Business
Tenon Medical Reports Fourth Quarter and Full Year 2023 Financial Results
Fourth Quarter 2023 Revenue Increased 192% Year-Over-YearFull Year 2023 Revenue Increased 324% Year-Over-YearSurgical Procedures Increased 179% Year-Over-Year
About this update from Tenon Medical, Inc.
[{"type":"text","content":"Fourth Quarter 2023 Revenue Increased 192% Year-Over-YearFull Year 2023 Revenue Increased 324% Year-Over-YearSurgical Procedures Increased 179% Year-Over-Year in the Fourth Quarter and 312% for the Full Year 2023Achieved Three Consecutive Quarters of Positive Gross Profit Margin in 2023Catamaran® SI Joint Fusion System Included in a Series of Immersive Physician Webinar Training Programs Attended by Sixty Healthcare Providers in Q4LOS GATOS, CA / ACCESSWIRE / March 12, 2024 / Tenon Medical, Inc. (NASDAQ:TNON) (\"Tenon Medical\" or the \"Company\"), a company transforming care for patients suffering with certain sacroiliac joint (SI Joint) disorders, today reported financial results for the fourth quarter and full year ended December 31, 2023.Fourth Quarter & Full Year 2023 and Subsequent HighlightsRevenue of $808,000 in the fourth quarter of 2023, a 192% increase over the prior year quarter.Revenue of $2.9 million in 2023, a 324% increase from the full year of 2022.Gross profit increased to $1.2 million as compared to a gross loss of ($641,000) in the full year of 2022.Gross profit margin of 69% in the fourth quarter of 2023, a notable increase as compared to 57% in Q3 2023.312% increase in the number of surgical procedures in which the Catamaran System was used compared to the prior year.Participated in a series of immersive physician webinar training programs featuring the Company's Catamaran® SI Joint Fusion System in Q4.Subsequent to year end, Tenon issued approximately $3.85 million of Series A Preferred Stock raising approximately $2.6 million in gross proceeds and retiring $1.25 million in secured debt.Steve Foster, President and Chief Executive Officer of Tenon Medical, commented, \"Tenon's strong fourth quarter and full year of 2023 was underscored by solid momentum in revenue, gross profit and gross margin, with fourth quarter's solid performance driven by a 312% year-over-year increase in surgical procedures utilizing The Catamaran System. In tandem, fourth quarter revenue increased 192% to $0.8 million, and full year 2023 achieved a 324% revenue increase to $2.9 million from 2022. Our notable achievement of three consecutive quarters of positive gross profit resulted in full year 2023 gross profit of $1.2 million and is a key performance metric we utilize for internal goal setting. Gross margin followed as well, achi...