter of 2025 was underscored by a steady revenue improvement, partially impacted by reimbursement preauthorization headwinds that we believe to be transient in nature. Throughout the quarter we continued to invest in sales and marketing initiatives, with our sales operation highlighting compelling published clinical data and the upcoming full launch of the new SE platform mid-...